SHAREHOLDER UPDATE – AGMAPRIL 2008

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1. Objectives of Eyomhlaba2. Current position (ignoring Ellerines deal)3. Current position taking EHL deal into account4. A snapshot of Eyomhlaba’s indicative NAV as at 31 March 2008 (includes comparatives

as at 31 Mar 07)5. Planned communication with Eyomhlaba shareholders in 20086. The Eyomhlaba board of directors (who, how they were appointed, rotation & re-

election)7. Example of dividend calculation8. Projection of future dividend9. Designated (reserved) shares10.Eyomhlaba’s priorities for 200811.ABIL’s strategic priorities for 2008

Contents

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• As a financial institution, ABIL adheres to the Financial Sector Charter (FSC

Charter); • The FSC Charter sets a minimum target of 10% direct ownership of a financial

institution by black people by 2010;• Eyomhlaba is ABIL’s BEE scheme set up to facilitate broad based ownership of

ABIL by black people;• Eyomhlaba targeted to own at least 10% of ABIL by 2015;• Eyomhlaba structured with low borrowings to increase its ability to succeed in

achieving its objective.

1. Objectives of Eyomhlaba

2. ABIL’s Black Equity Ownership Programme: Current position (ignoring Ellerines deal) as at 28 February 2008

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Existing ABIL shareholders

ABIL

93.2%

Directors & employees

(47%)

Black ABIL customers

(1%)

Existing ABIL black shareholders

(15%)

Black general public

(37%)

Eyomhlaba

6.8%

R93 m

Shares issued at par creating R413m value in Eyomhlaba on 24 Oct 2005

FundersRMB / Barclays

R150 m

3. ABIL’s Black Equity Ownership Programme: Current position taking Ellerines deal into account as at 28 February 2008

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Eyomhlaba shareholding

m ABIL shares issued to BEE entity at par 20.2 ABIL shares purchased in open market utilising borrowings and shareholder subscriptions (IPO) 5.4 ABIL shares purchased in open market utilising dividend income rights offer and private placement proceeds 8.5

Total ABIL ordinary shares held by Eyomhlaba 34.1

Total ABIL shares in issue 792.6

Eyomhlaba's direct shareholding in ABIL 4.3%

4. A snapshot of Eyomhlaba’s indicative NAV as at 31 March 2008

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31-Mar-07 m R R'm R'm

ABIL shares acquired at par 20.2 27.73 560.2 575.1 ABIL shares acquired on JSE 13.9 27.73 384.9 336.4 Cash held by Eyomhlaba 8.4 8.6 Cash expected to be raised by issuing new shares 8.6 13.1 Estimated value of ABIL shares & cash 962.1 933.2 Less senior preference share funding -150.0 -150.0 Less preference dividends, expenses & deferred tax -90.9 -99.0 Underlying value of Eyomhlaba 721.2 684.2

Total number of authorised shares 43.25 43.25

Indicative net asset value per share 16.68 15.82

Estimated conversion rate (ABIL shares for every 100 Eyomhlaba shares) 60 56

31 March 2008

5. Planned communication with Eyomhlaba shareholders in 2008• AGM in JHB at 10am on Sat, 5 April 2008;

• Road shows in Cape Town, Dbn, Groblersdal and Pretoria prior to AGM;

• Statements reflecting Eyomhlaba shares held at 31 December 2007 and 30 June 2008 to be posted to each shareholder. From June 2008 onwards, statements to also reflect the latest Eyomhlaba NAV per share;

• ABIL’s interim results to 31 March 2008 and annual report to 30 September 2008 will be posted to shareholders;

• Text messages advising shareholders of the latest NAV will be sent in April and October;

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5. Planned communication with Eyomhlaba shareholders in 2008 (continued)

• Eyomhlaba annual report (AR) to 31 December 2007 was posted to shareholders. The Chairman’s report has for the first time been translated to isiZulu on the AR. Translations to other African languages will be done in future AR’s.

• Eyomhlaba’s interim results to 30 June 2008 will be sent to shareholders during August 2008;

• Contact our call centre on 0860 225 233 (0860 ABL BEE) (or e-mail Eyomhlaba@africanbank.co.za) in the event:

– No Eyomhlaba correspondence is received;– Address changes– Cellphone number (s) and other contact details change

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6. Eyomhlaba board of directors

• There currently are 8 board members, all non-executive and shareholders in Eyomhlaba;

• 3 directors are also ABIL executives, 1 is an ABIL non-executive director and 4 are independent of ABIL;

• All directors, except for the 3 ABIL executives, earn nominal directors fees;

• All the directors were elected by members at the first AGM during August 2006;

• A third of the directors (i.e. 3 directors) retire annually and should they offer themselves for re-election, shareholders vote for or against their re-election at the AGM, in person or by proxy;

• In the event a director retires and does not stand for re-election, the directors of Eyomhlaba would recommend person (s) for election as directors at the next AGM of Eyomhlaba.

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7. Example of dividend calculation

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Number of ABIL shares 34 100 000 Dividend from ABIL R74 000 000 First limitation 10% R7 400 000 Number of Eyomhlaba shares 39 749 000 Total share capital R92 748 526 Average issue price R2.33 Dividend per share R0.19 Dividend yield 8.0% Second limitation 5% R4 637 426 As percentage of total dividend 6.3% Dividend per share R0.1167

8. Projection of future dividend

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Dividend per share R - Holder of 100 shares R11.67 Holder of 200 shares R23.34 Holder of 500 shares R58.35 Dividend per Eyomhlaba share 2009 5% R0.1167 2010 6% R0.1400 2011 7% R0.1633 2012 8% R0.1867 2013 9% R0.2100 2014 10% R0.2300

9. Designated (reserved) shares

• The reserved (or unissued) shares may be issued to new ABIL employees and directors by no later than 31 December 2009 at discounts not greater than 85% of net asset value;

• Shares not issued at that date will be issued by way of a rights offer to existing shareholders in 2010;

• During the year ending 31 December 2007, 2 million shares were issued to a new non-executive director of ABIL at an 85% discount of NAV;

• A total of 3,5 million shares remain unissued at end February 2008;• ABIL employees, who joined the company after the Eyomhlaba initial public offer had closed,

will be offered an opportunity to buy shares through private placements at discounts of 85% of NAV.

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10. Eyomhlaba’s priorities for 2008

• Issue reserved shares to new ABIL employees; • Preference share funding – consider redemption of existing preference shares and / or raise

additional funding to purchase more ABIL ordinary shares;• Consider and set level of ordinary dividends to be paid (assuming resolution will be approved

at the AGM) at the end of the 2008 financial year;• Communicate with shareholders in the manner planned and articulated above;• Update the Eyomhlaba website (www.eyomhlaba.co.za)

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11. ABIL’s strategic priorities for 2008

• Drive down cost of credit;

• Increase the universe of clients;

• Continuing development and growth of the credit card product;

• Improved levels of client service;

• Strategic integration of the Ellerines business and leveraging the opportunities ABIL brings to their credit offering.

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Thank you