BARLOWORLD LIMITED - Step-Down Margin Notification: BAW37, BAW38, BAWGL1 AND BAWGL2

Step-Down Margin Notification: BAW37, BAW38, BAWGL1 AND BAWGL2

Barloworld Limited
Registration number: 1918/000095/06
Alpha code: BIBAW

STEP-DOWN MARGIN NOTIFICATION: BAW37, BAW38, BAWGL1 AND BAWGL2

Capitalised terms and expressions are as defined in the applicable pricing supplements for BAW37,
BAW38, BAWGL1 and BAWGL2 ("APSs") and have the same meanings unless otherwise defined in
this announcement.

Noteholders are referred to Appendix 1 of the APSs and are advised that a Margin Adjustment Event
has occurred for instruments BAW37, BAW38, BAWGL1 and BAWGL2 following achievement of the
relevant KPI Conditions/Gender Performance Targets as set out in the Margin Adjustment Table/
Gender Performance Table of the relevant APSs.

As a result of the above, the Initial Margin will be decreased by the Step-Down Margin resulting in a
revised margin ("Revised Margin") for BAW37, BAW38, BAWGL1 and BAWGL2 as follows:

 Instrument              Initial Margin         Step-Down       Revised Margin              Margin
                                    (%)             Margin                 (%)          Adjustment
                                                        (%)                                    Date
 BAW37                             1.45              (0.05)                 1.40    12 January 2024
 BAW38                             1.65              (0.05)                 1.60    12 January 2024
 BAWGL1                            1.42              (0.03)                 1.39    22 February 2024
 BAWGL2                            1.60              (0.03)                 1.57    22 February 2024

The Revised Margins will be applied for the forthcoming interest periods of 12 January to 12 April 2024
for BAW37 and BAW38, and 22 February to 22 May 2024 for BAWGL1 and BAWGL2.

The Sustainability Certificates for BAW37, BAW38, BAWGL1 and BAWGL2 are available on
Barloworld's website at www.barloworld.com/investors/debt-investors/


22 February 2024

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 22-02-2024 12:25:00
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