NEDBANK GROUP LIMITED - Credit Ratings Action By Standard And Poors

Credit Ratings Action By Standard And Poor’s

Nedbank Group Limited                                       Nedbank Limited
(Incorporated in the Republic of South Africa)              (Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06                         Registration No. 1951/000009/06
JSE share code: NED                                         JSE share code: NBKP
NSX share code: NBK                                         ISIN: ZAE000043667
ISIN: ZAE000004875                                          JSE alpha code: BINBK
JSE alpha code: NEDI
(‘Nedbank Group’)

CREDIT RATINGS ACTION BY STANDARD AND POOR’S

Shareholders and noteholders are referred to the Standard and Poor’s (S&P) press release on 26
November 2019 and ratings action on the South African banks, including the ratings of Nedbank
Limited, the 100%-owned subsidiary of Nedbank Group. S&P has affirmed the ‘BB/B’ long- and short-
term global scale ratings of Nedbank Limited and changed its outlook from stable to negative. At the
same time, S&P lowered their long-term national scale ratings on Nedbank Limited, and affirmed their
'zaA-1+' short-term national scale ratings on the entity.

This rating action follows S&P's decision on 22 November 2019 to revise its outlook on South Africa
from stable to negative. S&P noted that: ‘We do not rate financial institutions in South Africa above the
foreign currency sovereign ratings, due to the direct and indirect impacts a sovereign distress would
have on banks' operations. That said, we acknowledge that, amid challenging macro and industry
changes, South Africa's banking performance has been fairly resilient. We expect sector-wide
pressure on revenues but broadly, stable earnings as banks continue to streamline costs’.

The specific rating changes for Nedbank Limited are as follows:
    -   Affirmed the ‘BB/B’ long- and short-term global scale ratings and changed its outlook from
        stable to negative
    -   Lowered the long-term national scale ratings from ‘zaAA+’ to ‘zaAA’
    -   Affirmed the 'zaA-1+' short-term national scale ratings


Sandton
28 November 2019

Sponsors to Nedbank Group in South Africa:
Nedbank CIB
Merrill Lynch South Africa (Pty) Limited

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

Sponsors to Nedbank Limited in South Africa:
Nedbank CIB
Investec Bank Limited

Date: 28-11-2019 10:56:00
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