GMB - Glenrand MIB Limited - Separation agreement with Andrew Chislett

GMB - Glenrand MIB Limited - Separation agreement with Andrew Chislett          
GLENRAND MIB LIMITED                                                            
(a Licensed Financial Services Provider)                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/008001/06)                                            
Share code: GMB & ISIN: ZAE000078010                                            
("Glenrand" or "the Company")                                                   
SEPARATION AGREEMENT WITH ANDREW CHISLETT                                       
Shareholders are referred to the announcement by Glenrand and Aon South Africa  
(Proprietary) Limited ("Aon") dated 9 December 2010 ("firm intention            
announcement") in terms of which the parties announced the firm intention by    
Aon to make an offer to acquire the entire issued share capital of Glenrand     
("the proposed transaction").                                                   
It was stated in the firm intention announcement that Andrew Chislett and the   
board of directors of Glenrand ("the Glenrand board") had agreed that Andrew    
would stand down as Chief Executive Officer ("CEO") of Glenrand with effect     
from 28 February 2011.                                                          
The Glenrand board is pleased to advise that it has subsequently reached an     
agreement with Andrew in terms of which he will remain as CEO of Glenrand       
until the date on which the proposed transaction becomes unconditional.         
Additional details of the separation agreement with Andrew will be disclosed    
in the scheme circular to be posted to Glenrand shareholders in due course.     
Johannesburg                                                                    
24 January 2011                                                                 
Sponsor                                                                         
Nedbank Capital                                                                 
Corporate Advisor                                                               
Sasfin Capital                                                                  
(a Division of Sasfin Bank Limited)                                             
Date: 24/01/2011 11:30:01 Supplied by www.sharenet.co.za                     
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