The Standard Bank Of SA Limited Tier II Bond Issue

Standard Bank Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
Share code SBC
ISIN: ZAE000014858

The Standard Bank of South Africa Limited ZAR2 billion Tier II Bond Issue
  The Standard Bank of South Africa Limited today launched a ZAR 2 billion
subordinated tier II bond due 31 October 2013, callable in October 2008.
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 and was fully
subscribed," says Alan van Biljon, Standard Bank Group Financial Director.
  The bond was launched at a spread of 115bp to the R194 to give a yield of
11.50%.  The bond has a maturity of 13 years but Standard Bank has the
option to call the bond on 31 October 2008 and on any interest payment date
thereafter.  The bond initially pays a fixed semi-annual coupon of 11.25%.
If the bond is not called, the coupon switches to JIBAR plus 209bp until
maturity.

  The bond, the third to be issued by Standard Bank (after the successful
SBK1 and SBK2 issues last year), was placed by Deutsche Bank and Standard
Corporate and Merchant Bank.
Details of the bond issue are:
 - Settlement Date: 31 October 2001
 - Listing: Bond Exchange of South Africa (SBK3)
 - Nominal: ZAR2 billion
 - Maturity Date: 31 October 2013

 - Issuer's call: 31 October 2008 or any interest payment date thereafter
 - Coupon: Fixed at 11.25% until 31 October 2008, thereafter floating at
JIBAR plus 209bp until maturity

 - Books close dates: Fixed period, 21 October and 20 April.  Floating
period, 21 October, 21 January, 20 April, 21 July
 - Re-offer yield: 11.50%
 - Re-offer price: 98.81993%

 - Status:  Subordinated, qualifying Tier II capital issue
 - Law:  South African
 - Denominations:  R1 million
 - Placement Agent and Underwriter: Deutsche Bank
 - Placement Agent: SCMB
 - Market-maker: Deutsche Bank
  Contact

Mr Alan van Biljon, Group Financial Director, Standard Bank (tel no +27 11
636 3756); and

Neil Morrison, Managing Director, Deutsche Bank JHB (tel no +27 11 775 7219)
Johannesburg
26 October 2001