THE BIDVEST GROUP LIMITED - The Bidvest Group Limited formalises internal restructuring

The Bidvest Group Limited formalises internal restructuring

The Bidvest Group Limited
Incorporated in the Republic of South Africa
(Registration number 1946/021180/06)
Share Code: BVT ISIN: ZAE000117321
(“Bidvest Group”)


THE BIDVEST GROUP LIMITED FORMALISES INTERNAL RESTRUCTURING

Introduction

Shareholders are advised that the Bidvest Group is formalising the restructure of its business
operations into three distinct and independent companies each with its own statutory board of
directors comprising senior executive management and independent directors. These companies are:
     - Bidvest Industrial Holdings Proprietary Limited (“BIH”) housing the current Bidvest South
        Africa division and the Bidvest Namibia interest;
     - Bidvest Foodservice International Limited (“BFI”) housing the international and local
        foodservice operations; and
     - Bidvest Capital Proprietary Limited (“BC”) housing the South African property portfolio and
        the investments in companies in which the Bidvest Group does not own majority stakes or
        exercise management control.

Rationale

The Bidvest Group Board of Directors believes that the new structure will inter alia provide the
following:

    -   Streamline the activities and operations of the Bidvest Group while ensuring an improved
        platform from which to pursue continued growth;
    -   Greater transparency with regard to the nature of the activities, the geographies in which they
        operate and their potential values;
    -   Improved management focus which will not only assist in identifying acquisition
        opportunities, both locally and abroad, but also enable management to mitigate and manage
        the specific risks and challenges faced by each business;
    -   Enable the respective management teams of BIH and BFI under Lindsay Ralphs and Bernard
        Berson respectively, to express their entrepreneurial flair and take direct responsibility and
        accountability for the performance and growth of their companies;
    -   Smooth and transparent management succession;
    -   Flexibility to anticipate and react to changes within the specific market segments and
        economic landscapes; and
    -   Position BC to expeditiously capture investment opportunities not in conflict with either BIH
        or BFI.

Operating structure

In order to effectively manage the underlying structure, the Bidvest Group Board will be reconstituted
under the chairmanship of Lorato Phalatse. Brian Joffe remains Chief Executive Officer with David
Cleasby as Chief Financial Officer. Brian Joffe’s principle focus will be to drive the overall strategy and
acquisition activity of the group. The full composition of the restructured board and respective
committees will be announced in due course. The Bidvest Group Board will continue to drive overall
strategy, while guiding the financial, treasury, compliance, governance, stakeholder communication,
corporate finance and certain other activities. The new structure will operate as follows:

- BIH: will comprise all operations in Southern Africa including the interest in Bidvest Namibia
  Limited, excluding the local foodservice operations and interests held by BC. Lorato Phalatse will
  serve as Chairman with Lindsay Ralphs and Peter Meijer continuing in their respective roles as Chief
  Executive Officer and Chief Financial Officer. The BIH Board will be: Lorato Phalatse, Lindsay
  Ralphs, Peter Meijer, Mpumi Madisa, Gillian McMahon, Brian Joffe, Bongi Masinga, Nigel Payne,
  Doug Band and Alex Maditsi.

- BFI: will comprise the international and local foodservice operations. Brian Joffe will continue as
  Chairman and Bernard Berson as Chief Executive Officer. David Cleasby will also serve as BFI’s Chief
  Financial Officer. The BFI board will be: Brian Joffe, Bernard Berson, David Cleasby, Nigel Boswell,
  Rachel Ruggiero, Andrew Selley, Johnny Kang, Doug Band and Helen Wiseman.

- BC: will comprise the Bidvest Group’s South African property portfolio and the interests of the
  Bidvest Group where it does not own majority stakes or exercise management control. These
  include inter alia, Adcock Ingram Holdings Limited, Comair Limited, Cullinan Holdings Limited and
  Mumbai International Airport Private Limited. Brian Joffe will serve as Chief Executive Officer of
  BC. The BC Board will be: Brian Joffe, David Cleasby, Werner Hugo, Eric Diack and Paul Baloyi.

Financial Reporting

The Bidvest Group will report its financial results, reflecting the structure outlined in this
announcement, for the financial year ending June 30 2016, but not for the interim period ending
December 31 2015.



Johannesburg
October 7 2015


Sponsor to Bidvest
Investec Bank Limited

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