Credit Rating Amendment Notification - IN02 Industrial Development Corporation of South Africa Limited Incorporated in the Republic of South Africa) (“IDC”) Registration No. 1940/014201/06) Issuer code: IN02 03 April 2020 CREDIT RATING AMENDMENT NOTIFICATION Noteholders are hereby advised of the credit rating amendment as per section 7.46 of the JSE Debt Listings Requirements. On the 31st March 2020, Moody’s Investors Service, ("Moody's") downgraded the long-term foreign currency ratings of the IDC to Ba1 from Baa3 and maintains a negative outlook. The rating agency has downgraded IDC’s Baseline Credit Assessment (BCA) to ba3 from ba2. The national scale rating has been affirmed. Rating Rationale The rating action reflects the weakening capacity of the South African government to support the development banks in case of need, as captured by the recent downgrade of South Africa's government bond rating to Ba1 from Baa3. The key driver behind the rating downgrade is the continuing deterioration in fiscal strength and structurally very weak growth, which Moody's does not expect current policy settings to address effectively. The IDC notes the downgrade announcement and continues to deliver on its mandate with sound governance and prudent credit policies. Johannesburg Debt Sponsor The Standard Bank of South Africa Limited (Debt Sponsor) Kea Sape Tel: 011 344 7654 Email: kea.sape@standardbank.co.za Date: 03-04-2020 05:17:00 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.