Update on events relating to Advtech offer and withdrawal of 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 RELATING TO ADVTECH OFFER AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the Company’s cautionary announcements dated 12 June 2015 and 22 July 2015, as well as the Company’s subsequent announcement dated 23 July 2015. Further to the Advtech’s board’s rejection of Curro’s amended offer and the fact that same lapsed yesterday afternoon at 17h00, shareholders are advised that: 1. Curro negotiated in good faith believing that the two companies could create a new sizeable mid-cap company with benefits to all stakeholders, a belief that we thought was shared by Advtech management; 2. Curro management as well as Advtech management agreed upfront that Advtech’s ethos, values and brands would be retained (as in previous acquisitions done by Curro) and that an information process with Advtech teachers and parents would be followed to manage any potential uncertainty – Advtech has subsequently stated that it was uncertain what will happen to same and their comments created definite uncertainty amongst Advtech stakeholders; 3. Curro's offer was conditional on a limited due diligence investigation (excluding Advtech's strategic plans and other competition-sensitive matters) for, inter alia, the following reasons: Advtech has three operating divisions, which makes its model more complex; its financial reporting needs to be unpacked for Curro to fully understand its underlying business models as well as performance; it made several acquisitions that only became effective after 1 January 2015 and therefore have not been satisfactorily disclosed in the publicly available financial information; Curro was led to believe that some of Advtech schools operate under lease agreements which could have a significant negative impact on a school business in the future (this information was also not sufficiently reported on in Advtech's financials); 4. Mr Chris Boulle, Advtech's independent chairman, in statements to the media yesterday, made it clear that from an Advtech perspective, there were absolutely no synergies if they are acquired by Curro. Mr Frank Thompson made a similar remark at a Macquarie conference last Friday, 24 July 2015; 5. The Curro offer price of R13 per share represents a 42% premium to the 30 day volume weighted average price of Advtech at 28 April 2015 and a 62% premium to the R8.02 share price at which Advtech recently issued shares to acquire Maravest) and included potential head office cost saving synergies (not savings at a school level, as some of Advtech’s leadership have now implied). The fact that Advtech management and its board now believe that no savings are possible, makes it impossible for Curro to justify a price of R13 per Advtech share and to pay R6bn for Advtech. Curro can therefore, without being able to perform a limited due diligence to obtain more information to verify cost savings, not proceed with a general offer to all Advtech shareholders at R13 per share; 5. We wish to thank the more than 50% of Advtech shareholders who supported our offer both verbally and in writing. Accordingly, caution is no longer required to be exercised by shareholders when dealing in the Company’s securities. 29 July 2015 Durbanville Corporate advisor and sponsor PSG Capital Proprietary Limited Date: 29/07/2015 01:30:00 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.