Update in respect of the firm intention by Bidvest to AMAP shareholders Amalgamated Appliance Holdings Limited The Bidvest Group Limited Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa (Registration number 1997/004130/06) (Registration number 1946/021180/06 Share Code: AMA ISIN: ZAE000012647 Share Code: BVT ISIN: ZAE000117321 (“AMAP” or “the Company”) (“Bidvest”) JOINT ANNOUNCEMENT - UPDATE IN RESPECT OF THE FIRM INTENTION BY BIDVEST TO ACQUIRE THE ENTIRE ISSUED ORDINARY SHARE CAPITAL OF AMAP THAT IT DOES NOT ALREADY OWN 1. AMENDMENT TO THE TERMS OF THE TRANSACTION AMAP and Bidvest shareholders are referred to the SENS announcements dated 28 November 2012 and 21 December 2012, wherein AMAP shareholders were advised that the Board of Directors of AMAP received a firm intention from Bidvest to acquire the entire issued share capital of AMAP that it does not already own for an offer consideration of R3.50 per AMAP ordinary share subject to certain conditions (“the Offer” or “the Transaction”), to be implemented by way of a Scheme of Arrangement in terms of section 114 of the Companies Act (“the Scheme”). The Offer was made on the basis that no dividends or similar payments, excluding the dividend that was payable on 10 December 2012, were to be declared or paid to AMAP shareholders before the closing date of the Scheme. Bidvest has agreed to waive this prohibition up to an amount of 30 cents per AMAP share so as to enable AMAP to declare a gross special dividend of 30 cents per AMAP share (“Special Dividend”). The Special Dividend may only be declared and become payable should the requisite majority of AMAP shareholders approve the Scheme at the Scheme meeting. 2. CONDITIONS PRECEDENT Implementation of the Transaction remains subject to the approval of the Scheme by the requisite majority of AMAP Shareholders, as contemplated in Section 115 of the Companies Act and the receipt of regulatory approvals by no later than 30 June 2013, including but not limited to: the JSE, the Take-Over Regulation Panel (in terms of a compliance certificate to be issued in terms of the Companies Act in relation to the Scheme), the South African Reserve Bank and the Competition Authorities. 3. CIRCULAR TO SHAREHOLDERS A circular relating to the Transaction incorporating the terms of the Scheme, details of the Special Dividend, and a notice of general meeting and form of proxy is expected to be posted to AMAP shareholders in due course. Johannesburg 22 February 2013 Transaction advisor and Sponsor to AMAP: Bridge Capital Advisors (Proprietary) Limited Legal advisor: Routledge Modise Independent Expert to AMAP: Mazars Corporate Finance (Proprietary) Limited Investment Bank, Sponsor and Transaction Advisor to Bidvest: Investec Bank Limited Legal Advisor to Bidvest: ENS Date: 22/02/2013 02:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.