The Standard Bank of South Africa Limited - ADJUSTMENTS TO THE TERMS AND

The Standard Bank of South Africa Limited - ADJUSTMENTS TO THE TERMS AND        
CONDITIONS OF THE STANDARD BANK NEDCOR LTD                                      
The Standard Bank of South Africa Limited                                       
ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK NEDCOR LTD         
Prior Terms                                                                     
JSE    Exercise  Conver  Expiry       Exercise                                  
Code   Price     sion                 Style                                     
Ratio                                                          

NEDSBD R75.00    20 for  2 June 2004  American                                  
                 1                    Call                                      
NEDSBE R65.00    20 for  5 August     American                                  
1       2004         Call                                      

NEDSBR R72.00    20 for  8 April      European                                  
                 1       2004         Put                                       
NEDSBS R60.00    15 for  2 September  European                                  
1       2004         Put                                       

Following the Nedcor Ltd ("NED") rights issue announcement at R45.00, of 5      
shares for every 12 already held, the Issuer will amend the Terms and Conditions
in the following way:                                                           
The Adjustments                                                                 
On the 2nd of  April 2004, a new Conversion Ratio and Exercise Price will be    
calculated, so that the effect of the adjustments will be that:                 
The New Strike Price = (Old Strike/1.095678)                                    
The New Conversion Ratio = (Old Ratio/1.095678)                                 
Example                                                                         
Before the adjustment the holder of 1 NEDSBE Call Warrant, had the right to     
purchase 0.05 NED shares at an Exercise Price of R65.00 per share, a total cash 
outlay of R3.25 per warrant.                                                    
After the adjustment, a holder of 1 NEDSBE Call Warrant will have the right to  
purchase 0.05479 NED shares at an Exercise Price of R59.32, a total cash outlay 
of R3.25 per warrant.                                                           
JSE    Exercise  Conver  Expiry       Exercise                                  
Code   Price     sion                 Style                                     
                 Ratio                                                          
NEDSBD R68.45    18.25   2 June 2004  American                                  
for 1                Call                                      

NEDSBE R59.32    18.25   5 August     American                                  
                 for 1   2004         Call                                      
NEDSBR R65.71    18.25   8 April      European                                  
for 1   2004         Put                                       

NEDSBS R54.76    13.69   2 September  European                                  
                 for 1   2004         Put                                       
The JSE Securities Exchange South Africa ("the JSE") Listings Division has      
approved the adjustment of the above-mentioned warrants, and the adjustments    
will be effective from 2 April 2004.                                            
For further information                                                         
contact:                                                                        
Standard Bank Warrants                                                          
Tel 0800 111 780                                                                
Contact us:                                                                     
derivatives@standardbank.co.                                                    
za                                                                              
Sponsor:                                                                        
Standard Bank                                                                   
Date: 02/04/2004 09:58:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department