This just to let you know that Johan le Roux has been elected to GivenGain International's board of directors and that Philip de Bruin is retiring after 14 years of service.

Johan completed a B.Comm degree in Institutional Investments at the University of Stellenbosch (2000), and spent 10 years working on the application of information-based strategies in retail credit before setting up Rational Expectations. He also serves on the board of many portfolio companies, as well as the JSE-listed Digicore Holdings Limited. He is married to Paula, lives in Cape Town, and has three children.

Johan's appointment to the board of our international holdings company (with Michiel le Roux as alternate director) follows the recent investment by Rational Expectations in our group. We believe their strong experience, especially in innovative financial services businesses, will be extremely valuable as our business continues to grow around the world.

Philip de Bruin's relationship with GivenGain International dates back to 2001, when he joined the company as director. A long-time resident of the Italian enclave of Campione d'Italia in Switzerland, Philip co-founded Epi-Use in 1994 – concluding, as its CEO, a software development and consulting partnership with SAP AG. Also under his leadership, Epi-Use expanded into an offshore holding group with more than 200 employees and subsidiaries in South Africa, the USA, UK and Australia.

Philip's contributions to our business are immeasurable and we owe him a huge debt of gratitude. He has provided valuable leadership, insight and guidance during our formative years and we will sincerely miss him.