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ETHOS EXITS REMAINING INVESTMENT IN IST

PRESS RELEASE
Friday, 18 April 2008

Ethos confirms that it has sold its interest in IST Dynamics to BAE Systems for an undisclosed sum.

IST’s Power/Telecoms division was sold to Powertech, a wholly owned subsidiary of Altron in 2007 for R505 million and the sale of the IST Nuclear division to Westinghouse, for an undisclosed sum, followed shortly thereafter.

Since acquiring a controlling interest in the company in 2004, Ethos partnered closely with the IST management whose strategies resulted in a focus on building three independently strong core businesses which became very attractive to trade buyers.

Ethos chief executive, Andrè Roux said: “We are proud to have been associated with IST over the investment period and to have contributed to building IST into a stronger group of businesses since its delisting from the JSE. We are very pleased that the Power/Telecoms business has reemerged on the JSE as a division within the listed Altron Group and that the other businesses attracted major global buyers with the resultant foreign investment inflows to South Africa.”