Voluntary Announcement by Liberty Holdings Relating to the Change of their Shareholding In Cullinan Liberty Holdings Limited Registration number 1968/002095/06 Incorporated in the Republic of South Africa Share code: LBH ISIN code: ZAE0000127148 ("Liberty Holdings" or "the Company") VOLUNTARY ANNOUNCEMENT BY LIBERTY HOLDINGS RELATING TO THE CHANGE OF THEIR SHAREHOLDING IN CULLINAN HOTEL PROPRIETARY LTD (“CULLINAN”) JOINTLY HELD WITH SOUTHERN SUN HOTEL INTERESTS PROPRIETARY LTD (“SOUTHERN SUN”), A WHOLLY OWNED SUBSIDIARY OF TSOGO SUN HOLDINGS LTD (“TSOGO”) Shareholders are advised that Liberty Group Ltd (“Liberty Group”), a wholly-owned subsidiary of Liberty Holdings, has entered into a transaction with Southern Sun where the two entities will restructure their respective shareholdings in the jointly held asset, Cullinan. Southern Sun will be increasing its equity interest by 10 percentage points to 60% in Cullinan and will dispose of its Garden Court Kings Beach hotel business to Cullinan. Liberty Group’s shareholding in Cullinan will dilute to 40% and it will sell to Cullinan a portion of its hotel portfolio consisting of the Garden Court Eastgate hotel, the Garden Court Hatfield hotel, the Southern Sun Waterfront hotel, the StayEasy Eastgate hotel and the Garden Court Kings Beach hotel property to Cullinan. Tsogo has made a formal announcement of the transaction on SENS. The transaction supports Liberty’s strategy of becoming the leading wealth management company on the African continent. There are numerous initiatives that are currently being considered as part of the STANLIB Direct Property investment strategy. These include the upgrade, restructuring, acquisition and disposal of assets that management believe will in time benefit investors. The cash proceeds of R762 million from this transaction, will be utilised to fund further property opportunities. The disposal is still subject to approval by the South African Competition Authorities. Johannesburg 3 April 2014 Sponsor: Merrill Lynch South Africa (Pty) Ltd Legal Advisors: Werksmans Attorneys Date: 03/04/2014 12:01:00 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.