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AFRICAN BANK LIMITED - Release of the unaudited interim results for Residual Debt Services Limited (under curatorship) - ABKS1 - ABKI01

Release Date: 30/06/2016 08:02
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Release of the unaudited interim results for Residual Debt Services Limited (under curatorship) - ABKS1 - ABKI01

AFRICAN BANK LIMITED (previously named K2014176899 (South Africa) Limited)
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
(“the Bank” or “African Bank”)

Release of the unaudited interim financial statements for Residual Debt Services Limited (under
curatorship) (“Residual Debt Services”), previously named African Bank Limited (under
curatorship) for the six months ended 31 March 2016

African Bank hereby draws attention to the fact that Residual Debt Services has today released its
unaudited interim financial statements for the six months ended 31 March 2016.

While the unaudited interim financial statements of Residual Debt Services are prepared on behalf
of the curator of Residual Debt Services, (the “Curator”) African Bank believes that the financial
information contained therein may be of interest to investors in African Bank. This financial
information is for the period ended 31 March 2016, and investors will be aware that a portion of the
business and assets of Residual Debt Services as at that date was acquired by African Bank on its
launch, with effect on 4 April 2016.

Notwithstanding this, it is important to note that neither African Bank nor its directors can accept
any responsibility for the information contained in such interim financial statements of Residual
Debt Services or disclosed below. Such interim financial information of Residual Debt Services is
neither incorporated by reference into nor does it form part of African Bank’s ZAR25 billion
Domestic Medium term Note Programme dated 22 March 2016. African Bank accepts no
responsibility whatsoever for such interim financial information and accordingly disclaims any
liability howsoever arising in connection therewith.

The unaudited interim financial statements of Residual Debt Services disclose a reported loss of
R646 million for the six months ended 31 March 2016 compared to a reported loss of R2 787 million
for the comparative six month period ended 31 March 2015.

The condensed statement of financial position as at 31 March 2016 contained in the unaudited
interim financial statements of Residual Debt Services reflects the carrying value of Assets classified
as held for sale at R42 072 million (30 September 2015 : R 37 436 million) and Liabilities associated
with assets classified as held for sale at R5 303 million (30 September 2015 : R4 453 million).

The unaudited interim financial statements of Residual Debt Services for the six months ended 31
March 2016, together with an investor presentation can be accessed at the following website:

https://www.africanbank.co.za/about-us/investors

and following the link under “Financial reporting and operational updates”.

Further pertinent aspects of the results of Residual Debt Services include the following disclosures:

-   Post-curatorship business continues to show stable and better early arrears;
-   Disbursements for the period ended 31 March 2016 were R4 579 million, an increase of 23%
    compared to the comparative period; and
-   Collections stabilised in a tougher economic environment.

As announced in a SENS announcement on 27 June 2016, the Curator of African Bank Limited (under
curatorship), Mr Tom Winterboer, will be hosting an investor call on these specific results, detail of
which is listed below:

Conference call details

Interested parties are referred to the following details (including the need to pre-register) regarding
the conference call:

-   Date:                             Thursday, 30 June 2016
-   Time:                             16h00 SAST/CAT
-   Web pre-registration:             Interested parties are requested to pre-register for this
                                      conference call at http://goo.gl/BPHt3K and follow the
                                      instructions supplied

The Curator has advised that the convener of the conference call will allow an opportunity at the
end of the call for questions which are relevant to these results.

Midrand

30 June 2016


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

Date: 30/06/2016 08:02:00 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.

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