Chibisa House

19 Glyn Jones Road

PO Box 501

Blantyre, Malawi

+265-1-831 902

csnico@nicomw.com

Cautionary Statement Update - 30th October, 2015

Potential Related Party Transaction That Could Result In A Change In 25.10% Shareholding Of NICO Holdings Limited.

Further to the cautionary statements in the above matter, Shareholders and the general public are advised that the transaction involves a potential acquisition of the entire shareholding of Sanlam Emerging Markets Proprietary Limited (SEM) in NICO Holdings Limited by Botswana Insurance Holdings Limited (BIHL).
SEM has a 25.10% shareholding in NICO Holdings and a 58.3% shareholding in BIHL.

The transaction is still not finalised. Shareholders and the general public are therefore advised to continue to exercise caution when dealing with NICO HoldingsLimited shares until a full announcement is made on the outcome of this intended transaction.

Dated this 30th day of October 2015

Emily Makuta

COMPANY SECRETARY

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