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Absa Group Limited Annual Consolidated and Separate Financial Statements for the Reporting Period Ended 31 December 2020 Contents

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Absa Group Limited Annual Consolidated and Separate Financial Statements for the Reporting Period Ended 31 December 2020 Contents Absa Group Limited Annual consolidated and separate financial statements for the reporting period ended 31 December 2020 Contents 1 Directors’ approval 2 Chief Executive Officer and Chief Financial Officer Responsibility Statement 3 Group Audit and Compliance Committee (GACC) report 8 Directors’ report 12 Company Secretary’s certificate to the shareholders of Absa Group Limited 13 Independent auditor’s report to the shareholders of Absa Group Limited 20 Impact of Covid-19 25 Consolidated statement of financial position 26 Consolidated statement of comprehensive income (SOCI) 28 Consolidated statement of changes in equity (SOCIE) 32 Consolidated statement of cash flows 33 Accounting policies 66 Notes to the consolidated financial statements 223 Company statement of financial position 224 Company statement of comprehensive income 225 Company statement of changes in equity 226 Company statement of cash flows 227 Notes to the Company financial statements Absa Group Limited (1986/003934/06) Annual consolidated and separate financial statements for the reporting period ended 31 December 2020 These audited annual consolidated and separate financial statements (‘financial statements’) were prepared by Absa Group Financial Reporting under the direction and supervision of the Financial Director, J P Quinn CA(SA). Directors’ approval Statement of directors’ responsibilities in relation to financial statements The following statement, which should be read in conjunction with the auditor’s responsibility statement set out on pages 18 to 19, is made to distinguish, for the benefit of shareholders, the respective responsibilities of the directors and of the auditor in relation to the consolidated and separate financial statements of Absa Group Limited and its subsidiaries (the Group). The directors are responsible for overseeing the preparation, integrity and objectivity of the financial statements that fairly present the state of the affairs of the Absa Group Limited standalone (the Company) at the end of the reporting period and the net income and cash flows for the reporting period, and other information contained in this report. To enable the directors to meet these responsibilities: • All directors and senior management develop an environment whereby all directors and employees endeavour to maintain the highest ethical standards in ensuring the Group’s business is conducted in a manner that, in all reasonable circumstances, is above reproach. • The Board sets standards and management implements systems of internal control and accounting as well as information systems aimed at providing reasonable assurance that both on- and off-statements of financial position are safeguarded and the risk of error, fraud or loss is reduced in a cost-effective manner. These controls, contained in established policies and procedures, include the proper delegation of responsibilities and authorities within a clearly defined framework, effective accounting procedures and adequate segregation of duties. • The Board and management identify all key areas of risk across the Group and endeavour to mitigate or minimise these risks by ensuring that appropriate infrastructure, controls, systems, and discipline are applied and managed within predetermined procedures and constraints. • The Group’s Internal audit and compliance functions, which operate unimpeded and independently from operational management and have unrestricted access to the Group Audit and Compliance Committee (GACC), appraise, evaluate and, when necessary, recommend improvements to the systems of internal control, accounting and compliance practices, based on plans that, combined with the efforts of the Group’s risk functions, take cognisance of the relative degrees of risk of each function or aspect of the business. • The GACC, together with the external and internal auditors, plays an integral role in matters relating to financial and internal control, accounting policies, reporting and disclosure. The GACC is satisfied that the external auditor is independent. • The Board approves the Enterprise Risk Management Framework (ERMF) through recommendation by the Group Risk Capital Management Committee (GRCMC). • The Board, through the GACC which is assisted by the GRCMC in respect of risk matters, reviewed the compliance practices and procedures to enable the Board to discharge their regulatory responsibilities, by overseeing the plan and progress management makes in improving compliance in respect of Know Your Customer, Anti-Money Laundering and Sanctions requirements; and by considering that the Group’s systems and processes appropriately reflect the current legal and regulatory environment, refer to note 53. • The Group consistently adopts appropriate and recognised accounting policies and these are supported by reasonable and prudent judgements and estimates on a consistent basis. Based on the above, and to the best of their knowledge and belief, the directors are satisfied that no material breakdown in the operation of the systems of internal control and procedures has occurred during the current reporting period. The financial statements of the Group and the Company have been prepared in accordance with the provisions of the Companies Act and the Banks Act, JSE Listings Requirements and the South African Institute of Chartered Accountants (SAICA) financial reporting guides, and comply with the requirements of International Financial Reporting Standards (IFRS), and all applicable legislation. Based on forecasts and available cash resources, the directors have no reason to believe that the Group and the Company will not be going concerns in the next reporting period. These financial statements have been prepared on this basis. It is the responsibility of the independent external auditor to report on the financial statements. Their report to the shareholders of the Group and the Company is set out on page 18 of this report. The directors’ report on pages 8 to 11 and the annual financial statements of the Group and the Company were approved by the Board of directors and are signed on their behalf by: W E Lucas-Bull Group Chairman D Mminele Group Chief Executive Johannesburg 14 March 2021 Absa Group Limited Annual consolidated and separate financial statements 31 December 2020 1 Chief Executive Officer and Chief Financial Officer Responsibility Statement The directors, whose names are stated below, hereby confirm that: (a) the annual financial statements set out on pages 1 to 239, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS; (b) no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading; (c) internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer; and (d) the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. 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 action. D Mminele Group Chief Executive J Quinn Group Chief Financial Officer Johannesburg 14 March 2021 2 Absa Group Limited Annual consolidated and separate financial statements 31 December 2020 Group Audit and Compliance Committee report This report, issued by the GACC, provides stakeholders with a summary of activities for 2020 while taking into account, the requirements of section 94(7)(f) of the Companies Act, No 71 of 2008 (as amended) (the Companies Act), the King IV Report on Corporate Governance for South Africa 2016 (King IV) and other regulatory requirements. As a whole, the members have the necessary financial literacy, skills and experience to execute their duties effectively. Further information on the membership and composition of the GACC, are set out in the GACC’s mandate on the Group’s website. The GACC, all independent non-executive board members, held six meetings in 2020. The management team is regularly engaged and the Chief Internal Auditor and the external auditor have direct access to the GACC, including closed sessions without management, on any matters that they regard as relevant to the fulfilment of the GACC’s responsibilities. Member Meeting attendance Colin Beggs1 3/3 Alex Darko 6/6 Daisy Naidoo 6/6 Mohamed Husain2 3/3 Tasneem Abdool-Samad (Chairman)3 6/6 Swithin Munyantwali4 5/6 Significant matters considered by the GACC included: Matter GACC action, discussions and decisions 1. Expected credit losses • The committee reviewed and challenged management’s approach and analysis of IFRS 9 expected credit losses in light of the Covid-19 pandemic. • Careful consideration was given to key judgements and assumptions used in the calculation of the expected credit losses, including the forward looking macroeconomic assumptions used and the reasonableness of management adjustments. • Discussions were held with the external auditor to assess the reasonableness of management’s assumptions and expected credit losses against their understanding of the factors based on independent data. • The committee assessed the governance
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