ABSA GROUP LIMITED - ABSA GROUP LIMITED AND ABSA BANK LIMITED - NOTICE TO NOTEHOLDERS REGARDING THE TRANSITION FROM JIBAR TO ZARONIA

ABSA GROUP LIMITED AND ABSA BANK LIMITED - NOTICE TO NOTEHOLDERS REGARDING THE TRANSITION FROM JIBAR TO ZARONIA

Absa Group Limited
(Incorporated with limited liability in South Africa under registration number 1986/003934/06)
Bond Issuer Code: ABGI
(“Absa Group”)

Absa Bank Limited
(Incorporated with limited liability in South Africa under registration number 1986/004794/06)
Bond Issuer Code: BIABS
(“Absa Bank”)

NOTICE TO NOTEHOLDERS REGARDING THE TRANSITION FROM JIBAR TO ZARONIA

Absa Group Limited and Absa Bank Limited wish to advise holders of notes issued under each of their
Domestic Medium Term Note Programmes of developments relating to the transition from the
Johannesburg Interbank Average Rate ("JIBAR") to the South African Overnight Index Average
(“ZARONIA”) administered by the South African Reserve Bank (“SARB”) in line with the recommendations
of the Market Practitioners Group set out in the document entitled “Market conventions for ZARONIA-linked
bond       market        instruments”       published      on       the      SARB’s        website     at:
https://www.resbank.co.za/content/dam/sarb/publications/financial-markets/committees/mpg/mpg-ralated-
documents/Market_conventions_for_ZARONIA_linked_bond_market_instruments_Final.pdf

On 3 September 2026, the JSE issued guidance on transitioning JIBAR-linked debt securities to ZARONIA.
It confirmed that, once the expected legislation takes effect, issuers may switch affected notes to the
ZARONIA benchmark without a noteholder consent process where the notes do not contain the required
fallback provisions, provided they comply with paragraph 6.22(a) of the JSE Debt and Specialist Securities
Listings Requirements and other applicable JSE requirements. The expected legislation will also provide
the designated adjustment spread determined by the SARB.

Based on the JSE's communication and the anticipated legislative framework, Absa Bank and Absa Group
intend to transition affected notes using the legislative transition approach. The documentation required
may differ between note series, depending on whether appropriate benchmark replacement fallback
provisions are already included.

Absa Bank and Absa Group are finalising their transition methodology with their advisers and relevant
stakeholders. In accordance with the JSE and legislative processes, Absa Bank and Absa Group intend to
complete the required preparatory steps and make the relevant submissions to the JSE once the legislative
process has concluded. It is currently envisaged that the affected Notes will transition on their respective
interest payment dates, with the applicable conversion dates and ZARONIA margins, inclusive of the
applicable Credit Adjustment Spread, reflected in the JSE conversion spreadsheet.

No action will be required from investors. Further details regarding the implementation of the transition,
including any required amendments to the relevant note documentation, will be communicated to the market
in due course.

This announcement is provided for information purposes only and does not constitute a notice of
amendment of the terms and conditions of any specific note. The implementation of the transition remains
subject to the final legislative framework, applicable regulatory requirements and any further guidance
issued by the relevant authorities.


Johannesburg
14 October 2026

Debt sponsor to ABSA Group Limited and Absa Bank Limited
Absa Bank Limited, acting through its Corporate and Investment Banking division
Date: 14/10/2026 10:01:00
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