Transsec 2 (RF) Limited-Credit Rating Upgrade 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 Upgrade of Transsec 2 (RF) Limited Notes Date: 20 August 2019 Stock Code: TRA2A3, TRA2A6, TRA2B1, TRA2B2, TRA2C1, TRA2C2 Authorised Programme size R4,000,000,000 Total notes issued R 847,000,000 On 19 August 2019, S&P Global Ratings raised to 'zaAAA (sf)' its South African national scale credit ratings accorded to the class A3, A6, B1 and B2 notes issued by Transsec 2 (RF) Limited. The South African national scale credit rating accorded to the class C1 and C2 notes were raised to ‘zaAA+ (sf)’ (see list below). Stock Code Class Rating from: Rating to: TRA2A3 A3 zaAA+ (sf) zaAAA (sf) TRA2A6 A6 zaAA+ (sf) zaAAA (sf) TRA2B1 B1 zaAA+ (sf) zaAAA (sf) TRA2B2 B2 zaAA+ (sf) zaAAA (sf) TRA2C1 C1 zaA (sf) zaAA+ (sf) TRA2C2 C2 zaA (sf) zaAA+ (sf) The rating review of the notes follows publication of S&P’s revised counterparty risk criteria and sovereign risk criteria. The upgrades to the above notes takes into account a full review of the transaction’s credit, cash flow, counterparty and operational risks. This has resulted in Transsec 2 (RF) Limited’s ratings no longer being placed under observation. 20 August 2019 Debt Sponsor The Standard Bank of South Africa Limited Date: 20/08/2019 10:03:00 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.