HULAMIN LIMITED - Changes to the Board

Changes to the Board

HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin", the "Group" or the "Company")

CHANGES TO THE BOARD

In accordance with paragraph 3.59 of the JSE Limited ("JSE") Listings Requirements, shareholders are
advised that Mr Thabo Leeuw, the independent non-executive chairman of Hulamin, has announced
his intention to retire from the board of directors of Hulamin ("the Board") after serving the Company
and its shareholders for 17 years, with effect from 31 August 2025. This is in keeping with the Board's
revitalised succession plan.

Thabo has been a valuable member of the Board since 2007. During his tenure, his contribution and
leadership have been critical to the direction of the Group's business. As Chairman, Thabo has been
instrumental in setting Hulamin's strategy, and guiding its management to bring stability to the
Company and turn around the business following the operational and performance constraints
experienced by the Group in recent years due to an uncertain and challenging macro environment.

Mr Paul Baloyi has been appointed to the Board as an independent non-executive director, with effect
from 1 April 2025, and to succeed Thabo as the Chairman of the Board with effect from 1 September
2025. The appointment of Paul was made in accordance with the Hulamin Board policy for the
nomination and appointment of directors.

A structured handover process from Thabo to Paul, under the oversight of the Nomination and
Governance Committee, to ensure continuity and a smooth transition of responsibilities, including
institutional knowledge sharing, will commence from 1 April 2025.

Paul has been in numerous leadership positions and has over 30 years' experience in the financial
services sector. He is a specialist in risk, governance and strategy with significant experience in
development finance, enterprise development and institutional capacity building. Paul was previously
the Chief Executive Officer and Managing Director of the Development Bank of Southern Africa
("DBSA") and the DBSA Development Fund from 2006 to 2013. He was instrumental in significantly
increasing the size and scope of the bank's activities both locally and into Africa. Paul further spent 30
years with Standard Bank and Nedbank. His last position at Nedbank was that of Managing Director of
Nedbank Africa until 2006, where he established many invaluable business relationships with
companies and individuals across the continent.

Paul is an entrepreneur and continues to serve as an independent non-executive director on various
boards locally and in Africa. He serves as the chairman of ENX Group Ltd and Momentum Metropolitan
Holdings Ltd, and as an independent non-executive director of Bid Corporation Ltd, Alphamin
Resources Corp and Peermont Group Ltd.
Paul holds an MBA from Bangor University in the UK, Management of Development, Advanced
Management Programme qualification from INSEAD in France, and a Senior Executive Programme
qualification from Harvard Business School in the USA.

The Board would like to express its sincere gratitude to Thabo for his valuable leadership and
stewardship over the years. The Board welcomes Paul to Hulamin and looks forward to his leadership.

Pietermaritzburg
14 March 2025

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 14-03-2025 09:00:00
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