OUTsurance GROUP LIMITED - Appointment of external auditor and retirement of director

Appointment of external auditor and retirement of director

OUTSURANCE GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2010/005770/06
ISIN: ZAE000314084
Share code: OUT
("OGL" or "the Company")

APPOINTMENT OF EXTERNAL AUDITOR AND RETIREMENT OF DIRECTOR

1. Appointment of external auditor

OGL shareholders are referred to the announcement released on the Stock
Exchange News Service (SENS) on 8 October 2021 in respect of the decision
of the OGL Board of Directors (OGL Board) to appoint KPMG as the external
auditor of OGL and its major subsidiaries, OUTsurance Holdings Limited
(OHL) and Youi Holdings Proprietary Limited with effect from the 2024
financial year. This decision was endorsed by OGL shareholders at the 2021
Annual General Meeting (AGM) as communicated in the announcement released
on SENS on 24 November 2021.

Shareholders are advised that OGL’s Audit, Risk and Compliance Committee
will nominate KPMG to be appointed as the external auditor of the Company
for the 2024 financial year at OGL’s 2023 AGM. Details of the 2023 AGM will
be communicated to shareholders in due course. If approved by shareholders,
the appointment of KPMG will be effective from the date of the 2023 AGM.

Despite the recent ruling against mandatory audit firm rotation as proposed
by the Independent Regulatory Board for Auditors, the Company has decided
to continue with the rotation as envisaged in 2021.

The OGL Board extends its appreciation to PricewaterhouseCoopers Inc. (PwC)
for their long-standing service to the Company. PwC will continue to serve
as the Company’s external auditor in respect of the financial year ended
30 June 2023.

2. Retirement of director

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements,
OGL shareholders are advised that Mr Alan Hedding has given notice of his
retirement from the OGL and OHL Boards with effect from 12 September 2023.

Alan served on the OGL Board since November 2022 and on the OHL Board since
October 2013. He also played a pivotal role in the Audit, Risk and
Compliance Committee where he applied his extensive financial services
experience to the benefit of the Group.

The OGL and OHL Boards extend their gratitude to Alan for his many years of
dedicated service and wish him a wonderful retirement.


Centurion
12 September 2023

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 12-09-2023 04:33:00
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