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BINQA - Nqaba Finance 1 (Proprietary) Limited - Impact of the 2011 Eskom Salary and Conditions of Service Award on Nqaba Finance 1 Nqaba Finance 1 (Proprietary) Limited Registration number: 2005/040050/07 Issuer bond code: BINQA Impact of the 2011 Eskom Salary and Conditions of Service Award on Nqaba Finance 1 ("Nqaba") On 23 December 2011, the Commission for Conciliation, Mediation and Arbitration (CCMA) ruled that: * the minimum Eskom Housing Subsidy be increased from R1 500 to R2 000; * non-managerial bargaining unit staff receive an 8.1% salary increase. This is a 1.1% increase from the 7% implemented from 1 July 2011; * this award shall be binding until 30 June 2013. Nqaba expects that the abovementioned should: * decrease the Nqaba WPTI covenant by 0.26%; * marginally increase the number of loans approved for the low tier non- managerial staff; * marginally increase the prepayments for the high tier non-managerial staff. Any questions should be directed to: Corne Els elsc@eskom.co.za 011 800 2372/074 104 3049 Ettienne Bester besteret@eskom.co.za 011 800 5405 3 February 2012 Debt Sponsor Absa Capital (the investment banking division of Absa Bank Limited, affiliated with Barclays Capital) Date: 03/02/2012 14:01:38 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.
