15 March 2010

Shareholders are referred to the cautionary announcements dated 20 November 2009 and 7 January 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 manufacturing project, which will be located near Lichtenburg (“the Aganang project”), and the cement grinding plant, which will be located in Delmas (“the Delmas project”), both of which are held by the company’s 80.2%-held subsidiary, Sephaku Cement (Pty) Limited (“Sephaku Cement”).

Shareholders are advised that details of the restructuring are still being considered and that negotiations relating to the funding of the Aganang and Delmas projects are progressing. In the meantime, Nedbank Capital, a division of Nedbank Limited, has been appointed by Sephaku Cement as lead arranger for the R1,8-billion project finance facilities required for the projects. Shareholders should continue to exercise caution when dealing in their Sephaku Holdings shares until a full announcement relating to these matters can be made.

Sponsor
QuestCo Sponsors (Pty) Limited

Corporate advisor to Sephaku Cement
Capital Hill Corporate Finance (Pty) Limited