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BAWGL2 - Step-Down Margin Notification

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Published: 2026-01-20 17:30:23 ET
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Barloworld Limited
Registration number: 1918/000095/06
Alpha code: BIBAW

STEP-DOWN MARGIN NOTIFICATION: BAWGL2

Capitalised terms and expressions are as defined in the applicable pricing supplement for BAWGL2
(“APS”) and have the same meanings unless otherwise defined in this announcement.

Noteholders are referred to Appendix 1 of the APS and are advised that a Margin Adjustment Event
has occurred for instrument BAWGL2 following achievement of the relevant Gender Performance
Targets as set out in the Gender Performance Table of the APS.

As a result of the above, the Initial Margin will be decreased by the Step-Down Margin resulting in a
revised margin (“Revised Margin”) for BAWGL2 as follows:


 Instrument              Initial Margin       Step-Down        Revised Margin              Margin
                                    (%)     Margin (2026)               2026           Adjustment
                                                       (%)                (%)                 Date
 BAWGL2                           1.60              (0.09)               1.51     24 February 2026

The Revised Margin will be applied for the forthcoming interest periods of 22 February to 22 May 2026
for BAWGL2.

The Sustainability Certificate for BAWGL2           is   available   on   Barloworld’s   website   at
www.barloworld.com/investors/debt-investors/

20 January 2026

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited