THE NITRO SECURITISATION 5 ISSUER TRUST - Notification of a Change to the Credit Rating of the Class D and E Notes

Notification of a Change to the Credit Rating of the Class D and E Notes

The Nitro Securitisation 5 Issuer Trust
(Incorporated in the Republic of South Africa)
(Master’s Reference No. IT022168/2014)
Company code: NIT
(“Nitro 5” or “the Issuer”)

NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE CLASS D AND E NOTES

Bondholders are advised that the Issuer has formally accepted the updated rating’s on the Nitro 5
notes assigned by S&P Global Ratings (“S&P”) on [date].

S&P has taken various rating actions on the Class D and E in Nitro Securitisation 5 Issuer Trust as
detailed below.


Rating Action       Global / National      Class of Notes       From                  To
                     Scale Rating
Upgraded            Global Scale           D                    B (sf)                BB (sf)
Upgraded            Global Scale           E                    CCC (sf)              B- (sf)
Upgraded            National Scale         D                    zaBBB- (sf)           zaAA+ (sf)
Upgraded            National Scale         E                    zaB- (sf)             zaBB- (sf)


The rating action follows a review of the transaction’s credit, cashflow, counterparty and operational
risks under S&Ps criteria as set out in the full report as well as the use of information from the investor
report and pool performance data as of June 2018.

The media release of the ratings assigned by S&P has been made available at the below link
http://www.rmb.co.za/globalmarkets/nitro.asp.

1 August 2018

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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