Retirement of Non-Independent Non-Executive Directors

November 9th, 2017

Midrand; Thursday 9 November 2017: The Board of Directors of the Company (‘the Board’) would like to advise shareholders that Messrs Panagiotis Halamandaris, (70), Theofanis Halamandaris, (66), and Periklis Halamandaris, (62), have retired from the Board with immediate effect. The Board wishes to record its appreciation for their significant contribution to the Company since it was founded by them in 1971, and to the Board over the past 23 years since the Company listed in 1994. From the Group’s humble beginnings in 1960, represented by a single Steers restaurant, the Halamandaris and Halamandres founding families are widely credited with laying the foundations for the fast food services industry in South Africa. Mr Panagiotis (Peter) Halamandaris was a founding member of the Group in 1971. He served on various portfolio committees over the years, assuming the position of Chairman of the Company when it listed. As from 2007, he served as non-executive Chairman, a position he retired from in 2013. In 2014 he became a non-independent non-executive director. Mr Theofanis Halamandaris joined Peter in the business in 1974. He was appointed to the Board when the Company listed. Amongst other roles, he served as Managing Director of the Group for three years before being appointed Chief Executive Officer in 2001. After retiring from this position in 2010, he was appointed Deputy Chairman. In 2014 he became a non-independent non-executive director. Mr Periklis Halamandaris, the third of four founding members of the Company was responsible for expanding the Group’s operations beyond the borders of South Africa. He was appointed to the Board when the Company listed in 1994. In 1999 he retired from the Board to pursue his private business interests. In 2001 he was re-appointed to the Board as a non-independent non-executive director, a position he has held since then. Peter Halamandaris says, “Both the Halamandaris and Halamandres founding families remain committed to the Group through our 27.60% shareholding. Management has our full support as they continue to grow the business and create value for stakeholders. On our retirement we look forward to enjoying more leisure time with our families and pursuing our personal interests.” Santie Botha, Independent Chairman, says, “It has been a privilege to work with Peter, Theofanis and Periklis, and while they have retired from the Board, their legacy in the Company will endure. We wish them well on their retirement.” APPOINTMENT OF NON-INDEPENDENT AND INDEPENDENT NON-EXECUTIVE DIRECTORS Mr Nicolaos (Nik) Halamandaris, (43), Peter Halamandaris’s eldest son, has been appointed to the Board as a non-independent non-executive director to represent the interests of the retiring directors with effect from 9 November 2017. Nik has extensive experience in the food services industry, having been a franchisee of many of the Group’s mainstream brands over the past two decades up until 2010. He is currently an executive director of several non-listed property development and construction companies with primary responsibility for strategy and new business development. Mr John Halamandres, the fourth founding member of the Group and a serving non-independent non-executive director will remain on the Board. Ms Emma Mashilwane, (42), has been appointed as an independent non-executive director to the Board and as a member of the Audit Committee. The appointment is with effect from 1 December 2017. Emma is a chartered accountant and is currently Head of Risk Advisory Services at Nkonki Incorporated. She is also a Board member of Tiger Brands and Murray & Roberts, where she serves on the Audit Committee and the Audit and Sustainability Committee respectively. Emma was recently nominated as a finalist in the Businesswomen’s Association of South Africa 2017 Regional Business Achiever Awards. For further information: Darren Hele Chief Executive Officer Famous Brands Telephone: 011 651 5812