BOARD OF DIRECTORS

Mfundiso Johnson Ntabankulu ("JJ") Njeke (52) Independent Chairman BCom, CA(SA) Appointment 1 July 2010 Outside directorships held Kagiso Group companies, ArcelorMittal (SA), Metropolitan Holdings, NM Rothschild (SA), Resilient Property Income Fund, MTN, Barloworld, Sasol and the Council of the University of Johannesburg – Director.		Richard Linden Pike (48) Chief Executive Officer BCom (Hons), CA(SA) Appointed 18 October 2000 No outside directorships held.		Campbell Bomela (60) Executive Director – Group Services BCom, MBA Appointed 1 March 2006 Outside directorships held Matlapeng Resources.
Anthony Mark Sher (40) Chief Financial Officer BCom, BAcc, CA(SA), CFA Appointed 2 December 2009 Outside directorships held Rockstar Trading 3		Petrus Cornelius (“Nelis”) Swart (48) Chief Operations Officer MCom Appointed 9 September 2002 Outside directorships held BPeSA.		Louisa Madiako Mojela (53) Non-Executive Director BCom Appointed 1 June 2007 Outside directorships held Wiphold, Distell Group, Sun International, ABB SA, African People Industrial Corporation, Afrisun Gauteng, Afrisun Leisure, Emfuleni Resorts, National Casino Resort Manco, Phaphama Holdings, SA Corporate Real Estate Fund Manager, Skyprops 142, SA Airways, USB-ED, Wiphold Financial Services No 1, Wip Investments and Wip Three Investments.
Mmakeaya Magoro Tryphosa Ramano (38) Non-Executive Director BCom, CA(SA) Appointed 1 June 2007 Outside directorships held Sasria, Wiphold, Afrisun Leisure, Emfuleni Resorts, USB Executive Development, Development Bank of South Africa, Financial Services Board of South Africa, Old Mutual Investment Group Property Investments, Real Africa Holdings, African Women Chartered Accountants and Sasol Mining.		Muthanyi Robinson Ramaite (40) Non-Executive Director B.Juris, Master’s degree Appointed 1 June 2007 Outside directorships held Verge Management Services, Gobodo Forensic and Investigative Accounting, Simeka Group, Khullela, Fintech, Majestic Silver Trading, Newshelf 669, Golden Pond Trading 350, MRR Management, Ramaite Brothers Family Trust, Ramaite Properties, Simeka BSG, Simeka Management Services, Simeka Properties, Wescoal Holdings and Carbon Reductions SA.		Amanda Toise Albäck (36) Independent Non-Executive Director BCompt (Honours), CA(SA) Appointed 14 April 2009 Outside directorships held Spescom Datafusion, Spescom Datavoice and Spescom Telecommunications.
Timothy Dacre Aird (“Tim”) Ross(65) Independent Non-Executive Director CTA, CA(SA) Appointed 1 September 2009 Outside directorships held Liberty Holdings, Liberty Group, Eqstra Holdings, Pretoria Portland Cement and Cida Empowerment.		Mncane Esau Mthunzi (38) Independent Non-Executive Director BCom Appointed 28 February 2010 Outside directorships held Accenture board of trustees, FTK Trust, Business Unity South Africa Council and Consumer Goods Council of South Africa.

Mfundiso Johnson Ntabankulu (“JJ”) Njeke (52)
JJ obtained a BCom degree from the University of Fort Hare. He then registered for a training contract with Hoek and Wiehahn, which later became part of PricewaterhouseCoopers. He enrolled with UNISA for a BCompt (Honours) degree and qualified as a Chartered Accountant in 1986. Two years later he was admitted as a partner in Umtata. He moved to Johannesburg in 1990 and enrolled with The University of Johannesburg for a Higher Diploma in Tax, which he completed in 1991. He resigned from PricewaterhouseCoopers in 1994 to become Managing Director of Kagiso Trust Investments.

He is the past Chairman of the South African Institute of Chartered Accountants and its Education Committee. He serves on the boards of Kagiso Group companies, ArcelorMittal (SA), Metropolitan Holdings, NM Rothschild (SA), Resilient Property Income Fund, MTN, Barloworld, Sasol and the Council of the University of Johannesburg.

He previously served as a member of the Katz Commission of Inquiry into Taxation in South Africa, the General Committee of the JSE Limited, the Audit Commission - Supervisory Body of the Office of Auditor General, the Audit Committee of National Treasury and the Editorial Board of The Journal of Accounting Research.

Richard Linden Pike (48)
Richard qualified as a Chartered Accountant in 1989 and holds a BCom (Honours) from the University of the Witwatersrand. He has been Chief Executive Officer of Adcorp since 2001. He joined the group as Deputy Chief Executive Officer the previous year when Adcorp acquired the listed company, Acumen Holdings Limited. In 1995, Richard co-founded Morgan University Alliance, a private education and business consulting initiative that offered degree and diploma courses in business management through the University of Warwick in the UK. Four years later, in 1999, he listed Morgan on the JSE Limited as Acumen Holdings Limited. Before starting this venture, he was Financial Director at HL&H Mining Timber, having previously been Group Financial Manager at Hunt Lechaurs & Hepburn Holdings Ltd. He is a member of Business Leadership South Africa and the Millennium Labour Council. He is an experienced public speaker and lecturer and has written widely on business and current affairs.

Campbell Bomela (60)
Campbell holds a BCom from Fort Hare University and a MBA from Wits Business School. He was Managing Director of the Black Management Forum Investments Company (BMFI) before he joined Adcorp as Executive Director in March 2006. He has been a senior business professional for more than 16 years. His area of expertise lies in strategic management and development finance structuring, and he has extensive experience with start-ups in small and medium-sized businesses. He helped establish the Department of Economic Affairs of the Eastern Cape government after the 1994 elections. Later he was seconded to help with the amalgamation and rationalisation of economic development corporations that had operated in the Eastern Cape before 1994. Once this was completed, Campbell started and ran his own businesses. He has served as non-executive regional director of the International Council for Small Business Eastern Cape, and regional non-executive director of the Development Bank of Southern Africa (Transkei representative). He also served as regional non-executive director of the Black Management Forum.

Anthony Mark Sher (40)
Anthony is a Chartered Accountant and a chartered financial analyst. He obtained his BCom and BAcc from the University of the Witwatersrand in 1992 and 1993 respectively. Anthony was articled to Grant Thornton and in 2000 he was awarded his CFA charter by the CFA Institute. Anthony is Chief Financial Officer at Adcorp, In November 2009, he joined the company as head of investor relations and corporate finance and during the following month he was appointed to his current position. He joined Adcorp from Ellerine Bros (Pty) Ltd where he had served as an internal investment professional from January 2008 until June 2009. Prior to Ellerine Bros, Anthony served as an Equity Analyst and Fund Manager of small cap investments at Stanlib Asset Management from April 2002. Two years previously, in 2000, he joined SCMB as the Banking and Insurance Analyst. From 1998 to 2000, Anthony was the Financial Director of a private financial services company he was instrumental in co-founding.

Petrus Cornelius (“Nelis”) Swart (48)
Nelis acquired his MCom from the Free State University in 2004. He joined Adcorp in March of 1999, initially as Managing Director of Quest Staffing Solutions. Nelis became the Divisional Director for Flexible Staffing in 2002 and was subsequently promoted to Chief Operating Officer in 2007. Prior to joining Adcorp, Nelis was the Commercial Director of Beier Industries (Pty) Ltd in KwaZulu-Natal. He was also involved with Deloitte & Touche as well as Byrne Fleming during his seven years in the management consulting industry. Nelis also lectured at the University of Pretoria and was at the same time a co-founder of the marketing research business, Konsulta.

Louisa Madiako Mojela (53)
Louisa obtained a BCom from the University of Lesotho and later completed an executive Leadership Programme at the University of Pennsylvania's Wharton School of Business. She is Chief Executive Officer of Women Investment Portfolio Holdings Limited (Wiphold). She helped found the institution in 1995, and acted as Executive Director until recently when she assumed her new position. Wiphold is the first women-controlled institution to be listed on the JSE. Between 1993 and 1995, before setting up Wiphold, she managed the emerging markets division at Standard Corporate and Merchant Bank focusing on Lesotho, Swaziland, Malawi and Zambia. Prior to this, Louisa was at the Development Bank of Southern Africa where she assisted in the privatisation of parastatals belonging to the former government of Venda. During this time, she was seconded to the World Bank in Washington where she was involved in the privatisation programmes of Lesotho, Zambia and Malawi. She was one of 40 women to be honoured as one of the Leading Women Entrepreneurs of the World in Venice, Italy, in 2000. She was also a finalist in the World Entrepreneur Award for the South Africa Chapter.

Mmakeaya Magoro Tryphosa Ramano (38)
Tryphosa has a BCom and a post-graduate diploma in accounting from the University of Cape Town. She qualified as a Chartered Accountant in 1994. She completed an executive leadership programme at Harvard Business School and participated in the Making Markets Work programme through Harvard and the University of the Witwatersrand. Tryphosa has been Chief Financial Officer at Women Investment Portfolio Holdings (Wiphold) since November 2006. She had previously spent two years as CFO and Executive Vice-President of SAA, and acted as the company's President. Tryphosa joined the national carrier after spending two years heading up the asset management of the Treasury, assisting with the restructuring of state-owned assets and ensuring public entities complied with the Public Finance Management Act. Between 1997 and 2001, she worked for Rand Merchant Bank as an Investment Professional. During this time she also started and headed up the Institute of Investment Excellence.

Muthanyi Robinson Ramaite (40)
Robinson attained a B.Juris degree from the University of the North before completing his Master's in Public and Development Management at the University of the Witwatersrand in 1996. In 2003, he completed a young managers programme at the Insead Business School outside Paris. He has been a major influence in both public and private institutions for the past 16 years. He has been active in a number of investment initiatives in the mining, property, aviation and ICT sectors to name a few, and has also been influential in a number of transformation and empowerment initiatives. During his term of office as Director-General for the Department of Public Service and Administration (1999 to 2003) he served as Chairman of the Directors-General Governance and Administration cluster of government, and board member of the State Information Technology Agency (Sita) and the Centre for Public Service Innovation (CPSI).

Amanda Toise Albäck (36)
Amanda is a qualified Chartered Accountant having obtained her BCompt (Honours) through Unisa. She is the Chief Financial Officer at Spescom, a post she took up in August last year. Prior to this she was Executive Head of Financial Control at Vodacom Group, having previously held the position of Executive Head of Financial Management at Vodacom Service Provider. Between 2001 and 2003, before making her transition into the field of telecommunications, Amanda was Senior Manager of Passenger Revenue Accounting at SAA.

Timothy Dacre Aird (“Tim”) Ross (65)
Tim studied at the University of Natal. He is a qualified Chartered Accountant and Tax Advisor. He attended Wits Business School in 1984 and did a six-week executive development programme course. He holds several directorships and chairman positions in local blue-chip companies. In May 2008, he retired from Deloitte & Touche where he had been a partner since 1972. At the time of his retirement he had been the company's lead partner on the 2010 FIFA World Cup initiative for two years. Tim was a member of the Deloitte remuneration committee for six years between 2001 and 2007, and Lead Client Service and Advisory Partner for Deloitte's 'crown jewel' clients for 11 years between 1997 and 2008. Between 1994 and 1997 he served as National Client Service Director and was on the Deloitte management committee. In 1988, he was appointed to the board of Deloitte Haskins and Sells, and after the merger in 1989/90 with Pim Goldby he served on the joint board.

Mncane Esau Mthunzi (38)
Mncane holds a BCom degree and diplomas in several management and executive programmes both locally and abroad. Mncane was appointed CEO of the Consumer Goods Council of South Africa in June 2009. Before this he served as Managing Director of the Black Management Forum for three years, during which time corporate membership was increased 300 percent. He was part of the BMF leadership team that presented in 2005 on African leadership at the World Economic Forum in Davos, Switzerland, and later at the African Economic Forum in Cape Town. Before joining the BMF, Mncane spent three years as an Enterprise Strategy Consultant and Sales Executive at Microsoft. During 2003, Mncane was Senior IT Manager at PricewaterhouseCoopers, and prior to this he spent seven years as a Management Consultant at Accenture. Mncane's career has spanned a wide variety of industries, including transport, telecommunications, broadcasting, retail and IT.

Resignations
Dr Frederik van Zyl Slabbert - 14 October 2009
Gugu Duda (Alternate Director) - 26 February 2010

Disqualified and removed
Faunce Burd – 6 December 2009

Appointments
Tim Ross – 1 September 2009
Anthony Sher – 2 December 2009
Mncane Mthunzi – 28 February 2010
Mfundiso Johnson Ntabankulu (“JJ”) Njeke – 1 July 2010