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The information contained in this site is directed at, and intended for distribution to, and use by, persons in the Republic of South Africa and any other jurisdiction where the distribution, release, publication or use will not contravene any relevant laws or regulations. In particular, the information contained in this Site should not be made available in any manner in the United States of America and/or to its persons. Persons accessing the Site from outside the Republic of South Africa are required to inform themselves about and observe any relevant restrictions. FirstRand takes no responsibility in this regard.
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Neither the information, nor any opinion contained in this Site constitutes an offer to sell or solicitation or an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. No securities have been or will be offered and no securities may be reoffered, resold, delivered or distributed directly or indirectly in the United States or to, or for the account or benefit of, US persons or in any jurisdiction where such will constitute a breach of the laws of that jurisdiction, unless the relevant exemptions are obtained.
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These terms and conditions shall be subject to and governed by the laws of the Republic of South Africa. The courts of the Republic of South Africa will have jurisdiction to settle any disputes that may arise in connection with these terms and conditions.
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Investors

Trustees

Sizwe Nxasana

Chairman BCom, BCompt (Hons, CA(SA))

HOWARD ARRAND

FNB fund chairman BA (Psychology), CAIB, AEP

PETER COOPER

BCcom (Hons), HDip Tax, CA(SA)

JANET DU PREEZ

Diploma Social Work, MA (Public Policy and Development)

ELIZABETH MAEPA

BCOM, CAIB

SEBENZILE MATSEBULA

BSc (Biostatistics), MSc (Biometrics)

KELEBOGILE MAZWAI

WesBank fund chairman

CHRIS MKHIZE

BA (Hons), Advanced Diploma in Public Administration

MAMOKGETHI SETATI

PhD (Mathematics Education)

CAROLYNNE WATERHOUSE2

RMB fund chairman BSoc Sc, Marketing Management Diploma

Trustees

Nolulamo Nobambiswano
Gwagwa

Chairman BCom, BCompt (Hons, CA(SA))

Zwoitwaho Calvin Nevhutalu

M. Phil (Environmental law and management, environmental law and management)

Oren Fuchs

BA, Economics / Political Science, MSc(DP), Planning, Certificate (Finance), Finance / nvestments / Accounting, Distinction with Honours, Impact Investing, Executive Education, mpact Investing

Sizwe Errol Nxasana

BCom, BCompt (Hons), CA(SA

Elizabeth Maepa

BCom, Business/Commerce, General, Managing Marketing & Related Support Services

Amanda Tandi Nzimande

(APPOINTED NOT ON LOA) BCom, CTA, CA(SA), HDip Co Law

Mary Vilakazi

(APPOINTED NOT ON LOA) BCom (Hons), CA(SA)

Bongiwe Njobe

(APPOINTED NOT ON LOA) MSc and GCE O Level

Trustees

Nolulamo Nobambiswano Gwagwa

BA, MTRP, MSc, PhD

Zwoitwaho Calvin Nevhutalu

M. Phil (Environmental law and management, environmental law and management)

Oren Fuchs

BA, Economics / Political Science, MSc(DP), Planning, Certificate (Finance), Finance / nvestments / Accounting, Distinction with Honours, Impact Investing, Executive Education, mpact Investing

Sizwe Errol Nxasana

BCom, BCompt (Hons), CA(SA

Elizabeth Maepa

BCom, Business/Commerce, General, Managing Marketing & Related Support Services

Amanda Tandi Nzimande

(APPOINTED NOT ON LOA) BCom, CTA, CA(SA), HDip Co Law

Mary Vilakazi

(APPOINTED NOT ON LOA) BCom (Hons), CA(SA)

Bongiwe Njobe

(APPOINTED NOT ON LOA) MSc and GCE O Level

credit ratings

The ratings of South Africa-based banks are constrained by the country’s sovereign rating. This is due to the direct and indirect impact of sovereign distress on domestic banks’ operations. The following tables summarise the credit ratings of the South African sovereign, FirstRand Bank Limited and FirstRand Limited.

South African Sovereign long-term ratings

Outlook Foreign
currency rating 		Local
currency rating
S&P Stable BB- BB
Moody’s Stable Ba2 Ba2
Sources: S&P Global Ratings and Moody’s Investors Service.

FirstRand Bank Limited Ratings

Outlook Counterparty rating* National scale rating Standalone credit
rating**
Long-term Short-term Long-term Short-term
S&P Stable BB- B zaAA zaA-1 + bbb-
Moody’s Stable Baa3 P-3 Aaa.za P-1.za ba2

* Relates to the issuer credit rating for S&P, and bank deposits ratings for Moody’s.
** Refers to a rating agency’s measure of a bank’s intrinsic creditworthiness before considering external factors, e.g. affiliate or government support. S&P uses the standalone credit profile and Moody’s the baseline credit assessment.
Sources: S&P Global Ratings and Moody’s Investors Service.

FirstRand Bank’s standalone credit ratings continue to reflect its strong market position in South Africa, as well as its focused strategy, good core profitability, financial flexibility, robust risk management and sound capitalisation.

FirstRand Limited Ratings

Outlook Counterparty rating* National scale rating
Long-term Short-term Long-term Short-term
Positive B B zaA- zaA-2

* Relates to the issuer credit rating for S&P.
Source: S&P Global Ratings.

FirstRand Limited’s ratings reflect its status as the non-operating holding company of the FirstRand group and the entity’s consequent structural subordination and reliance on dividends from operating companies to meet its obligations, which expose it to potential regulatory impositions. It is standard practice for a holding company to be rated below the operating company (in this case, FirstRand Bank Limited). The group issues debt out of the bank, which is the credit counterparty.