SBSA-Notification of Update of the Issuer’s Structured Note Programme The Standard Bank of South Africa Limited Incorporated in the Republic of South Africa (Registration number 1962/000738/06) (“the Issuer”) Notification of Update of the Issuer’s Structured Note Programme In terms of paragraph 7.24 of the JSE Debt Listings Requirements, Noteholders are advised that the Issuer’s Structured Note Programme has been updated. The updated document, dated 10 January 2019, which was formally approved by the JSE on 11 January 2019, is available for inspection on the Issuer’s website below: http://stbankdemo33.aquawin.com/downloads/debt/Programme_Memoran dum_-_Executed.pdf A summary of the relevant changes to the Structured Note Programme are as follows – • Updated to ensure compliance with the new DLR provisions (including the amendments effective from 15 October 2018) as well as any changes to South African law applicable to, inter alia, the settlement, clearing and transfer of Notes, South African exchange control and taxation, and the subscription and sale of Notes. • Updated description of the Issuer to ensure information is current and accurate. • Annex 1 (Additional Terms and Conditions for Credit Linked Notes) and Annex 3 (Additional Terms and Conditions for FX Linked Notes) have been updated to align with the relevant ISDA Definitions. • Inclusion of Annex 2 (Additional Terms and Conditions for Equity Linked Notes) in order to allow for Equity Linked Notes to be issued under the Programme. • Updating risk factors in order to align with new FX Linked Note terms and conditions and inclusion of risk factors relating to Equity Linked Notes. Dated 17 January 2019 Debt Sponsor – The Standard Bank of South Africa Limited For further information please contact: Johann Erasmus SBSA (Debt Sponsor) Email: johann.erasmus@standardbank.co.za Date: 17/01/2019 03:35:00 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.