ALEXANDER FORBES GROUP HOLDINGS LIMITED - Board and committee changes

Board and committee changes

Alexander Forbes Group Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2006/025226/06)
ISIN: ZAE000191516
Share Code: AFH
(“the Company” or “Alexander Forbes”)

BOARD AND COMMITTEE CHANGES

As a consequence of the recently announced changes to the Company’s strategy and decisions on
asset disposals, the Board has made certain changes to the governance structure to better exercise its
oversight role over the Alexander Forbes Group. In addition, there are attendant changes to the Board
composition which are outlined below in accordance with paragraph 3.59 of the JSE Limited Listings
Requirements.

-   Ms N Nyembezi will step down as Director and Chair of the Board and Nominations Committee with
    effect from 31 December 2019 to take up a non-executive role at a major financial institution.

-   Mr MD Collier has entered his ninth year as a Director of the Company and hence will also be
    stepping down as Director, Audit and Risk Committee and Nominations Committee member and
    Chair of both the Mergers and Acquisitions Committee and Remuneration Committee with effect
    from 31 December 2019.

-   Ms M Ramplin will succeed Ms Nyembezi as Chair of both the Board and Nominations Committee
    with effect from 1 January 2020. Ms Ramplin has been a Director on a number of the Company’s
    regulated subsidiaries since August 2011, including serving as the Lead Independent Director for
    the Insurance subsidiaries and was appointed to the Company’s Board in March 2018. She has
    extensive industry and Company knowledge and will easily navigate a smooth transition for the
    Company and Board. She will consequently resign as Audit and Risk Committee member with
    effect from 31 December 2019.

-   Mr T Dloti will replace Mr Collier as Audit and Risk Committee member and Chair of the
    Remuneration Committee with effect from 1 January 2020. Mr Dloti has been a Director since
    August 2018.

-   Mr WS O’Regan will replace Mr Collier as Chair of the Mergers and Acquisitions Committee with
    effect from 1 January 2020. Mr O’Regan has been a Director since July 2014.

-   The Board will decide on a replacement for Mr Collier as Lead Independent Director in future.

The Board is very pleased with the depth of skills, experience and expertise allowing all vacancies to be
filled by current Directors.

In addition, following the resignation of Ms NB Radebe as Chief Financial Officer of African Rainbow
Capital Proprietary Limited, she has resigned as Director and Social, Ethics and Transformation
Committee member with effect from 28 November 2019. ARC does not intend nominating a
replacement for Ms Radebe in the near future.

The Board expresses its sincerest appreciation for the dedication, effort and tremendous contribution of
Mesdames Nyembezi, Radebe and Mr Collier and wishes them well for the future.


Carina Wessels
Executive: Governance, Legal and Compliance
29 November 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 29-11-2019 01:00:00
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