Capital Harvest Finance (RF) Limited – December 2021

The Transaction is an asset-backed securitisation of agricultural loans that are advanced to commercial farmers in South Africa. The agricultural loans are originated by Capital Harvest (Pty) Ltd (the “Originator” or “CH”), which operates as a primary and secondary agriculture financier, and sold to the Issuer by CH and/or the Capital Harvest Warehouse SPV (RF) Proprietary Limited (the “Warehouse SPV”). This is the first rated asset-backed securitisation programme that is backed by assets (the “Participating Assets”) originated by CH.

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Chubb Insurance South Africa Limited – September 2021

ACE Limited acquired The Chubb Corporation and its affiliates on the 14th January 2016. As such, The Chubb Corporation merged into ACE INA Holdings Inc. (“AIH”), with AIH being the surviving entity. Pursuant to that, ACE Limited changed its name to Chubb Limited, with the majority of subsidiaries and affiliates rebranding, including Chubb SA rebranding to Chubb Insurance South Africa Limited on the 1st July 2016.

The insurer established a physical presence in the South African market in 2006 and is a wholly owned subsidiary of Chubb INA International Holdings Limited (“CIIH”). CIIH is a subsidiary of Chubb INA Holdings Inc, an entity which is ultimately owned by Chubb Limited. The latter is listed on the New York Stock Exchange and has operations across the globe. In view of this, the report is a reflection of Chubb Insurance’s stand-alone credit profile.

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Centriq Insurance Company Limited – October 2021

Centriq is a licensed short term cell captive insurance company that was established in 2004. The insurer is wholly
owned by Centriq Insurance Holdings Limited, which is a 100% owned subsidiary of Santam Limited (“Santam”). As at
October 2021, Santam had a market capitalisation of around R28.2bn, and currently has a GCR national scale rating
of AAA(ZA).

GCR considers Centriq to be strategically important to the Santam group, given its strategic focus on growing market share in the specialist lines segment, as well as its broad participation on the reinsurance programme. This is reinforced by integration of risk management and high levels of operational assimilation.

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Cell Insurance Company Limited – February 2022

Cell was established in 2003 as the first licenced captive insurance company in Zimbabwe covering the risks of the national power utility company. This positioned the company as a unique alternative risk transfer provider in a market dominated by conventional insurance products. The company opened to external markets in 2004. Open market business was initially focussed on providing specialist insurance for mining, energy and hospitality risks, and branched out to conventional insurance products to diversify the product range. Customised short-term insurance and risk management products to corporates and individuals are underwritten through Alternative Risk Transfer Solutions.

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CBZ Life Limited – December 2021

CBZ Life was incorporated in 2010 as a long term insurance company. Trading commenced in 2011, with the bulk of business being derived from the insurer’s affiliation with CBZ Holdings (“CBZH”). CBZH is listed on the Zimbabwean Stock Exchange. The flagship company is CBZ Bank, which is the country’s largest bank by assets. Other group companies include CBZ Asset Management (the third largest asset management company by funds under management. CBZ Life and CBZ Insurance comprise the group’s insurance portfolio. The analysis for CBZ Life was conducted using a standalone analytical approach with a group cap applied.

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CBZ Insurance (Private) Limited – November 2021

CBZ Insurance is a privately owned company established in 2005. The insurer is largely owned by CBZ Holdings Limited (“CBZH”), with a shareholding of 98.4%. The balance is held by Kaltox Investments (Private) Limited (1.6%). The flagship company is CBZ Bank, which is the country’s largest bank by asset value. Other group companies include CBZ Asset Management, the third largest asset management company by funds under management (“FUM”), while CBZ Life and CBZ Insurance comprise the group’s insurance portfolio.

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Bankmed – September 2021

Bankmed was established as a restricted medical scheme in 1914, with the aim of servicing the banking and financial services sector (specifically those entities with a banking license). The scheme provides healthcare funding to more than 30 financial institution groups operating in South Africa, including three of the four largest banking groups. The scheme is administered by Discovery Health (Pty) Ltd.

Bankmed focuses on balancing affordability with reserve utilisation, aiming to grow the membership base without adversely impacting the scheme’s financial sustainability. This is accompanied by claims control measures through tariff negotiation and its wellness programme, which was adapted to allow for off-site / home visits to cater for the hard lockdown and working from home in 2020. The scheme aims to continue to enhance its products to attract and retain members, with the growth strategy tilted towards the lower cost options. The scheme has maintained a strong financial profile, characterised by a very strong solvency margin and broadly positive operational cash flow generation, and small but fairly consistent normalised net surpluses (adjusting for the atypically low claims frequency during COVID-19).

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AB Finco 2 (RF) Limited, Transaction 3, Series 2 – September 2021

The Issuer is a bankruptcy remote, ring-fenced Special Purpose Vehicle (“SPV”) established for the repackaging of South African Government bonds and was incorporated and registered as a public company with limited liability under the South African Companies Act, 2008. The ordinary shares of the Issuer are held by the Issuer Owner Trust.

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AB Finco 2 (RF) Limited, Transaction 1, Series 2 – September 2021

The Issuer is a bankruptcy remote, ring-fenced Special Purpose Vehicle (“SPV”) established for the repackaging of South African Government bonds and was incorporated and registered as a public company with limited liability under the South African Companies Act, 2008. The ordinary shares of the Issuer are held by the Issuer Owner Trust.

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Urban Ubomi 1 (RF) Ltd – February 2022

Urban Ubomi 1 (RF) Ltd is a bankruptcy remote, ring-fenced SPV owned by The Urban Ubomi 1 Owner Trust. The trustee of the Owner Trust is Quadridge Trust Services Proprietary Limited. On 23 March 2021, Urban Ubomi 1 issued a total of R609m of Existing Notes under its R2.5bn Mortgage Loan Backed Securitisation Programme.

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