Further operational update RBA HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/009701/06) (JSE code: RBA ISIN: ZAE000104154) (“RBA” or “the company”) FURTHER OPERATIONAL UPDATE Steps to improve liquidity The company would like to advise shareholders that in order to further improve the company's liquidity and working capital position in anticipation of a planned recapitalisation transaction, the company has raised R 7 million; R 4 million via a general issue of shares for cash at 10 cents per share to various investors as set out below and a R 3 million short term loan from a major shareholder. General issue for cash In accordance with ordinary resolution number 6 (General Authority to Issue Shares for Cash) as approved at the company’s annual general meeting held on 29 July 2014, the company raised R 4 million via a general issue of shares for cash at 10 cents per share. As the issues of the new shares represent a 6.51% increase in the issued ordinary share capital of the company, this disclosure is made in terms of Section 11.22 of the JSE Limited’s Listings Requirements: - 10 000 000 ordinary shares in the company were issued in equal portions to J Pienaar, JDL Pienaar and Wielie Walie Trust on 14 August 2014 at an issue price of 10 cents per ordinary share which represented a 6.45% premium to the 30 day volume weighted average price ('VWAP') for the period ended 20 June 2014, being the date the issue price was agreed upon by the directors. - 30 000 000 ordinary shares in the company will be issued to Zachary Capital LP on 3 October 2014 at an issue price of 10 cents per ordinary share which represented a 39% premium to the 30 day VWAP for the period ended 22 September 2014, being the date the issue price was agreed upon by the directors. Financial effects of the general issues of shares The table below sets out the unaudited pro forma financial effects of the general issues of shares for cash on the earnings, headline earnings, net asset value and tangible net asset value per RBA share: Before After Change (%) (cents) (1) (cents) (2) (3) Earnings per share (cents)(2) (3.32) (3.11) 6,3% Headline earnings per share (cents) (2) (3.27) (3.07) 6,3% Net asset value per share (cents) (3) (2.77) (3.22) 16,4% Tangible net asset value per share (cents) (3) (2.77) (3.22) 16,4% Weighted average number of shares in issue 599,182,577 639,182,577 6,7% (‘000) Total shares in issue – excl. share incentive 599,182,577 639,182,577 6,7% scheme 1. The “before” column is extracted from the unaudited interim results of RBA for the period ended 30 June 2014. 2. The earnings and headline earnings per share “after” column was calculated as if the issues took place on 1 January 2014. 3. The net asset value and net tangible asset value per share “after” column was calculated as if the 40 000 000 shares were issued and the cash was received on 30 June 2014. The pro forma financial effects above are the responsibility of the company’s directors and have been prepared for the purposes of illustrating how the general issues for cash would have affected the relevant financial results and position of RBA for the historical financial period indicated and on a pro forma basis. Accordingly, such effects do not necessarily represent a true reflection of the financial effects of the general issues on RBA’s current and future earnings. Johannesburg 30 September 2014 Designated Adviser Exchange Sponsors Date: 30/09/2014 05:25:00 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.