THE THEKWINI FUND 10 (RF) LIMITED - Counterparty Rating Announcement

Counterparty Rating Announcement

The Thekwini Fund 10 (RF) Limited
Stock Code: TH10A1, TH10A2, TH10A3, TH10A4, TH10A5, TH10A6,
TH10A7, TH10A8, TH10A9, TH10B1, TH10B2, TH10C1, TH10C2, TH10D1,
TH10D2

ISIN Code: ZAG000096108, ZAG000096124, ZAG000096132,
ZAG000100959, ZAG000100975, ZAG000100942, ZAG000101759,
ZAG000101734, ZAG000101742, ZAG000096090, ZAG000100967,
ZAG000096116, ZAG000100983, ZAG000096082, ZAG000100991

09 February 2015

Counterparty Ratings Announcement

In accordance with the transaction documents, SA Home Loans
(Pty) Ltd, in its capacity as Servicer to the Issuer, has
notified Moodys Investor Services that for the following
counterparty roles:
-   Account Bank
-   Redraw Facility Provider
-   Guaranteed Investment Contract Provider
-   Permitted Investments
the counterparties utilised by the Issuer will have a long-term
national scale rating of at least A1.za. In addition, the
triggers in the Swap Agreement have been adjusted such that the
Derivative Counterparty will be required to post collateral upon
the loss of A2.za and will be required to be replaced upon the
loss of A3.za. Moodys Investor Services has confirmed in writing
that the use of counterparties with such rating and the
adjustment to the Swap triggers shall not cause it to downgrade
or withdraw the current ratings on the Notes.

The Standby Servicer for the Issuer is The Standard Bank of
South Africa Limited which has a long term national scale rating
of A1.za.

SA Home Loans (Proprietary) Limited as Servicer to The Thekwini
Fund 10 (RF) Limited.

Further information on the Note issued please contact:
Mike Brunke   Standard Bank (Debt Sponsor)
Tell: (011) 721 8101
Email: mike.brunke@standardbank.co.za

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