HOSKEN CONSOLIDATED INVESTMENTS LIMITED - Intra-Group Repurchase of Treasury Shares and General Repurchase of Shares

Intra-Group Repurchase of Treasury Shares and General Repurchase of Shares

Hosken Consolidated Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)
("HCI" or the "Company")

INTRA-GROUP REPURCHASE OF TREASURY SHARES AND GENERAL REPURCHASE OF SHARES

Intra-group Repurchase of Treasury Shares

In compliance with paragraph 3.99 of the Listings Requirements of the JSE Limited ("JSE"), shareholders are
advised that on 9 December 2025, the Company concluded an intra-group repurchase with HCI Managerial
Services Proprietary Limited ("HCI Man"), a wholly owned subsidiary of the Company, in terms of which the
Company acquired 1,100,000 HCI ordinary shares ("Repurchased Shares") from HCI Man at a repurchase price
of R136.10 per ordinary share and at an aggregate consideration of R149,710,000 ("Intra-group Repurchase").

The Repurchased Shares have reverted to the authorised but unissued ordinary share capital of HCI in accordance
with section 35(5) of the Companies Act, 71 of 2008, as amended. Application will be made to the JSE for the
delisting of the Repurchased Shares.

Subsequent to the implementation of the Intra-group Repurchase, the Company's subsidiaries collectively held
4,909,916 ordinary shares in treasury.

General Repurchase of Shares

In compliance with paragraphs 5.79 and 11.27 of the Listings Requirements of the JSE, shareholders are hereby
further advised that, pursuant to the general authority granted by shareholders at the Company's annual general
meeting held on the 28th of August 2025, the Company has, through itself and its subsidiaries, cumulatively
repurchased 4,862,760 ordinary shares (of which 1,840,000 shares have reverted to the authorised but unissued
share capital of HCI) in the issued share capital of the Company, representing 5.65% of the Company's issued
share capital as at the date of the annual general meeting ("General Repurchase").

Details of the General Repurchase

Dates of the General Repurchase:        29 September 2025 to 9 December 2025
Number of Shares Repurchased:                                      4,862,760
Average Price Paid Per Share:                                        R133.11
Lowest Price paid per Share:                                         R120.00
Highest Price paid per Share:                                        R135.00
Total value of Shares repurchased:                              R647,266,191

The General Repurchase was effected through the order book operated by the JSE. Of the shares repurchased,
415,873 shares were repurchased during a prohibited period pursuant to a repurchase programme that was put in
place prior to the commencement of the prohibited period, the full details of which were submitted to the JSE in
accordance with the Listings Requirements of the JSE.

Following the General Repurchase and the Intra-Group Repurchase of treasury shares, the Company holds
7,914,916 shares as treasury shares, representing 9.39% of the Company's shares in issue as at the date of this
announcement.

Following the General Repurchase, the extent of the general authority outstanding to repurchase shares is
12,354,980 shares, representing 14.35 % of the total issued share capital as at 28 August 2025 (being the date on
which the general authority was granted by shareholders).

To the extent that the shares repurchased under the aforementioned general authority are not held by a subsidiary
of the Company, application will be made to the JSE for the delisting of the repurchased shares.

Source of Funds

The General Repurchase was funded from available cash resources of the Company and where relevant, the
group.

Opinion of the Board

The Board has considered the effect of the General Repurchase and is of the opinion that, for a period of 12
months following the date of this announcement:

- the Company and its subsidiaries ("the Group") will be able, in the ordinary course of business, to repay
  their debts;
- the assets of the Company and the Group will be in excess of the liabilities of the Company and the
  Group. For this purpose, the assets and liabilities were recognised and measured in accordance with the
  accounting policies used in the latest audited annual group financial statements;
- the share capital and reserves of the Company and the Group will be adequate for ordinary business
  purposes; and
- the Company and the Group will have adequate working capital for ordinary business purposes.

Financial Information pertaining to the General Repurchase

The impact of the General Repurchase has been calculated and the Board confirms that the implementation of
the General Repurchase is limited to a reduction in cash of R647,266,191, plus transaction costs.


Cape Town
10 December 2025

Sponsor
Investec Bank Limited

Legal advisor
White and Case Inc.

Date: 10-12-2025 07:05:00
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