Adjustment to ESPIBH INVESTEC BANK LIMITED ADJUSTMENT TO ESPIBH - EQUITY STRUCTURED PRODUCT Reference Index JSETOP40 Strike Price 45,137.00 Expiry Date 08 December 2017 Cover Ratio 01:01 Call/Put Put Style European Issue Size 6,360 JSE Code ESPIBH ZAE000192167 Holders of ESPIBH (the “ESP”) are advised that a merger event between SAB Miller Limited and AB InBev took place on 29 September 2016 (the “Merger Effective Date”) in terms of which SAB Miller ordinary shares were delisted at a delisting price of R794.8368 per share. The merger event constituted an extraordinary event in respect of the put option confirmation relating to the ESP for which modified calculation agent adjustment applies. The put confirmation for the ESP also provided for the automatic adjustment of the holder underlying share basket to remove the SAB Miller shares from the share basket with effect from the Merger Effective Date. The ESP remains unchanged in all other respects and will only terminate on the scheduled Expiry Date. As a consequence of the removal of the SAB Miller shares Investec Bank Limited as borrower of the holder underlying share basket under a Global Master Securities Lending Agreement confirmation will not be obliged to return the SAB Miller shares to the ESP Trust on behalf of the holders. A further consequence of this adjustment is that the delisting of the SAB Miller shares constitutes a disposal of those shares by each of the ESP holders on the Merger Effective Date and depending on the individual circumstances of the ESP holders, SARS may assess individual holders for tax in the current tax year on the difference between the base cost of the SAB Miller shares at the initial ESP trade date and the delisting price of R794.8368 per share on the Merger Effective Date, notwithstanding that the ESP holders will not have received any payment in terms of the ESP. Any capitalized terms referred to herein, and not defined, shall bear the meanings ascribed thereto in the Warrant issue documentation. Date: 10 March 2017 Copies of the offering circular may be obtained from: Investec Bank Limited 100 Grayston Drive Sandown Sandton 2196 Copies of Warrant issue documentation can be located on: Internet: www.investecwarrants.com Place and Date of Incorporation of the Issuer: Incorporated in the Republic of South Africa Registration Number: 1969/004763/06 Date of Incorporation: 31 March 1969 For further information kindly contact: Investec Warrants Tel.: 0860 103 343 E-mail: warrants@investec.co.za Sponsor: Investec Securities (Pty) Limited Member of the JSE Registration Number: 1972/008905/07 Date: 10/03/2017 10:05:00 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.