CGR

CGR                                                                            

CGR - Calgro M3 - Changes to the board of directors                            

CALGRO M3 HOLDINGS LIMITED                                                     

(Incorporated in the Republic of South Africa)                                 

(Registration Number 2005/027663/06)                                           

Share code:  CGR      ISIN:  ZAE000109203                                      

("Calgro M3" or "the Group")                                                   

CHANGES TO THE BOARD OF DIRECTORS                                              

In accordance with paragraph 3.59 of the Listings Requirements of the JSE      

Limited, shareholders are advised of the following changes to the board of     

directors ("the board"):                                                       

1.   CHANGE IN DESIGNATION OF NON-EXECUTIVE DIRECTOR                           

Ralph Patmore has been appointed as the lead independent non-executive     

director of the board with effect from 10 January 2012.                    

2.   APPOINTMENT OF NON-EXECUTIVE DIRECTOR                                     

The board is pleased to inform shareholders of the appointment of Mdu      

Gama PhD (Finance), as independent non-executive director and a member     

of the audit committee (in terms of Ordinary Resolution number twelve      

approved by shareholders at the Annual General meeting of 20 July 2011),   

with effect from 10 January 2012.                                          

Mdu holds a PhD (Finance) degree and various management qualifications     

from SA, US and UK universities. Mdu is currently CEO of Resultant         

Finance (Proprietary) Limited, a non-executive director of Comztek         

(Proprietary) Limited and non-executive director of Mustek Limited. He     

is a founder, director and a significant shareholder of various other      

companies.                                                                 

Calgro M3 welcomes Mdu to the board and looks forward to his               

contribution to the Group.                                                 

Johannesburg                                                                   

10 January 2012                                                                

Designated Adviser                                                             

Grindrod Bank Limited                                                          

Date: 10/01/2012 10:22:01 Produced by the JSE SENS Department.                 

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