TBSIHC- Expiry INVESTEC BANK LIMITED NOTICE OF REBATE Share TIGER BRANDS LIMITED Strike Price R 290.00 Stop-Loss Level R 328.00 Expiry Date 2018/04/20 Cover Ratio 1:1 Call/Put Call Style American Issue Size 250 000 JSE Code TBSIHC ISIN Code ZAE000244026 Investec Bank Limited, as Issuers of the above TBSIHC Hot Enhanced Distribution Security (HotEDS), advised holders that the abovementioned Hot Enhanced Distribution Security (HotEDS) were due to expire on 20 April 2018. The Rebate Payment, represented by the number of HotEDS held on the expiry date, multiplied by the excess of the simple average of the Volume Weighted Average Price (“VWAP”) of the Underlying Share over the two Business Days following the Expiry Date over the Exercise Price (Strike Price) of R 290.00. This amount will automatically accrue to holders via instruction through STRATE. The VWAP on, 23 April 2018 = R 387.7216 The VWAP on, 24 April 2018 = R 384.7370 The simple average of the 2 day VWAP = R 386.2293 Holders will receive R 96.23 for every warrant held. 25 April 2018 Copies of the offering circular may be obtained from: Investec Bank Limited 100 Grayston Drive Sandown Sandton 2196 For further information contact: Investec Warrants Tel.: 011 286-4672 E-mail: warrants@investec.co.za Internet: www.investecwarrants.com Sponsor Investec Securities (Pty) Ltd Member of the JSE Registration number. 1972/008905/07) Date: 25/04/2018 11:34:00 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.