NEDBANK GROUP LIMITED - BINBK NEDI - Credit Ratings Action by Standard and Poors

BINBK NEDI - 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 alpha code: BINBK
NSX share code: NBK                                        ('Nedbank')
A2X share code: NED
ISIN: ZAE000004875
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 Global Ratings (S&P) press
release on 14 November 2025 and the ratings action on South Africa. S&P revised South Africa's outlook
from stable to positive reflecting an improved economic growth and fiscal trajectory, alongside a
reduction in contingent liabilities tied to performance improvements at state-owned electricity utility
Eskom. Additionally, S&P raised its foreign currency long-term sovereign credit rating on South Africa
to 'BB' from 'BB-' and its local currency long-term sovereign credit rating to 'BB+' from 'BB'.


Following the South Africa sovereign rating upgrade, on 18 November 2025, S&P revised the ratings of
Nedbank Limited, the 100%-owned subsidiary of Nedbank Group. S&P raised Nedbank's long-term
global scale rating to 'BB' from 'BB-' and affirmed the 'B' short-term global scale rating and the positive
outlook. Additionally, S&P raised Nedbank's long-term South Africa national scale rating to 'zaAAA' from
'zaAA+' and affirmed the 'zaA-1+' short-term national scale rating.


The detailed credit rating report may be viewed on the following link: Credit Rating report


Sandton
19 November 2025


Sponsor to Nedbank Group in South Africa:
Nedbank Corporate and investment Banking, a division of Nedbank Limited


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


Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 19-11-2025 01:00:00
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