FIRSTRAND BANK LIMITED - Amendment to Firstrand Limited and Firstrand Bank Limited Credit Ratings

Amendment to Firstrand Limited and Firstrand Bank Limited Credit Ratings

FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
JSE ordinary share ISIN: ZAE000066304
JSE B preference share code: FSRP
JSE B preference share ISIN: ZAE000060141
NSX ordinary share code: FST
(FirstRand or the group)

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Issuer code: FRII
Issuer code: FRD
Issuer code: FRLE
(FRB or the bank)

AMENDMENT TO FIRSTRAND LIMITED AND FIRSTRAND BANK LIMITED CREDIT RATINGS

Following S&P Global Ratings' (S&P or the agency) rating action on the South African sovereign on
Monday, 3 April 2017, the agency yesterday downgraded a number of South Africa’s largest banks as
the banks’ ratings are constrained by the sovereign rating. As a result, the ratings on both FirstRand
Limited and FirstRand Bank Limited were lowered.

Summary of rating actions:
S&P lowered the long- and short-term counterparty credit ratings on FirstRand Bank Limited to BB+/B
from BBB-/A-3. The outlook remains negative. At the same time, the long-term South African national
scale rating on FirstRand Bank Limited was lowered to zaA from zaAA-, and the short-term national
scale rating affirmed at zaA-1.

FirstRand Limited’s long-term counterparty credit rating was lowered to BB- from BB+. The short-term
counterparty credit rating was affirmed at B. The long- and short-term national scale ratings on
FirstRand Limited were lowered to zaBB+/zaB from zaA/zaA-2.

FRB’s standalone credit rating has remained unchanged at bbb.

S&P’s press release can be accessed on: www.spglobal.com



6 April 2017

Sponsor and Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

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