Disposal of a property by a wholly-owned subsidiary of Cargo Carriers CARGO CARRIERS LIMITED (Registration Number 1959/003254/06) Share code: CRG ISIN: ZAE000001764 ("Cargo Carriers" or "the Company") DISPOSAL OF A PROPERTY BY A WHOLLY-OWNED SUBSIDARY OF CARGO CARRIERS 1. INTRODUCTION Shareholders are advised that Cargo Carriers Alrode Property (Proprietary) Limited (“the Seller”), a wholly-owned subsidiary of Cargo Carriers has entered into an agreement for the disposal of the properties situated at: - Erf 1607 Alrode Extension 2 Township; - Erf 289 Alrode Extension 2 Township; and - the remaining extent of Erf 283, Alrode Extension 2 Township (together referred to as “the Property”) to the South African Breweries (Proprietary) Limited (“the Purchaser”) (“the Disposal”). The effective date of the disposal is the date on which the suspensive conditions set out in clause 4 below are fulfilled or waived by the Purchaser. The Disposal was approved by the board of directors of Cargo Carriers on 1 February 2013, subject to the fulfilment of the suspensive conditions. 2. RATIONALE The Property was purchased by the Seller in 1987. The Seller has not occupied the Property since 2002 and subsequently entered into a long term lease in respect of the property, which lease expires at the end of March 2013. 3. DISPOSAL CONSIDERATION AND USE OF DISPOSAL PROCEEDS The disposal consideration is R38 000 000 and is payable by the Purchaser to the Seller on the date of transfer of the Property into the Purchaser?s name. Pending fulfilment or waiver of the conditions precedent, the Purchaser shall provide a company guarantee undertaking payment of the purchase price to the Seller on registration of the transfer. Following the transfer of the property into the Purchaser?s name, the disposal proceeds will be considered either for reinvestment or the reduction of debt. 4. SUSPENSIVE CONDITIONS The disposal is subject to the following suspensive conditions: - the board of directors of the Purchaser passing a resolution authorising the purchase of the property on or before 8 February 2013; and - the purchaser and/or its representatives, on or before 8 February 2013, conducting a geotechnical study on the Property to satisfy itself that the Property is suitable for its intended purpose. 5. FINANCIAL EFFECTS OF THE DISPOSAL The table below sets out the unaudited pro forma financial effects of the Disposal on Cargo Carriers based on the published unaudited results for the six months ended 31 August 2012. The unaudited pro forma financial information has been prepared in order to show the effects of the Disposal, assuming that the Disposal took place on 1 March 2012 for purposes of the statement of comprehensive income and as at 31 August 2012 for purposes of the statement of financial position. The pro forma financial effects, which are the responsibility of the directors, have been prepared for illustrative purposes only and, due to their nature, may not fairly present Cargo Carriers financial position, changes in equity, cash flow or the results of its operations. % Before Disposal After Disposal change Weighted Average shares in issue 19 406 19 406 0% Earnings per ordinary share (cents) 62.7 123.6 97% Headline earnings per ordinary share (cents) 61.9 63.1 2% Shares in issue at period end ('000) 19 406 19 406 0% Net asset value per share (cents) 1 833.3 1 911.7 4% Net tangible asset value per share (cents) 1 819.4 1 897.8 4% Assumptions: (i) The „Before Disposal? column has been extracted without adjustment from the published unaudited results of Cargo Carriers for the six months ended 31 August 2012; (ii) The “After Disposal” column for earnings and headline earnings per share assumes that the property was disposed on 1 March 2012 and that no rental or costs relating to the property were earned for the six month period. (iii) Normal tax at a rate of 28% and Capital Gains Tax at a rate of 18.65% has been assumed, where applicable. Profit on the disposal of R14 375 000 has been estimated and adjusted for headline earnings purposes, net of tax; (iv) The “After Disposal” column for net asset and net tangible asset value per share assumes that the property was sold on 31 August 2012 and the proceeds on disposal were applied to investments on the same date. 6. CATEGORISATION OF THE DISPOSAL IN TERMS OF THE JSE LISTINGS REQUIREMENTS The Disposal is classified as a category 2 transaction in terms of the JSE Listings Requirements and does not require the approval of shareholders. 7. FURTHER ANNOUNCEMENT Shareholders will be advised by way of a SENS announcement when the suspensive conditions have all been fulfilled or waived and the Disposal becomes unconditional. Johannesburg 1 February 2013 Sponsors Arcay Moela Sponsors (Pty) Ltd Date: 01/02/2013 03:26:00 Produced by the JSE SENS Department. 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