Standard Bank Investment Corporation Limited - Comments at Annual General

Standard Bank Investment Corporation Limited - Comments at Annual General       
Meeting 21 May 2002                                                             
STANDARD BANK INVESTMENT CORPORATION LIMITED                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
("Stanbic" or "the company")                                                    
South African Share Code: SBC                                                   
Namibian Share Code: STB                                                        
ISIN Code          : ZAE000014858                                               
Comments at Annual General Meeting 21 May 2002                                  
  Chief Executive Jacko Maree made the following comments regarding             
performance for the first four months of the 2002 year at the company`s         
annual general meeting today:                                                   
 - In overall terms, results for the first four months have been in line        
with expectations;                                                              
- Domestically, SCMB has continued to trade well. Retail Banking has           
benefited from an improvement in interest margin but asset growth has been a    
little below expectations. There have not been any large adverse credit         
exposures domestically and the level of arrears has continued to show           
improvement;                                                                    
 - International Operations have enjoyed strong revenue growth, in Capital      
Markets and Precious Metals in particular. Credit provisioning has been         
above budget due to the conservative stance adopted in response to              
uncertainty in global markets generally. Currency translation is likely to      
have a positive effect on the results for the year;                             
 - Results from Stanbic Africa have been marginally lower than expected. The    
integration of the acquisitions in Malawi and Uganda is receiving priority.     
Johannesburg                                                                    
21 May 2002                                                                     
Date: 21/05/2002 02:13:00 PM Produced by the SENS Department