STANDARD BANK GROUP LIMITED - Credit ratings action by Moodys Investor Services

Credit ratings action by Moody’s Investor Services

Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting

Share codes
JSE share code: SBK
NSX share code: SNB
A2X share code: SBK
ISIN: ZAE000109815
Issuer Bond Code: SBKI

Credit ratings action by Moody’s Investor Services

Shareholders and noteholders are referred to the Moody's Investors Service (Moody's) press release
on 5 April 2022 and ratings action on the South African banks, including the ratings of Standard Bank
Group Limited (SBG) and The Standard Bank of South Africa Limited (SBSA).

Moody's has affirmed the Ba2 long-term deposit rating of SBSA, while all other ratings and
assessments on SBSA were also confirmed. At the same time Moody’s changed its outlook from
negative to stable on the SBSA’s long-term deposit ratings.

Moody's has affirmed the Ba3 long-term issuer rating of SBG, while all other ratings and assessments
on SBG were also confirmed. At the same time Moody’s changed its outlook from negative to stable
on the SBG’s long-term issuer ratings. SBG's long-term issuer ratings remain positioned one notch
lower than the deposit ratings of SBSA, driven by the structural subordination of SBG's unsecured
creditors to the creditors of SBSA.

This rating action follows Moody's affirmation of SA government’s Ba2 issuer rating and the change in
outlook from negative to stable on 1 April 2022. Moody’s noted: “Today’s decision to change the
outlook to stable from negative reflects the recovery in banks’ key financial metrics, including
profitability and capital, and the stabilisation of the operating environment as reflected by the outlook
change to stable for South Africa”.

Johannesburg
6 April 2022

Lead sponsor
The Standard Bank of South Africa Limited

Independent Sponsor
J.P. Morgan Equities South Africa Proprietary Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 06-04-2022 05:17:00
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