DENEL SOC LIMITED - Update on executive management changes

Update on executive management changes

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel”)

UPDATE ON EXECUTIVE MANAGEMENT CHANGES

Denel has today terminated the employment of Mr ZW Mhlwana, the previous Group Chief Financial
Officer (“GCFO”) with immediate effect after he was found guilty of all disciplinary charges relating to
irregular expenditure and failure to act in the best interests of the company. Denel has appointed Mr
Wim de Klerk, former CEO of ArcelorMittal SA, as acting GCFO. A formal process will commence to
recruit a permanent GCFO.

In addition, debt investors are referred to the announcement released on SENS on 16 May 2018
relating to the resignation of the Group Chief Executive Officer (“GCEO”) of Denel. In this regard, Denel
has completed the recruitment process for a new GCEO and made a recommendation to the Minister
of Public Enterprises. An announcement is expected to be made by mid December 2018 once Cabinet
approves the appointment.

09 November 2018

Debt Sponsor: Nedbank Corporate and Investment Banking

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