Standard Bank Group Limited - Annual General Meeting

Standard Bank Group Limited - Annual General Meeting                            
Standard Bank Group Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
South African Share Code: SBK                                                   
Namibian Share Code: SNB                                                        
ISIN: ZAE000038873                                                              
Annual General Meeting 19 May 2003                                              
1.   All of the resolutions proposed at the annual general meeting, including   
the special resolutions, were passed by the requisite majorities of             
shareholders.                                                                   
2.   Chief Executive Jacko Maree made the following comments regarding the      
group"s performance for the first four months of the 2003 year at the company"s 
annual general meeting today:                                                   
- Domestic operations" revenue growth continues to benefit from good asset      
growth and margins being maintained. Credit losses remain well contained.       
- Stanbic Africa continues to perform well.                                     
- The markets which influence the performance of the group"s international      
operations are showing some improvement and their results reflect this.         
- Liberty, which contributed 6% to group headline earnings in 2002, stated in a 
recent market update that "the outlook on investment markets and the rand for   
the remainder of the year is uncertain, but if they continue at current levels, 
the impact on the life fund operating surplus will be such that Liberty"s       
headline earnings to 30 June 2003 and 31 December 2003 will be considerably     
below last year"s".                                                             
- In overall terms, despite the effect of Liberty and the impact of the stronger
rand on the conversion of the group"s foreign earnings, results for the first   
four months are generally in line with the financial objectives set out in the  
group"s 2002 annual report.                                                     
Johannesburg                                                                    
19 May 2003                                                                     
Date: 19/05/2003 02:53:07 PM Supplied by www.sharenet.co.za                     
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