SUPERDRIVE INVESTMENTS(RF)(PTY)LTD - Temporary waiver of certain contractual requirements by Superdrive

Temporary waiver of certain contractual requirements by Superdrive

SuperDrive Investments      (RF)   Proprietary   Limited    –   Amendment
Announcement

Date: 22 November 2012

SuperDrive Investments (RF) Proprietary Limited

Stock Code: SPDA1, SPDA2, SPDA3, SPDA4
ISIN   Code:       ZAG000088774,       ZAG000088782,       ZAG000094202,
ZAG000094210

Authorised Programme size              ZAR 10,000,000,000
Total notes issued                     ZAR 3,500,000,000

Sponsor: Standard Bank

TEMPORARY   WAIVER  OF   CERTAIN   CONTRACTUAL  REQUIREMENTS  BY
SUPERDRIVE INVESTMENTS (RF) (PROPRIETARY) LIMITED (“SUPERDRIVE”)
FOLLOWING THE RECENT DOWNGRADE OF THE STANDARD BANK OF SOUTH
AFRICA LIMITED BY MOODY’S INVESTOR SERVICES

On 4 October 2012 Moody’s Investor Services reduced the short-
term local currency global scale rating of The Standard Bank of
South Africa Limited (“Standard Bank”) from Prime-1 to Prime-2.
As a consequence Standard Bank no longer has the required credit
rating to act as Hedge Counterparty to SuperDrive, as set out in
the   Transaction   Documents   relating   to  SuperDrive’s   ZAR
10,000,000,000   Asset   Backed   Medium  Term  Note   Programme.
Investors are hereby informed that SuperDrive, with the consent
of the SuperDrive Guarantor SPV has taken the following steps:

1. Moody’s Investor Services has been engaged to perform a rating
   assessment of a proposed amendment to the rating levels
   required to act as Hedge Counterparty, with the aim of
   affirming the current ratings of the Notes;

2. Pending the rating affirmation SuperDrive has agreed to
   temporarily waive all requirements to post collateral or
   replace Standard Bank as Hedge Counterparty until 31 January
   2013 or the further downgrading of Standard Bank by Moody’s
   Investor Services.

Further information on the Note issued please contact:
Mike Brunke              SBSA (Sponsor)           (011) 378 8101
Email: mike.brunke@standardbank.co.za

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