TORQUE SECURITISATION (RF) LIMITED - Notice to Noteholders - Early Amortisation Event

Notice to Noteholders - Early Amortisation Event

Torque Securitisation (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2012/030043/06)
Company code: TSRF
(“Torque” or the “Issuer”)

TORQUE SECURITISATION (RF) LIMITED
ZAR5,000,000,000 SECURED NOTE PROGRAMME

NOTICE TO NOTEHOLDERS


1   Reference is made to the secured note programme (the "Programme")
    as implemented and executed by Torque Securitisation (RF) Limited
    (the   "Issuer") under the restated and amended programme
    memorandum issued by the Issuer dated 9 June 2015 (the "Programme
    Memorandum").

2   Capitalised terms used in this notice and not otherwise defined
    herein, shall have the meanings ascribed to those terms in the
    Programme Memorandum.

3   Rand Merchant Bank (a division of FirstRand Bank Limited) (in its
    capacity as Administrator) and Iemas Financial Services (Co-
    operative) Limited (in its capacity as Servicer), have agreed
    that the Programme should wind-down prior to the Programme
    Termination Date.

4   Accordingly, Noteholders are hereby notified of the occurrence of
    an Early Amortisation Event as described in paragraph (a) of the
    definition of Early Amortisation Event. The Early Amortisation
    Period shall commence on 17 May 2016.


On each Payment Date during the Early Amortisation Period, the Issuer
will redeem the Notes outstanding in accordance with the Pre-
Enforcement Priority of Payments.


20 May 2016

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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