OFFICIAL
DOCUMENTS
Supplemental Letter
LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA
Date: L0      Y    20\]
International Bank for Reconstruction and Development
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Re:    Loan No. 8686-ZA
(Land Bank Financial Intermediation Project)
Representations
Dear Sirs and Mesdames:
In connection with the Loan Agreement of even date herewith between the International
Bank for Reconstruction and Development (the Bank) and Land and Agricultural Development
Bank of South Africa (Borrower) for the above-captioned Loan, the Borrower hereby undertakes
and warrants to the Bank that:
1.    The financial statements for the year ended March 31, 2016, copies of which have been
furnished to the Bank, correctly set forth the financial and operating condition of the Borrower as
of that date, and since that date there have been no material adverse changes in the financial and
operating conditions of the Borrower.
2.     The Borrower is not engaged in litigation as plaintiff or defendant, the outcome of which
might materially and adversely affect its financial condition.
3.     The Borrower has no outstanding agreements or liabilities, contingent or otherwise
(including taxes), that might materially and adversely affect its financial condition.
4.     No debt of the Borrower is secured by any mortgage, pledge, charge, priority, or other lien,
and no contract or arrangement exists for the creation of any such mortgage, pledge, charge,
priority, or other lien.
5.     There are no existing defaults in the payment of principal of, or interest or other charges
on, any of the debts of the Borrower.
6.     The Borrower is not in violation of, and execution and delivery of the Borrower and the
compliance with all its terms do not and will not result in any violation of any provisions of any
existing agreement, franchise, concession, license, or permit, or of any statute, law, decree-law,
executive decree, regulation, or any other legal rule of a similar nature presently in effect and
applicable to the Borrower.
7.     The Borrower is a duly existing legal entity under the laws of the Republic of South Africa,
with full authority to carry out its present business, to carry out the Project, and to execute and


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deliver the Loan Agreement, and has furnished to the Bank true copies of the Borrower's
Legislation and of all other legislation presently in force and effect and governing or applicable to
the operations of the Borrower, as well as of its statutes and by-laws presently in effect and
governing.
It is our understanding that, in making the Loan and entering into the Loan Agreement with
the Borrower, the Bank may rely on the representations contained herein.
Very truly yours,
LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA
By
Au        Repres ntative
acting in concurrence with
B              y_
Authorized Representativ?e'