BLUE FINANCIAL SERVICES LIMITED - Update in respect of completion of the Annual Financial Statements of the Company

Update in respect of completion of the Annual Financial Statements of the Company

BLUE FINANCIAL SERVICES LIMITED
Incorporated in the Republic of South Africa
Registration Number: 1996/006595/06
JSE Code: BFS
ISIN: ZAE000083655
(“Blue” or “the Company” or “the Group”)

UPDATE IN RESPECT OF COMPLETION OF THE ANNUAL FINANCIAL
STATEMENTS OF THE COMPANY

Shareholders are referred to the various announcement published on the Stock
Exchange News Service (“SENS”) of the JSE Limited (“JSE”) between 26 June
2013 and 27 May 2015 (”May 2015 SENS”), whereby shareholders were
updated on the developments at Blue.

The SENS announcement released on 31 March 2015 advised shareholders
that the Group will have to approach the High Court of South Africa to obtain
confirmation in respect of its rights and ownership in assets previously thought
to have been sold to Leonox Investments (Pty) Ltd (“Leonox”) in terms of the
relevant securitisation transactions.

Senior counsel has subsequently advised that the rights and ownership in the
assets is clear and therefore no application to the High Court of South Africa is
required.

The Company is currently in the process of quantifying the effect of the re-
recognition of the assets on the financial statements of the group for the various
previously published and outstanding financial periods and will provide further
updates on the matter in due course.

Johannesburg
5 June 2015

Designated Adviser
Grindrod Bank Limited

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