ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY

ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY                                 
Standard Bank Group Limited - Acquisition Announcement                          
Standard Bank Group Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
Share code: SBK                                                                 
Namibian share code: SNB                                                        
ISIN: ZAE000038873                                                              
("Standard Bank Group")                                                         
ACQUISITION ANNOUNCEMENT                                                        
Standard Corporate and Merchant Bank is authorised to announce that Standard    
Bank Group, through its wholly-owned subsidiary Stanbic Bank Botswana Limited,  
has agreed to acquire a 100% shareholding in Investec Bank (Botswana) Limited   
("IBBL") ("the transaction"), subject to conditions precedent usually associated
with transactions of this nature, from Investec Holdings (Botswana) Limited, a  
company incorporated in Botswana, for a consideration of P92 million (ZAR138    
million at the current exchange rate). IBBL"s audited income after tax for the  
year ended 31 March 2003 was P7.5 million, while IBBL"s net asset value as at 30
September 2003 was approximately P78.4 million.                                 
The transaction is subject to, inter alia, the necessary regulatory approvals   
from the relevant authorities in Botswana and South Africa.                     
10 November 2003                                                                
Johannesburg                                                                    
Merchant Bank and Sponsor                                                       
Standard Corporate and Merchant Bank                                            
(A division of The Standard Bank of South Africa Limited)                       
(Registration number 1962/000738/06)                                            
Date: 11/11/2003 07:02:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department