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FSR - FirstRand Limited - Announcement relating to discussions between Firstrand and Sterling Bank Plc FirstRand Limited (Registration number: 1966/010753/06) Share code: FSR ISIN: ZAE000066304 ("FirstRand") ANNOUNCEMENT RELATING TO DISCUSSIONS BETWEEN FIRSTRAND AND STERLING BANK PLC 1. INTRODUCTION Shareholders of FirstRand are advised that, in line with its strategic intent to be the African financial services group of choice, FirstRand is considering potential acquisition opportunities in certain African countries which are expected to produce strong domestic growth and are well positioned to capture the trade and investment flows between Africa and Asia. In line with this strategy, FirstRand has entered into discussions with Sterling Bank plc ("Sterling") Nigeria which, if successfully concluded, will result in a subscription or acquisition by FirstRand of a majority shareholding in Sterling (the "Proposed Transaction"). 2. RATIONALE Nigeria is a key market for FirstRand`s African expansion given the strong underlying growth prospects in the Nigerian financial services sector. FirstRand is interested in investing in a well established banking platform in Nigeria. Sterling has a national footprint in Nigeria with 99 branches nationwide and it passed the Central Bank of Nigeria`s special audit of the Nigerian banking sector in 2009. 3. CONDITIONS TO THE PROPOSED TRANSACTION Should the discussions progress to a binding offer, such offer will be subject to a number of conditions precedent including inter alia the approval by the South African Registrar of Banks and the Central Bank of Nigeria. 4. FURTHER ANNOUNCEMENTS A further announcement will be made should the discussions either progress to a formal offer or terminate. While the Proposed Transaction is strategically significant, FirstRand does not believe that the Proposed Transaction, if successfully concluded, will have a material effect on the FirstRand share price. 14 April 2011 Merchant Bank and Sponsor to FirstRand RAND MERCHANT BANK (A division of FirstRand Bank Limited) Legal Advisors to FirstRand DENEYS REITZ INC, through its AFRICA LEGAL division, and UDO UDOMA & BELO- OSAGIE Date: 14/04/2011 16:17:01 Supplied by www.sharenet.co.za 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.
