Change in the function of a director and changes to the board of directors ROLFES HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 2000/002715/06 Share Code: RLF & ISIN: ZAE000159836 ("Rolfes" or "the Company") CHANGE IN THE FUNCTION OF A DIRECTOR AND CHANGES TO THE BOARD OF DIRECTORS As a result of recent changes in the shareholder structure of the Company and in accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the following changes to the Board with immediate effect: Erhard van Der Merwe, currently Executive Director: Corporate Finance and Special Projects will fulfil his role going forward as a non-executive non-independent director under the terms of a consultancy agreement with the Company. Mr Jarred Winer has been appointed as a non-executive director to the Board. Mr Winer is the Chief Executive Officer and co- founder of Westbrooke Capital Management (Pty) Ltd. He holds a B Com Honours in Investment Management and a MDP. Prior to Westbrooke Capital Management, he played various investment banking roles at Barclays and Absa Capital including corporate finance, financial sponsor coverage, and leveraged finance. He gained extensive experience on several international and local capital raisings, leverage buyouts, restructurings, mergers and acquisitions for leading financial sponsors, and corporates. He has been a non-executive director at Amalgamated Electronics Corporation Limited since 18 March 2015. Mr Siegfried Sergel has resigned as Financial Director and Mr Johan Ferreira has been appointed as interim full-time Financial Director, with immediate effect. He is a qualified Chartered Accountant and holds a Master’s in Business Administration. He served as Financial Controller of Optimum Coal, during which time he was involved in various mining transactions including the Glencore acquisition of Optimum. As part of Glencore he worked in the South African coal division as Finance Manager of Xstrata operated coal mines post-merger including Group Financial Controller functions of Optimum Coal. Prior to that he worked as Audit Manager at KPMG in the Energy and Natural Resources Department involved in various mining engagements including the JSE listing of Optimum Coal. Most recently Johan was involved in commodity trading finance in Switzerland. Subsequent to the aforementioned changes, the Board is comprised of the following: Executive Directors: Ms Lizette Lynch (Chief Executive Officer), Mr Johan Ferreira (Interim FD). Non-executive Directors: Mr Bulelani Ngcuka (Chairman), Mr Mike Teke, Mr Erhard van der Merwe and Mr Jarred Winer. Independent Non-executives Directors: Ms Seapei Mafoyane, Mr Dinga Mncube, Dr Andile Dyasi, and Ms Mathukana Mokoka. 30 November 2015 Sponsor: Grindrod Bank Limited Date: 30/11/2015 01:49:00 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.