THE STANDARD BANK OF SOUTH AFRICA LIMITED - Credit Event Announcement in respect of SBC060

Credit Event Announcement in respect of SBC060

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of SBC060


NOTICE IS GIVEN TO ALL HOLDERS OF SBC060 ZAR248,453,796 S&P Dow
Jones iTRAXX® Europe Crossover Series 41 LISTED NOTE DUE
20 June 2029 (Stock Code: SBC060 and ISIN Code: ZAG000207556) (the
"Note") issued in terms of The Standard Bank of South Africa
Limited's Structured Note Programme (the "Programme")           on
31 July 2024. Capitalised terms used and not otherwise defined in
this announcement have the meaning given to them in the Pricing
Supplement of the Note, as read with the Programme Memorandum.


Notice is hereby given that a Credit Event Determination Date has
occurred under the terms of the Note in respect of the Portion
relating to Ardagh Packaging Finance PLC ("Ardagh") due to the
fact that following the Credit Event Resolution Request Date of
07 October 2025, ISDA has on 15 December 2025 publicly announced
that the relevant Credit Derivatives Determinations Committee has
Resolved that a Restructuring Credit Event had occurred in respect
of Ardagh, which is one of the Reference Entities included in the
Index, as listed in the relevant Annex.


As a result of the occurrence of the Credit Event Determination
Date, the following will occur in accordance with the provisions
of the Pricing Supplement:
A.   interest will cease to accrue in respect of the Portion
     relating to Ardagh (such Portion the "Affected Portion") with
     effect from 20 September 2025, being the Interest Payment Date
     occurring immediately prior to the Event Determination Date,
     until the day which is 5 Business Days following the
     determination of the Final Price or the publication of the
     Auction Final Price, as the case may be, such day the
     "Calculation Date";
B.   the Calculation Agent will determine the Cash Settlement Amount
     in respect of the Affected Portion;
C.   with effect from the Calculation Date:
     (i)    the Credit Linked Conditions will no longer apply in
            respect of the Affected Portion;
     (ii)   the Nominal Amount of the Affected Portion will be
            amended to be equal to the Cash Settlement Amount
            determined in respect of such Affected Portion (which
            amount may be positive or negative);
     (iii) the Margin applicable to such portion will be amended to
           be equal to the Issuer's ZAR term funding rate on the
           Calculation Date as determined by the Calculation Agent
           in a commercially reasonable manner;
D.   the Issuer will, as soon as reasonably practicable following
     the determination of the Cash Settlement Amount and the
     applicable Margin, notify the Noteholders of all of the
     amendments made to such Affected Portion of the Note as set
     out in (A) to (C) above.
Notice is given to Noteholders for information purposes only.   No
action is required by Noteholders.
Dated 23 January 2026
Sponsor – The Standard Bank of South Africa Limited
For further information on the Note issued please contact:
Johann Erasmus           SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za

Date: 23-01-2026 04:10:00
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