Notice to Noteholders - Early Amortisation Event Torque Securitisation (RF) Limited (Incorporated in the Republic of South Africa) (Registration No. 2012/030043/06) Company code: TSRF (“Torque” or the “Issuer”) TORQUE SECURITISATION (RF) LIMITED ZAR5,000,000,000 SECURED NOTE PROGRAMME NOTICE TO NOTEHOLDERS 1 Reference is made to the secured note programme (the "Programme") as implemented and executed by Torque Securitisation (RF) Limited (the "Issuer") under the restated and amended programme memorandum issued by the Issuer dated 9 June 2015 (the "Programme Memorandum"). 2 Capitalised terms used in this notice and not otherwise defined herein, shall have the meanings ascribed to those terms in the Programme Memorandum. 3 Rand Merchant Bank (a division of FirstRand Bank Limited) (in its capacity as Administrator) and Iemas Financial Services (Co- operative) Limited (in its capacity as Servicer), have agreed that the Programme should wind-down prior to the Programme Termination Date. 4 Accordingly, Noteholders are hereby notified of the occurrence of an Early Amortisation Event as described in paragraph (a) of the definition of Early Amortisation Event. The Early Amortisation Period shall commence on 17 May 2016. On each Payment Date during the Early Amortisation Period, the Issuer will redeem the Notes outstanding in accordance with the Pre- Enforcement Priority of Payments. 20 May 2016 Debt Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 20/05/2016 11:50:00 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.