DEVELOPMENT BANK OF SOUTHERN AFRICA - DBSA Credit rating upgrade by S&P Global Ratings

DBSA Credit rating upgrade by S&P Global Ratings

Development Bank of Southern Africa Limited
(Reconstituted and incorporated in terms of section 2 of the Development Bank of Southern
Africa Act, 1997) Registration number: 1600157FN
JSE company code: DIDBS
LEI code: 25490071AZ4HOFUNIH94
(the "DBSA" or the "Bank")


DBSA CREDIT RATING UPGRADED BY S&P GLOBAL RATINGS

In accordance with paragraph 6.28 of the JSE Limited Debt and Specialist Securities Listings Requirements, noteholders are
hereby advised that on 18 November 2025, DBSA received an updated credit rating from S&P Global Ratings ("S&P")
following the recent upgrade of South Africa's sovereign rating.

S&P has upgraded DBSA's long-term global scale foreign currency rating to 'BB' from 'BB-', and the long-term global scale
local currency rating to 'BB+' from 'BB'. The short-term global scale rating of 'B' has been affirmed.

The outlook assigned to the ratings is positive.

The detailed credit rating report may be viewed on the following link: https://www.dbsa.org/investor-relations/dmtn-and-
credit-ratings


19 November 2025

Debt Sponsor
The Standard Bank of South Africa Limited




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Date: 19-11-2025 03:05:00
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