Independent Non-Executive Directors appointed at Sharemax Property Investment Companies

The Sharemax statutory managers appointed by the South African Reserve Bank announced the appointment of three independent, non-executivedirectors for all the individual property investment companies by the respective Boards as follows:

· Mr. Dawie Roodt, Chief Economist and a director of Efficient Financial Holdings, a listed Financial Services Company,

· Judge Willie Hartzenberg, a prominent High Court Judge, and

· Mr. Rudi Badenhorst, a chartered accountant and auditor with significant expertise in property management.

Dominique Haese, the financial director and Dirk Koekemoer, the director dealing with the property portfolio will remain on the new boards.

Judge Hartzenberg will chair the newly constituted boards.

These appointments are in support of the strategy to improve governance control and expert led authority in each of the syndicates. In addition, the appointment of a majority of independent directors to the boards will address possible conflicts. The new Board aims for regular communication to shareholders regarding the current status and options available to them.

Issued by Dominique Haese (Company Secretary) on behalf of the Board/s.