IFA HOTELS AND RESORTS LIMITED - Cautionary Announcement

Cautionary Announcement

IFA Hotels & Resorts Limited
Registration number 1919/001318/06
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the Company)

CAUTIONARY ANNOUNCEMENT

Shareholders are advised that the shareholders of IFA have entered into discussions so as to pursue a de-
listing from the JSE Limited (the “Discussions”). The Discussions, if successful, could have an impact on the
Company's share price. In the circumstances, shareholders are advised to exercise caution when trading in
their IFA shares until a further announcement is made.

Zimbali
13 May 2013

Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Legal Advisor: Legal Advisor: Larson Falconer Hassan Parsee Incorporated
Corporate Advisor: DEA-RU (Pty) Ltd

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