Full Capital Redemption-TTF12 The Thekwini Fund 11 (RF) Limited (incorporated with limited liability in the Republic of South Africa) (“the Issuer”) (Registration number 2013/020 930/06) Issuer Code: TTF12 Date: 12 July 2018 Full Capital Redemption Announcement In accordance with the Terms and Conditions of The Thekwini Fund 11 (RF) Limited notes, relevant noteholders are advised of the below Full redemption effective Wednesday, 18 July 2018. Stock Code ISIN Capital Redemption Amount Outstanding Amount after Capital Redemption TH11A2 ZAG000107335 R 440 328 199.00 R0.00 TH11A3 ZAG000107327 R 45 000 000.00 R0.00 TH11A5 ZAG000110297 R 381 324 220.00 R0.00 TH11A6 ZAG000110305 R 253 000 000.00 R0.00 TH11A8 ZAG000114323 R 732 706 125.00 R0.00 TH11B1 ZAG000107343 R 59 000 000.00 R0.00 TH11B2 ZAG000110313 R 66 000 000.00 R0.00 TH11B3 ZAG000114331 R 67 000 000.00 R0.00 TH11C1 ZAG000107350 R 48 000 000.00 R0.00 TH11C2 ZAG000110263 R 54 000 000.00 R0.00 TH11C3 ZAG000114349 R 45 000 000.00 R0.00 TH11D1 ZAG000107368 R 18 000 000.00 R0.00 TH11D2 ZAG000110271 R 20 000 000.00 R0.00 TH11D3 ZAG000114356 R 29 000 000.00 R0.00 For further information please contact: Mike Brunke The Standard Bank of South Africa Limited +27 11 721 8101 Debt Sponsor The Standard Bank of South Africa Limited Date: 12/07/2018 04:54:00 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.