Nedbank becomes one of the first banks in South Africa to receive Advanced IRB Approval

Toronto/London/Johannesburg - April 9, 2008 -

Algorithmics today announced that Nedbank has received Advanced IRB approval for credit risk capital requirements under Basel II from the South African Reserve Bank (SARB). This makes Nedbank one of only three banks in South Africa to be granted A-IRB approval for credit risk, the first banks to be granted this status by the SARB.

Nedbank has been working in partnership with Algorithmics to implement a comprehensive, integrated market and credit risk management infrastructure to support informed risk decision making. Algorithmics, the world's leading provider of enterprise risk solutions, has been the key strategic partner for Nedbank's Basel II programme, providing Nedbank with a suite of products, including Algo Credit Regulatory Capital, Algo Credit Administrator and Algo Credit Limits.

Commenting on the A-IRB approval, Grant Kelly, Head, Basel II Program, Nedbank Corporate, said: "We are delighted that SARB has granted Nedbank A-IRB approval. Nedbank now formally uses A-IRB for regulatory capital requirements following the parallel process started in 2007. Our overall Basel II programme has been a long journey, but one that was helped by Algorithmics' continued support.

"Ultimately, our goal is to measure, understand and manage Nedbank's risk, to enable us to make informed and accurate business decisions on a holistic basis. Our choice of Algorithmics, based on their international experience of implementing successful Basel II programmes, has proved to be a good one."

Grant Kelly is speaking on Leveraging an Integrated Platform for Credit and Capital Management at the Algorithmics Credit and Capital Conference - Basel and beyond: tackling today's complex credit environment - in London on 10th April 2008.

Ben De Prisco, Senior Vice President, Research & Financial Engineering and Capital Management Solutions Algorithmics, added: "We congratulate Nedbank, on its latest milestone of getting Advanced IRB approval. This is recognition of Nedbank's leading position in the South African market in terms of risk management."

For more information about Algorithmics Basel II products, please visit:
hwww.algorithmics.com/EN/solutions/regulatorycapital/

Notes to Editors:

Media invitation
If you are a journalist and would like to attend this conference, please contact MaryJo.Penney@algorithmics.com

Nedbank Group Limited is a bank holding company, which operates as one of the four largest banking groups in South Africa. Nedbank Corporate comprises the client-focused businesses of Business Banking, Corporate Banking, Property Finance, Nedbank Africa and the specialist businesses of Transactional Banking and Corporate Shared Services. These businesses focus mainly on providing lending, deposit-taking and transactional banking execution services to the wholesale banking client base of Nedbank. Nedbank Corporate has a strong client base and is well-placed to grow and optimise business opportunities both internally through cross-selling, and externally in the private and public sector markets.

Algorithmics is the world's leading provider of enterprise risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group.

Fitch Group is the parent company of Fitch Ratings, a global rating agency dedicated to providing the world's credit markets with independent and prospective credit opinions, research and data. The Fitch Group also includes Derivative Fitch, an independent provider of a suite of ratings and comprehensive services for the credit derivatives market; Algorithmics, the world's leading provider of enterprise risk solutions; and Fitch Training, which offers high-quality analytical training for financial professionals. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit www.fitchratings.com; www.algorithmics.com; www.fitchtraining.com; and www.fimalac.com.

For further information please contact:

Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820
Mobile +44 (0) 7515 974 223
E-mail heather.smith@Algorithmics.com

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Press Contact

Heather Smith
Senior Communications Manager
Tel:  +44 (0)20 7392 5820
Mobile: +44 (0) 7515 974 223
Fax: +44 (0)20 7395 5701
email: Heather.Smith@algorithmics.com