Voluntary Announcement: Stadio Holdings Proprietary Limited Acquires Southern Business School Proprietary 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”) VOLUNTARY ANNOUNCEMENT: STADIO HOLDINGS PROPRIETARY LIMITED (“Stadio”) ACQUIRES SOUTHERN BUSINESS SCHOOL PROPRIETARY LIMITED (“SBS”) Shareholders are hereby informed that Curro, through its wholly owned subsidiary, Stadio, has entered into an agreement to acquire 74% of the issued share capital of SBS, which will hold a 51% interest in Southern Business School of Namibia (“Acquisition”). The Acquisition is subject to the fulfilment of certain conditions precedent, including the approval of the requisite competition authorities. SBS is a South African registered higher education institution, with SBS Namibia being recognised by the Namibian Qualification Authority. SBS has 11 accredited distance learning programmes (ranging from higher certificates to masters’ degrees) with three academic schools which offer dedicated programmes as well as short courses, namely the School of Business and Economics, the School of Safety in Society and the School of Law. Founded by Chris Vorster in 1996, the business school offers accredited programmes through distance learning, and has grown from 38 students in 1996 to approximately 9 956 students currently enrolled in South Africa and Namibia. In 2016, SBS launched a Bachelor of Commerce (Law) degree as part of its strategy to expand its range of programmes offered. SBS will seek out growth opportunities by introducing new programmes as well as increasing its presence and reach geographically. This strategy is aligned with Stadio’s strategy of creating further access to tertiary education through the expansion and development of its core brands. Curro re-affirms its intention to unbundle and list Stadio separately during the course of this year. Shareholders are advised that further details in respect of such unbundling and listing will be released on SENS in due course. Durbanville 22 June 2017 Transaction Adviser and Sponsor: PSG Capital Proprietary Limited Date: 22/06/2017 07:05:00 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.