Company ProfileAugust 2017

PHEMBANI GROUP PROPRIETARY LIMITED (“PHEMBANI”)

2

ITEMS COVERED IN THIS DOCUMENT

ITEM PAGE #

HISTORY OF PHEMBANI 3

OUR INVESTMENT PHILOSOPHY 5

PHEMBANI SHAREHOLDING 8

PHEMBANI VISON 10

ADVANTAGED PORTFOLIOS 12

STRAGEGY PROCESS 14- 15

THE PORTFOLIO AT THE STRAGEY REVIEW 17

THE POTFOLIO POST THE STRATEGY REVIEW 19-21

OUR OPERATING MODEL 22

PHEMBANI GROUP LEADERSHIP TEAM 23-31

HISTORY OF PHEMBANI

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HISTORY AND EVOLUTION OF THE PHEMBANI GROUP

Phembani was founded in 1993 and in 2015 had a transformational merger with Shanduka implemented on 11December 2015

The current Deputy President of South Africa, Cyril Ramaphosa, was instrumental in the formation and growth ofShanduka, which was founded in 2001 as a black-owned investment holding company

Mr Ramaphosa divested of his holding in Shanduka in order to pursue his governmental duties without any perceivedconflict of interest

Shanduka had a broad investment mandate that spanned numerous sectors and countries

– Key Sectors: Resources, food, beverages

– Opportunistic Sectors: Financial services, energy, telecoms, property and industrial sectors

– Country exposure: South Africa, Mozambique, Mauritius, Ghana and Nigeria

– Shanduka often took small BEE stakes in companies at big discounts or Vendor financed and viewed them as“options” to create value

Phuthuma Nhleko co-founded Phembani Group in 1994 (alongside the late Max Maisela, Lot Ndlovu, WisemanNkuhlu and later-on Khaya Ngqula) and successfully oversaw the evolution from a start-up black economicempowerment (“BEE”) company to a resource, infrastructure and energy-focused investment holding company

– Phuthuma is widely respected and credited for establishing MTN as a leading international mobile networkoperator

– He leads a board of directors with even stronger networks, built across the African continent over several decades,are expected to generate many future transaction opportunities for Phembani

– Phembani Management has deep strategic and operational experience in executing new and growing existingbusinesses in SA and Africa.

Before the merger with Shanduka, Phembani completed investments in different aspects of the energy, resourcesand infrastructure related sectors including

– Oil and gas: Engen and Afric Oil

– Coal: Exxaro, BECSA, and Phembani Coal Carolina

– Infrastructure: AfriSam

Post-merger, Phembani had 28 investments valued at c.ZAR8bn across the combined portfolio, which it isrationalising to concentrate on defined platforms and investments and obtaining strategic control in most of theseinvestments

Phuthuma Nhleko was one of thefounders of Phembani in 1993

Shanduka was formed by CyrilRamaphosa in 2001. Cyril’sappointment as Deputy Presidentof South Africa was the catalystfor the groups to merge in 2015

OUR INVESTMENT PHILOSOPHY

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OUR INVESTMENT PHILOSOPHY

Deliver significant NAV growth to our capital providers

By investing in the mining, infrastructure, energy and

industrial services sectors across Sub-Sahara Africa

Preferably seeking positions where we have the ability to exercise strategic influence

CONTROL/ STRATEGIC INFLUENCE

- Shareholder relationships

- Board influence

- Board appointments

- Executive management appointment

- Management performance incentives

To support long-term performance of investee

companies as well as broad based economic empowerment

Whilst demonstrating sustainable impact on the

communities, countries and the continent

Our priority where possible is to

“control” our under lying investments. We will try attain strong influence

where not possible

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OUR TWO-PRONGED VALUE PROPOSITION

Active investor seeking

positions where we can

influence strategic

direction of assets

Long-term track record of

delivering NAV growth

PHEMBANI GROUP

Developed in-house expertise in Pan African

investment

Reputation as a company

supporting the transformation agenda in South

Africa

Built a strong network of

partners providing access to unique

deal flow opportunities

Help drive sustainability

and transformation in operations

Offer mergers and acquisition

support services

PHEMBANI GROUP

Support regulatory interfaces of assets e.g. mining licence

application

Improve BEE rating of investee

company through black

shareholder and appointment of

black board members

Support community and

related stakeholder

management

Leadership with strong track record in growing NAV via M&A support and value added services including Sustainability and Transformation. Organic NAV growth through our expertise in our platforms is also a high focus for Phembani.

PHEMBANI SHAREHOLDING

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PHEMBANI SHAREHOLDING

Shareholding structure of Phembani

Standard BankOld MutualPhembani

Group Gen. Staff Trust

Mabindu Trust Broad Based

Phembani Group Mngt.

Staff Trust

Richtrau Number 94

Micawber 766Business Venture

InvestmentsJadeite

Captrust Investments

Treasury Shares

Aman Jeawon

Kennedy Gcinumuzi Bungane

PHEMBANI GROUP

Key

Foreign Based Entity

Treasury Shares

Individual Shareholders

Listed Entity

Trust

Company

PHEMBANI VISION

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“To build a leading Pan African Black-controlled

Diversified Industrial Company with investments in

Mining, Energy, Infrastructure, & Industrial Services

that rewards our investors, our partners and our

colleagues whilst inspiring our community, our country

and Africa”

OUR VISION

ADVANTAGED PORTFOLIOS

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ADVANTAGED PORTFOLIOS

We will evolve our portfolio into an “advantaged portfolio”

Strategically Sound Value Creating

Resilient1 2 3• Competitively Positioned• Balances Innovation• Creates Synergies

• Maximises Intrinsic Value• Addresses Market Value• Finds the Right Owner

• Survives Scenarios• Builds Optionality• Weighs Feasibility and

RiskKey Synergy TypesWell Positioned Portfolio Creating Intrinsic Value

Ability to win

Ind

ust

ry a

ttra

ctiv

enes

s High

HighLow

Management oversight benefits

Horizontal synergy benefits

Downward synergy benefits

Portfolio system benefits

Do we have synergies that ensure the value of the portfolio is greater than the sum of the parts?

Stop Value Destruction

Improve Profitability

Grow Asset Base

Maximise Value Creation

SDB

High

HighLow

Return on Invested Capital (ROIC)

Ass

et

Gro

wth

It is difficult to optimise across all criteria. An Advantaged Portfolio will make trade-offs across criteria to find the most compelling balance

STRATEGY PROCESS

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STRAGEGY PROCESS

Our strategy has been developed through a structured process

During the development of ashared vision and directionalstrategy for Phembani, theExecutive Team employed thecascading choices framework andobtained guidance and approval ofour 2020 strategy and targets onthe 18th February 2016.

What are our goals and

aspirations?

Where willwe play?

How willwe win?

How will weconfigure?

What are ourpriority

initiatives?

• What do we aspire to be?

− South African transformation success story?

− Diversified heavyweight?

− African power house?

− Driver of shareholder returns?

• What are our goals?

• Which industries?

• Which geographies?

• Where in the value chain?

• Where are we not going to play?

• What type of assets?

• What are our competitive advantages?

• When and how will we enter and exit opportunities?

• What performance level is required?

• How to manage stakeholders?

• How will we structure ourselves?

• What will be Phembani’s operating model?

• What synergies can be leveraged across the portfolio?

• Do we have the right skills and capabilities to be successful?

• What is required to enable our chosen operating model:

developing a values based organisation

Promoting a progressive organisational culture wherein our people, systems and processes are aligned with our vision.

• What portfolio of assets?

• How to prioritise and sequence these focus areas?

• How to manage cash and fund growth?

• What immediate moves to make?

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STRAGEGY PLAN

We have a 2020 strategic plan built around growing investments platforms in Mining & Energy, Power &

Infrastructure and Industrial Services

9-15 months

12-18 months

12-24 months

Potential liquidity event

2019 /2020

Post liquidity event and value narrative

Phase 3

Phase 1

Phase 2

Set-up for success

Prepare for Liquidity event

Grow and Build

In the build up towards a liquidity event, Phembani will aim to:

Focus on core assets, clean up the balance sheet in order to support our growth agenda;

Grow and build core assets into key investment platforms;

Grow NAV per share above 12.5% CAGR; and

Develop a growth and value narrative for investors.

OUR OPERATING MODEL

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THE OPERATING MODEL

Our operating model supports our intent to develop key investment platforms

Business Platforms

* EXCO Member

CEO Chief Executive OfficerCOS Chief of StaffCFO Chief Financial Officer

CEO

Business Enablement

•HR•Comms

•CSI•Other

COS *

COOs *

Mining

VAS *

S&T Advisory

CIO *CFO *

M&A *Finance

IT / Facilities Management

Integrated

Corporate Governance *

Commercial Legal

Company Secretary

Risk Management

Legend: CIO Chief Investment OfficerCOO Chief Operating Officer

Infrastructure and Industrial ServicesEnergy

PHEMBANI GROUP LEADERSHIP TEAM

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PHEMBANI GROUP LEADERSHIP TEAMBOARD OF DIRECTORS

Phuthuma Nhleko (Group Chairman)

Kennedy Bungane (Executive Director: Chief Executive Officer)

Sizwe Nkosi (Executive Director: Chief Financial Officer)

Alex Otto (Executive Director: Chief Investment Officer)

Benjamin Boa (Non-Executive Director)

Wenye Yao (Non-Executive Director)

Paul Boynton (Non-Executive Director)

Chumani Kula (Non-Executive Director)

Jacko Maree (Independent Non-Executive Director)

Litha Nyhonyha (Independent Non-Executive Director)

Alan Schlesinger (Independent Non-Executive Director)

Roddy Sparks (Independent Non-Executive Director)

Sindi Mabaso Koyana (Independent Non-Executive Director)

Moses Kgosana (Independent Non-Executive Director)

Siphokazi Koyana (Independent Non-Executive Director)

Jaco Kriek (Observer on behalf of Standard Bank of South Africa Limited)

AUDIT & RISK COMMITTEE

Litha Nyhonyha (Chairperson: Independent Non-Executive Director) Alan Schlesinger (Independent Non-Executive Director)Sindi Mabaso Koyana (Independent Non-Executive Director)Moses Kgosana (Independent Non-Executive Director)Paul Boynton (Non-Executive Director)

REMUNERATION COMMITTEE

Roddy Sparks (Chairperson: Independent Non-Executive Director) Phuthuma Nhleko (Chairman)Jacko Maree (Independent Non-Executive Director)Moses Kgosana (Independent Non-Executive Director) Sindi Mabaso Koyana (Independent Non-Executive Director) Paul Boynton (Non-Executive Director)Siphokazi Koyana (Independent Non-Executive Alternate Director)

INVESTMENT COMMITTEE

Alan Schlesinger (Chairperson: Independent Non-Executive Director) Phuthuma Nhleko (Non-Executive Chairman)Paul Boynton (Non-Executive Director)Wen Yao (Non-Executive Director)Jacko Maree (Independent Non-Executive Director)Roddy Sparks (Independent Non-Executive Director) Litha Nyhonyha (Independent Non-Executive Director)

Jaco Kriek (Observer on behalf of Standard Bank of South Africa Limited)

SOCIAL & ETHICS COMMITTEE

Phuthuma Nhleko (Chairman)Alan Schlesinger (Independent Non-Executive Director) Litha Nyhonyha (Independent Non-Executive Director)Siphokazi Koyana (Independent Non-Executive Alternate Director)

COMMITTEE LEAD EXECUTIVES:

Alex Otto Investment Committee Lead ExecutiveSizwe Nkosi Audit & Risk Committee Lead Executive on Audit & Finance matters Aman Jeawon Audit & Risk Committee Lead Executive on Operational Risk mattersCharlene Nyembe Remuneration Committee Lead Executive and Social & Ethics Committee Lead

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PHUTHUMA NHLEKO: CHAIRMAN AND CO-FOUNDER

MTN implemented an aggressiveexpansion strategy under PhuthumaNhleko, establishing its footprint as aleading African mobile network operator

MTN entered its first market as SouthAfrica’s second mobile network operator in1994In 1998 MTN began to roll out itsexpansion strategy by acquiring licenses inRwanda, Uganda and Swaziland.MTN’s Africa and MENA footprint wasmostly cemented during Phuthuma’stenure as CEO in the 2005/2006 periodthrough key acquisitions such asInvestcom and Mascom which brought itsfootprint to 21 countriesIn 2015, MTN has shifted its strategytowardsIncreasing the 3G and LTE coverage andimproving network quality and capacityDiversifying revenue streams throughintegrating financial services and alikeDivesting of non-core assets, such as towerinfrastructure in operating regionsPhuthuma Nhleko is currently theexecutive chairman of the MTN Group

MTN Milestones in Phuthuma’s CEO tenure

2001 • Acquires license in Nigeria

2002 • First to offer GPRS in South Africa

2003• First to combine benefits of contract with control of

prepaid (MTN Mychoice)

2004 • Listed in UNEP’s Global top 50 companies for sustainability reporting

2005

• One of the first 3 operators in Africa to launch 3G• Acquires license in Ivory Coast, Zambia, Congo-

Brazzaville and Iran, as well as a stake in Mascom (Botswana)

2006

• Acquires Investcom LLC and expands its footprint to 21 countries

• Announces its US$65m sponsorship of the 2010 Fifa World Cup

2007• Launches dynamic tariffing system MTN Zone in South

Africa

2008• MTN group awarded African Mobile Operator of the

year at the 3rd annual Comms MEA Awards

2009• Launches MTN Mobile Money in Ghana, Benin, Ivory

Coast, Cameroon, Uganda and Yemen

2010• Rated one of the 30 hottest brands in the world at

Adage

2011 • First African operator to launch an LTE network

Phuthuma Nhleko Bio

Independent Non Executive Director,

Member of Chairman’s

Committee and Member of Geopolitical

Committee: BP p.l.c

• Co-founder and Executive Chairman of Phembani Group

• Served as Group Chief Executive Officer at MTN Group from July 1, 2002 to March 2011

• President at MTN Group until March 2011. • Previously served as a Senior Executive of the

Standard Corporate and Merchant Bank corporate finance team from 1991 to 1994

• BSc in Civil Engineering from Ohio State University, MBA in Finance from Atlanta University

Operational footprint

32%

29%

5%

14%

20%

48%

29%

3%

1%19%

2006

2011

2015

R146bn

R121bn

R52bn

MTN currently operates

in 22 countries

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KENNEDY G BUNGANE: CHIEF EXECUTIVE OFFICER

Kennedy has a proven track record fordriving growth strategy and turnaroundprograms in difficult market conditions

Kennedy has had over 25 years of bankingexperience spanning over Standard Bankand ABSA Group Limited (“ABSA”).21 of these years were with Standard Bankwhere he rose through the ranks and atdifferent times became Director in chargeof Global Markets, Corporate Banking andStrategic Equity Investments.In 2009 Kennedy was invited to join theStandard Bank Group ExecutiveCommittee and later appointed CEO ofSBSA CIB.During his tenure Kennedy helped growSBSA CIB. SBSA CIB was at the time thelargest Corporate and Investment Bank byassets and profitability in Africa.In 2012 Kennedy joined ABSA as amongstothers, the Chairman and CEO of BarclaysAfrica Limited responsible for 13 banks inthe rest of Africa.Kennedy led the sale of Barclays AfricaLimited to ABSA Group Limited, thistransaction led to the formation of theBarclays Africa Group Limited (“BAGL”).In August 2014 Kennedy joined Phembani.He recently led the teams that concludedthe merger of Phembani and Shanduka.

Kennedy Bungane Bio

Chief Executive Officer of Phembani Group Proprietary

Limited

• Served as Chief Executive of Barclays Africa Limitedat Absa Group.

• He served as the Chief Executive of Corporate &Investment Banking at Standard Bank of SouthAfrica Ltd. from November 2009 to May 2012

• Served as National President of the Association ofBlack Securities & Investment Professionals, and asNegotiator in the formulation of the financialservices charter since 2003.

BAGL Footprint

Standard Bank milestones with Kennedy as CEO of CIB SA

2010• Most Innovative investment Bank - The Banker Africa

- Year 2010

2011• Best investment bank in South African and Africa

Global Finance Magazine

2012

• Best investment Bank in Africa DealMakers - Year 2012• Best local investment Bank EMEA Finance South

Africa • Best investment bank Global Finance Magazine

0 Barclay’s Africa milestones with Kennedy as CEO of Barclays Africa Limited

2012 • Barclays and Absa in discussions to combine African operations

2013

• SA and some African regulators responsible for 13 banks approve the combination of the majority of Barclays Africa operations with ABSA resulting in the formation of Barclays Africa Limited with ABSA Group limited

• Contributing to the creation a high-quality franchise in Africa with a leading network of more than 1,300 outlets and 10,400 ATMs across ten countries

2014• Barclays Africa named ‘Best Investment Bank’ and

‘Best M&A House in Africa’ at Prestigious 2014 Euromoney Awards

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LEADERSHIP TEAM

SIZWE NKOSI

CHIEF FINANCIAL OFFICER

CA (SA), MBA

Sizwe is the Executive Director and Chief Financial Officer at Phembani. His 15 years’ experience post completion of articles is predominantly in Mining experience includes coal, diamonds, phosphates and commodities trading. His most recent endeavour was driving the successful take-over of Metmar Limited, a JSE listed company where he held the Group CFO position, by Traxys Group, a USA headquartered company controlled by the Carlyle Group.

He secured his CTA in the University of Natal (Durban), completed his articles with Ernst and Young and qualified as a chartered accountant in 2001. Sizwe also holds an MBA from the University of Cape Town Graduate School of Business.

ALEX OTTO

CHIEF INVESTMENT

OFFICER

B.Com Hons

Alex is an Executive Director and Chief Investment Officer of Phembani, with responsibility for M&A and Infrastructure. Alex joined Phembani in May 2016 after 18 years’ experience in Investment Banking.

He is a former Head of Principal and Structured Finance at Standard Bank’s Investment Banking Division, which role he held from 2012 to middle 2015. His vast experience over the past 12 years in Standard Bank’s Investment Banking Division also includes being Head of Mezzanine Finance, member of the Private Equity and Acquisition Finance teams as well as Head of Top Tier Coverage.

Prior to Standard Bank, he was 4 years at Brait and before that at Citi Bank. As deal maker in Investment Banking he played a significant role in the merger of Phembani Group and Shanduka Group and was previously involved in Phembani’s 30% acquisition of AfriSam as well as other transactions and thus has a good knowledge and understanding of the Group and its investments.

PHUTHUMA FREEDOM NHLEKO

NON-EXEC CHAIRMAN AND CO-FOUNDER OF PHEMBANI

B.Sc (Eng), MBA

Phuthuma’s energy and perseverance drives the group and management team.

During his nine year tenure as CEO of MTN (the sixth largest company on the JSE), MTN’s market capitalisation grew from R20 Billion to well over R250 Billion.

Phuthuma co-founded Phembani Group as Worldwide Africa Investment Holdings (“WAIH”) in 1994 with Wiseman Nkuhlu, Khaya Ngqula, Maxwell Maisela, Lot Ndlovu and Maude Motanyane. WAIH was subsequently renamed Phembani (Pty) Limited. Phuthuma successfully oversaw the evolution from a start-up black economic empowerment (“BEE”) company to a resource, infrastructure and energy-focused investment holding company.

His strong networks, built across the African continent over several decades, are expected to generate many future transaction opportunities for

Phembani.

KENNEDY GCINUMUZI BUNGANE

CHIEF EXECUTIVE OFFICER

B.Com, MBA, AMP Harvard Business School

Kennedy joined Phembani in August 2014 and led the team in concluding the merger between Phembani and Shanduka. He has since been at the forefront of harmonising the two entities, formulation and execution of the strategy to build a black-controlled pan-African Industrial holdings giant.

Before joining Phembani, Kennedy served as Chief Executive of Barclays Africa Limited in 2012 with responsibility for 13 banks in the rest of Africa. Kennedy led the sale of Barclays Africa Limited to ABSA Group Limited in a transaction that led to the formation of Barclays Africa Group Limited in September 2013, and then led the formulation of the “One Barclays in Africa strategy”!

Prior joining Barclays, Kennedy was employed at Standard Bank of South Africa since 1992. Wherein he rose through the ranks to serve as a member of the Standard Bank Group Executive Committee and the Chief Executive of Corporate & Investment Banking from 2009 to May 2012. During his tenure, Kennedy helped grow SBSA CIB and it was at that time SBSA CIB became the largest Corporate and Investment Bank by assets and profitability in Africa.

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BOARD

CHUMANI KULA

NON EXECUTIVE DIRECTOR

Chumani joined Old Mutual Private Equity as Investment Principal in February 2008. Prior to joining Old Mutual Private Equity, Chumani was a trainee accountant in the Old Mutual TOPP programme for three years.

He holds B BusSC (Hons: Finance),BCom (Hons: Accounting) , CA(SA) and CFA Charter qualifications.

Chumani currently serves on the boards of MoreCorp, Idwala (Alt), Actom (Alt), and Advisory Board of Ethos (Alt).

BENJAMIN BAO

NON EXECUTIVE DIRECTOR

Benjamin has been overseeing investment projects in infrastructure, energy, oil and gas, minerals and related investment funds at China Investment Corporation (“CIC”) Capital Corporation since 2015. He has taken the leadership in managing North American fund investments and private credit market investments at the Private Equity Department at CIC

Benjamin graduated from Shanghai Jiaotong University in 1990.

He started his career with China Construction Bank focusing on feasibility assessment of infrastructure projects. He was Head of the Export Credit department at Export-Import Bank of China, during his tenure there, Benjamin led and engaged in almost 100 financing projects on export credit. He was also a Director of China Transportation team, Manager of HSBC Northern China Area, and Vice President of HSBC Beijing branch

RODDY SPARKS

NON EXECUTIVE DIRECTOR

Roddy is a former Managing Director of Old Mutual South Africa, having previously been General Manager Investments at Old Mutual.

He holds a B.Com , CA(SA) and MBA qualification.

He serves on the boards of Imperial Group, Truworths and Trencor, which are all listed on JSE. He is also a director of a number of unlisted companies. He chairs the advisory board of the College of Accounting at UCT and is a member of Foodbank SA, an NGO focussing on hunger relief.

JACKO MAREE

NON EXECUTIVE DIRECTOR

Jacko stepped down as Group Chief Executive of Standard Bank in March 2013 after more than 13 years at the helm of Africa’s largest bank which operates in 18 countries on the continent.

He holds a Bachelor of Commerce (cum laude) degree from Oxford University as a Rhodes Scholar where he graduated in 1980 with a first class M.A. degree in Politics, Philosophy and Economics.

Jacko was appointed Chairman of Liberty Group and Deputy Chairman of Standard Bank. Jacko is a member of the International Advisory Council of China Investment Corporation (CIC) and a former member of board of the Institute of International Finance and the International Monetary Conference.

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ALAN SCHLESINGER

INDEPENDENT NON

EXECUTIVE DIRECTOR

Alan has 40 years’ experience and achievement at senior level, in a broad range of business activities, including both corporate and operational responsibilities. He has had overall direct responsibility for businesses whose activities include manufacturing, wholesale distribution of industrial and consumer products, various aspects of the motor industry, large-scale furniture retailing, property and construction.

Alan holds a B.Com degree and a Diploma in Advanced Financial Management.

He has held various non-executive directorships, including over 10 years on the board of Shanduka Group (“Shanduka”). He has been chairman of the Shanduka remuneration committees member in investment committees and audit and risk committees of public and large private companies.

LITHA MVELISO NYONYHA

INDEPENDENT NON

EXECUTIVE DIRECTOR

Litha played a leading role in restructuring and developing Financial Services Strategy for Worldwide African investments and NBC From 2001-2004. On leaving Worldwide, Litha together with his current partners established Regiments Capital a black managed and controlled investment banking boutique house.

He qualified as a CA in 1989 and holds a BCom and Honours in Accounting degrees from the University of Cape Town.

Litha is also a Non-Executive Director serving on the boards of companies listed on the Johannesburg Stock Exchange namely; Kumba Iron Ore and explosives and Chemicals company AECI.

SINDI MABASO KOYANA

INDEPENDENT NON

EXECUTIVE DIRECTOR

Sindi is currently the Executive Chairperson of Advanced Capital and Chairperson of the Advanced Group of Companies a group actively invested in mining services for growth. Her illustrious career included being Managing Director of Viamax Logistics (a subsidiary of the Transnet Group) Group CFO of Transnet, Executive Partner at Ernst & Young responsible for Quality &Risk Management.

She is a qualified Chartered Accountant and former Chairperson of the Audit and Compliance Committee.

She has served on a number of boards Transnet, SAA, South African Institute of Chartered Accountants, MTN, SANRAL and Armscor which she also had to chair temporarily. Her current board positions include Adcorp, Altron Group, MTN Zakhele, and Toyota SA.

MOSES KGOSANA

INDEPENDENT NON

EXECUTIVE DIRECTOR

Moses is the Chairman of Alexander Forbes and founding member of KMMT Chartered Accountants, which merged with KPMG in 2002. Previously he was the Chairman of the Policy Board and Executive Director of Consumer Markets for KPMG South Africa. He was also the Chairman of KPMG Africa and a member of KPMG’s Europe Middle East Africa.

He holds an Executive Development Programme from GIBS, is a qualified Chartered Accountant and has a Hons Bachelor of Accounting Science from UNISA.

He sits on a number of boards, including Alexander Forbes Limited, Famous Brands Limited and Massmart Holdings Limited.

BOARD

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DR. SIPHOKHAZI KOYANA

INDEPENDENT NON

EXECUTIVE ALTERNATE

DIRECTOR

Dr Koyana is a Director of Siyazithanda Projects, a research consultancyshe established more than a decade ago. She is also the Director ofAspigon Training Solutions, a Skills Development and Training consultancythat facilitates the provision of the GED programme by various parties.

She holds a BA from Smith College, Massachusetts, an MA from YaleUniversity, and a PhD from Temple University, Philadelphia.

Dr. Koyana has previously served as a non-executive director on theBoards of Shanduka Group and the Transnet Foundation. She currentlyserves on the Board of Sasol Inzalo Public Limited and of Wings TravelManagement.

PAUL BOYNTON

NON EXECUTIVE

ALTERNATE DIRECTOR

Paul is currently the CEO of Old Mutual Alternative Investments.He joined Old Mutual as the portfolio manager of the Old Mutual Life Funds and then as Head of Investment Views.

Paul served his articles with Deloitte and was an investment banker at Investec for 7 years. He holds a BCom, BSc (Hons), CA (SA), MBA, FCMAand CGMA qualification.

WEN YAO

INDEPENDENT NON

EXECUTIVE ALTERNATE

DIRECTOR

Wayne Yao is a Managing Director of CIC Capital Corporation (“CICCapital”), a wholly owned subsidiary of China Investment Corporation(“CIC”). Mr. Yao is responsible for CIC Capital’s global investment in themetals and mining industry and management of its existing portfolioassets in the same sector.

Prior to joining CIC Capital in 2015, Mr. Yao was a Managing Director atthe Legal and Compliance Department of CIC since 2010. He has extensiveexperiences and knowledge in the legal aspects for the investment inpublic and private companies, post-investment management andcompliance, risk management, corporate governance policies and variouscorporate matters.

Prior to CIC, Mr. Yao was in private practice at leading international lawfirms in the United States (the “U.S.”) and the United Kingdomrepresenting public and private companies in a variety of industries,mergers and acquisitions, private equity investments and financings,venture capital financings, strategic alliance and joint venturetransactions, public and private offerings, and cross-border transactions.

Mr. Yao received Master of Business Administration and Juris Doctordegrees from Kellogg School of Management and Pritzker School of Lawof Northwestern University in the U.S., respectively.

BOARD

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