SCIB: - Adjustment to the T's & C's of the BHP Billiton Plc warrants The Standard Bank of South Africa Limited ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK BHP BILLITON PLC WARRANTS Following the BHP Billiton PLC (“BIL”) announcement on 7th May 2015 regarding the demerger dividend, BIL will unbundle its interest in South 32 Limited (“S32”) to Shareholders. Each Shareholder will receive one S32 share for each BIL share held. Following this announcement, notice is hereby given that the Issuer will amend the Terms and Conditions of the warrants. Warrant holders will not receive any shares but the value of the S32 shares will be used to adjust the Strike and Conversion Ratio of the warrants to place the warrant holder in the same financial position they were prior to the unbundling ex-date. The following warrants will be affected by this corporate action: Existing Terms ISIN JSE Code Exercise Conversion Expiry Exercise Style Price Ratio ZAE000197422 BILSBJ R 315.00 85 : 1 07-Jul-15 American Call ZAE000199014 BILSBL R 280.00 80 : 1 04-Aug-15 American Call ZAE000200937 BILSBM R 250.00 90 : 1 02-Sep-15 American Call ZAE000199022 BILSBU R 245.00 80 : 1 04-Aug-15 European Put ZAE000204467 BILSBV R 260.00 80 : 1 01-Dec-15 European Put New Terms ISIN JSE Code Exercise Conversion Expiry Exercise Style Price Ratio ZAE000197422 BILSBJ TBA TBA 07-Jul-15 American Call ZAE000199014 BILSBL TBA TBA 04-Aug-15 American Call ZAE000200937 BILSBM TBA TBA 02-Sep-15 American Call ZAE000199022 BILSBU TBA TBA 04-Aug-15 European Put ZAE000204467 BILSBV TBA TBA 01-Dec-15 European Put The Effective Date of the adjustment shall be at close of business on the 18th May 2015. For further information contact: Standard Bank Warrants Tel 0800 111 780 Email: derivatives@standardbank.co.za Issuer: The Standard Bank of South Africa Limited Sponsor: SBG Securities (Pty) Limited The JSE Limited (JSE) Issuer Services Division has approved the adjustment of the above-mentioned Warrants. This Notice together with the Common Terms Document and Conditions Annexure record the terms and conditions of the agreement between the Parties. Any terms used in this Notice which are defined in the Common Terms Document, Conditions Annexure and the relevant Supplements shall bear the meaning ascribed to them therein, unless specifically stated otherwise herein. Other than as set out herein, the terms and conditions set out in the Common Terms Document, Conditions Annexure and relevant Supplements remain unchanged and in full force and effect. 12-May-2015 Date: 12/05/2015 12:45:00 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.