INVESTEC BANK LIMITED - IBL110 Interest Rate Announcement

IBL110 Interest Rate Announcement

INVESTEC BANK LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1969/004763/06)

5 March 2019

NOTIFICATION OF POTENTIAL INTEREST RATE CONVERSION UNDER IBL110 MIXED RATE NOTES ISSUED BY
INVESTEC BANK LIMITED

Reference is made to the IBL110 listed note (ISIN number ZAG000150038) issued on the interest rate market of
the JSE on 7 March 2018 by INVESTEC BANK LIMITED under its Domestic Medium Term Note and Preference Share
Programme dated 4 September 2013

Investor’s Attention is drawn to the provisions of paragraph 46 (Mixed Rate Notes) of the Applicable Pricing
Supplement for the IBL110 Notes (“Notes”) which provides as follows:

 MIXED RATE NOTES
 Period(s) during which the interest rate for the Mixed Rate
 Notes will be (as applicable) that for:
 (a)      Fixed Rate Notes                                       The Note will be Fixed Rate Notes for the
                                                                 period 7 March 2018 to but excluding 7
                                                                 March 2019, on 7 March 2019 (“the
                                                                 Conversion Date”) at 10:00 (”the
                                                                 Obervation Time”) the Calculation Agent
                                                                 observes that the 2 year swap rate as
                                                                 published on Reuters (page ZARIRS=INVT)
                                                                 (“Swap Rate”) is equal to or higher than
                                                                 6.92% (“Strike Rate”), then the Notes will
                                                                 also be Fixed Rate Notes for the period
                                                                 commencing on the Conversion Date and
                                                                 ending on the Maturity Date. The
                                                                 Calculation Agent shall then notify
                                                                 Noteholders accordingly in writing.
 (b)      Floating Rate Notes                                    If, on the Conversion Date at the
                                                                 Obervation Time the Calculation Agent
                                                                 observes that the Swap Rate is lower than
                                                                 the Strike Rate, then the Notes shall be
                                                                 Floating Rate Notes for the period that is
                                                                 commencing on the Conversion Date and
                                                                 ending on the Maturity Date. The
                                                                 Calculation Agent shall then notify
                                                                 Noteholders accordingly in writing.
Investec Bank Limited advises that on 7 March 2019 (the “Conversion Date”) it will, in its capacity as the Calculation
Agent, ascertain whether the 2 year swap rate as published on Reuters (page ZARIRS=INVT) (“Swap Rate”) is equal
to or higher than 6.92% (“Strike Rate”) in accordance with the provisions of paragraph 46.

If the Swap Rate is equal to or higher than the Strike Rate then the Notes will remain Fixed Rate Notes until the
Maturity Date and there will be no amendment to the Fixed Interest Rate provisions currently applicable the Notes.

If on the Conversion Date the Calculation Agent determines that the Swap Rate is lower than the Strike Rate, the
Notes will become Floating Rate Notes until the Maturity Date in accordance with the Floating Rate Note provisions
of the Applicable Pricing Supplement, the Floating Interest Rate being The Reference Rate of ZAR-JIBAR-SAFEX with
a Designated Maturity of 3 (three) months plus a margin of 1.18%

Debt Sponsor: Investec Bank Limited


Further information on the Note issue please contact:


Keletsi Lehlokoe                           Investec Bank Limited                               +27 11 286 9890
Annerie Botha                              Investec Bank Limited                               +27 11 286 7211
Freda Hamersma                             Investec Bank Limited                               +27 21 809 0717

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