SCIB - Adjustments to the terms and conditions of the Standard Bank Exxaro Resources Ltd Warrants The Standard Bank of South Africa Limited 2019/10/09 ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK EXXARO RESOURCES LTD WARRANTS Following the Exxaro Resources Ltd (“EXX”) announcement of a special dividend of 897c. Following this announcement, notice is hereby given that the terms of the EXX warrants will be adjusted to place the warrant holders in the same financial position they were prior to the rights offer ex-date. The terms of the warrants shall be determined at the close of business on 08 October 2019. The following warrants will be affected by this corporate action: Existing Terms JSE Exercise Conversion ISIN Expiry Exercise Style Code Price Ratio ZAE000271920 EXXSBF R 190.00 65 05-Nov-19 American Call ZAE000276895 EXXSBG R 160.00 55 03-Mar-20 American Call ZAE000277927 EXXSBH R 150.00 35 03-Mar-20 American Call New Terms JSE Exercise Conversion ISIN Expiry Exercise Style Code Price Ratio ZAE000271920 EXXSBF R176.79 60.48 05-Nov-19 American Call ZAE000276895 EXXSBG R148.87 51.18 03-Mar-20 American Call ZAE000277927 EXXSBH R139.57 32.57 03-Mar-20 American Call The Effective Date of the adjustment shall be 09th October 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. For further information contact: Standard Bank Warrants Tel 0800 111 780 Email: derivatives@standardbank.co.za Issuer: The Standard Bank of South Africa Limited Sponsor: SBG Securities (Pty) Ltd (A subsidiary of the Standard Bank Group Limited) (Incorporated in the Republic of South Africa, 13 March 1962, Registration number 1972/008305/07) Date: 09/10/2019 09:20:00 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.