Board Changes and Restructure of Altron Board Committees ALTRON LIMITED (Registration number 1947/024583/06) (Incorporated in the Republic of South Africa) Share code: AEL ISIN: ZAE000191342 (“Altron” or “Group” or “the Company”) BOARD CHANGES AND RESTRUCTURE OF ALTRON BOARD COMMITTEES In terms of paragraph 3.59 (a), (b) and (c) of the JSE Listings Requirements and following the announcement of Board and Committee changes on 29 July 2021, shareholders are advised of further Board and Committee changes: Altron Board Mrs. Berenice Francis resigned as an independent non-executive director of the Board and member of the Altron Audit Committee and Altron Risk Committee with effect from 10 September 2021 in order to focus on her existing role as an executive committee member of Motus Holdings Limited. The Board extends its appreciation to Mrs. Francis for her contribution to the Board and the Altron Group during her tenure as a member of the Board. Mr. Tapiwa Ngara has been appointed as a non-executive alternate director to Mr. Antony Ball effective from 13 September 2021. Mr. Ngara is an experienced investment banking and corporate finance professional with over 10-years’ experience across public and private markets, having spent several years in Goldman Sachs’ EMEA Investment Banking Division in London, executing cross-border M&A, ECM and DCM transactions primarily in the Natural Resources sector. Mr. Ngara is currently an investment director at Value Capital Partners (“VCP”). Mr. Ngara is a South African Chartered Accountant by profession having trained in the Audit and Advisory Financial Institutions Services Team (FIST) at Deloitte in Johannesburg. He holds a Bachelor of Business Science (Finance) degree from the University of Cape Town and an MBA (full-time) from London Business School where he graduated with Distinction. Mr. Ngara is a non-executive director of Sun International Limited. Altron Board Committees’ On assessment of the size and scale of the Altron Group, the Board has agreed to reconstitute and restructure the following Board Committee’s in order to ensure a focused mandate and streamline efficiencies within Altron’s existing governance structures: Altron Audit Committee and Risk Committee The Board has agreed to combine Altron’s stand-alone Audit Committee and Altron’s stand-alone Risk Committee into one combined Committee, namely the Altron Audit and Risk Committee (“AARC”) effective from 13 September 2021. The members of the newly constituted AARC will be: - Mr. Grant Gelink (Chairman) - Mrs. Alupheli Sithebe (Member) - Mr. Robert Venter (Member) Executive directors of the Board, Messrs. Nyati and Bofilatos resigned as members of Altron’s Risk Committee effective from 13 September 2021 however, both will remain standing invitees to the reconstituted AARC. The Board acknowledges that King IV recommends that all members of the audit committee be independent non-executive directors and the Board will commence a process to appoint an independent non-executive director to serve as a member of the AARC in due course. Altron Remuneration Committee and Social, Ethics and Sustainability Committee The Board has agreed to combine Altron’s stand-alone Remuneration Committee and Altron’s stand- alone Social, Ethics and Sustainability Committee into one combined Committee, namely the Altron Remuneration, Social, Ethics and Sustainability Committee (“RemSec”) effective from 13 September 2021. The members of the newly constituted RemSec will be: - Dr. Phumla Mnganga (Chairman) - Mr. Antony Ball (Member) - Mr. Tapiwa Ngara (Alternate to Mr. Antony Ball) - Mr. Robert Venter (Member) Messrs. Nyati and van Graan resign as member and Chairman respectively, from Altron’s Social, Ethics and Sustainability Committee effective from 13 September 2021, both will remain invitees to the reconstituted RemSec. Altron Nomination Committee The Nomination Committee will remain a stand-alone Committee and will comprise of the following members: - Mr. Stewart van Graan (Chairman) - Dr. Phumla Mnganga (Member) - Mr. Antony Ball (Member) - Mr. Tapiwa Ngara (Alternate to Mr. Antony Ball) - Mr. Robert Venter (Member) - Mr. Grant Gelink (Member) Altron Investment Committee The Investment Committee will remain a stand-alone Committee and will comprise of the following members: - Mr. Sam Sithole (Chairman) - Mr. Brett Dawson (Member) - Mr. Robert Venter (Member) - Mr. Mteto Nyati (Member) - Mr. Stewart van Graan (Member) Major subsidiary oversight – Netstar (Pty) Limited (“Netstar”) During the course of 2020, Messrs. van Graan and Dawson were appointed to the Netstar Board to provide guidance to the Netstar management team. Mr. van Graan has resigned as a non-executive director and chairman from the Netstar Board effective 13 September 2021. Mr. Robert Venter is hereby appointed as a non-executive director and chairman of the Netstar Board effective from 14 September 2021. Following her extensive experience with accounting and financial matters, Mrs. Alupheli Sithebe is hereby appointed as the chairman of the Netstar Financial Reporting and Accounting Committee (“FRAC”) effective from 14 September 2021. Board and Committee Fees The Board will be entitled to the fees as approved by shareholders at the Company’s Annual General Meeting of the Company held on 27 July 2021. In the instance of the stand-alone Altron Committee’s which have not been restructured or reconstituted, the Committee member will be entitled to the fee approved by shareholders at the Company’s Annual General Meeting held on 27 July 2021. In the instance of the restructured and reconstituted Board Committee’s, namely the AARC and RemSec, the Committee members will be paid the higher fee of the stand-alone Committee as previously approved by shareholders of the Company at the Annual General Meeting held on 27 July 2021. (i.e In the instance of the AARC, if the stand-alone Audit Committee fee was higher than the Risk Committee fee, then members of the combined AARC will only be entitled to the Audit Committee fee as approved by shareholders). The Board will review the Board and Committee fees in May 2022, in line with market practise as required for the reconstituted Committees. King IV Assertion The Board has satisfied itself that the above appointments are reflective of the Board’s diversity policies and in line with succession planning. The respective appointments reflect the spirit and nature of King IV. The streamlined focus of the Board and Committee members should enhance and contribute positively to the Altron 2.0 strategy. Johannesburg 14 September 2021 Sponsor: Investec Bank Limited Date: 14-09-2021 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.