BLUE GRANITE INVEST NO 1 (PTY) LTD - Blue Granite 1 Amendment Announcement

Blue Granite 1 Amendment Announcement

Blue Granite Investment No 1 (Proprietary) Limited – Amendment
Announcement

Date: 16 November 2012

Blue Granite Investment No 1 (Proprietary) Limited

Stock Code: BLG1A4, BLG1A5, BLG1A6, BLG1B, BLG1C, BLG1D, BLG1E,
BLG1F

ISIN Code: ZAG000026840, ZAG000082249, ZAG000082231,
ZAG000026875, ZAG000026865, ZAG000026873, ZAG000026881,
ZAG000082256

Authorised Programme size             R5,000,000,000
Total notes issued                    R2,683,000,000

Sponsor: Standard Bank

TEMPORARY WAIVER OF CERTAIN CONTRACTUAL REQUIREMENTS BY BLUE
GRANITE INVESTMENTS No.1 (PROPRIETARY) LIMITED (“BLUE GRANITE”)
FOLLOWING THE RECENT DOWNGRADE OF THE STANDARD BANK OF SOUTH
AFRICA LIMITED BY MOODY’S INVESTOR SERVICES

The R5,000,000,000 Asset Backed Note Programme established by
Blue Granite (“the Programme”), refers.

On 4 October 2012 Moody’s Investor Services reduced the short-
term local currency global scale rating of The Standard Bank of
South Africa Limited (“Standard Bank”) from Prime-1 to Prime-2
(“the Downgrade”).

As a consequence, Standard Bank no longer has the Required
Credit Rating to act as counter party, as set out in the
Transaction Documents, in respect of a number of functions
(including but not limited to its functions as the Account Bank,
the GIC Provider, the entity with which Permitted Investments
may be held, and the Derivative Counterparty) (collectively
referred to as “the Functions”).

Investors are hereby informed that:

  1) Blue Granite, with the consent of Blue Granite No. 1
     Security SPV (Proprietary) Limited (“the Security SPV”),
     has engaged the Rating Agency with a view to obtaining its
     confirmation that the Downgrade will not adversely affect
     its ratings of the notes in issue under the Programme (“the
     Rating Affirmation”);

  2) pending the Rating Affirmation, Blue Granite and the
     Security   SPV  have  agreed   to  temporarily   waive  all
     requirements provided for in the Transaction Documents that
     have arisen or may arise as a result of the Downgrade,
     until 31 January 2013 or the further downgrading of
     Standard Bank by Moody’s Investor Services, whichever
     occurs earlier; and

  3) upon receipt of the Rating Affirmation Standard Bank will
     again have the Required Credit Rating in respect of
     Standard Bank’s performance of each of the Functions, in
     that it will have “such other rating ... which the Rating
     Agency confirms in writing will not adversely affect its
     respective current Ratings of the Notes in issue” (as
     provided for in the definition of “Required Credit
     Rating”).

Further information on the Note issued please contact:
Armine Schaefer               SBSA (Sponsor)      (011) 378 8106
Email: armine.schaefer@standardbank.co.za

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