GCR Ratings Affirms Nutun Limited’s National Scale Long and Short-Term Issuer Credit Ratings

Nutun Limited                                              Nutun Investments Limited
(formerly known as "Transaction Capital Limited")          (formerly known as "TransCapital Investments
(Incorporated in the Republic of South Africa)             Limited")
Registration number: 2002/031730/06                        (Incorporated in the Republic of South Africa)
JSE share code: NTU                                        Registration number: 2016/130129/06
ISIN: ZAE000167391                                         Bond company code: TCII
("Nutun" or "the Company" or "the Group")                  LEI: 378900AA31160C6B8195
                                                           ("Nutun Investments")


GCR RATINGS AFFIRMS NUTUN LIMITED'S NATIONAL SCALE LONG AND SHORT-TERM ISSUER CREDIT RATINGS TO A-(ZA) AND A2(ZA) 
RESPECTIVELY, WITH THE RATING OUTLOOK REVISED TO NEGATIVE

GCR Ratings ("GCR") has affirmed the South African national scale long and short-term issuer credit ratings
of Nutun Limited at A-(ZA) and A2(ZA) respectively with the outlook revised to Negative until successful
strategic execution translates to a sustainable improvement in the competitive position. The long-term
international scale rating has been affirmed at B+, with the rating Outlook also revised to Negative.

A full ratings report will be uploaded onto the website once made available by GCR. Shareholders and
noteholders are referred to the Company's website on https://www.nutun.com/investor-
relations/invesments-limited.


Sandton
1 September 2025

Enquiries:
Jerain Naidoo – Company Secretary
Email: jerainn@nutun.com


JSE equity sponsor:
Investec Bank Limited

JSE debt sponsor:
Merchantec Capital

Enquiries:
IR@nutun.com

Date: 01-09-2025 10:02:00
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