EXX - Change in credit rating by Standard & Poor EXXARO RESOURCES LIMITED Incorporated in the Republic of South Africa (Registration Number: 2000/011076/06) JSE share code: EXX ISIN code: ZAE000084992 ADR code: EXXAY Bond Code: EXX02 ISIN Code: ZAG000115965 Bond Code: EXX03 ISIN Code: ZAG000115973 (Exxaro) EXXARO RESOURCES LIMITED: CORPORATE AND INFRASTRUCTURE SOUTH AFRICAN NATIONAL SCALE RATINGS RAISED ON UPDATED MAPPING CRITERIA BY STANDARD & POORS’ RATINGS SERVICES Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Standard and Poors’ (S&P) has on 9 August 2017 raised South Africa national scale issue and issuer ratings on 15 corporate and infrastructure issuers. The rating actions follow from their revised mapping table for South African national scale ratings. The rating changes are purely a result of the revisions to the mapping table, with the intention of creating the most appropriate distinction among ratings on the national scale, and do not represent a change in S&P view of the credit quality of the issue or issuer. S&P Global Ratings have, as a result, taken the following rating actions on Exxaro: to raise its Corporate Credit rating to ‘zaBBB’ from ‘zaBB-’ and its long-term senior unsecured ratings to ‘zaBBB’ from ‘zaBB’. For further information see "General Criteria: S&P Global Ratings' National and Regional Scale Mapping Tables”, published 27 July 2017 on www.standardandpoors.com/ratingsdirect. CH WESSELS GROUP COMPANY SECRETARY 10 August 2017 Sponsor Absa Bank Limited, acting through its corporate and investment bank division Date: 10/08/2017 05:05:00 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.