INVESTEC BANK LIMITED - TBSIHC- Expiry

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)

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