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CGR - Calgro M3 Holdings Limited - Changes to the board of directors CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share Code: CGR & ISIN: ZAE000109203 ("Calgro" or "the company" or "the group") CHANGES TO THE BOARD OF DIRECTORS In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited ("JSE"), the board of directors of Calgro hereby announce that Mr Ben Pierre Malherbe ("Ben Pierre") has been appointed as Chief Executive Officer ("CEO") and that Mr Deon Noel Steyn ("Deon") has been appointed as Chief Operating Officer ("COO") to Calgro with effect from 11 December 2009. Ben Pierre was acting CEO since February 2009 and was the obvious candidate. He obtained his Bachelor of Science (Quantity Surveying) from the University of the Orange Free State. He then went on to obtain his masters in Business Administration and MBA from the Stellenbosch School of Business. Ben Pierre started as a quantity surveyor for civil engineering company Con Roux Construction and later joined Stocks and Stocks Roads & Civils. After spending seven years as project manager in the affordable market segment in 2001 he and his brother Brand joined forces with the Steyn brothers to form Calgro specializing in residential development. Ben Pierre is responsible for the group`s highly acclaimed Pennyville project, an integrated housing development. Ben Pierre was appointed as Calgro`s COO when the group was listed in 2007 and took over the CEO`s function during January 2009. Deon, director of the main operating company and founder of Calgro in 1995 was ideal for the role and have been for filling the role since February 2009. Deon obtained his Bachelor of Science (Quantity Surveying) from the University of the Orange Free State. He is a registered Quantity Surveyor (Republic of South Africa), a Member of the Association of South African Quantity Surveyors as well as the Council of South African Quantity Surveyors. Deon worked as a quantity surveyor for four years in the practice of Farrow Laing & Partners after which he started CALC Quantity Surveyors specialising development of medical centres and project management in the affordable housing market sector. Calgro was started in 1995 by Deon and his brothers, Derek and Douw. Deon took over the responsibility of COO during 2009. The board similarly wish to extend their best wishes to Mr Malherbe and Steyn with their new role. Johannesburg 14 December 2009 Designated Adviser PSG Capital (Pty) Ltd Date: 14/12/2009 14:42:01 Supplied by www.sharenet.co.za 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.
