Moody's Recalibrates South Africa's National Scale Ratings and Repositions National Scale Ratings of Sub-Sovereigns THE CITY OF CAPE TOWN (A Municipality in terms of Section 155 of the Constitution of the Republic of South Africa, duly established by notice in the Provincial Notice 479/2000 dated 22nd September 2000, of the Western Cape, pursuant to Section 12(1) and Section 14(2) of the Local Government: Municipal Structures Act, 1998 (Act 117 of 1998) as amended) Instrument Code: CCT01 ISIN: ZAG000054982 Instrument Code: CCT02 ISIN: ZAG000068719 Instrument Code: CCT03 ISIN: ZAG000075995 (“CCT”) or (“the Municipality”) Moody's Recalibrates South Africa's National Scale Ratings and Repositions National Scale Ratings of Sub-Sovereigns Noteholders are advised that Moody's Investors Service (“Moody’s”) has repositioned the national scale ratings (NSRs) of 16 South African sub-sovereign issuers in conjunction with the recalibration of the South African national rating scale. In addition, Moody's has publically assigned global scale ratings (GSRs) to 15 issuers. As a result of this recalibration, Moody’s has stated that the City of Cape Town has been assigned a Baa2/Prime-2 global scale issuer and debt ratings. This rating reflects the city’s good budgetary performance, strong liquidity position and moderate debt levels. The financial position of the city is supported by the administration’s prudent financial policies and it’s relatively large and diversified economic base. More details of the revised rating methodology are available through Moody’s website on: www.moodys.com Cape Town 16 May 2016 Debt Sponsor The Standard Bank of South Africa Limited Date: 16/05/2016 09:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.