THE STANDARD BANK OF SOUTH AFRICA LIMITED - SBSA-Change of Auditor

SBSA-Change of Auditor

The Standard Bank of South Africa Limited
(Incorporated in the Republic of South Africa)

(Registration number 1962/000738/06)

(“SBSA”) or (“the Company”)


Notification of change of auditors

The Boards and Audit Committees of the group and The Standard Bank of South Africa Limited (SBSA)
would like to inform their stakeholders that subject to shareholder approval, PricewaterhouseCoopers
Incorporated (PwC) tenure as a joint auditor will conclude following the finalisation of the group’s and
SBSA’s 2025 financial year. In line with global best practice, the group and SBSA have decided to proceed
with the rotation of PwC before its 2026 financial
year in accordance with the Independent Regulatory Board for Auditors’ Mandatory Audit Firm Rotation
(MAFR) ruling issued on 2 June 2017, notwithstanding the ruling on 31 May 2023 by the Supreme Court
of Appeal setting aside MAFR.

Furthermore, the Boards and Audit committees of the group and SBSA would like to inform their
stakeholders that following a comprehensive tender process, the group and SBSA intend to appoint
Deloitte & Touche (Deloitte) as one of the joint auditors for the financial year ending 31 December 2026.

The appointment of Deloitte and the designated audit partner is subject to approval by the South
African Prudential Authority in accordance with section 61 of the Banks Act No. 94 of 1990 as amended.

In terms of section 90 of the South African Companies Act No. 71 of 2008, as well as paragraph 7.3(e)(iv)
of the JSE Debt Listings Requirements, the appointment of Deloitte as a joint auditor for the 2026
financial year will be recommended to the ordinary shareholders for approval at the relevant annual
general meeting.

Johannesburg
29 August 2023

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 29-08-2023 05:05:00
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