FIRSTRAND LIMITED - Voluntary update regarding the UK motor commission matter

Voluntary update regarding the UK motor commission matter

FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR; ISIN code: ZAE000066304
NSX ordinary share code: FST
LEI: 529900XYOP8CUZU7R671
(FirstRand or the group)

VOLUNTARY UPDATE REGARDING THE UK MOTOR COMMISSION MATTER

FirstRand notes the statement and consultative paper published by the UK's Financial Conduct
Authority (FCA) on 7 October 2025 describing the scope and nature of a proposed redress scheme (the
scheme) relating to commission practices in the UK motor finance industry. Whilst more time is
required to fully review the statement, the group's initial view is that the scheme appears to have
moved beyond the group's expectations of what can be considered proportionate or reasonable.

In addition, the presumptions of unfairness in the scheme in its current form does not appear to be
applying the legal clarity provided by the recent UK Supreme Court, which stated that unfairness
should be assessed on a combination of multiple, specific facts.

FirstRand undertakes to consult with the FCA as soon as possible to better understand the above issues
and also to gain clarification on some data inconsistencies included in the consultative paper. Once the
group has more clarity regarding its next steps, which could be earlier than the six week period set out
by the FCA, it will immediately update shareholders.

Sandton
8 October 2025

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 08-10-2025 10:58:00
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