The board of Directors of Grit Real Estate Income Group Limited announced that, as a result of new responsibilities as chief operating officer of another listed South African real estate business, Nomzamo Radebe has stepped down from the Board, effective immediately. The Board would also like to highlight that the re-election of Mr. Bright Laaka as Permanent Alternate to Nomzamo Radebe was not put for shareholders' approval at the Company's Annual General Meeting held on 30 November 2022. Bright thus ceased to be the Permanent Alternate to Nomzamo effective 30 November 2022.

Ms Radebe was a nominated shareholder representative for the Drive-in-Trading Black economic empowerment structure, and as such, was regarded as non-independent. The Board composition is currently being assessed and replacements being identified to fill vacant posts. Further announcements will be made in due course.