Moody's Recalibrates South Africa's National Rating Scale Rating and Repositions National Scale Ratings in Structure The Thekwini Fund 9 (RF) Limited (incorporated with limited liability in the Republic of South Africa) (Registration number: 2011/001 385/06) Instrument Code: THE9B1 ISIN: ZAG000087107 Instrument Code: THE9B2 ISIN: ZAG000089442 Instrument Code: THE9B3 ISIN: ZAG000092875 Instrument Code: THE9C1 ISIN: ZAG000087115 Instrument Code: THE9C2 ISIN: ZAG000089459 Instrument Code: THE9C3 ISIN: ZAG000092883 Moody's Recalibrates South Africa's National Rating Scale Rating and Repositions National Scale Ratings in Structured Finance Transactions Noteholders are advised of Moody’s Investor Service’s recent repositioning of the national scale ratings of 33 South African structured finance notes in conjunction with the recalibration of South African national rating scale. Kindly take note of the below instruments which have been affected by the change in Moody’s methodology change below: Instrument Tranche Prior Prior Current/Revised Number Rating National National Scale Scale Rating Rating ZAG000092875 B3 Baa2 A2.za Aaa.za ZAG000092883 C3 Ba2 Baa2.za Baa1.za ZAG000087107 B1 Baa2 A2.za Aaa.za ZAG000087115 C1 Ba2 Baa2.za Baa1.za ZAG000089442 B2 Baa2 A2.za Aaa.za ZAG000089459 C2 Ba2 Baa2.za Baa1.za For more details on the revision of the ratings methodology process, please see below link to Moody’s website: https://www.moodys.com/research/Moodys-recalibrates-South- Africas-national-rating-scale-and-repositions-national-- PR_348599 18 May 2016 Debt Sponsor The Standard Bank of South Africa Limited Date: 18/05/2016 10:55:00 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.