Changes to the board Sherbourne Capital Limited Incorporated in the Republic of South Africa (Registration number 2006/030759/06) Share code: SHB ISIN: ZAE000165403 ("Sherbourne" or “the Company”) CHANGES TO THE BOARD In accordance with paragraph 3.59 of the JSE Listings Requirements, the following changes to the board of directors of Sherbourne are announced: • Mr Jack Colin Human CA (SA) has been appointed as a non- executive director of Sherbourne effective 25 July 2014. Colin is a registered chartered accountant with extensive business experience. Colin has been a director of several companies in the construction, engineering and financial services industries. He was a director of Kool Aluminum (Pty) Limited for over 23 years, the Executive Chairman of Marlin Corporation (Pty) Limited’s Beneficiation Division as well as the Financial Director of Drytech International (Pty) Ltd. He is currently a director of Goalfix (Pty) Ltd, which specialises in corporate finance and financial modeling for large scale projects and their clientele include ABSA, City Power, Nedbank, Liberty and Rand Merchant Bank. The board welcomes Colin and looks forward to the valuable experience that he will bring to the board. • Mr Craig Whittle, CA (SA) who previously joined the Company on 27 July 2012 as an independent non-executive director of the Company has been appointed as the chief financial officer of Sherbourne, effective immediately. Following articles at Deloitte, Craig completed five years as a manager at Price Waterhouse Coopers in London. He returned to South Africa as an industrial analyst at Coronation Fund Managers after which he was a portfolio manager at Omigsa Value Boutique followed by his appointment at Metropolitan Asset Managers. Craig also founded his own investor relations consultancy and is also the former Financial Director of Total Client Services Limited • Mr Johnathan P.S. Bangura has resigned as Chief Executive Officer of Sherbourne in order to pursue other career opportunities. Mr Khanya Motshabi who previously joined the Company on 5 July 2011 as an Independent non- executive director will assume the role of interim chief executive officer of Sherbourne with immediate effect. Johannesburg 25 July 2014 Designated Advisor: Bridge Capital Advisors (Pty) Limited Date: 28/07/2014 07:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.