Voluntary Announcement pertaining to the Acquisition of Baobab School and Notice in terms of the Companies Act 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 PERTAINING TO THE ACQUISITION OF BAOBAB SCHOOL AND NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT 1. THE BAOBAB SCHOOL ACQUISITION 1.1 Shareholders are referred to the audited results announcement released on SENS on Monday, 19 February 2018, wherein, inter alia, the acquisition by Curro, through a wholly-owned subsidiary, Curro Education Botswana Proprietary Limited (“Curro Botswana”), of a prominent primary private school in Botswana, the Baobab Primary School (“Baobab School”) and related assets in Gaborone, Botswana (“Baobab School Acquisition”)was announced. 1.2 Curro is pleased to advise shareholders that all the conditions precedent of the Baobab School Acquisition have now been fulfilled and that the transaction will accordingly be implemented. 1.3 The Baobab School Acquisition is aligned with Curro’s intention to expand the geographical footprint of its schools and provides an excellent opportunity to diversify into the Southern-African market. 1.4 The Baobab School is a private primary school that was established by seven local women with the main objective to provide high quality, yet affordable education for middle income children in Botswana. Centrally and conveniently located in the suburban area of Phase Two in Gaborone, the Baobab School admitted its first learners in May 1991. It provides quality educational services to children from Reception to Standard 7, currently comprising of approximately 730 enrolled learners. 1.5 The Baobab School is committed to continually developing pre- primary and primary learners with skills, competencies and attitudes which would enable them to be adaptive to the socio- cultural and educational environment. 1.6 Notice is further hereby given in terms of section 45(5) of the Companies Act, No. 71 of 2008 (“the Act”) that the board of directors of Curro (“Board”) has resolved to provide financial assistance to its wholly-owned subsidiary, Curro Botswana for purposes of funding the Baobab School Acquisition, in terms of section 45(2) of the Act, pursuant to the authority granted to the Board by the shareholders at the annual general meeting of the Company held on 4 June 2018, which financial assistance exceeds one tenth of one percent (but is less than one percent) of the Company’s net worth. The primary source of the approved financial assistance is Curro’s current bank debt and facilities. In accordance with section 45 of the Act, the Board is satisfied and acknowledges that immediately after providing such financial assistance, Curro would satisfy the solvency and liquidity test provided for in section 4 of the Act and that the terms of the financial assistance are fair and reasonable to Curro. 2. CATEGORISATION The Baobab School Acquisition is uncategorised in terms of the JSE Listings Requirements, and the information contained in this announcement has been voluntarily disclosed by the Company. Durbanville 29 June 2018 Transaction Advisor and Sponsor PSG Capital Proprietary Limited Date: 29/06/2018 03:00:00 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.