Cautionary announcement COMBINED MOTOR HOLDINGS LIMITED ("the Company" or "CMH") Registration number: 1965/000270/06 Income tax reference number: 9471/712/71/2 Share code: CMH ISIN: ZAE000088050 CAUTIONARY ANNOUNCEMENT Shareholders are advised that the directors of CMH have proposed a share repurchase on a voluntary pro rata basis of 21 133 000 ordinary shares of no par value ("the Repurchase Shares") in the Company at a price of R11,83 each. The Company will make an offer to all shareholders to voluntarily submit for repurchase all or a portion of their shareholding. In the event that Shares in excess of the Repurchase Shares are submitted for repurchase, then each shareholder who submits shares for repurchase will be paid pro rata to the number of shares submitted. If submissions total fewer than the Repurchase Shares, then shareholders who have submitted shares for repurchase will be paid in full, and no further shares will be repurchased. The repurchase will be effected using the Group's existing cash resources. Further details of the proposed repurchase and notice of a meeting of shareholders to seek approval thereof will be contained in a circular which will be sent to shareholders once regulatory approvals have been obtained. Shareholders are accordingly advised to exercise caution when dealing in the Company's shares until such time as a full announcement is made. Durban 21 April 2015 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 21/04/2015 12:00:00 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.