THE THEKWINI FUND 11 (RF) LIMITED - New Credit Rating Agency

New Credit Rating Agency

The Thekwini Fund 11 (RF) Ltd

(Incorporated with limited liability in the Republic of South Africa)

Registration number 2013/020930/06)

Bond Codes: TH11A1, TH11A2, TH11A3, TH11A4, TH11A5, TH11A6, TH11A7, TH11A8, TH11B1,
TH11B2, TH11B3, TH11C1, TH11C2, TH11C3

(“Thekwini 11”) or (“the Company”)

New Credit Rating Agency

Noteholders are advised that Thekwini 11 has appointed Global Credit Rating
Co. (“GCR”) as the replacement credit rating agency for Fitch Ratings
(“Fitch”). This replacement was as a result of an announcement by the
Registrar of Credit Rating Agencies dated 4 September 2015 advising of the
decision to deregister Fitch as a credit rating agency.

In September 2015, Fitch affirmed all ratings assigned to notes issued by
Thekwini 11. On 29 April 2016, GCR assigned ratings to notes issued by
Thekwini 11 as follows:

Instrument       Bond Code      Prior National   New National     GCR
                                Scale Rating     Scale Rating     Outlook
                                (Fitch)          (GCR)
ZAG000107376     TH11A1         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000107335     TH11A2         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000107327     TH11A3         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000110289     TH11A4         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000110297     TH11A5         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000110305     TH11A6         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000114307     TH11A7         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000114323     TH11A8         AAA(zaf)         AAA(ZA)(sf)      Stable
ZAG000107343     TH11B1         A+(zaf)          AA(ZA)(sf)       Stable
ZAG000110313     TH11B2         A+(zaf)          AA(ZA)(sf)       Stable
ZAG000114331     TH11B3         A+(zaf)          AA(ZA)(sf)       Stable
ZAG000107350     TH11C1         BBB-(zaf)        BBB(ZA)(sf)      Stable
ZAG000110263     TH11C2         BBB-(zaf)        BBB(ZA)(sf)      Stable
ZAG000114349     TH11C3         BBB-(zaf)        BBB(ZA)(sf)      Stable


GCR has published the full rating report on Thekwini 11 which is available
online at:

https://globalratings.net/news/article/the-thekwini-fund-11-rf-limited-ndash-
new-ratings-accorded


Johannesburg
19 May 2016

Debt Sponsor
The Standard Bank of South Africa Limited

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