HULAMIN LIMITED - Vesting and Repurchase of BEE Shares and Changes to the Board

Vesting and Repurchase of BEE Shares and Changes to the Board

HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin", "the Group" or "the Company")

VESTING AND REPURCHASE OF BEE SHARES AND CHANGES TO THE BOARD

1. Maturity of the 2020 BEE Extension Transaction

On 17 December 2020, Hulamin Shareholders voted in favour of extending the vesting date in relation
to the Company's Black Economic Empowerment scheme through, inter alia:
- the extension, to 27 February 2026, of the vesting date of the various classes of shares that were
     issued pursuant to its establishment in 2015; and
- the issue of the A3 Ordinary Shares,
 ("the 2020 BEE Extension Transaction").

Defined terms in this announcement bear the same meaning as those contained in the circular to
shareholders dated 17 November 2020, which sets out full details of the 2020 BEE Extension
Transaction ("the 2020 Circular"). The 2020 Circular can be found on Hulamin's website at the following
link Hulamin Circular - 17 November 2020.

Shareholders are advised that, in accordance with their terms, all of the 26 755 733 A2 Ordinary
Shares, the 9 018 000 B1 Ordinary Shares, the 9 018 000 B2 Ordinary Shares and the 18 036 000 B3
Ordinary Shares have been automatically repurchased (and cancelled) at R0.01 each for an aggregate
consideration of R628,277.33. The 4 721 600 A3 Ordinary Shares have been renamed "ordinary shares"
and application will be made for their listing on the JSE Limited ("the JSE").

The application of the compulsory unwind mechanisms inherent in the 2015 BEE Transaction and the
2020 BEE Extension Transaction (as described above) have resulted in a reduction in Hulamin's direct
BEE shareholding from c.18.0% to c.5.4%, which will have a significant impact on the Company's BEE
scorecard. Hulamin is committed to the implementation and success of broad-based black economic
empowerment throughout the Group and is currently evaluating various options for the restoration of
its BEE shareholding. In the meantime, it continues to progress its initiatives relating to employment
equity, skills development, preferential procurement, enterprise development and corporate social
investment, underscoring its commitment to meaningful transformation, inclusive economic
participation and sustainable value creation for all stakeholders.

2. Changes to the board

In terms of the Relationship Agreement, which governed the rights and obligations of the holders of
the B1 Ordinary Shares, the B2 Ordinary Shares and the B3 Ordinary Shares, Mr Peter Paul Ngwenya,
and his alternative director, Mr Gcina Cecil Zondi, being the representatives of the BEE SPV which held
these shares, are obliged to resign as directors of Hulamin. In accordance with paragraph 6.71 of the
Listings Requirements of the JSE, shareholders are advised that these resignations have been tendered
with immediate effect.

The Board expresses its gratitude to Mr Ngwenya and Mr Zondi for their valuable contributions and
dedication to the company since their appointment.

Pietermaritzburg
27 March 2026

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 27-03-2026 12:41:00
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