Rating outlook revised of The Standard Bank of South Africa Limited (“SBSA”) by Fitch Ratings Agency (“Fitch") THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER 1962/000738/06) – Rating outlook revised of The Standard Bank of South Africa Limited (“SBSA”) by Fitch Ratings Agency (“Fitch") IN TERMS OF SECTION 4.25 OF THE JSE DEBT LISTING REQUIREMENTS, NOTICE IS GIVEN TO ALL HOLDERS OF NOTES: SBK, SBAG1, SBAS1, SBAPL1, SBAPD1, SBAE, SBACRN, SBAWHT, SBACOP, SBAOIL, SBACI, SSN and CLN (all JSE listed bonds issued in terms of The Standard Bank of South Africa Limited’s Domestic Medium Term Note Programme and Structured Note Programme (formerly the Credit Linked Note Programme)) In terms of section 4.25 of the JSE Debt Listing Requirements, notice is hereby given that Fitch has on 17 June 2014 revised the outlook to negative on the long term Issuer Default Ratings (“IDR”) of SBSA following the revision of the South African sovereign rating to negative outlook on 13 June 2014. Fitch describes the change in outlook as reflective of the bank’s concentration to South Africa, a high proportion of liquid assets invested in government securities and a weakening operating environment as indicated by the negative outlook on the sovereign rating. The sovereign rating is effectively acting as a cap on large South African banks’ Viability Ratings (“VR”) at this rating level because of their strong links with South Africa. National ratings reflect the creditworthiness of an issuer relative to the best credit in the country. The outlooks on the National Ratings assigned to SBSA have been maintained on stable, reflecting Fitch's expectation that its ranking relative to the best credit in the country will remain stable. SBSA’s VR continues to reflect a strong domestic franchise, which underpin stable core earnings, sophisticated risk management, and acceptable liquidity and capitalisation. Summary of ratings affected by revised outlook: Standard Bank of South Africa Limited: Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Viability Rating: affirmed at 'bbb' Support Rating: affirmed at '3' Support Rating Floor: affirmed at 'BB+' National Long-term rating: affirmed at 'AA(zaf)'; Outlook Stable National Short-term rating: affirmed at 'F1+(zaf)' Senior unsecured debt: Long-term foreign currency rating affirmed at 'BBB'; Short-term foreign currency affirmed at 'F3' For commentary on the detailed ratings action taken on SBSA together with the other South African Banks, please refer to the Fitch press release on their website: https://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=835043&origin=h ome Johannesburg 18 June 2014 For further information please contact: Reshika Harilall - Group Ratings Management Tel: +27 11 415 4349 Email: Reshika.Harilall@standardbank.co.za Or Ann Hunter – Head: Strategic Funding Tel: +21 11 415 4194 Email: Ann.Hunter@standardbank.co.za Debt Sponsor – The Standard Bank of South Africa Limited Date: 18/06/2014 08:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.