NEDBANK GROUP LIMITED - Credit Ratings Action by Fitch Ratings

Credit Ratings Action by Fitch Ratings

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” or “the group”)


NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
(“Nedbank”)


CREDIT RATINGS ACTION BY FITCH RATINGS

Shareholders and noteholders are referred to Fitch Ratings’ press release on 11 December
2015 and ratings action on the South African banks, including the ratings of Nedbank Group
and Nedbank. Fitch Ratings has downgraded the group and Nedbank’s long-term currency
ratings by one notch to BBB- (from BBB) with a stable outlook; and affirmed our national
ratings at AA (zaf).

The group wishes to highlight that this ratings action follows that of the South African
sovereign which was downgraded on 4 December 2015 and references Fitch Ratings’
assessment of the industry as a whole and is not specific to Nedbank.

The ratings actions are as follows:

Nedbank Group Limited:
-   Long-term foreign currency IDR: downgraded to ‘BBB-‘ from 'BBB'; Outlook Stable
-   Long-term local currency IDR: downgraded to ‘BBB-’ from 'BBB'; Outlook Stable
-   Short-term foreign currency IDR: affirmed at 'F3'
-   Viability Rating: downgraded to ‘bbb-’ from 'bbb'
-   Support Rating: affirmed at '2'
-   National Long-term rating affirmed at 'AA(zaf)'; Outlook Stable
-   National Short-term rating affirmed at 'F1+(zaf)'

Nedbank Limited:

-   Long-term foreign currency IDR: downgraded to ‘BBB-‘ from 'BBB'; Outlook Stable
-   Long-term local currency IDR: downgraded to ‘BBB-’ from 'BBB'; Outlook Stable
-   Short-term foreign currency IDR: affirmed at 'F3'
-   Viability Rating: downgraded to ‘bbb-’ from 'bbb'
-   Support Rating: affirmed at '2' National
-   Long-term rating affirmed at 'AA (zaf)'; Outlook Stable


Sandton
14 December 2015

Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Corporate and Investment Banking

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

Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Corporate and Investment Banking

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