PPH : Moody?s Credit Rating: PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2017/221869/06) Share Code: PPH ISIN: ZAE000259479 ("Pepkor" or the "Group") PEPKOR - MOODY'S CREDIT RATING Shareholders are advised that the rating agency Moody's Investors Service ("Moody's") has assigned a first-time A3.za National Scale Rating. Moody's states, "The A3.za ratings assigned to Pepkor reflects its moderate leverage and the resilience of its business profile stemming from its leading position as South Africa's largest non-grocery retailer." Pepkor is considering opportunities in the capital bond market with the objectives of diversifying its sources of funding and reducing financing cost. This supports the Group's target to reduce its leverage in the medium term to 1x net debt-to-EBITDA. Parow 27 January 2020 Sponsor PSG Capital Date: 27-01-2020 08:00:00 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.