REVIEW OF OPERATIONS

THE BOARD REQUESTED THAT MANAGEMENT "PROGRESS KEY PROJECTS, WHILE CAREFULLY REVIEWING ALL OTHER CAPITAL EXPENDITURE". MANAGEMENT REDUCED ITS CAPITAL BUDGET BY R250 MILLION BY DELAYING SOME REPLACEMENT AND LESS URGENT CAPITAL EXPENDITURE PROJECTS. OF THE R1,2 BILLION SPENT ON CAPITAL EXPENDITURE, R738 MILLION WAS INVESTED IN THE STRATEGIC CAPITAL PROGRAMME.

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REVIEW OF OPERATIONS: HEARTLAND EXECUTIVE TEAM

1 ANTHONY DIEPENBROEK (53)
Managing director and a member of AECI's Executive Committee.

2 REG BHIKUM (50)
With the consolidation of AECI's property activities into a single entity, Reg was appointed managing director of operation services at the end of 2009. Since joining AECI in 1981, Reg has held positions in administration, sales, logistics and management. Prior to taking up his current portfolio, he was managing director of Heartland Leasing. Reg is a BCom graduate, has a diploma in Datametrics and has completed the University of Cape Town's Executive Management Programme.

3 NEIL HAYES (31)
Neil was appointed financial director in 2006. He joined the company as financial controller in 2004 and has a BCom (Hons) degree and is a registered chartered accountant.

4 LETICIA POTTS (34)
Leticia was appointed national development director in 2008. She joined the AECI Group as a civil planner in 1997 and moved to Heartland as a project planner in 2000. Leticia has completed an MSc degree in real estate.

5 JACO STRYDOM (32)
Jaco was appointed national commercial director in 2008. He joined Heartland in 2004 as national quantity surveyor and has overall responsibility for project execution at Modderfontein and at Somerset West. Jaco has a BSc (Quantity Surveyor) degree and is a registered professional quantity surveyor and a professional member of the Association of South African Quantity Surveyors.

6 NICK TSOUROS (45)
Nick was appointed leasing director of Heartland Leasing in 2005. He retains this position in the consolidated Heartland. Nick joined AECI as an apprentice in 1984 and subsequently worked in engineering, contracts, procurement and supply. He moved to Heartland in 2000 as procurement manager and became increasingly involved in leasing activities.

7 MIKE WALSH (41)
Mike was appointed sales director in 2005 and is responsible for overseeing sales at all sites. He immigrated to South Africa from Ireland, in 1992.
Prior to joining Heartland as sales manager in 2002, he had worked in the corporate property field at other JSE Limited-listed companies.