Results of Noteholder Meeting - NQA NQABA FINANCE 1 SECURITY SPV (RF) PROPRIETARY LIMITED Registration Number 2005/036141/07 (the "the Security SPV") Bond Code ISIN NQ1A10 ZAG000077686 NQ1A24 ZAG000143991 NQ1A25 ZAG000144007 NQIA27 ZAG000151531 NQIA28 ZAG000159583 NQ1B10 ZAG000077702 NQ1B17 ZAG000126467 NQ1B20 ZAG000151549 NQ1B21 ZAG000159591 NQ1C10 ZAG000077694 NQ1C17 ZAG000126459 NQF1D5 ZAG000077678 RESULTS OF NOTEHOLDER MEETING HELD ON 13 DECEMBER 2019 Noteholders are advised that at the meeting of noteholders (“Noteholders’ Meeting”) held today, 13 December 2019, other than Extraordinary Resolution 2, all of the resolutions as set out in the notice of Noteholders’ Meeting were passed by the requisite majority of votes of noteholders present in person or represented by proxy. The voting results were as follows: TOTAL SHARES VOTED SHARES SHARES ABSTAINED NOT VOTED FOR AGAINST NUMBER % % % RESOLUTION (%) (%) EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 1 – AMENDING THE DEFINTION OF “EARLY AMORTISATION EVENT” AT SUB-PARAGRAPH 1.80.5 OF THE PROGRAMME MEMORANDUM EXTRAORDINARY 52% 48% ZAR642,254,700 39% 46% 15% RESOLUTION 2 - AMENDING THE DEFINTION OF “EARLY AMORTISATION EVENT” AT SUB-PARAGRAPH 1.80.8 OF THE PROGRAMME MEMORANDUM RELATING TO THE RATING OF ESKOM EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 3 - AMENDING THE DEFINTION OF “EARLY AMORTISATION EVENT” BY ADDING A NEW SUB-PARAGRAPH 1.80.9 OF THE PROGRAMME MEMORANDUM EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 4 – AMENDMENT TO THE INTEREST RATE APPLICABLE TO THE SUBORDINATED LOANS EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 5 - ADDITIONAL CONDITION IN RELATION TO AMENDMENTS TO THE ELGIBILITY CRITERIA EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 6 – EFFECTIVE DATE OF THE AMENDMENTS EXTRAORDINARY 100% 0% ZAR642,254,700 39% 46% 15% RESOLUTION 7 – WAIVER OF THE CONTINUING POTENTIAL EVENT OF DEFAULT 13 December 2019 Debt Sponsor Absa Corporate and Investment Bank, a division of Absa Bank Limited Date: 13-12-2019 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.