A N N U A L R E P O R T 2 0 0 9

GLOSSARY

ABI Accredited Business Introducer

Basel II Basel II Capital Accord

BEE Black Economic Empowerment

ERM Enterprise Risk Management

FIC Financial Intelligence Centre

FSB Financial Services Board

FSC Financial Sector Charter

HR Human Resources

IFRS International Financial Reporting Standards

InnoVent InnoVent Investment Holdings (Pty) Limited

InnoVent Rentals InnoVent Rental and Asset Management (Pty) Limited

NCA National Credit Act

Premier Premier Freight (Pty) Limited

SAL Sasfi n Asia Limited

SAM Sasfi n Asset Managers (Pty) Limited

SasCred SasCred Financial Services Limited

Sasfi n Sasfi n Holdings Limited

SASP South African Securitisation Programme (Pty) Limited

SasSec Sasfi n Securities (Pty) Limited

SFAS Sasfi n Financial Advisory Services (Pty) Limited

SFS Sasfi n Financial Services (Pty) Limited

SME Small to Medium Enterprises

SREF Sasfi n Real Estate Fund

The Bank Sasfi n Bank Limited

The Company/The Group Sasfi n Holdings Limited

The JSE JSE Limited

The SARB South African Reserve Bank

TOPP Training Outside Public Practice

2

OUR MISSIONTo be the preferred specialist banking and fi nancial services provider

in our chosen markets.

OUR MARKETSEntrepreneurial corporate, commercial and private clients seeking wealth creation,

enhancement and preservation.

OUR VALUESThe Sasfi n Group has identifi ed the following core values as being imperative

to the achievement of its objectives:

satisfy all our stakeholders.

act with integrity, fairness and trust in all matters.

stay transparent and honest while striving for excellence.

focus 100% on our clients’ needs.

instil passion and create a culture of entrepreneurial thinking and innovation.

nurture our personnel and contribute to the development of our country.

3

4 A N N U A L R E P O R T 2 0 0 9

THE SASFIN GROUP

Sasfi n is an independent banking and fi nancial services group,listed on the JSE since 1987.

Having evolved from a family-owned textile company established in 1951, Sasfi n

understands and appreciates what it takes to be a successful entrepreneur and the

perseverance and dedication needed to grow and manage a business. We partner

each and every client with respect and honesty offering tailor-made solutions to

meet business challenges. Each of our fi ve divisions, Business Banking, Capital, Wealth

Management, Treasury and Logistics and Risk Management offer a range of specialised

products and services to assist clients at all stages of their development.

THE BOARD OF DIRECTORS

Seated from left to right: Martin Glatt (Chairman), Dolly Mokgatle,

Roland Sassoon (Chief Executive Offi cer)

Standing from left to right: Eddie Blight, Malcolm Segal (Financial Director),

Norman Axten, Shahied Rylands, Marius Smith

5

6

EXECUTIVE COMMITTEE

Seated from left to right: Malcolm Segal, Louis Dirker, Kurt Diedrick,

Naseema Fakir, Brenton Booth, Dawie Olivier,

Maston Lane, Linda Fröhlich, Enzo Pietropaolo,

Howard Brown, Deon van der Westhuizen,

Nirri Ranchod, Gavin Came, Leonard Eiser,

Roland Sassoon

Standing from left to right: Tyrone Soondarjee, Gary Patterson, Gary Taylor,

DJ Kumbula, Tracey Chinman, Zakhe Khuzwayo

7

BUSINESS BANKING

Business Banking assists entrepreneurs with tailor-made fi nancial and managerial

solutions to assist in business growth. Be it Trade Finance, Debtor Finance, Rental

Finance or Capital Equipment Finance, Sasfi n’s experienced lending arm affords

entrepreneurs the opportunity, insight and expert advice to unlock business

potential by improving access to working capital and assist with cash fl ow challenges.

Seated from left to right: Linda Fröhlich, Nirri Ranchod

Standing from left to right: DJ Kumbula, Deon Kleynhans,

Zakhe Khuzwayo, Brenton Booth

BUSINESS BANKING

8

Sasfi n’s specialised team assists entrepreneurs in optimising their business

potential through opportunities in private equity, property private equity,

corporate fi nance and mergers and acquisitions.

Seated: Malcolm Segal

Standing from left to right: Vernon Leas, Gayle Burbaitzky,

Eton Price, Neil Eppel, Leonard Eiser

CAPITAL

WEALTH MANAGEMENT

With access to leading specialists, Sasfi n is equipped to offer expertise and practical

advice in the creation and enhancement of individual investment portfolios. The

Sasfi n Wealth Management division includes three subsidiary divisions: Sasfi n

Securities, Sasfi n Financial Advisory Services and Sasfi n Asset Managers. Sasfi n Wealth

Management offers a lucrative mix of investment products, advisory services and a

blend of local and international investments. Furthermore, Sasfi n Asset Consulting is

a highly focused, hands-on unit with the capabilities to offer unbiased quantitative

and qualitative assessments on fund assets and liabilities.

From left to right: Gillian Scott, David Shapiro, Dale Franklin,

Gavin Came, Gerhardt van Niekerk 9

10

TREASURY

Treasury offers a comprehensive range of products and services to manage both

personal and company cash investment requirements through products such as

domestic money market portfolios and asset-backed securitisation. In addition,

Sasfi n’s International Treasury provides solutions to all personal or company

foreign exchange requirements.

Seated from left to right: Louis Dirker, Shereen Botha, Anneke van Wyk

Standing from left to right: Lynette van der Westhuizen, Enzo Pietropaolo

11

LOGISTICS AND RISK MANAGEMENT

Logistics and Risk Management provides clients with services not normally considered

within the scope of ordinary banking but which are complementary to their needs.

This division conveniently allows clients full access to a dynamic range of services

from a single supplier. These exclusive services include healthcare consulting, freight

forwarding and clearing and short-term insurance.

From left to right: Steven Romberg, Gary Taylor, Tony Lenhoff

12

CORPORATE SERVICES

R I S K A N D C R E D I T

• Approves and controls credit

• Ensures credit policies are

updated and strictly enforced

• Group risk management

I N F O R M A T I O N T E C H N O L O G Y

• Develops the Group’s

IT strategy

• Enables and facilitates

business through close and

continuous partnerships

• Upgrades and maintains the

Group’s IT infrastructure

M A R K E T I N G

• Strategic communication

• Advertising

• Public relations

• Product launches and

promotional requirements

B U S I N E S S D E V E L O P M E N T

• Accredited Business

Introducer programme

• Customer relationship

management

• Develops new business

channels

FINANCE AND ADMINISTRATION

• Financial and statutory

reporting

• Regulatory reporting

• Group administration and

facilities management

• Group accounting

• Group secretarial

• Group taxation

C O M P L I A N C E

• Group compliance deals with

internal control procedures,

legislation and regulations,

including the Financial Sector

Charter

I N T E R N A L A U D I T

• Carries out the internal audit

functions and provides reasonable

assurance that the Group’s

objectives will be met

H U M A N R E S O U R C E S

• Skills development and

training

• Transformation

• Talent management

13A N N U A L R E P O R T 2 0 0 9

GROUP SALIENT FEATURES

Years ended 30 June

2009 2008 2007 2006 2005

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONTotal assets (Rm’s) 3 181 3 016 2 545 2 460 1 772

Total gross loans and advances (Rm’s) 1 867 1 850 1 552 1 223 1 115

Non-performing loans and advances (Rm’s) 149 96 71 64 27

Gross loans and advances growth (%) 1 19 27 10 13

INCOME STATEMENT (Rm’s)Headline earnings 154 156 140 106 85

Earnings attributable to ordinary shareholders 157 156 140 156 85

FINANCIAL PERFORMANCE (%)Return on ordinary shareholders’ average equity 25 28 31 31 34

Return on total average assets 5 6 6 5 5

OPERATING PERFORMANCE (%)Net interest margin on interest-bearing assets 7 7 7 7 8

Non-interest income to total income 75 74 74 77 66

Effi ciency ratio 63 61 56 58 61

Non-performing advances to total

gross loans and advances 8 5 5 5 2

SHARE STATISTICS (CENTS)Headline earnings per ordinary share 560 576 523 404 326

Earnings per ordinary share 571 576 524 596 328

Diluted earnings per ordinary share 570 572 514 577 316

Diluted headline earnings per ordinary share 559 572 514 391 315

Dividends per ordinary share 220 228 207 161 130

Dividends per preference share 1 072 1 068 909 790 503

Net asset value per ordinary share 2 405 2 204 1 844 1 507 1 075

CAPITAL ADEQUACY (UNAUDITED) (%)Group capital to risk weighted assets 31 28 34 31* 32*

Sasfi n Bank Limited and its subsidiaries

capital to risk weighted assets 32 22 32 28 26

EMPLOYEESPermanent staff complement 573 542 496 487 435

* Restated

14

GROUP SALIENT FEATURES

Headline earnings per ordinary share (cents)

Dividends per ordinary share (cents)

100 200 300 400 500 600

2009

2008

2007

2006

2005 326

130

404

161

523

576

228

220

560

207

Return on ordinary shareholders’ average equity (%)

0 5 10 15 20 25 30 35

2009

2008

2007

2006

2005 34

31

31

28

25

2009

2008

2007

2006

2005

Total assets (R million)

1 772

2 460

2 545

3 016

3 181

0 500 1 000 1 500 2 000 2 500 3 000 3 500

0

Return on total average assets (%)

0 1 2 3 4 5 6

2009

2008

2007

2006

2005 5

5

5

6

6

6

15A N N U A L R E P O R T 2 0 0 9

GROUP SALIENT FEATURES

Loans and advances

Gross advances (R million)

Non-performing loans: Advances (%)

Credit impairments: Advances (%)

2005

1 1

15

1 2

23

1 5

52

1 8

50

1 8

67

2006 2007 2008 20090

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

0

1

2

3

4

5

6

7

8

9

2,4

2,3

5,2

2,7

4,6

2,8

5,2

2,5

8,0

3,5

%

R m

illion

2005 2006 2007 2008 2009

Gross advances (R million) 1 115 1 223 1 552 1 850 1 867

Non-performing loans: Advances (%) 2,4 5,2 4,6 5,2 8,0

Credit impairments: Advances (%) 2,3 2,7 2,8 2,5 3,5

Net asset value per ordinary share (cents)

5,4

5,0

0 500

2009

2008

2007

2006

2005 1 075

1 507

1 844

2 204

2 405

1 000 1 500 2 000 2 500 3 000

Group capital adequacy (unaudited) (%)

Bank and its subsidiaries capital adequacy (unaudited) (%)

2005 2006 2007 2008 2009

2632

2831

3234

2228

3231

16

GROUP STRUCTURE AS AT 30 JUNE 2009

SASFIN FINANCIAL SERVICES

(PTY) LIMITED

SASFIN PROPERTIES (PTY) LIMITED,

SASFIN PROPERTIES II (PTY) LIMITED

AND

SASFIN PROPERTIES III (PTY) LIMITED

SASFIN PRIVATE EQUITY

INVESTMENT HOLDINGS

(PTY) LIMITED

SASFIN HOLDINGS

LIMITED

SASFIN BANK LIMITED

SASFIN SECURITIES

(PTY) LIMITED

PREMIER FREIGHT

(PTY) LIMITED

SASFIN - MDM

PRIVATE EQUITY

FUND I

90%

90%

100%

100%

63%

100%

52.4%

1

9

6

10

7

5

3/4

INNOVENT SPV 2

(PTY) LIMITED 9

INNOVENT INVESTMENT

HOLDINGS

(PTY) LIMITED

INNOVENT SPV 1

(PTY) LIMITED

100%

100%

99

SOUTH AFRICAN

SECURITISATION

PROGRAMME (PTY) LIMITED(Residual ownership

held via a trust)

1

33,6%

6%

6%

4%

4%

100%

HECNY

TRANSPORTATION SA

(PTY) LIMITED 8

50%

Sasfi n Holdings

Limited owns

R26m preference

shares in

InnoVent SPV 1

(Pty) Limited

17A N N U A L R E P O R T 2 0 0 9

GROUP STRUCTURE AS AT 30 JUNE 2009

KEY:

1 = Banking

2 = Insurance and fi nancial planning

3 = Securities trading

4 = Portfolio management

5 = Private equity management

6 = Property owning

7 = Customs clearing

8 = Freight forwarding

9 = Investment holding

10 = Private equity investment

11 = Wealth management holdings

SASFIN ASIA LIMITED

(Registered in Hong Kong)

SASCRED FINANCIAL

SERVICES LIMITED

(Registered in Jersey)

SASFIN PRIVATE EQUITY

FUND MANAGERS

(PTY) LIMITED

SASFIN FINANCIAL

ADVISORY SERVICES

(PTY) LIMITED

SASFIN INSURANCE

BROKERS

(PTY) LIMITED

SASFIN ASSET

MANAGERS

(PTY) LIMITED

NVEST

FINANCIAL HOLDINGS

(PTY) LIMITED

100%

100%

100%67,5% 20%

100%

5 2

2

4 11

INNOVENT RENTAL &

ASSET MANAGEMENT

SOLUTIONS

(PTY) LIMITED

100%

1

11

100%