Amendment to FirstRand Bank Limited and FirstRand Limited Credit Ratings FirstRand Limited (Incorporated in the Republic of South Africa) (Registration number: 1966/010753/06) JSE ordinary share code: FSR JSE ordinary share ISIN: ZAE000066304 JSE B preference share code: FSRP JSE B preference share ISIN: ZAE000060141 NSX ordinary share code: FST LEI:529900XYOP8CUZU7R671 (FirstRand or the group) FirstRand Bank Limited (Incorporated in the Republic of South Africa) (Registration number: 1929/001225/06) JSE company code interest rate issuer: FRII JSE company code debt issuer: FRD JSE company code ETF issuer: FRLE LEI: ZAYQDKTCATIXF9OQY690 (FRB or the bank) AMENDMENT TO FIRSTRAND BANK LIMITED AND FIRSTRAND LIMITED CREDIT RATINGS On 26 November 2019, S&P Global Ratings (S&P) affirmed the issuer credit ratings of FirstRand Limited and FirstRand Bank Limited. S&P lowered the South African long term national scale ratings on FirstRand Bank Limited and affirmed its short term national scale rating. The long term and short term national scale ratings on FirstRand Limited were also lowered. The ratings actions follow the revision of the outlook on South Africa to negative from stable given the weakening fiscal and debt trajectory and sizable contingent liabilities. S&P does not rate financial institutions in South Africa above the foreign currency sovereign ratings, due to the direct and indirect impacts of a sovereign distress on banks' operations. As a result, the outlook on FirstRand Bank Limited and FirstRand Limited were also revised to negative. These rating actions do not reflect any change in the fundamental credit quality of the bank. Summary of rating actions on FirstRand Bank Limited and FirstRand Limited: To From FirstRand Bank Limited Issuer credit rating BB/Negative/B BB/Stable/B South Africa national scale zaAA/--/zaA-1+ zaAA+/--/zaA-1+ Senior unsecured BB BB Subordinated B+ B+ Subordinated zaA+ zaAA- Junior subordinated zaA- zaA FirstRand Limited Issuer credit rating B+/Negative/B B+/Stable/B South Africa national scale zaA-/--/zaA-2 zaA/--/zaA-1 S&P’s press release can be accessed on: www.spglobal.com. 28 November 2019 Sponsor and Debt Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 28-11-2019 10:41:00 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.