The Standard Bank of South Africa Limited

New Financial Instrument Listing Announcement - “SBC232”

Stock Code: SBC232

ISIN Code:    ZAG000222258

The JSE Limited has granted a listing to The Standard Bank of
South Africa Limited – SBC232 Senior Unsecured Mixed Rate Credit
Linked Notes due 31 March 2038 - sponsored by The Standard Bank
of South Africa Limited, under its Structured Note Programme.

Authorised Programme size           ZAR150,000,000,000

Total notes issued                  ZAR117,971,762,532.31.
(including current issue)

Full Note      details   are   as
follows:

Issue Date:                         23 January 2026

Nominal Issued:                     ZAR170,000,000

Coupon Rate:                        In respect of each Interest
                                    Period from, and including:
                                    (i)the Interest Commencement
                                    Date   to,  but   excluding,31
                                    March 2030: three-month ZAR-
                                    JIBAR-SAFEX plus 2.50%; and
                                    (ii) 31 March 2030 until, but
                                    excluding, the Maturity Date:
                                    8.55% per annum payable semi-
                                    annually in arrears

Coupon Indicator:                   Fixed Rate Notes – Fixed
                                    Floating Rate Notes -
                                    Floating


Interest Determination Dates:       In         respect         of:
                                    Fixed   Rate   Notes   –   Not
                                    Applicable
                                    Floating Rate Notes - Each
                                    31 March,       30       June,
                                    30 September and 31 December
                                    of each year, commencing on
                                    Issue    Date    until    (but
                                    excluding) 31 March 2030
Trade Type:                    Price
Issue Price:                   100%

Maturity Date:                 31 March 2038

Interest Commencement Date:    Issue Date


First Interest Payment Date:   31 March 2026
Interest Payment Dates:        In respect of:             Fixed
                               Rate Notes - Each 31 March and
                               30 September of each year until
                               the Maturity Date, with the
                               first Interest Payment Date
                               being 30 September 2030 or, if
                               such day is not a Business Day,
                               the Business Day on which the
                               interest will be paid, as
                               determined in accordance with
                               the applicable Business Day
                               Convention (as specified in
                               this     Applicable      Pricing
                               Supplement)
                               Floating Rate Notes – Each
                               31 March,        30        June,
                               30 September and 31 December
                               of   each   year    until   (and
                               including) 31 March 2030 with
                               the first Interest Payment
                               Date being 31 March 2026, if
                               such day is not a Business Day,
                               the Business Day on which the
                               interest will be paid, as
                               determined in accordance with
                               the applicable Business Day
                               Convention (as specified in
                               this     Applicable      Pricing
                               Supplement)

Business Day Count/Convention: Actual/365(Fixed)           and
                               Following Business Day

Books Close:                   The   Books   Closed   Period
                               (during which the Register
                               will be closed) will be from
                               each 26 March, 25 June, 25
                               September and 26 December,
                               until the applicable Interest
                               Payment Date.
Last day to register:           17h00 on 25 March, 24 June, 24
                                September and 25 December of
                                each year, or if such day is
                                not   a  Business   Day,   the
                                Business Day before each Books
                                Closed Period.

Placement Agent:                The Standard Bank     of   South
                                Africa Limited


Debt   Security   subject  to Not Applicable
guarantee; security or credit
enhancement:


Additional Terms and Conditions: Investors should study the
Pricing Supplement for full details of the specific terms and
conditions applicable to this specific issuance.

Notes will be deposited in the Central Depository (“CSD”) and
settlement will take place electronically in terms of JSE Rules.

Dated 22 January 2026
Sponsor – The Standard Bank of South Africa Limited
For further information on the Notes issued please contact:
Johann Erasmus           SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za