THE STANDARD BANK OF SOUTH AFRICA LIMITED - Notification Of Change Of Auditors - The Standard Bank of South Africa Limited

Notification Of Change Of Auditors - The Standard Bank of South Africa Limited

The Standard Bank of South Africa Limited
Registration No. 1962/000738/06
Incorporated in the Republic of South Africa

("Standard Bank" or "the Company")

Notification of change of auditors

The Company is required to rotate one of its joint external auditors before its 2024 financial year and
the other before its 2026 financial year in accordance with the Independent Regulatory Board for
Auditors’ Mandatory Audit Firm Rotation (MAFR) ruling issued on 2 June 2017, which determined
that an external audit firm may not be appointed as the auditor of a public interest entity for more
than ten years.

The Board and Audit Committee of the Company would like to inform the Company’s stakeholders
that subject to shareholder approval, KPMG Incorporated (KPMG) and PricewaterhouseCoopers
Incorporated (PwC) will continue as the joint auditors for the 2022 and 2023 financial years,
whereafter KPMG’s tenure as a joint auditor will conclude following the finalisation of the 2023
financial year in accordance with the MAFR requirements. It is planned that PwC will remain as a
joint auditor until the finalisation of the 2025 financial year.

Furthermore, the Board and Audit committee of the Company would like to inform the Company’s
stakeholders that following a comprehensive tender process, the Company intends to appoint Ernst
& Young Incorporated (EY) as one of the joint auditors for the financial year ending 31 December
2024.

The appointment of EY and the designated audit partner is subject to approval by the South African
Prudential Authority in accordance with section 61 of the Banks Act No. 94 of 1990 as amended.

In terms of section 90 of the South African Companies Act No. 71 of 2008, as well as paragraph
7.3(e)(iv) of the JSE Debt Listings Requirements, the appointment of EY as a joint auditor for the
2024 financial year will be recommended to the shareholders for approval at the relevant annual
general meeting.

Johannesburg
1 February 2022

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 01-02-2022 05:20:00
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