Tongaat Hulett announced the establishment of a Restructuring Committee, an additional subcommittee of the board of directors of the Company ("Board"). The primary responsibility of the Restructuring Committee will be to oversee and approve negotiations and the consensual development of a plan to reduce and repay debt to sustainable levels whilst improving the liquidity of the Company ("Liquidity Plan") and a plan to restructure the Company's current capital structure, including the recapitalisation of the Company ("Restructuring Plan") by various means. In addition, Tongaat Hulett has introduced the role of a Chief Restructuring Officer, who will be responsible for the development and execution of the Liquidity Plan and the Restructuring Plan and will provide recommendations to the Board in connection with both plans.

The Chief Restructuring Officer will also be the chairman of the Restructuring Committee. Other members of the Restructuring Committee will include non-executive directors Jean Nel, Andile Sangqu and Graham Clark, as well as executive director, Rob Aitken. The Board and management will work with the Chief Restructuring Officer to assess a range of options for the future of Tongaat Hulett.

Piers Marsden has been appointed by the Board as the Chief Restructuring Officer and a non-executive director of Tongaat Hulett with effect from 23 June 2022. Piers is a specialist in improving corporate performance, executing corporate turnarounds, and restructuring corporate debt. He has previously acted on behalf of Cell C, Ascendis Health, Edcon, Highveld Steel & Vanadium and Optimum Coal, amongst others, to restructure debt, recapitalise the companies, and implement restructuring plans to deliver long-term sustainable growth and future value to all stakeholders.

The establishment of the Restructuring Committee and the appointment of the Chief Restructuring Officer have been implemented to intensify the focus on the restructuring of the Company. The intent is to produce a plan quickly that considers all available options and provides clarity to stakeholders on the way forward. This appointment will also provide Tongaat Hulett's executives with additional capacity to focus on strategic progress, operational issues, and the day-to-day demands of managing the Tongaat Hulett group to deliver future value to all stakeholders.