Credit Event Announcement The Standard Bank of South Africa Limited Credit Event Announcement THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER 1962/000738/06) – Credit Event Announcement in respect of CLN393 NOTICE IS GIVEN TO ALL HOLDERS OF CLN393 ZAR48,259,926 iTRAXX® EUROPE CROSSOVER SERIES 22 LISTED NOTE DUE 20 DECEMBER 2019 (Stock Code: CLN393 and ISIN Code: ZAG000120841) (the “Note”) issued in terms of The Standard Bank of South Africa Limited’s Structured Note Programme (the “Programme”)) on 24 October 2014. Capitalised terms used and not otherwise defined in this announcement have the meaning given to them in the Pricing Supplement of the Note, as read with the Programme Memorandum. Notice is hereby given that: (i) the Issuer has received notice from the Calculation Agent that a Restructuring Credit Event has occurred in respect of Norske Skogindustrier ASA (“Norske”), which is one of the Reference Entities included in the Index, as listed in the Relevant Annex. The Restructuring Credit Event relates to Norske in terms of an exchange offer inter alia exchanging its outstanding EUR218,106,000 7.00% senior notes due 26 February 2017 (ISIN: XS1193909154) for notes maturing on 30 December 2026 (ISIN: XS1394812595) and 30 December 2115 (ISIN: XS1394812918). ISDA on 22 April 2016 announced that the relevant Credit Derivatives Determinations Committee resolved that a restructuring credit event occurred in respect of Norske; and (ii) an Event Determination Date has occurred in respect of Norske under the terms of the Note. A copy of the Credit Event Notice and Notice of Publicly Available Information confirming the occurrence of the events described above will be made available to Noteholders on request. As a result of the occurrence of the Event Determination Date, the following will occur in accordance with the provisions of the Pricing Supplement: A. interest will cease to accrue in respect of the Portion relating to Norske (such Portion the “Affected Portion”) with effect from 20 March 2016, being the Interest Payment Date occurring immediately prior to the Event Determination Date, until the day which is 5 Business Days following the determination of the Final Price or the publication of the Auction Final Price, as the case may be, such day the “Calculation Date”; B. the Calculation Agent will determine the Cash Settlement Amount in respect of the Affected Portion; C. with effect from the Calculation Date: (i) the Credit Linked Conditions will no longer apply in respect of the Affected Portion; (ii) the Nominal Amount of the Affected Portion will be amended to be equal to the Cash Settlement Amount determined in respect of such Portion (which amount may be positive or negative); (iii) the Margin applicable to the Affected Portion will be amended to be equal to the offer rate (in the case of a positive Cash Settlement Amount) or the bid rate (in the case of a negative Cash Settlement Amount) quoted by the Issuer at 11:00 a.m. (Johannesburg time) on the Calculation Date on the Reuters Screen SBID (or any successor page) for negotiable certificates of deposit with a term closest to the term remaining from such date to the Scheduled Maturity Date, or if such rate is not available at such time, determined by the Calculation Agent in a commercially reasonable manner; and D. the Issuer will, as soon as reasonably practicable following the determination of the Cash Settlement Amount and the applicable Margin, notify the Noteholders of all of the amendments made to such Affected Portion of the Note as set out in (A) to (C) above. Notice is given to Noteholders for information purposes only. No action is required by Noteholders. Dated 20 June 2016 Sponsor – The Standard Bank of South Africa Limited Further information on the Note issued please contact: Johann Erasmus SBSA (Sponsor) Email: johann.erasmus@standardbank.co.za Date: 20/06/2016 04:21:00 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.