Barclays Africa Group Ltd - BAGL- Initial Credit Rating Assigned by Moody's Investor Services BARCLAYS AFRICA GROUP LIMITED (Incorporated with limited liability in South Africa under registration number 1986/003934/06) Bond Issuer Code: BAGL (“Barclays Africa Group” or “BAGL”) BARCLAYS AFRICA GROUP: INAUGURAL ISSUER CREDIT RATING ASSIGNED BY MOODY’S INVESTORS SERVICES (“MOODY’S”) Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Moody’s has, on 17 July 2017, assigned a first time long and short-term issuer rating of Ba1/Not-prime, and a Aa3.za/P-1.za national scale issuer rating to Barclays Africa Group. The outlook on the long-term issuer rating is negative. Moody’s states that the rating captures BAGL’s good capital buffers with a Common Equity Tier 1 (CET1) ratio of 11.8% as of March 2017 and an equity-to-assets ratio of 9.3% as of December 2016; its solid profitability metrics with reported return on equity of 16.6%; rising liquidity buffers; and the Group’s extensive sub-Saharan Africa operations that provide diversification benefits and growth potential. BAGL’s Ba1 issuer rating is positioned one notch below the adjusted baseline credit assessment (BCA) of Baa3 assigned to Absa Bank Limited. BAGL’s issuer ratings carry a negative outlook, which is primarily driven by the negative outlook on South African’s government rating (Baa3, negative). Summary of ratings actions: Assignments: * Long-term Issuer Ratings (Local and Foreign Currency), Assigned Ba1 Negative * Short-term Issuer Ratings (Local and Foreign Currency), Assigned Not-Prime * National Scale Rating Long-Term Issuer Rating, Assigned Aa3.za * National Scale Rating Short-Term Issuer Rating, Assigned P-1.za Outlook Actions: * Negative Outlook Assigned 18 July 2017 Debt sponsor Absa Corporate and Investment Bank, a division of Absa Bank Limited Date: 18/07/2017 04:40:00 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.