30 April 2010

Shareholders are referred to the cautionary announcements dated 20 November 2009, 7 January and 15 March 2010 and to the announcement dated 1 February 2010 which included information relating to the proposed restructuring of the Sephaku Holdings group (“the restructuring”) and the funding of the cement project held by the company`s 80.2%-held subsidiary, Sephaku Cement (Pty) Limited.

Shareholders are advised that details of the restructuring are still being considered and that negotiations relating to the funding of the cement project are continuing.

Shareholders should therefore continue to exercise caution when dealing in their Sephaku Holdings shares until a full announcement relating to these matters can be made.

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