NQABA FINANCE 1 (RF) LIMITED - Update of portfolio covenant and remedy of breach - NQA

Update of portfolio covenant and remedy of breach - NQA

NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Alpha code: NQA)
(“Nqaba" or the “Issuer”)

Bond Code            ISIN No
NQ1A10               ZAG000077686
NQ1A24               ZAG000143991
NQ1A25               ZAG000144007
NQ1A27               ZAG000151531
NQ1A28               ZAG000159583
NQ1B10               ZAG000077702
NQ1B17               ZAG000126467
NQ1B20               ZAG000151549
NQ1B21               ZAG000159591
NQ1C10               ZAG000077694
NQ1C17               ZAG000126459
NQF1D5               ZAG000077678


Update of portfolio covenant and remedy of breach

Noteholders are advised that the Issuer and GCR Ratings (the “Rating Agency”) have agreed to a
reduction to the payroll deduction percentage portfolio covenant with effect from 26 August 2022
(being the date agreed with the Rating Agency). The required minimum percentage has been
lowered by 1%, from 90% to 89%, in accordance with the definition of "Required Minimum Payroll
Deduction Percentage” per clause 1.240, read with the definition of “Most Recent Evaluation
Date” per clause 1.164 of the Nqaba Asset Backed Note Programme.

The Issuer advises that the breach of the payroll deduction percentage portfolio covenant
mentioned in the prior announcement released on the Stock Exchange News Service of the JS E
Limited on 23 August 2022, “Nqaba Amortisation Period update”, has accordingly been remedied.

Notwithstanding the above, the Issuer may still not purchase additional home loans due t o t he
Early Amortisation event that occurred on 31 July 2020.

For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za

Johannesburg
26 August 2022

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

Date: 26-08-2022 04:45:00
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