Extension of comment period on Information Memorandum AFRICAN BANK LIMITED (in Curatorship) (Incorporated in the Republic of South Africa) (Registered bank) (Registration number 1975/002526/06) Company code: BIABL (“African Bank” or “the Bank”) Extension of comment period on Information Memorandum 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"). 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 regarding the Good Bank Restructuring Proposal has been communicated to stakeholders via an information memorandum released on 9 September 2015 ("Information Memorandum"), details of which were provided in the SENS announcement released by African Bank on 9 September 2015 (“Publication of Information Memorandum for the Good Bank Restructuring Proposal and Acquisition of the Standard and General Insurance Company Limited”). Information contained in SENS announcements related to the Good Bank Restructuring Proposal between 10 August 2014 and 9 September 2015 were superseded by the contents of the Information Memorandum. Subsequently, further detail regarding developments resulting in a delay in respect of the proposed acquisition of the Standard and General Insurance Company Limited (“Stangen”) was given in a SENS announcement released by African Bank on 1 October 2015 (“Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements”). The interim interdict issued by the High Court of South Africa, Gauteng Division, Pretoria, on 28 September 2015 has effectively postponed, by 30 business days, the meeting of creditors of African Bank Investments Limited (“ABIL”) convened to consider the ABIL business rescue plan, which provides for the sale of Stangen to African Bank. This postponement may result in a delay in the timetable announced in the Information Memorandum for the completion of the Good Bank Restructuring Proposal. Whilst the Curator still considers the acquisition of Stangen to be a worthwhile part of the Good Bank Restructuring Proposal, the alternatives available to the Curator mean that there is little merit in delaying the proposed transaction to accommodate what may become a substantial delay in acquiring Stangen. The Curator remains of the opinion that the Good Bank Restructuring Proposal is the best outcome for creditors, employees and the wider financial services and banking sector stability in South Africa, whether Stangen is acquired or not. The Curator therefore today announces an extension to the period for interested parties to provide written comment on the Information Memorandum electronically at curatorfunders@africanbank.co.za. A further update in respect of the Good Bank Restructuring Proposal and acquisition of Stangen will be provided prior to 23 October 2015 together with an amended closing date for comments on the Information Memorandum, and an update on the overall timetable. On behalf of the Curator of the Bank Midrand 09 October 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. Date: 09/10/2015 08:00:00 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.