Moody's Recalibrates South Africa's National Rating Scale and Repositions National Scale Ratings in Structured Finan The Thekwini Fund 10 (RF) Limited (incorporated with limited liability in the Republic of South Africa) (Registration number 2012/030 394/06) Instrument Code: TH10B1 ISIN: ZAG000096090 Instrument Code: TH10B2 ISIN: ZAG000100967 Instrument Code: TH10C1 ISIN: ZAG000096116 Instrument Code: TH10C2 ISIN: ZAG000100983 Moody's Recalibrates South Africa's National Rating Scale 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 ZAG000096090 B1 Baa2 A1.za Aaa.za ZAG000096116 C1 Ba1 A3.za A1.za ZAG000100967 B2 Baa2 A1.za Aaa.za ZAG000100983 C2 Ba1 A3.za A1.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 11:00:00 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.