THE STANDARD BANK OF SOUTH AFRICA LIMITED - THE STANDARD BANK OF SOUTH AFRICA LIMITED Credit Event Announcement in respect of CLN577

THE STANDARD BANK OF SOUTH AFRICA LIMITED – Credit Event Announcement in respect of CLN577

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of CLN577


NOTICE IS GIVEN TO ALL HOLDERS OF CLN577 ZAR47,940,060.24 iTRAXX®
EUROPE CROSSOVER SERIES 31 LISTED NOTE DUE 20 June 2024 (Stock
Code: CLN577 and ISIN Code: ZAG000158437) (the “Note”) issued in
terms of The Standard Bank of South Africa Limited’s Structured
Note Programme (the “Programme”)) on 5 April 2019. 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 Casino Guichard-Perrachon SA (“Casino”) due to the
fact that following the Credit Event Resolution Request Date of
29 August 2023, ISDA has on 06 September 2023 publicly announced
that the relevant Credit Derivatives Determinations Committee has
Resolved that a Failure to Pay Credit Event had occurred in respect
of Casino, 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 Casino (such Portion the “Affected Portion”) with
     effect from 20 June 2023, 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; and

  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 27 September 2023

Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus           SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za

Date: 27-09-2023 01:15:00
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