Amendment to Standard Bank Group and The Standard Bank of South Africa credit ratings 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 “SBG”) The Standard Bank of South Africa Limited SBS, SBSi, SBK, SBAG, SBAS, SBAPL, SBAPD, SBAE, SBACRN, SBAWHT, SBACOP, SBAOIL, SBACI, SBN, 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)) (“The Standard Bank of South Africa” or “SBSA”) (JSE listed bonds in terms of Standard Bank Group Limited’s Domestic Medium Term Note Programme) Amendment to Standard Bank Group and The Standard Bank of South Africa credit ratings In accordance with paragraph 4.26 of the JSE Listings Requirements, noteholders are hereby advised of the amendment to SBG and SBSA’s credit rating effective on 12 June 2017. Moody’s Investors Service (“Moody’s” or “the agency”) has downgraded the Long-Term local and foreign currency deposit ratings of SBSA to Baa3 from Baa2, and the Short-Term local and foreign currency deposit ratings to P-3 from P-2. The agency also downgraded the Long-Term local and foreign currency Issuer Ratings of SBG to Ba1 from Baa3. The Long-Term and Short-Term National Scale Ratings of SBSA were affirmed as P-1.za and Aa1.za respectively. A negative outlook was assigned. This rating action concludes the review initiated on 4 April 2017 on the five largest South African banks and follows the weakening of the South African government’s credit profile, as captured by Moody’s lowering of the Long-Term Issuer Ratings of the South African sovereign rating to Baa3 from Baa2 on 9 June 2017. In view of the correlation between sovereign and bank credit risk, SBSA’s ratings are constrained by the rating of the South African government. As is its standard practice, Moody’s positions SBG’s Issuer Rating one notch lower than the deposit ratings of SBSA, reflecting the structural subordination of SBG’s creditors to those of SBSA. Moody's expects SBSA’s financial fundamentals to largely remain robust, despite the weak economic environment exerting some pressure on its earnings and testing the resilient performance it has demonstrated in recent years. Moody's expects SBSA will maintain healthy capital levels. For commentary on the detailed ratings action taken on SBG and SBSA, together with the other South African Banks, please refer to the Moody’s press release on their website: https://www.moodys.com/research/Moodys-downgrades-the-five- largest-South-African-banks-to-Baa3-- PR_367888?WT.mc_id=MDCAlerts_realtime%7e23fe66bc-329a-4f75-9930- ef72fdad0459 Johannesburg 13 June 2017 Lead Sponsor: The Standard Bank of South Africa Limited Independent Sponsor:Deutsche Securities (SA) Proprietary Limited Namibian sponsor: Simonis Storm Securities (Proprietary) Limited Debt Sponsor: The Standard Bank of South Africa Limited Date: 13/06/2017 11:00:00 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.