Credit Rating Downgrade of Transsec 2 RF Limited Notes Transsec 2 RF Limited (Incorporated with limited liability in the Republic of South Africa) (Registration number 2014/209982/07) Formerly called Transsec 2 Proprietary Limited (with registration number 2014/209982/07) (“Transsec 2”) Credit Rating Downgrade of Transsec 2 RF Limited Notes Date: 07 June 2017 Stock Code: TRA2A1, TRA2A2, TRA2A3, TRA2A4, TRA2A5, TRA2A6 Authorised Programme size R4,000,000,000 Total notes issued R 847,000,000 As a direct consequence of its downgrade of the South African sovereign and FirstRand Bank Limited (the account bank of Transsec 2) credit ratings, on April 13, 2017, S&P Global Ratings placed on CreditWatch negative its ratings on Transsec 2 RF Limited class A notes. Following the downgrade of the sovereign rating and the subsequent downgrades of the South African banks, no bank in South Africa meets the S&P Global Ratings prescribed minimum rating level for the account bank function. Transsec 2 RF Limited is therefore unable to find a suitably rated account bank for the transaction to maintain the previous rating levels. On June 6, 2017, S&P Global Ratings lowered to 'zaA (sf)' and removed from CreditWatch negative its South Africa national scale credit ratings on Transsec 2 RF Limited class A1, A2, A3, A4, A5, and A6 notes (see list below). Stock Code Class Rating From: Rating to: TRA2A1 A1 zaAAA (sf)/Watch Neg zaA (sf) TRA2A2 A2 zaAAA (sf)/Watch Neg zaA (sf) TRA2A3 A3 zaAAA (sf)/Watch Neg zaA (sf) TRA2A4 A4 zaAAA (sf)/Watch Neg zaA (sf) TRA2A5 A5 zaAAA (sf)/Watch Neg zaA (sf) TRA2A6 A6 zaAAA (sf)/Watch Neg zaA (sf) Debt Sponsor The Standard Bank of South Africa Limited Date: 07/06/2017 04:15:00 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.