BILB: Moody's Ratings review The Land and Agricultural Development Bank of South Africa (JSE Code: BILB) (“the Land Bank”) Land and Agricultural Development Bank of South Africa: Moody’s announces completion of a periodic review of ratings On 10 September, Moody's Investors Service, ("Moody's") announced the completion of a periodic review of the Land and Agricultural Development Bank of South Africa’s ("Land Bank") ratings. Moody’s conducted a portfolio review and reassessed the appropriateness of the ratings in the context of the relevant principle methodologies, recent developments and comparison of the financial and operating profile to similar rated peers. The review did not include a rating committee or credit rating announcement. As per the SENS announcement of 25 July 2019, Moody's Investors Service, ("Moody's") affirmed the Land and Agricultural Development Bank of South Africa’s ("Land Bank") issuer ratings at Baa3/Prime- 3 and its national-scale issuer ratings (NSR) at Aa1.za/P-1.za. The issuer outlook is negative. The Periodic Review Announcement is available on its website, www.moodys.com. 12 September 2019 Enquiries Land and Agricultural Development Bank of South Africa Konehali Gugushe, Acting Chief Executive Officer Yatheen Ramrup, Acting Chief Financial Officer Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 012 686 0921 Date: 12/09/2019 09:25:00 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.