Further to the cautionary announcement released on the Securities Exchange News Services (“SENS”) of the JSE Limited (“the JSE”) by Tourvest on 18 March 2008, shareholders of Tourvest (“Tourvest shareholders”) and Imperial shareholders are advised that a consortium of investors (“the Consortium”), led by Union Square Properties 100 (Proprietary) Limited, trading as Guma Tourism Holdings (“Guma Tourism”) (being a black owned company, holding the majority shareholding in Bidco), Old Mutual Life Assurance Company (South Africa) Limited (“OMLACSA”), the Industrial Development Corporation of South Africa Limited (“IDC”) and certain members of the management of Tourvest (“management”), has, via Bidco (a wholly-owned subsidiary of Cherry Moss Trade & Invest 186 (Proprietary) Limited (“Holdco”)), submitted on 24 April 2008 to the board of directors of Tourvest (“the board”) a letter confirming Bidco’s firm intention to make an offer (“the offer”). Bidco is making an offer to acquire the entire issued share capital of Tourvest, other than 41 748 545 shares held as treasury shares and shares held as unallocated shares for the benefit of employees (“excluded shares”) for a cash consideration of 208 cents per share (“the scheme consideration”); the entire issued share capital of Tourvest, excluding the excluded shares, (hereinafter referred to as “the scheme shares”). Subject to the conditions precedent set out in paragraph 5 below (“conditions”), the offer is to be implemented, by way of a scheme of arrangement in terms of section 311 of the Companies Act, 1973 (Act 61 of 1973), as amended (“the Act”), to be proposed by Bidco between Tourvest and all of the holders of the scheme shares (“the scheme”).

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