Credit ratings Action by Moody's 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 MOODY’S Shareholders and noteholders are referred to Moody’s press release and ratings actions on the five largest South African banks on 17 December 2015, including the ratings of Nedbank. Moody’s reaffirmed Nedbank’s deposit, senior debt and national scale rating, and revised the corresponding rating outlook to negative from stable. These ratings actions follow that of the South African sovereign on 15 December 2015 and references Moody’s assessment of the industry as a whole and are not specific to Nedbank. Moody’s ratings actions on Nedbank are as follows: - Long-term bank deposits (Foreign and Local currency), affirmed Baa2 (outlook changed to negative from stable). - Short-term bank deposits (Foreign and Local currency), affirmed P-2. - National Scale rating long-term bank deposits (Local currency), affirmed A1.za. - National Scale rating short-term bank deposits (Local currency), affirmed P-1.za. - National Scale rating subordinate medium-term note (Local currency), affirmed A2.za. - National Scale rating senior unsecured medium-term note (Local currency), affirmed A1.za. - Subordinate medium-term note (Foreign currency), affirmed (P)Baa3. - Senior unsecured medium-term note (Foreign currency), affirmed (P)Baa2, - National Scale rating Preference stock non-cumulative (Local currency), affirmed Baa1.za (hyb). - Subordinate regular bond/debenture (Foreign currency), affirmed Baa3. - Adjusted baseline credit assessment, affirmed baa2. - Baseline credit assessment, affirmed baa2. - Counterparty risk assessment, affirmed Baa1(cr)/P-2(cr). Sandton 21 December 2015 Sponsors to Nedbank Limited: Investec Bank Limited Nedbank Corporate and Investment Banking Date: 21/12/2015 08:55:00 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.