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NED NBKP NED NBKP NED/NBKP - Nedbank Group Limited/Nedbank Limited - Fitch removes Nedbank`s Rating Watch Positive NEDBANK GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number: 1966/010630/06 JSE share code: NED NSX share code: NBK ISIN: ZAE000004875 NEDBANK LIMITED (Incorporated in the Republic of South Africa) Registration number: 1951/000009/06 JSE share code: NBKP ISIN: ZAE000043667 FITCH REMOVES NEDBANK`S RATING WATCH POSITIVE Fitch Ratings has today removed the Rating Watch Positive (RWP) from Nedbank Group Limited`s (Nedbank Group) and Nedbank Limited`s (Nedbank) Long-term Issuer Default Ratings (IDRs), Short-term IDRs and National Long-term ratings. The Outlook on the Long-term ratings remains Stable. Fitch placed Nedbank Group and Nedbank on RWP on 24 August 2010 following the announcement that HSBC Holdings Plc (HSBC) had made a proposal to Old Mutual Plc that could result in HSBC acquiring a controlling stake in Nedbank Group. Fitch has also simultaneously removed from RWP Nedbank`s rated issues, and Nedbank and Nedbank Group`s Support Ratings. The Individual and Short-term National ratings of both entities are unaffected. The full list of the ratings follows below. These rating actions follow the 15 October 2010 announcement by Old Mutual plc that HSBC had terminated discussions with Old Mutual plc concerning a potential partial offer for Nedbank Group. The agency has additionally removed the RWP from the National Long-term rating, Support rating and issue ratings of Nedbank`s wholly owned subsidiary - Imperial Bank Limited (Imperial Bank). The Outlook on the Long-term rating is Stable. Nedbank Group is South Africa`s fourth-largest banking group and Nedbank is the group`s primary operating subsidiary. The group is 52.2%-owned by Old Mutual Life Assurance Company (South Africa) Limited and its associate companies, whereby the ultimate holding company is Old Mutual Plc. Nedbank Group Limited: Long-term foreign currency IDR: affirmed at `BBB`; RWP removed and Outlook Stable Short-term foreign currency IDR: affirmed at `F2`; RWP removed Long-term local currency IDR: affirmed at `BBB`; RWP removed and Outlook Stable Individual Rating: affirmed at `C` Support Rating: `2`; RWP removed National Long-term Rating: `AA-(zaf)`; RWP removed and Outlook Stable National Short-term Rating: unaffected at `F1+(zaf)`; Nedbank Limited: Long-term foreign currency IDR: affirmed at `BBB`; RWP removed and Outlook Stable Short-term foreign currency IDR: affirmed at `F2`; RWP removed Long-term local currency IDR: affirmed at `BBB`; RWP removed and Outlook Stable Individual Rating: affirmed at `C`; Support Rating: `2`; RWP removed National Long-term Rating: affirmed at `AA-(zaf)`; RWP removed and Outlook Stable National Short-term Rating: unaffected at `F1+(zaf)` Unsubordinated floating rate-notes (EUR75m): affirmed at `BBB`; RWP removed Subordinated lower Tier 2 floating rate notes (USD100m): affirmed at `BBB-`; RWP removed Sandton 20 October 2010 For further information please contact: Mike Brown (Chief Executive Officer) tel: +27 (0) 11 294 999, email: mikeb@nedbank.co.za Graham Dempster (Chief Operating Officer) tel: +27 (0)11 295 8165, email: grahamd@nedbank.co.za Don Bowden (Tier 1 Investor Relations) tel: +27 (0)21 702 3102, email: don@tier1ir.co.za Sponsors to Nedbank Group in South Africa: Merrill Lynch South Africa (Pty) Limited Nedbank Capital Sponsor to Nedbank Group in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd Sponsors to Nedbank Limited: Investec Bank Limited Nedbank Capital Date: 20/10/2010 10:49:55 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.
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