Moody's Investor Services repositions the National Scale Ratings of Imperial Group Limited Imperial Group Limited (Incorporated in the Republic of South Africa) Registration No. 1983/009088/06) Bond issuer code: BIIMG (“Imperial Group”) MOODY'S INVESTOR SERVICES REPOSITIONS THE NATIONAL SCALE RATINGS OF IMPERIAL GROUP LIMITED Noteholders are advised that Moody's Investors Service (“Moody’s”) has, on 11 May 2016, repositioned the National Scale Rating (NSR) of Imperial Group, in conjunction with the recalibration of the South African national rating scale and as part of the implementation of Moody’s updated methodology. Imperial Group’s NSR Issuer Rating (Local Currency), Repositioned to Aa3.za from A2.za, Subordinated Medium-Term Note Program, Repositioned to (P)A2.za from (P)A3.za, Senior Unsecured Seniority Medium-Term Note Program, Repositioned to (P)Aa3.za from (P)A2.za, Senior Unsecured Regular Bond/Debenture, Repositioned to Aa3.za from A2.za, the Issuer Rating (Local Currency), Short-term global issuer rating assigned P-3 and affirms the NSR Issuer short term rating (Local Currency) at P-1.za. Noteholders are referred to the press release by Moody’s for any additional information. 17 May 2016 Debt Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 17/05/2016 04:05:00 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.