THE NITRO SECURITISATION 5 ISSUER TRUST - Notification of the Availability of the Amended Common Terms Agreement and Update to the Offering Circular

Notification of the Availability of the Amended Common Terms Agreement and Update to the Offering Circular

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

NOTIFICATION OF THE AVAILABILITY OF THE AMENDED COMMON TERMS AGREEMENT AND
UPDATE TO THE OFFERING CIRCULAR

Nitro 5 has entered into an Amended Common Terms Agreement (the “Agreement”) with
bondholders of the ZAR 2,457,000,000.00 asset backed notes Offering Circular (the “OC”). A summary
of the changes effected is provided below.

    -   Amendments to the required credit rating, per 3.1 of the Agreement, by the rating agency has
        been made as follows:

        Required Credit Rating        Previous Rating                New Rating

        Bank Account                  BBB- on a long-term global     BB on a long-term global scale
                                      scale (local currency)         (local currency)

        Derivative Counterparty       BBB- on a long-term global     BB on a long-term global scale
                                      scale (local currency)         (local currency)

        Permitted Investments in      BBB- on a long-term global     BB on a long-term global scale
        respect of the investment     scale (local currency)         (local currency)
        or entity

    -   The rating in respect of the Servicer, other transaction parties required to hold a rating in
        terms of the transaction documents and each other case remains unchanged.

    -   Amendments to the ISDA Master Agreements and Schedules, as stipulated in 3.2 of the
        Agreement, resulting in a change to the definitions of the S&P Collateralisation Event and the
        S&P Replacement Event in the ISDA Master Agreement as well as the ISDA CSA definitions to
        accommodate the changes to the required credit ratings;

    -   Amendments to the definitions referred to in Condition 1 of the Terms and Conditions to
        accommodate the changes to the required credit rating as per 3.3 of the Agreement; and

    -   Amendment to the OC to include wording to incorporate that the OC must be read in
        conjunction with the Agreement.

The updated OC and the Agreement is available for inspection at the registered office of the Issuer
and on their website, https://www.rmb.co.za/conduits/nitro


30 May 2018

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

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