Disposal of 3 shares in Ambient Mobile (Pty) Ltd by a subsidiary of the company HUGE GROUP LIMITED (Registration number 2006/023587/06) Share code: HUG ISIN: ZAE000102042 (“Huge” or “the company”) DISPOSAL OF THREE SHARES IN AMBIENT MOBILE PROPRIETARY LIMITED BY A SUBSIDIARY OF THE COMPANY INTRODUCTION Shareholders are advised that Huge Telecom Proprietary Limited (Huge Telecom), a wholly-owned subsidiary of the Company, has disposed of three shares (the Shares) in Ambient Mobile Proprietary Limited (Ambient), to the Taung Trust (Taung) (represented by Vincent Mokhele Mokholo, a trustee of Taung and the Executive Chairman of Huge), for a disposal consideration of R3 (the Disposal). The Disposal is regarded as a related party disposal in accordance with paragraph 21.11(c) of the JSE Listings Requirements which requires that all transactions with related parties must be announced irrespective of the size of the transaction. NATURE OF BUSINESS OF AMBIENT Ambient, which prior to the Disposal was a subsidiary company of Huge Telecom Proprietary Limited (Huge Telecom), which in turn is a wholly owned subsidiary company of Huge, provides bulk short messaging service platforms to Huge and various subsidiary companies of Huge as well as to third parties. RATIONALE FOR THE DISPOSAL The Disposal is in line with Huge Telecom’s strategic intent of streamlining operations and focusing on core business activities. CONDITIONS PRECEDENT The Disposal is subject to the following conditions precedent: - The granting of all regulatory and statutory approvals insofar as they may be necessary in law and / or required by the JSE Limited; - The delivery by Taung to Huge Telecom of a copy of a board resolution of the board of directors of Ambient approving the disposal of the Shares to Taung; - The delivery by Huge of a copy of a board resolution of the board of directors of Huge Telecom authorising the sale of the Shares; - The delivery by Huge to Taung of a copy of a resolution of the board of directors of Huge authorising the sale of the Shares by Huge Telecom; and - The delivery by Taung to Huge Telecom of an irrevocable written waiver by the other shareholders of Ambient of all pre-emotive and similar rights pertaining to the Shares. EFFECTIVE DATE OF THE DISPOSAL The Disposal shall be effective on the closing date, being a date agreed to in writing by Huge Telecom and Taung provided that such date shall be a minimum of one and a maximum of seven days after the waiver or fulfilment, as the case may be, of all of the conditions precedent. PRO FORMA FINANCIAL EFFECTS No pro forma financial effects of the Disposal have been prepared due to the negligible effect which the Disposal will have on the financial results of Huge. Johannesburg 15 January 2014 Date: 16/01/2014 08:33:00 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.