Mr. Morris Mthombeni will resign as an independent non-executive Director of African Phoenix Investments Limited and will no longer serve as the chairperson of the Board, as he is proposed to serve on the board of directors of the General Partner. Ms. Mahlatse Kabi will resign as an independent non-executive Director of the Company as she is proposed to serve on the General Partner's Investment Committee. Mr. Siya Nhlumayo will resign as an executive Director of the Company as he is proposed to serve as a member of the board of directors of the General Partner and a member of the General Partner's Investment Committee. Mr. Shafiek Rawoot will resign as an executive Director of the Company as he is proposed to serve as a member of the board of directors of the General Partner and as a member of the General Partner's Investment Committee.