Change to the credit rating of the Issuer

AECI Limited - Change to the credit rating of the Issuer

PR Newswire

London, July 3

AECI LIMITED

(Incorporated in the Republic of South Africa)

(Registration No. 1924/002590/06)

Company code: AECI

(“AECI” or “the Issuer”)

NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER

Noteholders are advised that, on 26 June 2019, GCR Ratings (“GCR”) has upgraded the Issuer’s long term national scale rating from A(za) to A+(za) and affirmed the short term national scale rating at A1(za); with a stable outlook.

The rating upgrade on the Issuer reflects its strong market position and is further supported by strong cash flow generation and modest forward-looking leverage levels.

The full report will be made available at https://www.aeciworld.com/investor-relation-credit-rating.php

3 July 2019

Debt Sponsor

Rand Merchant Bank

(A division of FirstRand Bank Limited)