STANBIC ANNOUNCEMENT TO SHAREHOLDERS AND STAFF

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

THE CHAIRMAN OF STANDARD BANK INVESTMENT CORPORATION (STANBIC) CONRAD STRAUSS
ANNOUNCED TODAY THAT DEPUTY GROUP CHIEF EXECUTIVE 'JACKO' MAREE (44) WOULD
SUCCEED CURRENT CHIEF EXECUTIVE MIKE VOSLOO, WHO HAS DECIDED TO TAKE EARLY
RETIREMENT WITH EFFECT FROM 31ST  DECEMBER 1999.

MAREE HAS BEEN WITH THE STANBIC GROUP SINCE COMPLETING HIS STUDIES AT

UNIVERSITY OF STELLENBOSCH AND OXFORD UNIVERSITY, WHERE HE WAS A RHODES
SCHOLAR. AS MD OF STANDARD MERCHANT BANK HE LED THE FORMATION OF STANDARD
CORPORATE AND MERCHANT BANK (SCMB) IN 1995. UNDER HIS DIRECTION SCMB HAS GROWN
TO BECOME ONE OF THE LEADING BANKS IN ITS FIELD.  HE WAS APPOINTED DEPUTY GROUP
CEO OF STANBIC IN 1998 AND MANAGING DIRECTOR OF STANDARD BANK OF SOUTH AFRICA
LTD (SBSA) EARLIER IN 1999.

PAYING TRIBUTE TO MIKE VOSLOO, STRAUSS SAID THAT THE RETIRING CEO HAD OVERSEEN
THE COMPLEX RESTRUCTURING OF STANDARD BANK INTO SEPARATE BUSINESS UNITS AND
BEEN INSTRUMENTAL IN BREAKING NEW GROUND FOR THE BANK INTERNATIONALLY, IN
AFRICA AND IN THE DOMESTIC MASS MARKET. "IT WAS ALWAYS MIKE'S INTENTION TO
RETIRE IN SEPTEMBER NEXT YEAR. HOWEVER IN VIEW OF THE RIGOROUS EXAMINATION TO
WHICH WE HAVE SUBJECTED OURSELVES IN THE PAST FEW WEEKS, HE HAS COME TO THE
CONCLUSION THAT HIS SUCCESSOR SHOULD HAVE THE CHANCE TO CONFRONT THE CHALLENGES
OF TAKING STANDARD BANK INTO THE NEW CENTURY SOONER RATHER THAN LATER.
TYPICALLY, MIKE HAS ACTED WITH THE BEST INTERESTS OF THE BANK IN MIND AND I
SHOULD LIKE TO APPLAUD HIM FOR THAT, AND FOR THE EXCEPTIONAL SERVICE HE HAS
RENDERED TO STANBIC OVER 30 YEARS".