Credit Rating Downgrade of Transsec RF Limited Notes Transsec RF Limited (Incorporated with limited liability in the Republic of South Africa) (Registration number 2012/209822/06) Formerly called Transsec Proprietary Limited (with registration number 2012/209822/07) (“Transsec”) Credit Rating Downgrade of Transsec RF Limited Notes Date: 07 June 2017 Stock Code: TRAA2, TRAB1, TRAC1 Authorised Programme size R4,000,000,000 Total notes issued R1,193,000,000 As a direct consequence of its downgrade of the South African sovereign and FirstRand Bank Limited (the account bank for Transsec) credit ratings, on April 13, 2017, S&P Global Ratings placed on CreditWatch negative its ratings on Transsec RF Limited class A to C 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 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 (RF) Limited class A2, B1 and C1 notes (see list below). Stock Code Class Rating From: Rating to: TRAA2 A2 zaAAA (sf)/Watch Neg zaA (sf) TRAB1 B1 zaAA+ (sf)/Watch Neg zaA (sf) TRAC1 C1 zaA+ (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.