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HCI - Fulfillment of conditions precedent                                       
  Hosken Consolidated Investments Limited                                         
  (Registration number 1973/07111/06)                                             
  (Incorporated in the Republic of South Africa)                                  
  ISIN Number: ZAE000003257  Share Code: HCI                                      
  (`HCI` or the `company`)                                                        
  FULFILLMENT OF CONDITIONS PRECEDENT                                             
  Shareholders are referred to the announcement dated 26 April 2004 regarding     
  HCI`s acquisition of all the shares in and claims against Golden Arrow Bus      
  Services (Proprietary) Limited (`the acquisition`) and are informed that all    
  conditions precedent relating to the acquisition have now been fulfilled.       
  Durban                                                                          
  20 July 2004                                                                    
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 20/07/2004 02:00:02 PM Produced by the JSE SENS Department

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