FRII FRD FRLE FSR FSRP FST - Amendment to credit ratings of FirstRand Bank Limited and FirstRand Limited FirstRand Bank Limited (Incorporated in the Republic of South Africa) (Registration number: 1929/001225/06) JSE company code interest rate issuer: FRII JSE company code debt issuer: FRD JSE company code ETF issuer: FRLE LEI: ZAYQDKTCATIXF9OQY690 (FRB or FirstRand Bank) 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 LEI:529900XYOP8CUZU7R671 (FirstRand) AMENDMENT TO CREDIT RATINGS OF FIRSTRAND BANK LIMITED AND FIRSTRAND LIMITED On 7 May 2020, S&P Global Ratings (S&P) lowered the long-term issuer credit ratings on FirstRand Bank Limited and FirstRand Limited. This follows the downgrade of the South African sovereign rating to BB- from BB, which was driven by the significant adverse impact of COVID-19 on fiscal and growth prospects. S&P does not rate financial institutions in South Africa above the foreign currency sovereign ratings given the direct and indirect impact that sovereign distress would have on domestic banks' operations. The outlook is stable. Summary of rating actions on FirstRand Bank Limited and FirstRand Limited: To From FirstRand Bank: Long-term issuer credit rating BB- BB Short-term issuer credit rating B B South Africa national scale rating long-term zaAA zaAA South Africa national scale rating short-term zaA-1+ zaA-1+ Standalone credit profile (SACP) bbb- bbb- Subordinated B B+ Subordinated zaA zaA+ Junior subordinated zaBBB+ zaA- FirstRand: Long-term issuer credit rating B B+ Short-term issuer credit rating B B South Africa national scale rating long-term zaA- zaA- South Africa national scale rating short-term zaA-2 zaA-2 The S&P press release can be accessed on https://www.standardandpoors.com/en_US/web/guest/ratings/press-releases and includes a detailed list of all rating changes related to FRB and FirstRand. Sandton 8 May 2020 Debt sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 08-05-2020 12:45:00 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.