STANDARD BANK LAUNCHES R1,2 BILLION BOND ISSUE

STANDARD BANK INVESTMENT CORPORATION LIMITED

THE STANDARD BANK OF SOUTH AFRICA LIMITED R1.2 BILLION TIER II BOND ISSUE
THE STANDARD BANK OF SOUTH AFRICA LIMITED TODAY LAUNCHED A R1.2 BILLION
SUBORDINATED UNSECURED CALLABLE BOND, DUE 1 JUNE 2010.

THE ISSUE, WHICH QUALIFIES AS REGULATORY TIER II CAPITAL FOR STANDARD BANK, WAS
PLACED WITH A WIDE SPREAD OF DOMESTIC INSTITUTIONAL INVESTORS.

 "THE BOND ISSUE WAS EXTREMELY WELL RECEIVED BY INVESTORS. IT WAS SIGNIFICANTLY
OVERSUBSCRIBED AND WE HAD TO SCALE BACK THE OFFER," SAYS ALAN VAN BILJON,
STANDARD BANK GROUP FINANCIAL DIRECTOR.

THE BOND WAS LAUNCHED AT R150 PLUS A SPREAD OF 180BP.  SECONDARY MARKET TRADING
SAW THE BOND YIELD TIGHTEN IN DURING THE DAY.

STANDARD BANK ROADSHOWED THE ISSUE LAST WEEK, INDICATING TO INVESTORS THAT IT
WAS LOOKING TO RAISE BETWEEN R750M AND R1.2 BILLION. VAN BILJON DESCRIBED THE
ROADSHOW AS A HUGE SUCCESS. "THERE WAS A GREAT DEAL OF POSITIVE COMMENT FROM
INVESTORS."

THE BOND HAS A MATURITY OF 10 YEARS. HOWEVER, STANDARD BANK HAS THE OPTION TO
CALL THE BOND ON 1 JUNE 2005 AND ANY INTEREST PAYMENT DATE THEREAFTER.  THE
BOND INITIALLY PAYS A FIXED SEMI-ANNUAL COUPON OF 15.5%.  IF THE BOND IS NOT
CALLED, THE COUPON SWITCHES TO JIBAR PLUS 260BP UNTIL MATURITY.

THE BOND, THE FIRST TO BE ISSUED BY STANDARD BANK, WAS PLACED BY JP MORGAN
SECURITIES SOUTH AFRICA (PROPRIETARY) LIMITED AND STANDARD CORPORATE AND
MERCHANT BANK, A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED (SCMB).
THE BOND IS SUBJECT TO CONFIRMATION OF LISTING FROM THE BOND EXCHANGE OF SOUTH
AFRICA.
DETAILS OF THE BOND ISSUE ARE:
* ISSUE DATE: 15 MAY 2000
* SETTLEMENT DATE: 31 MAY 2000
* BOND EXCHANGE CODE: "SK01"
* NOMINAL: R1.2 BILLION
* MATURITY DATE: 1 JUNE 2010
* COUPON: FIXED AT 15.5% UNTIL 1 JUNE 2005
FLOATING AT JIBAR PLUS 260BP UNTIL MATURITY

* ISSUER'S CALL: 1 JUNE 2005 OR ANY INTEREST PAYMENT DATE THEREAFTER AT THE
NOMINAL AMOUNT

* STATUS:  SUBORDINATED, QUALIFYING TIER II CAPITAL ISSUE
* LAW:  SOUTH AFRICAN
* DENOMINATIONS:  R1 MILLION
* PLACEMENT AGENT AND UNDERWRITER: JP MORGAN
* PLACEMENT AGENT: SCMB