LOMBARD INSURANCE COMPANY LIMITED - Availability of the Annual Financial Statements of the Issuer

Availability of the Annual Financial Statements of the Issuer

Lombard Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001253/06)
Company code: LIC
(“Lombard” or “the Issuer”)

AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER

Bondholders are advised that the annual financial statements (“the financial statements”) of the Issuer for the
year ended 30 June 2018 (“the current financial year”) are available for inspection at the Issuer’s registered
office.

The financial statements of the Issuer have also been made available on their website at
https://www.lombardins.com/financial-reports/

Bondholders are also advised that the audit report on the financial statements of the Issuer is unqualified, with
no modifications applicable.

Furthermore, the Issuer would like to advise bondholders of the following restatement to the previously
published 30 June 2017 annual financial statements (“the previous financial statements”).

In financial periods 2016 and 2017 the Issuer recognised an asset in respect of a claim recovery receivable, which
was disclosed as an “Unlisted equity instrument” categorised as “Available-for-sale” in note 6 to the previous
financial statements.

As the company intended to sell the asset they previously classified it as an asset held for sale under IFRS 5.

During the current financial year, the sale of the asset did not occur. It was then required to reassess whether
the classification of IFRS 5 remained applicable. To correctly reflect managements’ intentions of executing on
the settlement agreement, it was determined that the asset will be recovered through the proceeds of a sale
that will be paid to the company.

As a result, the asset has been reclassified as a receivable and will no longer be shown as an asset held for sale
in accordance with IFRS 5. This reclassification has been treated as an error in accordance with IAS 8 and the
prior year classification has been restated.

The value of the asset has not been impacted by the reclassification.

31 October 2018

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 31/10/2018 03:21:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.