STANBIC COMPLETION OF THE ACQUISITION OF LCC

STANDARD BANK INVESTMENT CORPORATION LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 69/17128/06)
("STANBIC")

COMPLETION OF THE ACQUISITION OF A FURTHER 50% INTEREST IN LIBLIFE CONTROLLING
CORPORATION (PROPRIETARY) LIMITED ("LCC")
INTRODUCTION

FURTHER TO THE ANNOUNCEMENT DATED 12 MAY 1999, STANDARD CORPORATE AND MERCHANT
BANK IS AUTHORISED TO ANNOUNCE THAT ALL OF THE CONDITIONS PRECEDENT RELATING TO
THE ACQUISITION BY STANBIC OF A FURTHER 50% INTEREST IN LCC FROM LIBERTY
INVESTORS LIMITED ("LIBVEST") ("THE LCC ACQUISITION") HAVE BEEN FULFILLED AND
THUS THE LCC ACQUISITION HAS BEEN COMPLETED.  ACCORDINGLY, WITH EFFECT FROM 1
JANUARY 1999, LIBERTY HOLDINGS LIMITED AND LIBERTY LIFE ASSOCIATION OF AFRICA
LIMITED ARE SUBSIDIARIES OF STANBIC.
SETTLEMENT OF PURCHASE CONSIDERATION

STANBIC DISCHARGED THE PURCHASE CONSIDERATION PAYABLE TO LIBVEST  ON 30 JUNE
1999 AS FOLLOWS:
LIBERTY INTERNATIONAL PLC ("LIH") SHARES

19 114 936 LIH SHARES WERE TRANSFERRED IN NEGOTIABLE FORM BY STANBIC TO LIBVEST
ON 30 JUNE 1999 AT AN AGREED PRICE OF R45.00 PER SHARE.
STANBIC SHARES

A RENOUNCEABLE LETTER OF ALLOTMENT IN RESPECT OF 85 714 286 STANBIC SHARES WAS
ISSUED TO LIBVEST ON 10 MAY 1999.  THE STANBIC SHARES TO WHICH THE RENOUNCEABLE
LETTER OF ALLOTMENT RELATES WILL BE ISSUED AT AN ISSUE PRICE OF R17,50 PER
SHARE ON OR ABOUT 5 JULY 1999, WHEREAFTER THEY WILL BE LISTED ON THE
JOHANNESBURG STOCK EXCHANGE ("THE JSE").
CASH

THE BALANCE OF THE PURCHASE CONSIDERATION OF R3 235 MILLION WAS PAID TO LIBVEST
IN CASH.  STANBIC STATED AT THE TIME OF THE ACQUISITION THAT IT PROPOSED TO
FUND NOT LESS THAN R1 500 MILLION OF ITS CASH OBLIGATION BY WAY OF A PLACING OF
NEW STANBIC SHARES.

STANBIC HAS RAISED R1 500 MILLION IN CASH BY A VENDOR PLACING OF 78 947 369 NEW
STANBIC SHARES WITH VARIOUS INTERNATIONAL AND DOMESTIC INSTITUTIONS, AT AN
ISSUE PRICE OF R19,00 PER SHARE.  THE VENDOR PLACING WAS ACHIEVED BY WAY OF A
BOOK BUILDING EXERCISE WHICH RESULTED IN THE VENDOR PLACING BEING

OVERSUBSCRIBED AT THE ISSUE PRICE OF R19,00 PER SHARE.  THE ISSUE PRICE OF
R19,00 PER SHARE REPRESENTS A 5,8% DISCOUNT TO THE 30 DAY WEIGHTED AVERAGE
TRADED PRICE OF STANBIC SHARES ON THE JSE PRIOR TO 21 JUNE 1999, BEING THE DATE
ON WHICH THE DIRECTORS OF STANBIC AUTHORISED THE VENDOR PLACING.  THESE SHARES
WERE ISSUED ON 30 JUNE 1999, AND WILL BE LISTED ON THE JSE FROM THE
COMMENCEMENT OF BUSINESS ON FRIDAY, 2 JULY 1999.

STANBIC HAS RAISED R1 735 MILLION BEING THE BALANCE OF ITS CASH OBLIGATION, BY
WAY OF SHORT-TERM DEBT, WHICH HAS NO FIXED TERMS OF REPAYMENT.
JOHANNESBURG
1 JULY 1999
MERCHANT BANK
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 62/00738/06)
ATTORNEYS
EDWARD NATHAN & FRIEDLAND INC.
(REGISTRATION NUMBER 77/00525/21)
JOINT SPONSORING BROKERS
STANDARD EQUITIES (PTY) LIMITED
(REGISTRATION NUMBER 72/08305/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
MERRILL LYNCH
SMITH BORKUM HARE
(REGISTRATION NUMBER 95/01805/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)