Delisting Of IDW001, IDW002 AND IDW003 Notes Through A Conversion Event Idwala Industrial Holdings Limited (Incorporated in the Republic of South Africa) (Registration No. 2004/003462/06) ISIN IDW001: ZAG000096926 ISIN IDW002: ZAG000097049 ISIN IDW003: ZAG000101106 (“Idwala” or the “Issuer”) DELISTING OF IDW001, IDW002 AND IDW003 NOTES (the “Notes”) THROUGH A CONVERSION EVENT The Issuer wishes to advise each holder of Notes (the “Noteholders”) issued under the Idwala Industrial Holdings Limited (formerly Idwala Holdings Proprietary Limited) ZAR2,500,000,000 Domestic Medium Term Note Programme (the “Programme”) established pursuant to a programme memorandum dated 18 June 2012 (the “Programme Memorandum”) in accordance with Condition 18 (Notices) of the section headed “Terms and Conditions of the Notes” in the Programme Memorandum (the “Terms and Conditions”) of the following: 1. the delisting of the Notes by way of a conversion event, whereby the Central Securities Depository Participants will be replacing the ISIN Codes and Common Codes of each of the Notes referred to below listed on the Interest Rate Market of the JSE Limited (the Interest Rate Market) with new ISIN Codes and Common Codes reflecting the switch from “listed” to “unlisted”; 2. in accordance with the provisions of the Notes, as set out in the Applicable Pricing Supplements in respect of Series 01 (original ISIN Code: ZAG000096926 and original Common Code IDW001) initially issued by the Issuer on 10 July 2012, the Issuer hereby confirms that the last settlement date for IDW001 Notes on the Interest Rate Market will be 28 July 2014 and the delisting of the IDW001 Notes from the Interest Rate Market will be effective on 29 July 2014 by converting the unlisted IDW001 Notes to unlisted IDW01U Notes as set out in the Amended and Restated Pricing Supplement (new ISIN code: ZAG000117847 and new Common Code IDW01U) with the first settlement date of such Unlisted Notes being 29 July 2014; 3. in accordance with the provisions of the Notes, as set out in the Applicable Pricing Supplements in respect of Series 02 (original ISIN Code: ZAG000097049 and original Common Code IDW002) initially issued by the Issuer on 10 July 2012, the Issuer hereby confirms that the last settlement date for IDW002 Notes on the Interest Rate Market will be 28 July 2014 and the delisting of the IDW002 Notes from the Interest Rate Market will be effective on 29 July 2014 by converting the unlisted IDW002 Notes to unlisted IDW02U Notes as set out in the amended and Restated Pricing Supplement (new ISIN code: ZAG000117854 and new Common Code IDW02U) with the first settlement date of such Unlisted Notes being 29 July 2014; and 4. in accordance with the provisions of the Notes, as set out in the Applicable Pricing Supplements in respect of Series 03 (original ISIN Code: ZAG000101106 and original Common Code IDW003) initially issued by the Issuer on 08 November 2012, the Issuer hereby confirms that the last settlement date for IDW003 Notes on the Interest Rate Market will be 28 July 2014 and the delisting of the IDW003 Notes from the Interest Rate Market will be effective on 29 July 2014 by converting the unlisted IDW003 Notes to unlisted IDW03U Notes as set out in the amended and Restated Pricing Supplement (new ISIN code: ZAG000117862 and new Common Code IDW03U) with the first settlement date of such Unlisted Notes being 29 July 2014. 16 July 2014 Debt Sponsor (Rand Merchant Bank division of FirstRand Bank Limited) Date: 16/07/2014 04:49:00 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 implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.