STANBIC - INTERNATIONAL OPERATIONS

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

FURTHER TO THE ANNOUNCEMENT OF 2 SEPTEMBER 1998, STANBIC ADVISES THAT THE
CAPITAL BASE OF STANDARD BANK LONDON LIMITED ("SBL") HAS BEEN INCREASED BY
GBP50 MILLION.  THIS ADDITIONAL CAPITAL IS IN RESPONSE TO LOSSES INCURRED IN
RUSSIA ON COUNTERPARTY EXPOSURES AND ALSO IN ANTICIPATION OF TRADING

OPPORTUNITIES THAT ARE EXPECTED TO ARISE IN THE YEAR AHEAD IN MANY OF THE
BANK'S AREAS OF OPERATION.  THE LEVEL OF CAPITALISATION IN SBL, BOTH BEFORE AND
AFTER THE ADDITIONAL CAPITAL CONTRIBUTION, REMAINS WELL IN EXCESS OF THE
REQUIREMENTS OF THE FINANCIAL SERVICES AUTHORITY.

AS A RESULT MAINLY OF THE LOSS INCURRED IN RUSSIA, STANBIC'S INTERNATIONAL
OPERATIONS (EXCLUDING AFRICA) HAVE REPORTED AN ATTRIBUTABLE LOSS FOR THE YEAR
ENDED 30 SEPTEMBER 1998 OF GBP31 MILLION, WHICH COMPARES WITH THE ATTRIBUTABLE
PROFIT FOR THE PREVIOUS YEAR OF GBP25 MILLION.  THE RETURN TO STABILITY IN MANY
EMERGING MARKETS IS ENCOURAGING AND IT IS ANTICIPATED THAT STANBIC'S

INTERNATIONAL OPERATIONS WILL SHOW A RETURN TO PROFITABILITY IN THE YEAR AHEAD.
JOHANNESBURG
24 NOVEMBER 1998