New Listing - 120th Supplement

INVESTEC BANK LIMITED

THE ISSUE OF HOT ENHANCED DIVIDEND SECURITIES

Investec Hot Enhanced Dividend Securities (HotEDS): Commencement Date: 15 December 2015

Share BHP Billiton plc

Strike Price R118.00
Stop-Loss Level R133.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 65 000
JSE Code BILIHA
ISIN Code ZAE000212643

Share MTN Group Limited

Strike Price R96.00
Stop-Loss Level R109.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 1 600 000
JSE Code MTNIHN
ISIN Code ZAE000212650
Share Standard Bank Group Limited

Strike Price R87.00
Stop-Loss Level R98.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 1 100 000
JSE Code SBKIHJ

ISIN Code ZAE000212668

Share Sasol Limited
Strike Price R283.00
Stop-Loss Level R320.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 60 000
JSE Code SOLIHM
ISIN Code ZAE000212684

The JSE Limited (“JSE”) has approved the listing of the abovementioned warrants and trading commenced on
Tuesday, 15 December 2015. All members of the JSE may participate in trading, which will occur according to
normal JSE Rules.

No emigrants or non-residents, both referred to as Restricted Shareholders, may participate in the Hot Enhanced
Dividend Securities (HotEDS) programme. As the Warrants have been dematerialised, settlement will be effected
electronically through the STRATE system of the JSE and accordingly, certificates evidencing the Warrants will not
be issued to Holders.

Any capitalised terms referred to herein, and not defined, shall bear the meanings ascribed thereto in the Warrant
issue documentation.

Date: 15 December 2015

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.investec.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) Ltd
Member of the JSE
Registration Number: 1972/008905/07

Date: 15/12/2015 10:13:00 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.

New Listing - 120th Supplement

INVESTEC BANK LIMITED

THE ISSUE OF HOT ENHANCED DIVIDEND SECURITIES

Investec Hot Enhanced Dividend Securities (HotEDS): Commencement Date: 15 December 2015

Share BHP Billiton plc

Strike Price R118.00
Stop-Loss Level R133.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 65 000
JSE Code BILIHA
ISIN Code ZAE000212643

Share MTN Group Limited

Strike Price R96.00
Stop-Loss Level R109.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 1 600 000
JSE Code MTNIHN
ISIN Code ZAE000212650
Share Standard Bank Group Limited

Strike Price R87.00
Stop-Loss Level R98.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 1 100 000
JSE Code SBKIHJ

ISIN Code ZAE000212668

Share Sasol Limited
Strike Price R283.00
Stop-Loss Level R320.00
Expiry Date 2016/12/15
Cover Ratio 1:1

Call/Put Call
Style American
Issue Size 60 000
JSE Code SOLIHM
ISIN Code ZAE000212684

The JSE Limited (“JSE”) has approved the listing of the abovementioned warrants and trading commenced on
Tuesday, 15 December 2015. All members of the JSE may participate in trading, which will occur according to
normal JSE Rules.

No emigrants or non-residents, both referred to as Restricted Shareholders, may participate in the Hot Enhanced
Dividend Securities (HotEDS) programme. As the Warrants have been dematerialised, settlement will be effected
electronically through the STRATE system of the JSE and accordingly, certificates evidencing the Warrants will not
be issued to Holders.

Any capitalised terms referred to herein, and not defined, shall bear the meanings ascribed thereto in the Warrant
issue documentation.

Date: 15 December 2015

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.investec.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) Ltd
Member of the JSE
Registration Number: 1972/008905/07

Date: 15/12/2015 10:13:00 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.