Interest Rate Reset The Thekwini Fund 11 (RF) Limited (incorporated with limited liability in the Republic of South Africa) (Registration number 2013/020 930/06) Instrument Code: TH11A1 ISIN: ZAG000107376 Instrument Code: TH11A2 ISIN: ZAG000107335 Instrument Code: TH11A3 ISIN: ZAG000107327 Instrument Code: TH11A4 ISIN: ZAG000110289 Instrument Code: TH11A5 ISIN: ZAG000110297 Instrument Code: TH11A6 ISIN: ZAG000110305 Instrument Code: TH11A7 ISIN: ZAG000114307 Instrument Code: TH11A8 ISIN: ZAG000114323 Instrument Code: TH11B1 ISIN: ZAG000107343 Instrument Code: TH11B2 ISIN: ZAG000110313 Instrument Code: TH11B3 ISIN: ZAG000114331 Instrument Code: TH11C1 ISIN: ZAG000107350 Instrument Code: TH11C2 ISIN: ZAG000110263 Instrument Code: TH11C3 ISIN: ZAG000114349 Instrument Code: TH11D1 ISIN: ZAG000107368 Instrument Code: TH11D2 ISIN: ZAG000110271 Instrument Code: TH11D3 ISIN: ZAG000114356 The Thekwini Fund 11 (RF) Limited Interest Rate Resets Please note, for the interest period from and including 18 January 2017 to, but excluding, 18 April 2017, the interest rates for The Thekwini Fund 11 (RF) Limited Notes will be as follows: R 66 114 207.00 Class A1 Secured Floating Rate Notes due 18 July 2041 (the Class A1 Notes) (ISIN No. ZAG000107376; Instrument Code TH11A1) R 500 000 000.00 Class A2 Secured Floating Rate Notes due 18 July 2041 (the Class A2 Notes) (ISIN No. ZAG000107335; Instrument Code TH11A2) R 45 000 000.00 Class A3 Secured Fixed Rate Notes due 18 July 2041 (the Class A3 Notes) (ISIN No. ZAG000107327; Instrument Code TH11A3)* R 61 816 783.00 Class A4 Secured Floating Rate Notes due 18 July 2041 (the Class A4 Notes) (ISIN No. ZAG000110289; Instrument Code TH11A4) R 433 000 000.00 Class A5 Secured Floating Rate Notes due 18 July 2041 (the Class A5 Notes) (ISIN No. ZAG000110297; Instrument TH11A5) R 253 000 000.00 Class A6 Secured Fixed Rate Notes due 18 July 2041 (the Class A6 Notes) (ISIN No. ZAG000110305; Instrument Code TH11A6)* R 37 519 811.00 Class A7 Secured Floating Rate Notes due 18 July 2041 (the Class A7 Notes) (ISIN No. ZAG000114307; Instrument Code TH11A7) R 832 000 000.00 Class A8 Secured Floating Rate Notes due 18 July 2041 (the Class A8 Notes) (ISIN No. ZAG000114323; Instrument Code TH11A8) R 59 000 000.00 Class B1 Secured Floating Rate Notes due 18 July 2041 (the Class B1 Notes) (ISIN No. ZAG000107343; Instrument Code TH11B1) R 66 000 000.00 Class B2 Secured Floating Rate Notes due 18 July 2041 (the Class B2 Notes) (ISIN No. ZAG000110313; Instrument Code TH11B2) R 67 000 000.00 Class B3 Secured Floating Rate Notes due 18 July 2041 (the Class B3 Notes) (ISIN No. ZAG000114331; Instrument Code TH11B3) R 48 000 000.00 Class C1 Secured Floating Rate Notes due 18 July 2041 (the Class C1 Notes) (ISIN No. ZAG000107350; Instrument Code TH11C1) R 54 000 000.00 Class C2 Secured Floating Rate Notes due 18 July 2041 (the Class C2 Notes) (ISIN No. ZAG000110263; Instrument Code TH11C2) R 45 000 000.00 Class C3 Secured Floating Rate Notes due 18 July 2041 (the Class C3 Notes) (ISIN No. ZAG000114349; Instrument Code TH11C3) R 18 000 000.00 Class D1 Secured Floating Rate Notes due 18 July 2041 (the Class D1 Notes) (ISIN No. ZAG000107368; Instrument Code TH11D1) R 20 000 000.00 Class D2 Secured Floating Rate Notes due 18 July 2041 (the Class D2 Notes) (ISIN No. ZAG000110271; Instrument Code TH11D2) R 29 000 000.00 Class D3 Secured Floating Rate Notes due 18 July 2041 (the Class D3 Notes) (ISIN No. ZAG000114356; Instrument Code TH11D3) (Collectively, the Notes) Notice is hereby given, in accordance with condition 8.3.of the terms and conditions of the Notes, that the JIBAR rate for the interest period (from and including 18 January 2017 to, but excluding, 18 April 2017), based on JIBAR for 3-month Rand deposits for the floating rate Notes, was fixed at 7.358% on 18 January 2017. Interest on the Class A1 Floating Rate Notes for the interest period was set at 8.588%. Interest on the Class A2 Floating Rate Notes for the interest period was set at 8.908%. Interest on the Class A3 Fixed Rate Notes for the interest period was set at 8.730%.* Interest on the Class A4 Floating Rate Notes for the interest period was set at 8.558%. Interest on the Class A5 Floating Rate Notes for the interest period was set at 8.848%. Interest on the Class A6 Fixed Rate Notes for the interest period was set at 8.200%.* Interest on the Class A7 Floating Rate Notes for the interest period was set at 8.498%. Interest on the Class A8 Floating Rate Notes for the interest period was set at 8.848%. Interest on the Class B1 Floating Rate Notes for the interest period was set at 9.358%. Interest on the Class B2 Floating Rate Notes for the interest period was set at 9.248%. Interest on the Class B3 Floating Rate Notes for the interest period was set at 9.208%. Interest on the Class C1 Floating Rate Notes for the interest period was set at 10.238%. Interest on the Class C2 Floating Rate Notes for the interest period was set at 10.198%. Interest on the Class C3 Floating Rate Notes for the interest period was set at 9.848%. Interest on the Class D1 Floating Rate Notes for the interest period was set at 13.358%. Interest on the Class D2 Floating Rate Notes for the interest period was set at 13.398%. Interest on the Class D3 Floating Rate Notes for the interest period was set at 13.198%. *Fixed note interest is paid semi-annually. 19 January 2017 Debt Sponsor The Standard Bank of South Africa Limited Date: 19/01/2017 10:32:00 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. 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