PC2 - Private Commercial Mortgages (Pty) Limited - Full capital

PC2 - Private Commercial Mortgages (Pty) Limited - Full capital                 
redemption                                                                      
Private Commercial Mortgages (Pty) Limited                                      
JSE Code: PC2                                                                   
In accordance with the Terms and Conditions of Private Commercial               
Mortgages (Pty) Limited, investors are herewith advised of the full             
capital redemption of the PC2A4, PC2B4, PC2C4, PC2D4 and PC2D7U notes           
effective 20 December 2011.                                                     
            ISIN           Capital Redemption       Amount Out-                 
                           Amount                   standing                    
                                                    After Capital               
Redemp-                     

                                                    tion                        
PC2A4        ZAG000062449   R 76,247,469.00          R0.00                      
PC2B4        ZAG000061912   R 24,000,000.00          R0.00                      
PC2C4        ZAG000062050   R 49,000,000.00          R0.00                      
PC2D4        ZAG000062118   R 22,000,000.00          R0.00                      
PC2D7U       ZAG000063660   R 65,000,000.00          R0.00                      
Date 09 December 2011                                                           
Sponsor:  Investec Bank Limited ("Investec")                                    
Date: 09/12/2011 10:43:02 Supplied by www.sharenet.co.za                     
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