THE NITRO SECURITISATION 5 ISSUER TRUST - Notification of a change to the credit rating of the issuer

Notification of a change to the credit rating of the issuer

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 ISSUER

Bondholders are advised that the Issuer has formally accepted the rating assigned by S&P Global
Ratings (“S&P”) on 18 December 2017.

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


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


The rationale for the rating action is due to the full review by S&P of the transaction’s credit, cash
flow, counterparty, and operational risks under the relevant criteria. The rating action brings the
Global Scale ratings of the Class C notes in line with the rating for FirstRand Bank Ltd., while the
upgraded National Scale ratings reflect the recalibration of the South Africa national scale mapping
table.

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.


19 December 2017

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

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