STANBIC FURTHER ANNOUNCEMENT OT SHAREHOLDERS

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

SHAREHOLDERS ARE REFERRED TO RECENT PRESS ANNOUNCEMENTS BY BOTH STANBIC AND
NEDCOR LIMITED ("NEDCOR") RELATING TO NEDCOR'S INTENTION TO PROPOSE A MERGER
WITH STANBIC.  THE PURPOSE OF THIS ANNOUNCEMENT IS TO REITERATE THE POSITION OF
THE STANBIC BOARD TO SHAREHOLDERS.

NEDCOR WAS GIVEN TWO UNRESTRICTED OPPORTUNITIES TO PRESENT THEIR PROPOSAL TO
THE EXECUTIVE MANAGEMENT TEAM AND ADVISERS AND TO THE STANBIC BOARD IN EARLY
OCTOBER 1999.  FOLLOWING NEDCOR'S PRESENTATIONS, THE BOARD APPOINTED A
SUB-COMMITTEE OF NON-EXECUTIVE DIRECTORS TO CONSIDER NEDCOR'S PROPOSAL IN
DETAIL.  A SIGNIFICANT NUMBER OF STANBIC'S SENIOR EXECUTIVES AND THEIR
SUPPORTING STAFF WERE RELIEVED OF THEIR NORMAL DUTIES TO CONCENTRATE ON THIS
MATTER AND WERE ASSISTED BY STANBIC'S INTERNATIONAL ADVISERS, J.P. MORGAN,
DEUTSCHE BANK, MCKINSEY & CO., AND PRICEWATERHOUSECOOPERS.  THE SUB-COMMITTEE,
STANBIC MANAGEMENT AND THE ADVISERS HAVE DEVOTED A CONSIDERABLE AMOUNT OF TIME
AND EFFORT IN ASSESSING THE NEDCOR PROPOSAL AS WELL AS CONDUCTING AN

INDEPENDENT ASSESSMENT OF THE MERGER AND ITS POTENTIAL BENEFITS.

THE ADVISERS AND THE STANBIC BOARD UNANIMOUSLY CONCLUDED AFTER DETAILED
CONSIDERATION OF ALL THE ISSUES THAT THE MERGER PROPOSAL WOULD NOT BE IN THE
INTERESTS OF STANBIC SHAREHOLDERS, FOR ALL OF THE REASONS SET OUT IN A LETTER
ADDRESSED TO NEDCOR'S CHAIRMAN, WHICH WAS DATED 25 OCTOBER 1999 AND PUBLISHED
ON 26 OCTOBER 1999.  FOR THE BOARD TO RECONSIDER ITS STANCE AND GIVE

CONSIDERATION TO RECOMMENDING NEDCOR'S PROPOSAL TO STANBIC SHAREHOLDERS, NEDCOR
MUST, INTER ALIA, OFFER A MINIMUM EXCHANGE RATIO OF 1 NEDCOR SHARE FOR EVERY
4.75 STANBIC SHARES.

NEDCOR RESPONDED WITH A LETTER TO STANBIC'S CHAIRMAN DATED 27 OCTOBER 1999
WHICH WAS PUBLISHED IN THE PRESS TODAY.  IT IS THE CONSIDERED VIEW OF THE
STANBIC BOARD AND ITS INTERNATIONAL ADVISERS THAT THE RESPONSE BY NEDCOR TAKES
THE MATTER NO FURTHER, AND ACCORDINGLY THE STANBIC BOARD HAS NOT CHANGED ITS
UNANIMOUS CONCLUSION THAT THE NEDCOR PROPOSAL IS NOT IN THE BEST INTERESTS OF
STANBIC SHAREHOLDERS.

THE STANBIC BOARD ACCORDINGLY CONSIDERS THE MATTER CLOSED AND WOULD LIKE TO
THANK ITS SHAREHOLDERS, STAFF AND CUSTOMERS FOR THEIR FORBEARANCE DURING THIS
UNSETTLING PERIOD.  IT SHOULD BE NOTED THAT NEDCOR STILL HAS THE PREROGATIVE TO
MAKE A HOSTILE OFFER TO STANBIC SHAREHOLDERS DIRECTLY, IN WHICH CIRCUMSTANCES
THE STANBIC BOARD WOULD GIVE SHAREHOLDERS ADVICE ON THE APPROPRIATENESS OF SUCH
OFFER.  THE STANBIC MANAGEMENT TEAM WILL NOW RETURN THEIR ENERGIES TO WORK WITH
STAFF TO SERVE CUSTOMERS AND BUILD VALUE FOR SHAREHOLDERS.
JOHANNESBURG
29 OCTOBER 1999