GEN -General - Basil Read Limited - GCR affirms rating at BB-(ZA), negative outlook and withdraws ratings Basil Read Limited (Incorporated in the Republic of South Africa) Registration Number 1962/002313/06 JSE Code: BSR17 ISIN No: ZAR000127333 ("Basil Read" or "the Company") GCR affirms rating at BB-(ZA), negative outlook and withdraws ratings On 20 December 2017, the Global Credit Ratings Co. (“GCR”) affirmed the national scale Issuer ratings assigned to Basil Read Holdings Limited at BB-(ZA) and B(ZA) in the long term and short term respectively, with the outlook accorded as negative. This rating is in line with previously reported on 13 September 2017. The credit ratings accorded to Basil Read Holdings limited were based on, inter alia, information contained in (i) Basil Read’s unaudited results for the six months ended 30 June 2017 released on SENS on 28 August 2017, (ii) the Company’s cautionary announcements dated 28 August 2017, 2 October 2017, 2 November 2017 and 4 December 2017, and (iii) the announcement released on SENS on 5 December 2017 relating to the execution by the Company of a debt standstill agreement with its major unsecured creditors. The Company has decided to terminate its contract with GCR due to the delisting and privatisation of its corporate bond and to reduce overhead costs. Consequently, GCR has withdrawn all of the ratings. Johannesburg 20 December 2017 Debt Sponsor Nedbank Corporate and Investment Banking Date: 20/12/2017 11:30:00 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.