SAFARI INVESTMENTS (RSA) LIMITED - Succession Plan

Succession Plan

Safari Investments RSA Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/015002/06)
Approved as a REIT by the JSE Limited
Share code: SAR ISIN: ZAE000188280
(“Safari” or “the Company”)

SAFARI INVESTMENTS RSA LTD - SUCCESSION PLAN

The board would like to inform its shareholders of its succession plan for the CEO of Safari
Investments.

CEO SUCCESSION

Safari’s founder member Francois Marais has been serving as CEO since inception of the
Company. His leadership and knowledge of the property industry has been a core driving
force to successfully create and grow the property portfolio of Safari. Francois has indicated
to the board, that he will be stepping down as CEO in the foreseeable future. The board is
firmly of the view that strong executive leadership must remain in place to continue optimising
value for all stakeholders of the Company and has consequently prepared a detailed
succession plan which has been put in place to ensure a smooth transition of the role.

The board has identified an internal candidate, executive director Dirk Engelbrecht as CEO
successor. Dirk has been working closely with Francois on a strategic management level and
they have a strong working relationship. His grooming for the CEO role commenced 18
months ago and will continue intensively until formal hand over. In addition to his legal
background and professional experience he has also been extensively involved in the
development and implementation of the Company’s strategy through his involvement in
property development, the due diligence and negotiation of acquisitions, capital raising
processes, BBBEE transacting and property management within the Safari group. The board
is confident that Dirk has the required skills and competencies to ensure continual strong
executive leadership and to take Safari to the next level in line with its strategy.

Curriculum Vitae
Dirk obtained his BCom Law and LLB degrees from the University of Pretoria in 2008 and
subsequently completed his articles at Weavind & Weavind Incorporated where he remained
as practising attorney focusing on general litigation until 2011. He was appointed by G4S
Secure Solutions in 2011 as the national legal manager tasked with the general legal and
statutory duties of one of the largest security firms in South Africa. Dirk joined Safari in
January 2014 as the group company secretary and legal adviser and was appointed as an
executive director in February 2018. Dirk oversees all legal and corporate governance
aspects of the Safari Investment group of companies and is involved on strategic level with
the company’s developments, investments and executive management. Dirk will enrol for a
two-year Executive MBA course at the University of Cape Town which will provide for a well-
rounded academic background.

In compliance with paragraph 3.59 of the JSE Listings Requirements Safari hereby
announces the timeframe of its CEO succession plan:

•      Dirk will be appointed Deputy CEO effective 1 January 2019.
•      To ensure a smooth transition Francois will remain in his position as CEO until 2020
       while Dirk will continue to work closely with Francois and the rest of the board of
       Safari.
•      Once Francois retires from his responsibilities as CEO during the first quarter of 2021,
       Dirk will officially assume the position of CEO and Francois will subsequently be
       appointed non-executive Chairman of the Company.

The board is positive that the succession plan will uphold the Company’s legacy of success.
Shareholders are advised that detailed SENS announcements will be released to this effect
as and when the changes are implemented.

Pretoria
18 September 2018

Sponsor
PSG Capital

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