NOTICE OF OPTIONAL REDEMPTION OF NOTES AND CANCELLATION OF LISTING

to the holders of
Standard Bank Group Limited

(the "Issuer")

(Registration Number 1969/017128/06)

(Legal Entity Identifier: 2549003PEZXUT7MDBU41)

US$400,000,000 5.95 per cent. Resettable Tier 2 Notes due 2029

(ISIN XS2001739379)

(Common Code 200173937)

(the "Notes")

issued under the U.S.$4,000,000,000 Euro Medium Term Note Programme

18 April 2024

Reference is made to the terms and conditions of the Notes (the "Conditions") set out in the Base Prospectus dated 10 May 2019, (the "Base Prospectus") and the Fiscal Agency Agreement dated 10 May 2019 by and among the Issuer, The Standard Bank of South Africa Limited, The Bank of New York Mellon (as Fiscal Agent and Calculation Agent) and The Bank of New York Mellon SA/NV, Luxembourg Branch (as Registrar and Luxembourg Paying Agent) (the "Fiscal Agency Agreement"). Capitalised terms used in this notice (the "Notice") and not otherwise defined herein shall have the meanings set out in the Conditions and the Fiscal Agency Agreement.

The Issuer hereby gives notice to holders of the Notes (the "Noteholders") that it will exercise its option to redeem all of the Notes outstanding on 31 May 2024 (the "Optional Redemption Date (Call)") pursuant to paragraph 20 (Call Option) of the final terms dated 28 May 2019 relating to the Notes (the "Final Terms"), Condition 10(c) (Redemption at the option of the Issuer) and Condition 10(l) (Conditions to Redemption, Purchase, Modification, Substitution or Variation of Tier 2 Notes) of the Notes having satisfied the applicable conditions to redemption.

The Notes will be redeemed on the Optional Redemption Date (Call) at the Optional Redemption Amount (Call) of U.S.$1,000 per Calculation Amount plus accrued but unpaid interest to (but excluding) the Optional Redemption Date (Call).

The listing of the Notes on the Official List of the Financial Conduct Authority and the admission of the Notes to trading on the Regulated Market of the London Stock Exchange plc will be cancelled on, or shortly after 31 May 2024.

Should any Noteholder have any queries in relation to this Notice please contact: Marc Hearn on Marc.Hearn@standardbank.co.za, alternatively, please direct your queries to strategicfunding-tcm@mail.standardbank.com.

This Notice is issued and directed only to the Noteholders and no other person shall, or is entitled to, rely or act on, or be able to rely or act on, its contents, and it should not be relied upon by any Noteholder for any other purpose.

THIS ANNOUNCEMENT IS RELEASED BY STANDARD BANK GROUP LIMITED AND CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART OF THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. THIS ANNOUNCEMENT IS MADE BY MARC HEARN OF STANDARD BANK GROUP LIMITED.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold within the United States or to, or for the account or the benefit of, US persons, as 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 Securities Act and in compliance with any applicable state securities laws.