PEPKOR HOLDINGS LIMITED - Review of Pepkors credit opinion

Review of Pepkor’s credit opinion

PEPKOR HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: PPH
Debt Code: PPHI
ISIN: ZAE000259479
(“Pepkor”)

REVIEW OF PEPKOR’S CREDIT OPINION

Shareholders and noteholders are advised that the rating agency Moody's Investors Service
(“Moody's”) has on 22 March 2023 concluded an update on Pepkor’s credit opinion (“Credit
Opinion Update”). Pepkor’s Corporate Family Rating of Ba2 and National Scale Long Term
Rating of Aa1.za with a stable outlook remain unchanged following the Credit Opinion Update.

In their Credit Opinion Update, Moody’s highlights Pepkor’s strong position in the budget-
conscious consumer clothing segment, its resilient business profile through the cycle and good
liquidity as credit strengths, with credit challenges being the difficult operating environment and
concentration of stores in South Africa.

27 March 2023
Parow

Equity sponsor
PSG Capital

Debt sponsor and Corporate broker
Rand Merchant Bank (A division of FirstRand Bank Limited)



Date: 27-03-2023 02:00:00
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