FINANCIAL INSTITUTIONS

CREDIT OPINION17 July 2021

Update

RATINGS

Standard Chartered BankDomicile London, United

Kingdom

Long Term CRR A1

Type LT Counterparty RiskRating - Fgn Curr

Outlook Not Assigned

Long Term Debt A1

Type Senior Unsecured - FgnCurr

Outlook Stable

Long Term Deposit A1

Type LT Bank Deposits - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Srikanth Vadlamani +65.6398.8336VP-Sr Credit Officersrikanth.vadlamani@moodys.com

Alessandro Roccati +44.20.7772.1603Senior Vice Presidentalessandro.roccati@moodys.com

Ferlicia Leow SohKoon

+65.631.126.51

Associate Analystferlicia.leowsohkoon@moodys.com

Graeme Knowd +65.6311.2629MD-Bankinggraeme.knowd@moodys.com

Standard Chartered BankUpdate following rating action and publication of new BanksMethodology

SummaryOn 13 July 2021, we upgraded the subordinated and junior subordinated debt ratings ofStandard Chartered Bank's (SCB) by one notch to Baa1 and Baa2 from Baa2 and Baa3respectively, following the publication of the new Banks Methodology. At the same time,we affirmed SCB's deposit ratings, senior unsecured debt rating, Baseline Credit Assessment(BCA) and Adjusted BCA. The rating outlook remained stable.

SCB's deposit and senior unsecured ratings of A1 are based on three inputs: the bank's baa2Baseline Credit Assessment (BCA); a one-notch uplift because of our assessment of a veryhigh probability of affiliate support from Standard Chartered PLC (SCPLC, A2 stable, baa11);and a three-notch uplift because of our Advanced Loss Given Failure (LGF) analysis. Theratings do not include any uplift for external support.

SCB's BCA of baa2 is one notch lower than SCPLC's notional BCA of baa1, and reflectsthe bank’s stable asset quality, although structurally weaker after removing the bank’sGreater China and North Asia (GCNA) operations. The BCA also takes into account itsweaker profitability because of higher operating and credit costs and weaker funding afterthe removal of the GCNA operations. These factors are balanced by its strong capital andliquidity.

Exhibit 1

Rating Scorecard - Key financial ratios

5.7% 12.5%

-0.2%

35.4% 40.1%

-10%

0%

10%

20%

30%

40%

50%

60%

-10%

0%

10%

20%

30%

40%

50%

60%

Asset Risk:Problem Loans/

Gross Loans

Capital:Tangible Common

Equity/Risk-WeightedAssets

Profitability:Net Income/

Tangible Assets

Funding Structure:Market Funds/

Tangible BankingAssets

Liquid Resources:Liquid BankingAssets/TangibleBanking Assets

Solvency Factors (LHS) Liquidity Factors (RHS)

Standard Chartered Bank (BCA: baa2) Median baa2-rated banks

So

lve

ncy F

acto

rs

Liq

uid

ity F

acto

rs

For problem loan ratio and profitability ratio, we present the weaker of the average of the latest three year-end ratios, as wellas the most recent intra-year ratio; or the latest reported figure. For the capital ratio, we use the latest reported figure. For thefunding structure and liquid asset ratios, we present the latest year-end figures. This is consistent with the starting point ratios inthe scorecard.Source: Moody's Financial Metrics™

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths

» Strong capital, supported by low capital consumption

» Retention of strong liquidity, despite the removal of the GCNA operations

Credit challenges

» Weak profitability, driven by high costs and weak revenue generation

» Structurally weaker asset quality following the removal of the GCNA operations

OutlookSCB's ratings carry a stable outlook, reflecting our view that its credit fundamentals will remain robust over the next 12-18 months.

Factors that could lead to an upgradeSCBUK's BCA could be upgraded if the bank's profitability and capital significantly improve from current levels.

Its adjusted BCA could be upgraded if SCPLC’s BCA is upgraded. Its instrument ratings could be upgraded if its adjusted BCA isupgraded.

Factors that could lead to a downgradeSCBUK’s BCA could be downgraded if its asset quality were to significantly deteriorate again. We could also downgrade the BCA if itsprofitability falls to the 2016 levels, without the prospect of a swift recovery.

A downgrade in SCPLC's BCA would likely lead to a downgrade of SCBUK’s adjusted BCA and all its ratings. In addition, we coulddowngrade SCBUK's bank deposit and senior unsecured ratings if the volume of junior instruments outstanding decreases significantly,reducing the amount of loss protection available to more senior instruments.

Key indicators

Exhibit 2

Standard Chartered Bank (Consolidated Financials) [1]

12-202 12-192 12-182 12-172 12-162 CAGR/Avg.3

Total Assets (USD Billion) 441.2 438.9 632.1 609.9 578.2 (6.5)4

Tangible Common Equity (USD Billion) 23.4 28.3 41.6 43.6 40.8 (13.0)4

Problem Loans / Gross Loans (%) 5.6 4.6 3.2 3.1 3.7 4.15

Tangible Common Equity / Risk Weighted Assets (%) 12.5 15.2 16.2 15.4 15.2 14.96

Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 28.3 20.0 17.6 18.0 20.5 20.95

Net Interest Margin (%) 0.8 0.9 0.8 1.5 1.4 1.15

PPI / Average RWA (%) 1.2 1.0 0.4 1.5 1.2 1.16

Net Income / Tangible Assets (%) -0.1 -0.8 0.2 0.3 0.0 -0.15

Cost / Income Ratio (%) 73.4 75.0 88.4 71.7 74.0 76.55

Market Funds / Tangible Banking Assets (%) 35.4 37.3 23.8 24.5 25.9 29.45

Liquid Banking Assets / Tangible Banking Assets (%) 40.1 53.7 50.1 45.3 46.1 47.05

Gross Loans / Due to Customers (%) 67.7 68.6 67.3 77.7 76.6 71.65

[-] Further to the publication of our revised methodology in July 2021, for issuers that have “high trigger” additional Tier 1 instruments outstanding, not all ratios included in this reportreflect the change in treatment of these instruments. [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully loaded or transitional phase-in; IFRS.[3] May include rounding differences because of the scale of reported amounts. [4] Compound annual growth rate (%) based on the periods for the latest accounting regime. [5] Simpleaverage of periods for the latest accounting regime. [6] Simple average of Basel III periods.Sources: Moody's Investors Service and company filings

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

ProfileStandard Chartered Bank (SCB) is one of the two main operating subsidiaries of the Standard Chartered Group, along with StandardChartered Bank (Hong Kong) Limited (SCBHK, A1 stable, a3).

SCB provides banking and other financial activities and has operations across Asia, the Middle East, Africa, Europe and the Americasthrough its network of branches and outlets.

In 2019, Standard Chartered Group completed an internal restructuring to change the group's legal organizational structure bytransferring SCBHK under Standard Chartered PLC (SCPLC) from SCB. Furthermore, the group's GCNA operations, namely in China,Korea and Taiwan, which were previously held by SCB, are now held directly by SCBHK.

SCPLC remains the holding company, as well as the listed entity, of the Standard Chartered Group.

Management expects the reorganization to improve the overall group's liquidity and capital management by better leveraging thegroup's strong funding franchise in Hong Kong.

3 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

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Detailed credit considerationsAsset quality to be stableWe assign an adjusted baa2 Asset Risk score to SCB to reflect the higher risk in its loan book because of the economic disruptionscaused by the coronavirus pandemic. At the same time, it also factors the improvement in risk management at the bank since 2015.Our assessment also factors in the potential market risks, given the bank's significant financial market-related businesses.

SCB's loan book composition after removing the GCNA operations has become riskier than that of the group. SCB has a much highershare of corporate and investment banking loans than the overall group, while the overall group's loan composition benefits from ahigher share of low-risk retail mortgage loans in GCNA. Mortgages accounted for 44%2 of loans in GCNA, compared with 30% for theoverall group, as of year-end 2020.

SCB's impaired loan ratio (after restructuring) was 5.7% as of year-end 2020, higher than the pre-restructuring level of 3.2% as ofyear-end 2018. The ratio was also higher than the 3.2% ratio for the overall group as of year-end 2020. Overall, the deterioration inasset quality since the start of the COVID-19 pandemic in 2020, when seen in the context of the significant weakening of operatingconditions, has not been high. This is a reflection of the improvement in risk management at the bank.

Capital to remain a key strength despite weak profitabilityWe assign an adjusted baa1 Capital score to SCB to reflect the lower level of capital following the removal of the GCNA operations.

SCB’s Common Equity Tier 1 (CET1) capital ratio was 12.7% as of year end 2020, lower than the overall group's CET1 capital ratio of14.4%, after the removal of the GCNA operations.

There will be downward pressure on CET1 ratio over the medium term as the bank looks to optimize capital to improve return onequity. Even after this expected decline, capital will remain a relative credit strength.

Profitability to remain a key credit weaknessWe assign an adjusted ba3 Profitability score to SCB to reflect our expectation that the bank's sustainable profitability will increase,driven by improving operating leverage. However, given our expectation of group revenue growth of only 5%-7% in the next 12-18months, this will be a gradual improvement. Further, improvement in profitability will be limited by the low interest rate environment. .

Structurally, SCB’s profitability has become weaker after the removal of the GCNA operations. The bank's ratio of pre-tax profit (beforerestructuring costs) to total assets was 0.1% in 2020, lower than 0.7% for the GCNA operations. SCB's ratio of net income to totalassets improved to 0.03% in 2020 from -0.8% in 2019, despite a decline in net interest income and higher loan loss provisions, mainlybecause of losses from discontinued operations amounting to $4.6 billion as a result of group reorganization recorded in 2019.

SCB's low profitability is a function of relatively higher credit costs and operating expenses. The bank's loan-loss provisions-to-grossloans ratio in 2020 was also much higher at 127 basis points than the 23 basis points in GCNA operations. While credit costs are higherthan those in GCNA, we do not expect the costs to reduce materially from the current levels as they are already low. We expect SCB'scredit cost to trend lower in 2021 compared to last year’s elevated level.

The bank's cost-to-income ratio was 70% in 2020, higher than the 62% reported for the GCNA operations.

Liquidity will remain strong, while funding has become significantly weaker after the removal of the GCNA operationsWe assign an adjusted ba1 Funding Structure score to reflect SCB's weaker funding and inferior deposit quality after the removal ofGCNA operations.

The share of market funds is higher at SCB that at the overall group as most of the market funding is done out of London. SCB's marketfund ratio was 35%, compared with the 25% for the overall group as of year-end 2020. Furthermore, the quality of deposits at SCB issignificantly inferior to that of the overall group.

A smaller proportion of SCB's deposits are retail deposits following the restructuring, as most retail deposits are held in the group'sGCNA operations.

4 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Nevertheless, liquidity remains SCB's key credit strength after the restructuring. While a part of its role as the liquidity center ofthe group is diminished following the removal of the Hong Kong operations, SCB still retains a significant part of the overall group'sliquidity. SCB's ratio of liquid assets to tangible assets was very high at 40% as of year-end 2020.

We assign an adjusted a1 Liquid Resources score to SCB, at the same level as that of SCPLC, based on its strong liquidity.

Macro Profile of Strong is in line with SCB's expected loan distributionThe Macro Profile for SCB is based on our estimates of loan distribution after removing the GCNA operations. This approach isconsistent with how we determine the Macro Profile for SCPLC.

A significant proportion of the assets held in geographies such as the UK and the Americas are high-quality liquid assets that carrylow risk-weights, which results in a difference in asset distribution and RWA distribution. RWA distribution is a better proxy for riskdistribution and is broadly mirrored in SCB’s loan distribution.

Environmental, social and governance (ESG) considerationsIn line with our general view for the banking sector, SCB has a low exposure to environmental risks (see our environmental risk heatmap for further information) and a moderate exposure to social risks (see our social risks heat map for further information). Weestimate that SCPLC's exposure to commodity loans3 was around 6% of its net loans as of year-end 2020. To mitigate potential carbontransition risks, the group has reduced its risk appetite for carbon-intensive sectors via restrictions on new coal mining clients andprojects, as well as by halting the trading of coal-based derivative products.

The ongoing spread of the coronavirus pandemic, the deteriorating global economic outlook, falling oil prices and asset-price declinesare creating a severe and extensive credit shock across many sectors, regions and markets, including the UK banking sector. We regardthe pandemic as a social risk under our ESG framework, given the substantial implications for public health and safety.

Governance is highly relevant for SCB, as it is to all participants in the banking industry. SCPLC has been affected by a range ofgovernance shortfalls, which revealed the lapse of anti-money laundering controls and violations of international sanctions that tookplace before 2012. These governance shortcomings led to legal investigations by the US and UK authorities for financial crime-relatedactivities, and subsequent legal settlements amounting to $1.1 billion in Q2 2019, which hurt the bank's profitability. However, theseare largely legacy issues, and the bank has taken significant measures, including large investments in systems, to improve internalcontrols over the past five years, as recognized by various regulators.

Support and structural considerationsAffiliate supportWe incorporate a very high probability of affiliate support from SCPLC, which results in a one-notch uplift to SCB's baa1 Adjusted BCAfrom baa2 BCA. Our support assumption takes into account SCB's importance as a critical part of the group, accounting for around65% of the overall group's assets as of year-end 2020.

Loss Given Failure (LGF) analysisSCB is subject to the European Union's directive on bank recovery and resolution, which we consider an operational resolution regime.

We assume a residual tangible common equity at 3% and post-failure losses at 8% of tangible banking assets, a 25% runoff injunior wholesale deposits, and a 5% runoff in preferred deposits. We assign a probability of 25% to deposits, in preference to seniorunsecured debt.

The balance sheet at failure, which forms the basis for our Advanced LGF analysis, includes the combined balance sheet of SCB ona stand-alone basis and Standard Chartered Bank AG (SCB AG, A1 Stable, baa2), as SCB AG is a highly integrated and harmonisedsubsidiary of SCB.

The large volume of junior debt instruments that could be bailed in during resolution to the benefit of senior creditors at SCB, as well asthe large volume of senior unsecured debt at SCB itself, reduces the expected loss for these creditors, and leads to a three-notch lift toits rating over its adjusted BCA.

SCB's Baa1 subordinated debt rating reflects our Advanced LGF analysis, which indicates a moderate loss given failure.

5 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

SCB's Baa2(hyb) junior subordinated debt ratings reflect our Advanced LGF analysis, which indicates a moderate loss given failure; andan additional notching to capture the risk of differential probabilities of default across different instruments.

Government support considerationsSCB's ratings are based solely on its Adjusted BCA and our LGF analysis. These ratings do not include any uplift for external support.

The current policy direction in the UK clearly suggests that the Government of United Kingdom (Aa3 Stable) is unlikely to provideextraordinary support to banks in times of need. Moreover, aside from its headquarters in the UK, the group does not operate amaterial retail business in the country, thereby making it even less likely that the government would extend support to the group.

While SCB does operate in other jurisdictions with more supportive regulatory approaches, we would expect any support provided tobe ring-fenced to the group's local operations in those jurisdictions. Consequently, while we include market-specific systemic support inthe ratings of a number of SCB's subsidiaries and affiliates, such support is not taken into account in rating the UK-incorporated SCB.

SCB's CR Assessment is A1(cr)/P-1(cr)SCB's CR Assessment is positioned three notches above its BCA of baa1, based on the buffer against default provided to the seniorobligations represented by the CR Assessment by subordinated instruments. The main difference with our Advanced LGF approachused to determine instrument ratings is that the CR Assessment captures the probability of default on certain senior obligations, ratherthan the expected loss. Therefore, we focus purely on subordination and take no account of the volume of the instrument class.

SCB's CRRs are A1/P-1In assigning CRRs to SCB and its branches, our approach starts with the bank's Adjusted BCA and uses our existing Advanced LGFapproach, which takes into account the level of subordination to CRR liabilities in the bank's balance sheet and assumes a nominalvolume of such liabilities.

The CRRs for the rated bank subsidiaries and branches of SCB are three notches higher than the Adjusted BCA. Although SCB is likelyto have more than a nominal volume of CRR liabilities at failure, this has no impact on the ratings because the significant level ofsubordination below the CRR liabilities at SCB already provides the maximum amount of uplift allowed under our rating methodology.

In our view, secured counterparties to banks typically benefit from greater protections under insolvency laws and bank resolutionregimes than senior unsecured creditors, and this benefit is likely to extend to the unsecured portion of such secured transactionsin most bank resolution regimes. We believe that, in many cases, regulators will use their discretion to allow a bank in resolution tocontinue to honor its CRR liabilities or to transfer those liabilities to another party who will honor them, in part because of the greatercomplexity of bailing in obligations that fluctuate with market prices and also because the regulator will typically seek to preservemuch of the bank’s operations as a going concern to maximize the value of the bank in resolution, to stabilize the bank quickly andto avoid contagion within the banking system. CRR liabilities at SCB and its rated branches, therefore, benefit from the subordinationprovided by more junior liabilities, including all unsecured debt obligations at SCPLC and SCB.

Methodology and scorecardAbout Moody’s Bank ScorecardOur scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read inconjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our scorecardmay materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strongdivergence). The scorecard output and the individual scores are discussed in Rating Committees and may be adjusted up or down toreflect conditions specific to each rated entity.

6 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

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Rating methodology and scorecard factors

Exhibit 3

Standard Chartered Bank

MACRO FACTORSWEIGHTED MACRO PROFILE STRONG 100%

FACTOR HISTORICRATIO

INITIALSCORE

EXPECTEDTREND

ASSIGNED SCORE KEY DRIVER #1 KEY DRIVER #2

SolvencyAsset RiskProblem Loans / Gross Loans 5.6% baa3 ↔ baa2 Long-run loss

performanceMarket risk

CapitalTangible Common Equity / Risk Weighted Assets(Basel III - transitional phase-in)

12.5% baa1 ↔ baa1 Expected trend

ProfitabilityNet Income / Tangible Assets -0.2% caa1 ↔ ba3 Expected trend

Combined Solvency Score ba1 baa3LiquidityFunding StructureMarket Funds / Tangible Banking Assets 35.4% ba3 ↔ ba1 Deposit quality

Liquid ResourcesLiquid Banking Assets / Tangible Banking Assets 40.1% a1 ↔ a1 Quality of

liquid assetsCombined Liquidity Score baa3 baa1Financial Profile baa2Qualitative Adjustments Adjustment

Business Diversification 0Opacity and Complexity 0Corporate Behavior 0

Total Qualitative Adjustments 0Sovereign or Affiliate constraint Aa3BCA Scorecard-indicated Outcome - Range baa1 - baa3Assigned BCA baa2Affiliate Support notching 1Adjusted BCA baa1

Balance Sheet is not applicable.

7 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

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DE JURE WATERFALL DE FACTO WATERFALL NOTCHINGDEBT CLASSINSTRUMENT

VOLUME +SUBORDINATION

SUB-ORDINATION

INSTRUMENTVOLUME +

SUBORDINATION

SUB-ORDINATION

DE JURE DE FACTOLGF

NOTCHINGGUIDANCE

VS.ADJUSTED

BCA

ASSIGNEDLGF

NOTCHING

ADDITIONALNOTCHING

PRELIMINARYRATING

ASSESSMENT

Counterparty Risk Rating - - - - - - - 3 0 a1Counterparty Risk Assessment - - - - - - - 3 0 a1 (cr)Deposits - - - - - - - 3 0 a1Senior unsecured bank debt - - - - - - - 3 0 a1Dated subordinated bank debt - - - - - - - 0 0 baa1Junior subordinated bank debt - - - - - - - 0 -1 baa2

INSTRUMENT CLASS LOSS GIVENFAILURE NOTCHING

ADDITIONALNOTCHING

PRELIMINARYRATING ASSESSMENT

GOVERNMENTSUPPORT NOTCHING

LOCAL CURRENCYRATING

FOREIGNCURRENCY

RATINGCounterparty Risk Rating 3 0 a1 0 A1 A1Counterparty Risk Assessment 3 0 a1 (cr) 0 A1(cr)Deposits 3 0 a1 0 A1 A1Senior unsecured bank debt 3 0 a1 0 A1Dated subordinated bank debt 0 0 baa1 0 Baa1Junior subordinated bank debt 0 -1 baa2 0 Baa2 (hyb)[1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information.Source: Moody’s Investors Service

8 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Ratings

Exhibit 4

Category Moody's RatingSTANDARD CHARTERED BANK

Outlook StableCounterparty Risk Rating A1/P-1Bank Deposits A1/P-1Baseline Credit Assessment baa2Adjusted Baseline Credit Assessment baa1Counterparty Risk Assessment A1(cr)/P-1(cr)Senior Unsecured A1Subordinate Baa1Jr Subordinate -Dom Curr Baa2 (hyb)Other Short Term (P)P-1

PARENT: STANDARD CHARTERED PLC

Outlook StableBaseline Credit Assessment baa1Adjusted Baseline Credit Assessment baa1Senior Unsecured A3Subordinate Baa2Jr Subordinate Baa3 (hyb)Pref. Stock Non-cumulative Ba1 (hyb)

STANDARD CHARTERED BANK AG

Outlook StableCounterparty Risk Rating A1/P-1Bank Deposits A1/P-1Baseline Credit Assessment baa2Adjusted Baseline Credit Assessment baa1Counterparty Risk Assessment A1(cr)/P-1(cr)Issuer Rating A1Commercial Paper -Dom Curr P-1

STANDARD CHARTERED BANK (SINGAPORE)LIMITED

Outlook StableCounterparty Risk Rating Aa3/P-1Bank Deposits A1/P-1Baseline Credit Assessment a3Adjusted Baseline Credit Assessment a3Counterparty Risk Assessment Aa3(cr)/P-1(cr)Issuer Rating A1Commercial Paper P-1

Source: Moody's Investors Service

9 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Endnotes1 The ratings shown are in this report refers to the deposit rating and outlook, and Baseline Credit Assessment

2 All figures relating to GCNA and other regional exposures are estimated on the basis of the group's annual report and data supplement.

3 Commodity loans consist of exposures to the energy and mining and quarrying sectors, as disclosed in its year-end 2020 annual report (page 217).

10 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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MCO and Moody’sInvestors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regardingcertain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publiclyreported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance —Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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(“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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11 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology

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12 17 July 2021 Standard Chartered Bank: Update following rating action and publication of new Banks Methodology