BLUE GRANITE INVEST NO 2 (PTY) LIMITED - Moody's Recalibrates South Africa's National Rating Scale Rating

Moody's Recalibrates South Africa's National Rating Scale Rating

Blue Granite Investments 2 (RF) Ltd

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

(Registration number 2006/007779/06)

Bond Code: BG22A3    ISIN No: ZAG000087560

Bond Code: BG22B1 ISIN No: ZAG000087552

Bond Code: BG22C1 ISIN No: ZAG000087578

Bond Code: BG22D1 ISIN No: ZAG000087586

(“Blue Granite”) or (“the Company”)

Moody's Recalibrates South Africa's National Rating Scale Rating and
Repositions National Scale Ratings in Structured Finance Transactions

Noteholders are advised of Moody’s Investor Service’s recent repositioning of
the national scale ratings OF 33 South African structured finance notes in
conjunction with the recalibration of South African national rating scale.

Kindly take note of the below instruments which have been affected by the
change in Moody’s methodology change below:


Instrument     Tranche   Current          Prior National   Scale   Revised
               Number    Global Rating    Rating                   National   Scale
                                                                   Rating

ZAG000087560   A-3       A2               Aa1.za                   Aaa.za

ZAG000087552   B         Baa3             A2.za                    Aa2.za

ZAG000087578   C         Ba2              Baa2.za                  Baa1.za

ZAG000087586   D         B3               Ba3.za                   B3.za



For more details on the revision of the ratings methodology process, please
see below link to Moody’s website:

https://www.moodys.com/research/Moodys-recalibrates-South-Africas-national-
rating-scale-and-repositions-national--PR_348599


Johannesburg
23 May 2016

Debt Sponsor
The Standard Bank of South Africa Limited

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