SALUNGANO GROUP LIMITED - Changes to the Board and Board Committees

Changes to the Board and Board Committees

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG  ISIN: ZAE000306890
("Salungano Group" or "the Company")


CHANGES TO THE BOARD AND BOARD COMMITTEES


Further to the announcements released on SENS on 3 July 2023 and 28 July 2023 regarding the resignation
of three directors and the initiation by the board of directors of the Company ("the Board") of the process to
identify suitable independent non-executive directors to be appointed to the Board, in compliance with
paragraph 3.59 of the Listings Requirements of the JSE Limited, the Board hereby notifies shareholders of the
following:

Appointment of directors

The Board has appointed Mr Themba Tshikovhi, Ms Sinesipho Maninjwa and Mr Mzimkulu Malunga as
independent non-executive directors of the Company with effect from 1 March 2024.

Mr Tshikovhi is a Chartered Accountant (South Africa) with extensive experience in internal and external audit,
financial accounting, corporate governance and risk management, who has served on various boards and
board committees of several entities in the private and public sectors. His previous managerial and leadership
roles include, amongst others, audit manager at Deloitte, projects manager at Standard Bank, founding partner
of KMMT (which merged with KPMG in 2000), audit and risk committee chairperson and membership roles at
the Wholesale and Retail Sector Education and Training Authority, SRHR Trust and the South African
Qualifications Authority and chairperson of the remuneration committee of Royal Energy Proprietary Limited.

Ms Maninjwa is a Chartered Accountant (South Africa) with more than a decade of post-qualification
experience, primarily gained in the financial services sector. Her expertise includes corporate and project
financial advisory services, development finance, principal investments, project development, private equity
and asset management. She serves as an independent trustee on the Edge Growth Action Fund and an
advisory board member for the Group Risk Governance Committee of the City of Johannesburg Metropolitan
Municipality. Ms Maninjwa is currently the Head of Operational Due Diligence and External Platforms at Stanlib
Multi Manager and INN8 Invest. Some of her previous positions include commercial credit manager at
FirstRand Group, post-investment associate at the National Empowerment Fund, corporate finance and
principal investment analyst at Tamela Holdings, executive associate at Lebashe Investment Group and senior
associate at Cresco Group.

Mr Malunga holds an Executive MBA from the University of Cape Town and has 35 years of experience in the
media industry. He previously served as non-executive director at Brand South Africa and South African
Airways. He chaired the human resources, remuneration and social and ethics committee at Brand South
Africa and the ad hoc committee on stakeholders and communications at South African Airways. He was Group
CEO of Arena Holdings until August 2023, an executive director and publisher at UMA Media until 2021 and a
director and previous chairperson of the D Group. He is currently the director of Raoha Afrika Proprietary
Limited, the owner of two Postnet Franchises in Johannesburg. Earlier in his career, he held senior editorial
positions at, amongst others, Business Day, Financial Mail and the Sowetan.

The Board welcomes the new directors and looks forward to their contributions to the Company.

Changes to the composition of board committees

Following their appointments to the Board:
- Mr Tshikovhi will be appointed as chairperson of the audit, risk and compliance committee and a member
  of the nomination committee;
- Ms Maninjwa will be appointed as chairperson of the remuneration committee and a member of the audit,
  risk and compliance and nomination committees; and
- Mr Malunga will be appointed as chairperson of the social and ethics committee and a member of the
  audit, risk and compliance and remuneration committees.

Accordingly, the Board committees will be comprised as follows:

Audit, risk and compliance committee
- Mr Tshikovhi (Chairperson)
- Ms Maninjwa
- Mr Malunga

Remuneration Committee
- Ms Maninjwa (Chairperson)
- Dr Humphrey Mathe
- Mr Eric Mzimela
- Mr Malunga

Nomination Committee
- Dr Humphrey Mathe (Chairperson)
- Mr Tshikovhi
- Ms Maninjwa

Social and Ethics Committee
- Mr Malunga (Chairperson)
- Mr Cecil Maswanganyi
- Mr Eric Mzimela
- Mr Robinson Ramaite
- Mr Thivha Tshithavhane


Johannesburg
1 March 2024

Sponsor
Merchantec Capital

Date: 01-03-2024 12:56:00
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