Moody’s assigns definitive ratings to notes issued by Greenhouse Funding III (RF) Limited Greenhouse Funding III (RF) Limited (Incorporated in the Republic of South Africa) (Registration number: 2013/210846/06) JSE Code: GH31A1 ISIN No: ZAG000125329 JSE Code: GH31A2 ISIN No: ZAG000125337 JSE Code: GH31A3 ISIN No: ZAG000125345 JSE Code: GH31B ISIN No: ZAG000125352 JSE Code: GH31C ISIN No: ZAG000125360 MOODY’S ASSIGNS DEFINITIVE RATINGS TO NOTES ISSUED BY GREENHOUSE FUNDING III (RF) LIMITED Following the press release by the FSB dated 4 September 2015 advising of the decision to deregister Fitch ratings as a rating agency, Greenhouse Funding III (RF) Limited has appointed Moody’s Investors Service (Moody’s) as the replacement rating agency. On 16 May 2017, Moody’s assigned the following definitive long- term credit ratings to the notes issued by Greenhouse Funding III (RF) Limited: ZAR 503,483,826 Class A1 Secured Floating Rate Note due July 2041, Definitive Rating Assigned A1 (sf) / Aaa.za (sf) ZAR 400,000,000 Class A2 Secured Floating Rate Note due July 2041, Definitive Rating Assigned A1 (sf) / Aaa.za (sf) ZAR 680,000,000 Class A3 Secured Floating Rate Note due July 2041, Definitive Rating Assigned A1 (sf) / Aaa.za (sf) ZAR 80,000,000 Class B Secured Floating Rate Note due July 2041, Definitive Rating Assigned Baa1 (sf) / Aaa.za (sf) ZAR 65,000,000 Class C Secured Floating Rate Notes due July 2041, Definitive Rating Assigned Baa2 (sf) / Aa1.za (sf) Date: 17 May 2016 Debt Sponsor: Nedbank CIB Date: 17/05/2016 11:01:00 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.