EXXARO RESOURCES LIMITED - Exxaro - South Africa National Scale Ratings raised by Standard & Poor's rating services

Exxaro - South Africa National Scale Ratings raised by Standard & Poor's rating services

EXXARO RESOURCES LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
JSE share code: EXX
ISIN: ZAE000084992
ADR code: EXXAY
Bond Code: EXX04
ISIN No: ZAG000160326
Bond Code: EXX05
ISIN No: ZAG000160334
(“Exxaro” or the “Company”)

SOUTH AFRICA NATIONAL SCALE RATING RAISED BY STANDARD & POOR’S RATINGS
SERVICES

Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Standard
and Poor’s (S&P) has on 14 June 2021 raised Exxaro’s National Scale Rating to ‘zaA/zaA-1’ from
‘zaA-/zaA-2’.

The rating is based on the following:

•   Exxaro continues to deliver stable operational and financial performance, maintaining S&P
    Global Ratings-adjusted debt to EBITDA ratio close to 1.5 times;
•   the Company recently refinanced its syndicated bank debt facility, extending maturities by five
    years and strengthening its liquidity position; and
•   S&P believes that the lingering risks of payment delays or non-payment from Eskom SOC
    Holdings Ltd., Exxaro's biggest customer, have stabilized for now.

For further information see "South Africa – Based Coal Miner Exxaro Resources National Scale
Ratings Raised to ‘zaA/zaA-1’ ”, published 14 June 2021 on www.spglobal.com/ratingsdirect and
is also available at https://www.exxaro.com/investors/legal-documentation.


AK MARÉ, Inlexso (Pty) Ltd
GROUP COMPANY SECRETARY (ACTING)

Pretoria
17 June 2021

ENQUIRIES
Mzila Mthenjane, Executive Head: Strategy & Stakeholder Engagement
Tel: + 27 12 307 7393
Mobile: +27 83 417 6375
Email: Mzila.mthenjane@exxaro.com

Debt Sponsor
Absa Bank Limited, acting through its corporate and investment banking division

Date: 17-06-2021 02:20:00
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