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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