SCIB: The standard Bank Of South Africa - Terms amendments to stock warrants The Standard Bank of South Africa Limited 2019/02/28 ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK NASPERS LTD WARRANTS Following the Naspers Limited (“NPN”) unbundling announcement relating to the unbundling of Multichoice, Naspers will unbundle its interest in Multichoice to Shareholders. Each Shareholder will receive one Multichoice Group Limited share for each Naspers Limited share held. The unbundling will be effective on the 27th February 2019. Following this announcement, notice is hereby given that the terms of the NPN warrants will be adjusted to place the warrant holders in the same financial position as they would have been in prior to the unbundling. The warrants will trade as a basket of Naspers Limited & Multichoice Group Limited on a 1:1 ratio on the 27th February 2019. At the close of business on 27th February 2019, the terms of the warrants will be adjusted as per below and will no longer trade as a basket warrant referencing a single underlying NPN. The following warrants will be affected by this corporate action: Existing Terms Exercise Conversion Exercise ISIN JSE Code Expiry Price Ratio Style American ZAE000260907 NPNSBI R 3,600.00 1550 04-Apr-19 Call American ZAE000263414 NPNSBJ R 2,800.00 1350 07-May-19 Call American ZAE000266078 NPNSBL R 3,050.00 1500 06-Aug-19 Call European ZAE000260980 NPNSBV R 3,100.00 1250 04-Apr-19 Put European ZAE000263489 NPNSBW R 2,400.00 950 07-May-19 Put New Terms Exercise Conversion Exercise ISIN JSE Code Expiry Price Ratio Style American ZAE000260907 NPNSBI R 3,477.80 1497.39 04-Apr-19 Call American ZAE000263414 NPNSBJ R 2,704.95 1304.17 07-May-19 Call American ZAE000266078 NPNSBL R 2,946.47 1449.08 06-Aug-19 Call European ZAE000260980 NPNSBV R 2,994.77 1207.57 04-Apr-19 Put European ZAE000263489 NPNSBW R 2,318.53 917.75 07-May-19 Put The Effective Date of the adjustment shall be 28th February 2019. The JSE Limited (JSE) Issuer Services Division has approved the adjustment of the above-mentioned warrants. This Notice together with the Common Terms Document and Conditions Annexure record the terms and conditions of the agreement between the Parties. Any terms used in this Notice which are defined in the Common Terms Document, Conditions Annexure and the relevant Supplements shall bear the meaning ascribed to them therein, unless specifically stated otherwise herein. Other than as set out herein, the terms and conditions set out in the Common Terms Document, Conditions Annexure and relevant Supplements remain unchanged and in full force and effect. Please note that Share Instalments are subject to selling restrictions and prospective purchases are referred to the relevant Conditions Annexure for details of such restrictions. Date: 28/02/2019 09:00:00 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.