AFRICAN BANK INVESTMENTS LIMITED - Ratio applicable to capitalisation share election

Ratio applicable to capitalisation share election

AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1946/021193/06
Ordinary share code: ABL and ISIN: ZAE000030060
Preference share code: ABLP and ISIN: ZAE000065215
("ABIL" or “the Company”)

RATIO APPLICABLE TO CAPITALISATION SHARE ELECTION

Shareholders are referred to the Company’s unaudited interim
results for the six months ended 31 March 2013, published on SENS
on 20 May 2013 and in the press on 21 May 2013 in which they were
advised of the Company’s declaration of an interim gross cash
dividend of 25 cents per ordinary share (“the Cash Dividend”) with
the right to elect to receive fully paid ordinary shares with a
par value of 2,5 cents in ABIL (“Capitalisation Shares”), in
respect of all or part of their ordinary shareholding instead of
the Cash Dividend (“Capitalisation Issue”).

The number of Capitalisation Shares to which Shareholders will
become entitled pursuant to the Capitalisation Issue (should they
so elect) will be determined by the ratio that 25 cents bears to
1719.24460 cents, representing the volume weighted average price
(“VWAP”) of an ordinary ABIL share traded on the JSE during the
nine-day trading period ending on Thursday, 30 May 2013. The ratio
of Capitalisation Shares that may be applied for in terms of the
Capitalisation Issue is therefore 1.45413 Capitalisation Shares
for every 1 000 ordinary shares held on the Record Date, being
Friday, 14 June 2013 (“the Record Date”).

If the application of this ratio gives rise to a fraction of an
ordinary share, no fractional entitlement shall arise and the
result of such calculation will be rounded up to the nearest whole
number where the fraction is greater than or equal to 0.5 and
rounded down to the nearest whole number where the fraction is
less than 0.5 (the “Rounding Provision”).

Example of Capitalisation Issue entitlement:
This example assumes that a Shareholder holds 1 000 ordinary
shares at the close of business on the Record Date and elects to
receive the Capitalisation Shares for all of such ordinary shares.

New ordinary share entitlement =
1 000 x 25.00 ZAR cents
---------------------
1719.2446 ZAR cents
= 14.54127 new shares
(then apply the Rounding Provision described above)
= 15 Capitalisation Shares per 1 000 ordinary shares held.

Johannesburg
31 May 2013

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

Attorneys
Prinsloo, Tindle & Andropoulos Inc.

Date: 31/05/2013 10:04:00 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.