INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED - Appointment Of Interim Executive Director And Chief Executive Officer Of The IDC.

Appointment Of Interim Executive Director And Chief Executive Officer Of The IDC.

INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1940/014201/06)
(Bond Issuer Code: IN02)
(“IDC” or the “Corporation”)


APPOINTMENT OF INTERIM EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER OF THE IDC

Notice is hereby given in terms of Section 6.39 of the Debt Listings Requirements of the JSE Limited, of
the appointment of an interim CEO and executive director of the IDC, with the effective date of 1 October
2023.

Following the SENS announcement of 02 March 2023, the IDC Board initiated a process of identifying a
successor to Mr Nchocho to allow for a seamless transition. The process is still underway and at an
advanced stage.

In the interim, the Board has appointed Mr David Jarvis to act as interim CEO and executive director of
the IDC until the newly appointed CEO assumes office.

Mr. David Jarvis has been with the IDC since 2013 and was appointed to Executive Management in 2015.
He is the Divisional Executive for Strategy and Corporate Affairs, the longest serving member of the
Executive Committee and a member of the Board's Social and Ethics Committee. He holds a Masters
degree in Industrial Organisational and Labour Studies (UKZN). He has previously held leadership positions
at the Development Bank of Southern Africa.

The IDC thanks Mr. Nchocho for his leadership of the IDC. He led the IDC in extraordinary times when the
world was hit by the Covid-19 pandemic, barely two years into his tenure as the CEO. Under his leadership,
the organisation increased 2023 funding approvals to R20.7 billion, up from R16 billion in 2022.

Ms. Busi Mabuza, the Board Chairperson, expressed the Board’s gratitude to Mr. Nchocho for his
committed leadership and the value added to the organisation during his tenure as the CEO.

Sandton
29 September 2023
Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 29-09-2023 11:34:00
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