STANDARD BANK GROUP LIMITED - Further announcement regarding Financial Reporting Council of Nigeria notification

Further 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”)

Further Standard Bank Group announcement regarding Financial Reporting Council of Nigeria
(“FRCN”) notification in relation to the financial reporting of Stanbic IBTC Holdings PLC
(“Stanbic IBTC”)

Further to the Group's announcement of 30 October 2015 relating to the public notification on
26 October 2015 by the FRCN of purported administrative sanctions with respect to the financial
reporting of the Group's Nigerian listed subsidiary, Stanbic IBTC, Standard Bank Group has now
received a copy of a letter sent by the Governor of the Central Bank of Nigeria ("CBN"), the apex
regulator of the Nigerian banking sector, to the FRCN regarding this matter.

This letter, dated 2 November 2015, is critical of the substance underlying the FRCN's purported
administrative sanctions, based on due diligence enquiries undertaken by the CBN; is critical of the
process followed by the FRCN in making the notification; challenges the validity of the various
sanctions purported to be imposed on Stanbic IBTC and certain of its directors and office-holders by
the FRCN; and culminates in the CBN declining a request by the FRCN that the CBN take
disciplinary action against Stanbic IBTC in support of the FRCN’s purported findings. Standard Bank
Group welcomes the CBN's firm, timely and appropriate intervention in this matter.

Stanbic IBTC has recently filed suit in the Nigerian courts against the FRCN in relation to these
pronouncements, which lawsuit is ongoing.

Johannesburg

4 November 2015

Lead sponsor
The Standard Bank of South Africa Limited

Independent sponsor
Deutsche Securities (SA) Proprietary Limited

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