Changes to the Board of Directors CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2004/030045/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the company”) CHANGES TO THE BOARD OF DIRECTORS In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the following changes to the board of directors (“the board”): It is with great sadness that Calgro M3 must report that Mr Hugh Cameron, an Independent Non- Executive board member and Chair of the Audit and Risk Committee passed away over the weekend on 6 April 2018 after a short illness. Mr Cameron was appointed as Non-Executive Director on 8 May 2015 and as Chair of the Audit and Risk Committee on 1 July 2015. Mr. Cameron served in his roles with enthusiasm, dedication and distinction and his contribution to the Company has been immeasurable. Mr Cameron has left an indelible mark at the Company and his knowledge, expertise and guidance will be greatly missed. Calgro M3’s board members, management and employees would like to express their heartfelt condolences to Mrs Cameron, Mr Cameron’s children, grandchildren, family and friends. Our thoughts are with them at this difficult time. Mr Ralph Patmore, the Lead Independent Non-Executive director and current member of our Audit and Risk Committee will act as interim Chair of the Audit and Risk Committee. Johannesburg 9 April 2018 Sponsor Grindrod Bank Limited Date: 09/04/2018 08:57:00 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.