New Credit Rating Agency The Thekwini Fund 11 (RF) Ltd (Incorporated with limited liability in the Republic of South Africa) Registration number 2013/020930/06) Bond Codes: TH11A1, TH11A2, TH11A3, TH11A4, TH11A5, TH11A6, TH11A7, TH11A8, TH11B1, TH11B2, TH11B3, TH11C1, TH11C2, TH11C3 (“Thekwini 11”) or (“the Company”) New Credit Rating Agency Noteholders are advised that Thekwini 11 has appointed Global Credit Rating Co. (“GCR”) as the replacement credit rating agency for Fitch Ratings (“Fitch”). This replacement was as a result of an announcement by the Registrar of Credit Rating Agencies dated 4 September 2015 advising of the decision to deregister Fitch as a credit rating agency. In September 2015, Fitch affirmed all ratings assigned to notes issued by Thekwini 11. On 29 April 2016, GCR assigned ratings to notes issued by Thekwini 11 as follows: Instrument Bond Code Prior National New National GCR Scale Rating Scale Rating Outlook (Fitch) (GCR) ZAG000107376 TH11A1 AAA(zaf) AAA(ZA)(sf) Stable ZAG000107335 TH11A2 AAA(zaf) AAA(ZA)(sf) Stable ZAG000107327 TH11A3 AAA(zaf) AAA(ZA)(sf) Stable ZAG000110289 TH11A4 AAA(zaf) AAA(ZA)(sf) Stable ZAG000110297 TH11A5 AAA(zaf) AAA(ZA)(sf) Stable ZAG000110305 TH11A6 AAA(zaf) AAA(ZA)(sf) Stable ZAG000114307 TH11A7 AAA(zaf) AAA(ZA)(sf) Stable ZAG000114323 TH11A8 AAA(zaf) AAA(ZA)(sf) Stable ZAG000107343 TH11B1 A+(zaf) AA(ZA)(sf) Stable ZAG000110313 TH11B2 A+(zaf) AA(ZA)(sf) Stable ZAG000114331 TH11B3 A+(zaf) AA(ZA)(sf) Stable ZAG000107350 TH11C1 BBB-(zaf) BBB(ZA)(sf) Stable ZAG000110263 TH11C2 BBB-(zaf) BBB(ZA)(sf) Stable ZAG000114349 TH11C3 BBB-(zaf) BBB(ZA)(sf) Stable GCR has published the full rating report on Thekwini 11 which is available online at: https://globalratings.net/news/article/the-thekwini-fund-11-rf-limited-ndash- new-ratings-accorded Johannesburg 19 May 2016 Debt Sponsor The Standard Bank of South Africa Limited Date: 19/05/2016 12:04:00 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.