Responds to Moody’s Investors Service’s negative credit rating outlook Airports Company of South Africa SOC Limited (Incorporated in the Republic of South Africa) (Registration number 1993/004149/06) JSE Code: BIACSA (“ACSA”) Airports Company South Africa responds to Moody’s Investors Service’s negative credit rating outlook Airports Company South Africa notes Moody’s Investors Service’s decision to change the company’s credit rating outlook from stable to negative, emanating from the draft Permission to levy airport charges for 2015/16 to 2019/20 as published. Moody’s Investors Service provided the following “Ratings Rationale” for the negative outlook: “The change in outlook reflects the increased risks to the financial profile of ACSA that stems from a significantly more challenging than anticipated draft regulatory proposal published on 22 May, which, if implemented in its current form, would weaken ACSA’s credit profile. If the draft regulatory proposal is implemented as currently proposed, the company would be at much greater risk of breaching its Net Debt / EBITDA financial covenant given the proposed substantial year one tariff reduction and limited time to take remedial actions”. Airports Company South Africa will continue engaging the economic regulator and has submitted its formal response to the draft Permission, which has taken into account the concerns raised by Moody’s. The final Permission determination is expected to be received by the end of June 2015. 05 June 2015 Debt Sponsor: The Standard Bank of South Africa Limited Date: 05/06/2015 05:45:00 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.