Company Announcements

Standard Bank Group Limited

The Standard Bank of South Africa Limited

30 November 2020

Ratings Announcement

STANDARD BANK GROUP AND THE STANDARD BANK OF SOUTH AFRICA LIMITED RATING ACTION BY FITCH RATINGS

In accordance with paragraph 6.8 of the JSE Debt Listings Requirements, noteholders are hereby advised that on 27 November 2020, Fitch Ratings ("Fitch") downgraded The Standard Bank of South Africa Limited's ("SBSA") Long-Term Issuer Default Rating (IDR) to 'BB-' from 'BB' and the Viability Rating (VR) to 'bb' from 'bb-'. The outlook is negative. Fitch also downgraded the long-term IDR and VR of the holding company, Standard Bank Group Limited ("SBG") to 'BB-' and 'bb-' from 'BB' and 'bb' respectively . All

debt ratings on the international scale have also been downgraded by one notch.

Fitch's rating downgrade of SBG and SBSA follows their decision to downgrade the SA Sovereign's Long-Term IDR on 20 November 2020 from 'BB' to 'BB-'and maintain the negative outlook.

The downgrade by Fitch, in itself, is not expected to have a material impact on SBG's and SBSA's risk weighted assets (RWA) and capital adequacy. The group remains well capitalised and liquid.  

Further details on the rating action can be viewed on the following link:

Refer to: Fitch Downgrades South Africa to 'BB-'; Outlook Negative at www.fitchratings.com

For further information, please contact:

Ann Hunter

Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +27 11 415 4194

DISCLAIMER

This Announcement is not intended to, and shall not, constitute or contain an offer to sell or solicitation of an offer to purchase the securities referred to herein by any person in any jurisdiction where it is unlawful to make an offer or solicitation. The distribution of the Announcement and the offer or sale of the securities referred to herein in certain jurisdictions is restricted by law. This Announcement may not be used for or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorised or is unlawful.

In the United Kingdom, this Announcement is being distributed only to, and is directed only at, persons who are (i) investment professionals, as such term is defined in Article 19(5) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order); (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; (iii) outside the United Kingdom; or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of the securities in the United States.

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