Update on events leading to the Advtech offer and further cautionary announcement Curro Holdings Limited Incorporated in the Republic of South Africa (Registration number: 1998/025801/06) JSE Share Code: COH ISIN: ZAE000156253 (“Curro” or “the Company”) UPDATE ON EVENTS LEADING TO THE ADVTECH OFFER AND FURTHER CAUTIONARY ANNOUNCEMENT Shareholders are referred to the Company’s cautionary announcement dated 12 June 2015 and its further announcement on 15 July 2015, as well as to the cautionary announcement released by Advtech Limited (“Advtech”) on 25 June 2015 and Advtech’s subsequent announcements dated 15 July 2015 and 21 July 2015. In this regard, shareholders are advised that: 1) Curro has been in discussions with the CEO of Advtech since early April 2015; 2) The discussions with Advtech’s CEO led to a firm expression of interest by Curro, which was submitted to the Advtech CEO and Chairman (“the Advtech Representatives”) on 29 April 2015, and which contained an offer price and further terms contemplated; 3) On 14 May 2015 the Advtech Representatives met with Curro’s majority shareholder, PSG Group, to discuss the proposed offer and a potential increase in the offer price; 4) As the Advtech Representatives indicated that they did not believe the initial price offered for Advtech shares to be acceptable, the Advtech Representatives were informed that Curro would approach Advtech’s largest shareholders to determine a fair share price acceptable to them; 5) The offer acceptable to the major Advtech shareholders (supported by their written support letters for same) is R13 per Advtech share. This represents a 42% premium to the 30 day volume weighted average price of Advtech at 28 April 2015, the date prior to the submission of Curro’s initial expression of interest to Advtech. It also represents a 62% premium to the R8.02 share price at which Advtech recently issued shares to acquire Maravest (as indicated in Advtech’s SENS announcements dated 26 March 2015 and 18 June 2015), which was a share price Advtech management felt was a fair reflection of Advtech’s share value; 6) The proposed offer by Curro is based on a share swap with Curro valued at R33.65 per share, resulting in a swap ratio of approximately 2.59 Advtech shares for every 1 Curro share. The proposed offer also includes a 50% cash underpin for Advtech shareholders who do not wish to accept Curro shares (a minority shareholder is likely to be able to receive 100% cash, as many of the major shareholders have indicated a preference for Curro shares). The aforesaid offer was only subject to a limited due diligence on specific matters; 7) Advtech’s board has now informed Curro and the market that it does not wish to refer the matter to its shareholders for consideration and has withdrawn the Advtech cautionary, while being aware that Curro may be resubmitting their offer; 8) In light of the above, as well as ongoing media speculation and the fact that Curro is still contemplating whether to resubmit an offer, albeit in a potentially different format, Curro will not withdraw its existing cautionary announcement for the time being, given the seriousness of the matter and the potential impact on shareholders. Accordingly, Curro shareholders should continue to exercise caution when dealing in the Company’s securities until a further announcement is made. 22 July 2015 Durbanville Corporate advisor and sponsor PSG Capital Proprietary Limited Date: 22/07/2015 04:00:00 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.