Disclaimer

The bid level (the "Unwind Level") provided is indicative and provided for informational purposes only and does not constitute either a bid to unwind or repurchase or an offer to buy or sell any structured product ("Structured Product").

Any holder of a Structured Product who wants to redeem the Structured Product early must be aware that the amount paid to acquire the Structured Product will not be protected in these circumstances and the holder may receive substantially less than the amount initially paid to acquire the Structured Product, depending on market conditions.

Although The Standard Bank of South Africa Limited ("Standard Bank") publishes a daily Unwind Level in respect of Structured Products it issues, the Unwind Level is based on the assumption that the Structured Product that will be held to the full term of the Structured Product. The daily Unwind Level can under no circumstances be used as a guideline for what the holder will receive upon early redemption of the Structured Product.

Standard Bank does not assume liability for any losses arising from errors or omissions in the Unwind Level, irrespective of whether there has been any negligence by Standard Bank, its affiliates or any officers or employees of Standard Bank and whether such losses be direct or consequential. Nothing contained herein is to be construed as guidance, a proposal or a recommendation or advice to enter into, or to refrain from entering into any transaction for the purchase or sale or redemption of any financial instrument, or as part of any offer to buy or sell any financial instrument, or otherwise.

Nothing contained herein is to be construed as Standard Bank provided guidance, recommendations, advice (whether exchange control, legal, regulatory or tax in nature) to any prospective holders in acquiring and/or holding the Structured Products and during the term of the Structured Products or to any holders in the purchase, sale or redemption of the Structured Product.