FURTHER ANNOUNCEMENT RELATING TO THE SUSPENSION OF EXECUTIVE CHAIRMAN

Shareholders are referred to the SENS announcements published on 22 and 23 October 2014.

Shareholders are informed that, the Company's position that Mr Marcel Golding should face disciplinary proceedings regarding his alleged gross misconduct has been vindicated by the Labour Court of South Africa held at Cape Town, and those disciplinary proceedings will continue.

Insofar as Mr Golding has made certain outrageous allegations relating to political interference in respect of the media, such allegations are denied by the Company.

The Company re-affirms its commitment to protect its interests and of its shareholders, to promote an independent media free of political or
government interference, and to a lawful and fair disciplinary enquiry.

The Company sees no benefit in conducting this process through the press.

As soon as circumstances permit, a further announcement will be issued by the Company.

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

HCI shareholders are advised that Ms B.A. Hogan has resigned as a director of HCI and member of the audit committee with immediate effect. We note the resignation of Barbara Hogan from our board and express our somewhat surprise at the hostile manner in which it is couched and publicly distributed (see report).

We thank Barbara for her services to HCI and assure the public that, perhaps other than Marcel himself, no other board members of HCI see this matter similarly.

Statements issued by Hosken Consolidated Investments, October 27 2014

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