Amendment to FirstRand Bank Limited’s credit ratings 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 JSE company code ETN issuer: FRTN LEI: ZAYQDKTCATIXF9OQY690 (FRB or the bank) AMENDMENT TO FIRSTRAND BANK LIMITED’S CREDIT RATINGS On 24 November 2020, Moody’s Investors Service (Moody’s) lowered the long-term local currency and foreign currency deposit ratings on five South African banks, including FRB. This follows the downgrade of the South African sovereign rating to Ba2 from Ba1. The rating action on the banks, including FRB, was driven by: 1) deterioration in the creditworthiness of the South African sovereign, as reflected in the downgrade of the South African government to Ba2 from Ba1 on 20 November 2020; and 2) the gradual weakening of the banks’ standalone credit profile as the COVID-19 pandemic exacerbates an already challenging operating environment in South Africa. Moody’s maintains a negative outlook on the bank, reflecting the negative outlook on the sovereign rating. Summary of rating actions on FirstRand Bank Limited: To From Long term bank deposits (domestic and foreign) Ba2 Ba1 Senior unsecured (domestic) Ba2 Ba1 Senior unsecured MTN (domestic and foreign) (P)Ba2 (P)Ba1 Subordinate (domestic and foreign) B1 Ba3 Subordinate (domestic) A3.za A2.za Subordinate MTN (domestic and foreign) (P)B1 (P)Ba3 Junior subordinate MTN (domestic) (P)B1 (P)Ba3 Subordinate and junior subordinate MTN (domestic) A3.za A2.za Baseline credit assessment ba2 ba1 Adjusted baseline credit assessment ba2 ba1 Counterparty risk rating (domestic and foreign) Ba1/NP Baa3/P-3 Counterparty risk assessment Ba1(cr)/NP(cr) Baa3(cr)/P-3(cr) The Moody’s press release can be accessed on: www.moodys.com, and also include a detailed list of all rating changes related to FRB. Sandton 25 November 2020 Debt sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 25-11-2020 02:30:00 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.