SYNTHESIS FUNDING LIMITED - Ratings assigned by Global Credit Ratings Co. (GCR)

Ratings assigned by Global Credit Ratings Co. (“GCR”)

Synthesis Funding Limited

SY1286       ZAG000133653

SY1287       ZAG000133992

SY1299       ZAG000135914

SY1307       ZAG000137290

SY1308       ZAG000137506

SY1309       ZAG000137563

SY1310       ZAG000137688

SY1311       ZAG000137753

SY1312       ZAG000138231

SY1313       ZAG000138322



Ratings assigned by Global Credit Ratings Co. (“GCR”)


Due to the change in Fitch Ratings South Africa’s (“Fitch”) regulatory status and
Synthesis Funding Limited’s (“Synthesis”) request, Fitch has affirmed Synthesis’
commercial paper's national short-term rating at 'F1+(zaf)' and simultaneously
withdrawn the rating. In addition, Synthesis has engaged GCR, an approved External
Credit Assessment Institution (“ECAI”),to accord a credit rating. GCR has accorded
a final, public short term credit rating of ‘A1+(ZA)(sf)’ to the commercial paper
issued and to be issued by Synthesis.

GCR has published the full rating report on Synthesis, which is available online at:

http://www.synthesisfunding.co.za/Download/201604%20synthesis%20ne
w%20rating%20report.pdf

26 July 2016

Sponsor
Nedbank CIB a division of Nedbank Limited

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