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 1.TRACKRECORD AND BLACK EMPOWERMENT CREDENTIALS
2.BACKGROUND Studentwise Publishing & Marketing (Pty) Ltd (“Studentwise P/L”) was founded in 1993. At the outset, the company offered its clients flexible staffing services and solutions utilising a student labour pool to satisfy a temporary staffing need. The Company is set apart from its competitors in the labour force it employs in both its flexible staffing division and Contract staffing. The company has invested in maintaining the channels to continue to attract quality students and graduates into its pool of candidates. The company's high-quality human capital is driven by an entrepreneurial culture placing a premium on innovation and embracing an informal yet professional style. The company's profit history is fostered by flat company structures, open communications and a non-hierarchical team ethos. The company is fortunate to have a long serving management team who compliment each other and operate well as a unit. With our vision and positioning we believe the company is uniquely positioned to continue strong growth. 3.RESTRUCTURING: THE FORMATION OF A BLACK OWNED STAFFING COMPANY Since the 1990s, the company has had strong black economic empowerment credentials, in that 20% (twenty percent) of the shares in the company were at that time held by a Black woman and a significant number of Black people were involved in the management and operation of the business. The company shareholders wished to facilitate further black economic empowerment in respect of the business, by the dilution of the shareholding of certain of the existing shareholders of the company who are not Black people, and by introducing a new strategic shareholder which is a Black Company and which the parties believed could add significant value to the business. The company spent much time over the past three years seeking a suitable partner. The company restricted its search to those companies with a business track record, with a reputation of having made a meaningful contribution to other companies in which they have invested, ideally with a broad base of beneficiaries and finally, an executive team with whom the company believed there was a complimentary work style and vision. After this extensive screening process the company shareholders selected Hosken Consolidated Investments Limited (“HCI”) as such a strategic shareholder and pursuant to this black empowerment transaction a new company, Isilumko Staffing (Proprietary) Limited was formed. With effect from 1 July 2004, Isilumko Staffing (Pty) Ltd purchased the staffing business carried on by Studentwise P/L as a going concern. This new entity has been reconstituted with the same management, staff complement, infrastructure, expertise and assets and is built on the successful fourteen year track record of Studentwise P/L. The transaction raised the black shareholding in Isilumko Staffing to 50.1%. Currently Isilumko Staffing's staff complement, including temporary workers who have been employed for longer than 3 months, numbers almost a thousand at any given time and the HDI component sits at 80% consistently. Our employment transformation is not reserved for the lower level occupational categories and evidence of this is that three of our eight Directors are women. Furthermore, since 1 September 2001, our company has been led by Nritika Singh, the company's Managing Director, who joined the old company as branch manager in 1994. Nritika Singh has HDI status. 4.ALEC RUBINSTEIN, FORMER EXECUTIVE DIRECTOR OF STAFFING SERVICES AT ADCORP HOLDINGS LIMITED JOINS ISILUMKO STAFFING Alec Rubinstein joined the company as owner and executive director with effect from 1 November 2004. Alec is one of the doyens of the staffing and recruitment industry in South Africa. Alec was the co-founder of Quest Personnel, which became part of Adcorp Holdings Limited. Alec was appointed the executive director responsible for the staffing division of Adcorp Holdings Limited in 1990 and he occupied this position until 1999. During his tenure the staffing division which consisted of 14 businesses contributed 72% of Adcorp's profits and Adcorp won the Business Times Top SA Company award. During this time Alec also chaired the APSO Affirmative Action and Ethics Committees. 5.SHAREHOLDERS Isilumko Staffing shareholders: HCI - 301 shares (30.1%) Jo-Li Trust - 231 shares (23,1%) A. Rubinstein - 175 shares (17,5%%) S. Katz - 117 shares (11,7%) L. Durant - 116 shares (11,6%) D. Green - 60 shares (6%) Notes: • The Black staff component sits at 80% consistently. • Three of the Company's eight directors are Black people. • Nritika Singh, the Company's Managing Director is a Black person. 6.AREAS OF SPECIALISATION The Divisions of the company and their areas of specialisation: Studentwise: Flexible and temporary staffing services Isilumko Flexible: Financial Services, Call Centre, Office Support – Recruitment, HR, Payroll & Temporary Employment Services (permanent recruitment and temporary appointments) Permanent & Graduate: Permanent placement services Isilumko also has a majority stake in Isilumko Accountants (Pty) Ltd, which forms part of the Isilumko Staffing Group of Companies. Isilumko Accountants specializes in financial and accounting recruitment. 7.NATIONAL COVERAGE Isilumko Staffing has 5 company owned branches (Johannesburg, Pretoria, Durban, Cape Town and Port Elizabeth) and a 6th branch in Bloemfontein which operates as a franchise. 
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