NEDBANK GROUP – ‘BBB+’ CREDIT RATING UPGRADE BY FITCH NEDBANK GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number 1966/010630/06 JSE share code NED NSX share code NBK ISIN ZAE000004875 (“Nedbank Group”) NEDBANK LIMITED (Incorporated in the Republic of South Africa) Registration number 1951/000009/06 JSE share code NBKP ISIN ZAE000043667 NEDBANK GROUP – ‘BBB+’ CREDIT RATING UPGRADE BY FITCH On Thursday, 19 July 2012 Fitch Ratings released a media statement that the credit ratings of Nedbank Group Limited (Nedbank Group) and its 100 percent owned subsidiary, Nedbank Limited (Nedbank) had been upgraded. Nedbank Group and Nedbank’s Long-term foreign and local currency Issuer default rating (IDR) ratings had been upgraded to ‘BBB+’ from ‘BBB’. At the same time the Viability Ratings had been upgraded to ‘bbb+’ from ‘bbb’ and the National Long-term rating to ‘AA(zaf)’ from ‘AA-(zaf)’. Fitch has also upgraded Nedbank’s Senior Unsecured Notes and Subordinated Notes. The Senior Unsecured notes Long-term rating were upgraded to ‘BBB+’ from ‘BBB’, and the National Long-term rating was upgraded to ‘AA(zaf)’ from ‘AA-(zaf)’. Nedbank’s Subordinated Notes were upgraded to ‘BBB’ from ‘BBB-’. All other ratings of the group and bank have been affirmed. The Outlook on the National ratings remains stable and the Outlook on all the Long-term ratings remains Negative reflecting the uncertain economic environment. The full list of ratings is detailed at the end of this announcement. Nedbank Group’s Chief Executive, Mike Brown, said “the credit ratings upgrade by Fitch recognises the good progress the bank has made in repositioning Nedbank Retail, growing NIR and portfolio tilt to strengthen our balance sheet”. The rating actions are as follows Nedbank Group Long-term foreign currency IDR upgraded to ‘BBB+’ from ‘BBB’; Outlook Negative Long-term local currency IDR upgraded to‘BBB+’ from ‘BBB’; Outlook Negative Short-term foreign currency IDR affirmed at ‘F2’; Viability Rating upgraded to ‘bbb+’ from ‘bbb’; National Long-term Rating upgraded to ‘AA(zaf)’ from ‘AA-(zaf)’; Outlook Stable National Short-term Rating affirmed at ‘F1+(zaf)’ Support Rating affirmed at ‘2’ Nedbank Long-term foreign currency IDR downgraded to ‘BBB+’ from ‘BBB’; Outlook Negative Long-term local currency IDR downgraded to ‘BBB+’ from ‘BBB’; Outlook Negative Short-term foreign currency IDR affirmed at ‘F2’ National Long-term Rating upgraded to ‘AA(zaf)’ from ‘AA-(zaf)’; Outlook Stable National Short-term Rating affirmed at ‘F1+(zaf)’ Support Rating affirmed at ‘2’ Senior unsecured notes Long-term rates upgraded to ‘BBB+’ from ‘BBB’, Short-term rating affirmed at ‘F2’ Senior unsecured notes National Long-term rating upgraded to ‘AA(zaf)’ from ‘AA-(zaf)’ Subordinated notes upgraded to ‘BBB’ from ‘BBB-’ Nedbank Group is a bank holding company that operates as one of the four largest banking groups in South Africa through its principal banking subsidiary, Nedbank Limited. Nedbank is the group’s primary operating subsidiary and comprises five core business clusters - Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth. The group is 51.9 percent owned by Old Mutual Plc and its associate companies. Sandton 20 July 2012 Sponsors to Nedbank Group in South Africa Merrill Lynch South Africa (Pty) Limited Nedbank Capital Sponsor to Nedbank Group in Namibia Old Mutual Investment Services (Namibia) (Pty) Ltd Sponsors to Nedbank Limited Investec Bank Limited Nedbank Capital Date: 20/07/2012 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.