Rating Announcement on Notes Issued by Thekwini 16 The Thekwini Fund 16 (RF) Limited (“Thekwini 16”) Rating Announcement on Notes Issued by Thekwini 16 Dated: 23 August 2019 Stock Codes: T16OM1, TH16A1, TH16A2, TH16A3, TH16B1, TH16C1, TH16D1 ISIN Codes: ZAG000161720, ZAG000161662, ZAG000161670, ZAG000161688, ZAG000161696, ZAG000161704, ZAG000161712 Thekwini 16 would like to draw the market’s attention to the recent publications by Moody’s in relation to the notes issued on 21 August. On 29 July 2019 Moody’s issued a press release notifying the market that Moody’s had assigned provisional ratings to the notes to be issued by Thekwini 16. This press release can be found through the following link: https://www.moodys.com/research/Moodys-assigns-provisional- ratings-to-new-Notes-to-be-issued--PR_405052 On 21 August 2019 Moody’s issued a further press release stating that the provisional ratings for the class B and C notes yet to be issued had been downgraded due to “the correction of an error in Moody's prior analysis”. This press release can be found through the following link: https://www.moodys.com/research/Moodys-downgrades-provisional- ratings-of-Class-B-and-C-Notes--PR_407854 On 22 August 2019 Moody’s published their definitive ratings for the notes issued by Thekwini 16. This press release can be found through the following link: https://www.moodys.com/research/Moodys-assigns-definitive-ratings- to-new-Notes-issued-by-The--PR_407476 The revised applicable pricing supplement pertaining to the TH16C1 note can be found through the following link: https://www.sahomeloans.com/about/business- partners/investors?d=L1RyYW5zYWN0aW9uIGRvY3VtZW50cy9UaGVrd2luaS AxNi9BcHBsaWNhYmxlIFByaWNpbmcgU3VwcGxlbWVudHM%3D&m1dll_index_ge t=0 Please direct queries in relation to the above matters to either Abdul Ismail (Abduli@sahomeloans.com, 031 571 3002) or Nicholas Gunning (nicholas.gunning@standardbank.co.za, 011 721 7112). Sponsor: The Standard Bank of South Africa Limited Marc Hearn Standard Bank (Sponsor) (011) 721 7876 Email: mar.hearn@standardbank.co.za Date: 23/08/2019 04:23:00 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.