Announcement regarding Financial Reporting Council of Nigeria notification Standard Bank Group Limited Registration No. 1969/017128/06 Incorporated in the Republic of South Africa JSE share code: SBK ISIN: ZAE000109815 NSX share code: SNB NSX share code: SNB ZAE000109815 (“Standard Bank Group” or “the group”) Standard Bank Group announcement regarding Financial Reporting Council of Nigeria notification in relation to the financial reporting of Stanbic IBTC Holdings PLC Standard Bank Group has noted the public announcement by the Financial Reporting Council of Nigeria ("FRCN") released on 26 October 2015, regarding alleged material misstatements of the 2013 and 2014 financial statements of the group's Nigerian listed 53.2% held subsidiary, Stanbic IBTC Holdings PLC ("Stanbic IBTC"). Stanbic IBTC issued a public response to this notification on 26 October 2015. In relation to Stanbic IBTC’s financial statements, the sole material issue under dispute is whether the accruals for amounts payable to fellow Standard Bank Group subsidiaries by Stanbic IBTC for services rendered should continue to be reflected as liabilities, given the increasing difficulties in obtaining regulatory approval for cross-border payments. Stanbic IBTC believes that, notwithstanding the withholding of regulatory clearance for these cross-border payments, the associated agreements are not rendered null or void and Stanbic IBTC’s associated liabilities are not relieved. In the context of Standard Bank Group, the potential financial effect of the issue under dispute is not material. Legal advice has been received that both the FRCN’s notification, and an associated purported FRCN fine against Stanbic IBTC of NGN 1 billion (approximately US$ 5 million), were issued without compliance with prescribed process and in a manner exceeding the FRCN’s regulatory powers. Stanbic IBTC remains firm in its position that there has been no material misstatement of the 2013 and 2014 Stanbic IBTC financial statements. Stanbic IBTC’s auditors in Nigeria, KPMG Professional Services, have issued a public statement dated 28 October 2015 confirming that they stand by their audit opinions on the relevant financial statements. Standard Bank Group fully supports Stanbic IBTC in its response to the FRCN. Both Stanbic IBTC and the group remain in close contact with the relevant banking regulators. Johannesburg 30 October 2015 Lead sponsor The Standard Bank of South Africa Limited Independent sponsor Deutsche Securities (SA) Proprietary Limited Date: 30/10/2015 10:55:00 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.