Neil Brown has been appointed as the new CEO of leading private client wealthcare company Citadel, taking over from Keith Betty, now full time CEO of Peregrine, effective today.

Brown joined the Citadel group in December 1998 and has been a member of the leadership team since 2002. He has served as Managing Director of Citadel's linked-product company, Citadel Administration Services (CAS) and as Managing Director of Citadel Life.

"It is an exciting time to be asked to lead the Citadel business. Current investment market and currency volatility combined with other political and economic developments have brought many challenges to the private client wealth management industry. Challenges, that I'm delighted to say our portfolios have weathered superbly. Citadel is well established as a leader in the field and I look forward to working together with our experienced and strong leadership group and fellow partners to co-create our future and guide the company to further success in the years ahead," Brown says.

"Neil is very well regarded internally and has a deep understanding of the company. In addition we have worked closely for the last year, which will ensure a smooth transition," Betty says.

Brown has a B.Sc (cum laude) from UPE and a B.Com (Hons) in Actuarial Science degree from UCT. He also holds a Diploma in Actuarial Techniques from the Faculty of Actuaries. He started his career at Sanlam in 1993. He worked in the actuarial and product development areas and was instrumental in the establishment of Sanlam Personal Portfolios (Sanlam's linked investment service provider) in 1997.

Betty was appointed as Citadel CEO in July 2002 and in November 2006 also became CEO of Citadel's listed holding company Peregrine. Sean Melnick, Executive Chairman of Peregrine, will relocate to London this year as a result of Peregrine's recent purchase of a controlling share in international financial services company Stenham. Betty therefore assumes full executive and operational responsibility for the Peregrine Group, which includes Peregrine Investment Managers, Peregrine Capital, Peregrine Securities, PeregrineQuant and Citadel.

ISSUED BY:

CITADEL
Private Client Wealthcare

For further information please contact:

Daleen Cornelissen
Media Liaison
Tel: (012) 470 2500 / 083 302 0827
E-mail: daleenv@citadel.co.za

OR

Keith Betty
CEO
Peregrine
Tel: (011) 722 7600 / (011) 722 7613
E-mail: keithb@citadel.co.za

OR

Neil Brown
CEO
Citadel
Tel: (011) 722 7600 / (011) 722 7629
E-mail: neilb@citadel.co.za