SUPERDRIVE INVESTMENTS (RF) LIMITED - Moody's Rating Action Commentary

Moody's Rating Action Commentary

SuperDrive Investments (RF) Limited
Incorporated in the Republic of South Africa
(Registration number 2011/000895/06)
("SuperDrive")

Instrument Code: SPDA15         ISIN Code: ZAG000178666
Instrument Code: SPDA17         ISIN Code: ZAG000188772
Instrument Code: SPDA18         ISIN Code: ZAG000206764
Instrument Code: SPDA19         ISIN Code: ZAG000206749


MOODY'S RATING ACTION COMMENTARY


Noteholders are advised that Moody's Ratings ("Moody's") has published a rating action commentary
relating to certain proposed amendments to the liquidity facility, subordinated loan and reserve fund in
connection with the proposed redemption of the Class A15 and Class A18 Notes.

In the rating action commentary, Moody's indicated that the implementation of the proposed amendments
would not, in and of itself and at this point in time, result in a reduction, placement on review for possible
downgrade or withdrawal of its current national scale ratings of the Class A Notes, being Aaa.za(sf)
/Baa1(sf).

The Moody's rating action commentary is available on Moody's website at:
https://www.moodys.com/research/Moodys-Ratings-No-adverse-rating-impact-on-Notes-issued-by-
Assessment-Announcement--PR_527412.


Johannesburg
6 August 2026

Debt Sponsor
Merchantec Capital

Transactional Debt Sponsor
Standard Bank, acting through its Corporate and Investment Banking division

Date: 06-08-2026 01:22:00
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