Standard Bank Group ANNUAL FINANCIAL STATEMENTS …

1 Standard bank GroupANNUAL FINANCIAL STATEMENTS 2020 ANNUAL FINANCIAL STATEMENTS 2020 Standard bank GroupAIRGOV/REMRCMAFSESGRTSKey frameworks appliedThe International Integrated Reporting <IR> FrameworkCompanies Act, 71 of 2008, as amended (Companies Act)Johannesburg Stock Exchange (JSE) Listings RequirementsKing IV Report on Corporate Governance for South Africa 2016 *International FINANCIAL Reporting standards (IFRS)South African Banks Act, 94 of 1990 (Banks Act)Basel Committee on Banking Supervision s public disclosure frameworkCDP (previously Carbon Disclosure Project)The FINANCIAL Stability Board's TCFDU nited Nations (UN) Sustainable Development Goals (SDGs)* Also known as the King Code and King IV. Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reporting suiteGovernance and remuneration reportDiscusses the Group s governance approach and priorities, as well as the remuneration policy and implementation and capital management reportSets outthe Group s approach to risk FINANCIAL statementsSets out the Group s full audited ANNUAL FINANCIAL STATEMENTS , including the report of the Group audit , social and governance (ESG) reportAn overview of the Group 's processes and governance structures, including task-force on climate-related FINANCIAL disclosures (TCFD).

2 Intended readersOur shareholders, debt providers and regulatorsReport to society (RTS)Assesses the Group 's social, economic and environmental (SEE) ANNUAL reportsOur subsidiaries provide an account to their stakeholders through their own ANNUAL reports, available on their respective websites. The Standard bank of South Africa (SBSA) Liberty Other subsidiary reports, including legal entities in Africa readersOur clients, employees and broader societyWe urge our stakeholders to make use of our reporting site at All our reports and latest FINANCIAL results presentations, booklets and SENS announcements are available online, along with a glossary of FINANCIAL and other definitions, acronyms and abbreviations used in our reports. The invitation to the ANNUAL general meeting (AGM) and notice of resolutions to be tabled is sent separately to shareholders and is also available produce a full suite of reports to cater for the diverse needs of our stakeholders.

3 Our integrated report contextualises and connects to information in the following reports, which provide additional disclosure and satisfy compliance reporting requirements:Our integrated reportOur primary report to stakeholders, providing a holistic view of our ability to create sustainable shared value in the short, medium and long to navigate our reportsThe following icons refer readers to information across our reports:Refers readers to information in other reports readers to information elsewhere in this reporting suite2 Chief executive and FINANCIAL director s responsibility statement2 Directors responsibility for FINANCIAL reporting3 Group secretary s certification3 Report of the Group audit committee7 Directors report10 Independent auditors report20 Statement of FINANCIAL position21 Income statement22 Statement of other comprehensive income23 Statement of cash flows24 Statement of changes in equity28 Accounting policy elections and restatements30 Key management assumptions48 Notes to the FINANCIAL statementsAnnual FINANCIAL statementsContents123 Statement of FINANCIAL position124 Statement of comprehensive income125 Statement of cash flows126

4 Statement of changes in equity128 Notes to the company FINANCIAL statements132 Annexure A Subsidiaries, consolidated and unconsolidated structured entities146 Annexure B Associates and joint ventures150 Annexure C Risk and capital management IFRS disclosures178 Annexure D Group share incentive schemes184 Annexure E Emoluments and share incentives of directors and prescribed officers200 Annexure F Detailed accounting policies238 Annexure G Six-year review244 Annexure H Third-party funds under managementibcContact and other detailsAnnexures to the ANNUAL FINANCIAL statementsStandard bank Group Limited Company ANNUAL FINANCIAL statementsThe consolidated and separate ANNUAL FINANCIAL STATEMENTS were audited in terms of the Companies Act 71 of preparation of The Standard bank Group Limited (SBGL)

5 Consolidated and separate ANNUAL FINANCIAL STATEMENTS was supervised by the FINANCIAL director, Arno Daehnke, BSc, MSc, PhD, MBA, results, together with a summary thereof, were made publicly available on 11 March For information on forward-looking STATEMENTS , refer to the inside back bank Group ANNUAL FINANCIAL STATEMENTS 2020 CHIEF EXECUTIVE AND FINANCIAL DIRECTOR S RESPONSIBILITY STATEMENTThe directors, whose names are stated below, hereby confirm that the ANNUAL FINANCIAL STATEMENTS , set out on pages 20 to 244, fairly present in all material respects the FINANCIAL position, FINANCIAL performance and cash flows of Standard bank Group Limited in terms of the International FINANCIAL Reporting standards , no facts have been omitted or untrue STATEMENTS made that would make the ANNUAL FINANCIAL STATEMENTS false or misleading, internal FINANCIAL controls have been put in place to ensure that material information relating to Standard bank Group Limited and its consolidated subsidiaries have been provided to effectively prepare the FINANCIAL STATEMENTS of the issuer and the internal FINANCIAL controls are adequate and effective and can be relied upon in the process of compiling the ANNUAL FINANCIAL STATEMENTS , having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code.

6 Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and operational effectiveness of the internal FINANCIAL controls and any fraud that involves directors, and have taken the necessary remedial DaehnkeSim TshabalalaFinancial directorGroup chief executive10 March 202110 March 2021 DIRECTORS RESPONSIBILITY FOR FINANCIAL REPORTINGIn accordance with the Companies Act, the directors are responsible for the preparation of the ANNUAL FINANCIAL STATEMENTS . These ANNUAL FINANCIAL STATEMENTS conform to IFRS as issued by the International Accounting standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) FINANCIAL Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements, and fairly present the affairs of Standard bank Group Limited (SBGL) and Standard bank Group (SBG) as at 31 December 2020, and the net income and cash flows for the year then directors are ultimately responsible for the internal controls of the company and the Group .

7 Management enables the directors to meet these responsibilities. standards and systems of internal controls are designed, implemented and monitored by management to provide reasonable assurance of the integrity and reliability of the ANNUAL FINANCIAL STATEMENTS and to adequately safeguard, verify and maintain accountability for shareholder investments and company and Group assets. Systems and controls include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties. It is the responsibility of the independent auditors to report on the fair presentation of the FINANCIAL STATEMENTS . Based on the information and explanations provided by management and the Group s internal auditors, the directors are of the opinion that the internal FINANCIAL controls are adequate and that the FINANCIAL records may be relied upon for preparing the ANNUAL FINANCIAL STATEMENTS in accordance with IFRS and to maintain accountability for the company and the Group s assets and liabilities.

8 Nothing has come to the attention of the directors to indicate that a breakdown in the functioning of these controls, resulting in material loss to the company and the Group , has occurred during the year and up to the date of this directors have a reasonable expectation that the company and the Group will have adequate resources to continue in operational existence and as a going concern in the FINANCIAL year ahead. The 2020 ANNUAL FINANCIAL STATEMENTS , which appear on pages 20 to 244, were approved by the board on 10 March 2021 and signed on its behalf by:Thulani GcabasheSim TshabalalaChairmanGroup chief executive10 March 202110 March 20212 ANNUAL FINANCIAL STATEMENTSGROUP SECRETARY S CERTIFICATIONC ompliance with the Companies ActIn terms of the Companies Act and for the year ended 31 December 2020, I certify that Standard bank Group Limited has filed all returns and notices required by the Companies Act with the Companies and Intellectual Property Commission and that all such returns and notices are true, correct and up to StephenGroup secretary10 March 2021 REPORT OF THE Group AUDIT COMMITTEEThis report is provided by the Group audit committee, in respect of the 2020 FINANCIAL year of Standard bank Group Limited, in compliance with section 94 of the Companies Act.

9 As amended from time to time, and in terms of the JSE Listings Requirements. The committee s operation is guided by a detailed mandate that is informed by the Companies Act, the Banks Act, the JSE Listings Requirements and the King IV Code on Corporate Governance and is approved by the board. Section 94(2) of the Companies Act determines that, at each ANNUAL general meeting, a public company must elect an audit committee comprising at least three members. In view of the exemption granted in section 94(1), this section does not apply to the Group audit committee and, accordingly, the appointment of its members is approved annually by the committee comprises six independent non-executive directors. All members have the necessary FINANCIAL literacy, skills and experience to execute their duties effectively.

10 To ensure that risk-related matters of relevance to the audit committee are considered, the chairman is a member of and attended the Group risk and capital management committee meetings held during the FINANCIAL year. Through the chairman and other Group audit committee members membership on the Group risk and capital management committee, Group technology and information committee and Group remuneration committee, collective and integrated oversight of key matters in the respective committees deliberations was committee met eight times during 2020, including two meetings to consider quarterly FINANCIAL results for publication on SENS and the ANNUAL meeting with the Prudential Authority of the SARB. All members were present for all meetings held during 2020 Governance meeting oversight of Q1 2020 assurance activitiesNovember 2020 Governance meeting oversight of Q3 2020 assurance activitiesInformation on the committee s role and responsibilities; its composition, including members qualifications and experience; the date of members appointment to the committee; the number of meetings held during the year and attendance at those meetings; as well as key areas of focus during the reporting period is provided in greater detail in the corporate governance statement which is included in the Group s governance and remuneration report available on 31 M