Notification of a change to the credit rating of the issuer The Nitro Securitisation 5 Issuer Trust (Incorporated in the Republic of South Africa) (Master’s Reference No. IT022168/2014) Company code: NIT (“Nitro 5” or “the Issuer”) NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER Bondholders are advised that the Issuer has formally accepted the rating assigned by S&P Global Ratings (“S&P”) on 18 December 2017. S&P has taken various rating actions on the class C, D, and E in Nitro Securitisation 5 Issuer Trust as detailed below. Rating Action Global / National Class of Notes From To Scale Rating Downgraded Global Scale C BB+ (sf) BB (sf) Affirmed Global Scale D B (sf) B (sf) Affirmed Global Scale E CCC (sf) CCC (sf) Upgraded National Scale C zaA zaAA- Upgraded National Scale D zaB zaBBB- Upgraded National Scale E zaCCC zaB- The rationale for the rating action is due to the full review by S&P of the transaction’s credit, cash flow, counterparty, and operational risks under the relevant criteria. The rating action brings the Global Scale ratings of the Class C notes in line with the rating for FirstRand Bank Ltd., while the upgraded National Scale ratings reflect the recalibration of the South Africa national scale mapping table. The media release of the ratings assigned by S&P has been made available at the below link http://www.rmb.co.za/globalmarkets/nitro.asp. 19 December 2017 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19/12/2017 04:00:00 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.