SEARDEL INVESTMENT CORPORATION LTD - Changes to the Board

Changes to the Board

SEARDEL INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1968/011249/06
N-Shares share code: SRN; Ordinary Shares share code: SER
ISIN: ZAE000030144; ISIN: ZAE000029815
(“Seardel” or “the Company”)


Resignation and Appointment of Directors and Appointment of Audit Committee
Member

1. Shareholders are advised that further to the unbundling and separate
   listing of Deneb Investments Limited with effect from 1 December 2014, the
   following directors have resigned from the board of Seardel with immediate
   effect:

   1.   Stuart Queen
   2.   Gys Wege
   3.   Amon Ntuli
   4.   David Duncan
   5.   Yunis Shaik
   6.   Naziema Jappie


2. The following appointments were made to the board of directors with effect
   from 1 December 2014:

   1. Elias Mphande – Independent non-executive director and member of the
      audit committee; and
   2. Antonio Lee – Financial director

3. Kevin Govender, currently a non-executive director of the Company, is
   appointed as the Acting Chief Executive Officer.

4. The reconstituted board of the Company accordingly comprises:

   1. John Copelyn (Non-executive Chairman)
   2. Kevin Govender (Acting Chief Executive Officer)
   3. Antonio Lee (Financial Director)
   4. Mohamed Ahmed (Independent non-executive director and Chairperson of
      the audit committee)
   5. Rachel Watson (Independent non-executive director and member of the
      audit committee)
   6. Elias Mphande (Independent non-executive director and member of the
      audit committee)


Cape Town
2 December 2014

Sponsor:
Investec Bank Limited

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