SHERBOURNE CAPITAL LIMITED - Update on the mandatory offer

Update on the mandatory offer

Sherbourne Capital Limited
(Previously trading as IFCA Technologies Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2006/030759/06)
Share code: SHB ISIN: ZAE000165403
(“Sherbourne” or the "Company”)

UPDATE TO THE MANDATORY OFFER

Shareholders are referred to the announcement on 18 October 2012 regarding the update on the
payment of the mandatory offer consideration to Sherbourne minority shareholders. The Board is
confident that this situation will now be rectified more expeditiously. We are of the opinion that the
minorities will be paid by no later than 31 March 2013. Shareholders will be kept up to date with any
further developments in this regard.

The directors of Sherbourne accept responsibility for the information contained in the announcement and
confirm that to the best of their knowledge and belief, the information is true; and correct and that it does
not omit anything likely to affect the importance of the information.

Contact person:
Sagie Van Niekerk
082 488 8629

Johannesburg
20 February 2013
Designated Adviser: Bridge Capital Advisors (Pty) Limited

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