AFRICAN BANK LIMITED - African Bank appoints five new non-executive designate board members for Good Bank

African Bank appoints five new non-executive designate board members for Good Bank

AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)


African Bank appoints five new non-executive designate board members for Good Bank

Stakeholders are referred to the statement regarding the Curatorship of African Bank ("the
Curatorship") made by the then Governor of the South African Reserve Bank ("SARB"), Ms. Gill
Marcus, on 10 August 2014 ("the SARB statement") and to the SENS announcements released by
African Bank Investments Limited ("ABIL") and African Bank on 26 September 2014, 10 December
2014, 3 and 31 March 2015, and by African Bank on 28 and 29 May 2015, 11 June 2015 and 15 July
2015 (“the Restructuring SENS Announcements”).

The SARB statement confirmed that Mr. Tom Winterboer was appointed as Curator of African Bank
("the Curator") in terms of the Banks Act No. 94 of 1990 (as amended) on 10 August 2014. At the
same time the SARB statement set out a proposal for the restructuring of African Bank, which
entailed the creation of a new "Good Bank" ("the Good Bank Restructuring Proposal"). Further
detail about the Good Bank Restructuring Proposal has been communicated to stakeholders in the
Restructuring SENS Announcements.

The Curator is pleased to announce that the SARB has approved five new independent non-
executive board members to the Good Bank and its Holding Company ("Holdco").

These appointments are in addition to the appointment of Louis von Zeuner as Chairman Designate
in March 2015. Two further non-executive appointments will be announced in due course, which will
result in eight non-executive directors, who together with executive directors, CEO designate Brian
Riley and CFO designate Gustav Raubenheimer, will constitute the board of Good Bank and Holdco.

The five appointees are Ms. Basani Maluleke, Ms. Sybille McCloghrie, Mr. Ignatius Sehoole, Ms.
Louisa Stephens and Mr. Frans Truter.

Basani Maluleke (38) B.Comm (Hons), LLB, MBA

Ms. Maluleke holds a Bachelor of Commerce degree majoring in accounting and a Bachelor of Laws
degree, both from the University of Cape Town, and obtained her MBA from the Kellogg School of
Management, USA in 2011. Ms. Maluleke worked as a senior dealmaker at Rand Merchant Bank
from 2005 to 2009, and joined First National Bank in 2011 as part of an executive management
rotation programme. She is currently a director of Transcend Capital (Proprietary) Limited and
African Century Ventures (Proprietary) Limited, of which she is also a co-founder.

Other directorships: Transcend Capital (Proprietary) Limited, African Century Ventures (Proprietary)
Limited, A.T. Kearney (Proprietary) Limited and Ata Capital (Proprietary) Limited.
Sybille McCloghrie (59) B.Com (Hons) (Unisa), MBA (Edinburgh University)

Ms. McCloghrie completed her undergraduate degrees at the University of South Africa and her
MBA at Edinburgh University. Since 2005 she has been the Chief Executive Officer of Symelation
Holdings (Proprietary) Limited, a technology based company serving, amongst others, financial
institutions as well as providing accessible business solutions to small-, medium- and micro sized
enterprises. Prior to this, Ms. McCloghrie was responsible for the commercialisation and
international expansion of Tilos (Proprietary) Limited, a South African entity operating in the
software product development and consultancy space. From 1989 to 2001, Ms. McCloghrie worked
in various executive roles in service delivery and business development roles at FirstRand Bank
Limited (where she attained her banking qualifications), AECI Information Services (Proprietary)
Limited, Electronic Data Systems and IBM Global Services.

Other directorships: Symelation Holdings (Proprietary) Limited.

Ignatius Sehoole (55) B.Com, B.Compt (Hons), CA(SA)

Mr. Sehoole qualified as a chartered accountant in 1991. Since 2013, Mr. Sehoole's occupation has
been to serve as a non-executive director on the boards of various companies (see below), several of
which directorships he has held for a number of years. Mr. Sehoole was Group Executive of Business
Risk Management at [MTN Group Limited] from 2010 to 2013. Prior to that, he was the Deputy
Chief Executive Officer of PricewaterhouseCoopers Southern Africa. From 2000 to 2009 he was the
Executive President of the South African Institute of Chartered Accountants.

Other directorships: MTN Operations (Swaziland, Rwanda), Mascom (Botswana), Harith Fund
Managers (Proprietary) Limited, SacOil Holdings Limited, CAPIM (Proprietary) Limited and AFGRI
(Proprietary) Limited.

Louisa Stephens (39) B.Comm (Hons), B.BusSc (Finance), CA (SA)

Ms. Stephens holds a Bachelor of Commerce (Honours) degree from the University of Johannesburg
and a Bachelor of Business Science degree from the University of Cape Town. Ms. Stephens
qualified as a chartered accountant in 2003, having served her articles at KPMG. Ms. Stephens
worked as a transactor and credit analyst in structured finance at Rand Merchant Bank for five years.
Thereafter, Ms. Stephens occupied various key positions at the National Empowerment Fund, Circle
Capital Ventures, Sasol Group Finance and Nozala Investments (Proprietary) Limited.

Other directorships: Greymatter and Finch (Proprietary) Limited, South Ocean Holdings Limited and
Royal Bafokeng Platinum Limited.

Frans Truter (60) B.Comm (Hons), A.M.P. (Oxford)

Mr. Truter holds a bachelor of commerce (Honours) Degree and an A.M.P. (Oxford) qualification. Mr.
Truter served as the Chief Financial Officer of Momentum Group Limited from 1988 to 2004. He then
served as the Director of Strategic Investments for Momentum Group. Mr. Truter has been an
Independent & Non-Executive Director of MMI Holdings Limited since 2010. He holds a number of
other directorships, including those set out below, as well as four trustee positions.
Other directorships: MMI Holdings Limited, MISMS Trade and Invest (Pty) Ltd, Sotru Investments
(Pty) Ltd, RMB Asset Management (Pty) Ltd, Advantage Asset Managers, FirstRand International
Asset Management, and RMB Asset Management International (Pty) Ltd.

CEO Designate Brian Riley noted: "We are delighted to announce that five new members have joined
the board. The individuals bring with them a variety of skills sets with excellent track records and
experience. Along with the significant banking experience of our chairman designate I am confident
that they will provide the appropriate level of stewardship to “Good Bank” and the wider group.”

On behalf of the Curator of African Bank.

Midrand



07 September 2015



Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)



Footnote : T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by the
Minister of Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of 1990 (as
amended) to manage the affairs of African Bank Limited subject to the supervision of the Registrar of
Banks. Please note that Mr. Winterboer acts in the aforesaid capacity.

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