Bank Windhoek Limited’s Namibian And South African Credit Ratings Affirmed And Revised Upward With Stable Outlook BANK WINDHOEK LIMITED (Incorporated in the Republic of Namibia) Stock Code: BWZJ21 ISIN Code: ZAG000140286 Stock Code: BWZ21B ISIN Code: ZAG000150459 Stock Code: BWZJ23 ISIN Code: ZAG000155508 BANK WINDHOEK LIMITED’S NAMIBIAN AND SOUTH AFRICAN CREDIT RATINGS AFFIRMED AND REVISED UPWARD WITH STABLE OUTLOOK Noteholders are advised that the rating agency Global Credit Rating Company has reviewed the Namibian and South African ratings of Bank Windhoek Limited (“Bank Windhoek”). Bank Windhoek’s Namibian long and short-term issuer ratings were affirmed at AA(NA)/A1+(NA), with a Stable outlook. Bank Windhoek’s South African national scale long-term issuer rating has been revised upward to A(ZA), from A-(ZA), with a Stable outlook. GCR states, “The Stable Outlook is premised on the Capricorn Group maintaining a strong market position in the Namibian banking sector, while asset quality is expected to hold up well, even under highly challenging and uncertain operating conditions. The Capricorn Group’s somewhat diverse revenue streams are also likely to soften the impact of the pandemic on earnings, which, despite some moderation, is expected to remain sufficient in supporting capital generation at expected levels.” 29 September 2020 Debt Sponsor PSG Capital Date: 29-09-2020 05:15:00 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.