Restatement of financial information AFROCENTRIC INVESTMENT CORPORATION LIMITED Incorporated in the Republic of South Africa Registration Number: 1988/000570/06 JSE Code: ACT ISIN: ZAE 000078416 (“AfroCentric” or “the Company” or “the Group”) RESTATEMENT OF FINANCIAL INFORMATION Introduction Shareholders are referred to the “Revised Trading Statement and Restatement of Financial Information” announcement released on SENS on 27 March 2017 wherein shareholders were advised of the restatement to the financial results for the year ended 30 June 2016 due to the incorrect accounting treatment of the interest accrued on the Sanlam Put Option Obligation which was recognised through the Conditional Put Option Reserve and Obligation rather than the Statement of Comprehensive Income. Further to the above, shareholders are hereby advised of additional restatements to previously published financial information as detailed below. Restatement 1: Classification of the cash flows In the prior financial year, loans to Group companies were incorrectly disclosed as a separate line under investing activities instead of financing activities. Due to its materiality a decision was taken to restate the prior year statement of cash flows. Year ended 30 June 2016 Year ended 30 (as previously June 2016 reported) (Restated) R’000 R’000 Consolidated Statement of cash flows Cash flows from investing activities Decrease in loans to Group companies - (31 686) Cash flows from financing activities Decrease in loans to Group companies (31 686) - This incorrect classification was identified during the audit for the financial year ended 30 June 2017. Restatement 2: Earnings per share and headline earnings per share In the prior years, AfroCentric calculated the earnings per share (“EPS”) and headline earnings per share (“HEPS”) using the total comprehensive income attributable to the parent instead of profit and loss attributable to the parent and added back impairment of loans for HEPS purposes. From management’s analysis the change in the EPS and HEPS is immaterial. The restated results from 2013, 2014 and 2015 have also been provided from a completeness perspective. The need for this restatement was identified during the audit for the financial year ended 30 June 2017. Effects on previously published interim financial results Six month Six months ended 31 ended 31 December (as December Change previously reported) (restated) (%) 2013 EPS (cents) 23.51 23.45 (0.3) HEPS (cents) 26.09 26.03 (0.2) 2014 EPS (cents) 20.25 20.04 (1.0) HEPS (cents) 21.84 21.62 (1.0) 2015 EPS (cents) 17.98 17.05 (5.2) HEPS (cents) 18.10 17.16 (5.2) 2016 EPS (cents) 17.69 18.23 3.1 HEPS (cents) 17.22 18.21 5.7 Effects on previously published year-end financial results Year ended 30 June (as Year ended 30 Change previously reported) June (restated) (%) 2013 EPS (cents) 60.75 60.04 (1.2) HEPS (cents) 48.15 47.44 (1.5) 2014 EPS (cents) 40.00 39.98 (0.1) HEPS (cents) 47.83 47.81 - 2015 EPS (cents) 33.08 32.92 (0.5) HEPS (cents) 38.43 38.26 (0.4) 2016 EPS (cents) #26.28 25.38 (3.4) HEPS (cents) #28.43 26.33 (7.4) #Please note these figures were restated as announced on 27 March 2017 The financial results for the year ended 30 June 2017 are expected to be published on SENS today, 19 September 2017. Johannesburg 19 September 2017 Sponsor Sasfin Capital (a member of the Sasfin group) Date: 19/09/2017 09:45:00 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.