STANDARD BANK GROUP - THE PROPOSED INTRODUCTION OF DIRECT BLACK SHARE OWNERSHIP

STANDARD BANK GROUP - THE PROPOSED INTRODUCTION OF DIRECT BLACK SHARE OWNERSHIP 
     `                IN STANDARD BANK GROUP                                    
STANDARD BANK GROUP LIMITED                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/017128/06)                                            
Share code: SBK   Namibian share code: SNB                                      
ISIN: ZAE000057378                                                              
("Standard Bank Group" or "the Company")                                        
THE PROPOSED INTRODUCTION OF DIRECT BLACK SHARE OWNERSHIP IN                    
STANDARD BANK GROUP                                                             
Reference should be made to the announcements dated 15 July 2004, 18 August     
2004, 13 September 2004 and 21 September 2004 relating to the proposed          
facilitation by Standard Bank Group of the acquisition of an effective 10%      
interest in its South African banking operations by a broad-based grouping of   
black entities according to the scheme of arrangement ("the scheme") in terms of
section 311 of the Companies Act (Act 61 of 1973), as amended, proposed by six  
wholly-owned subsidiaries of Standard Bank Group ("the SBG subsidiaries") and   
the trustees of the Standard Bank Group General Staff Share Trust("General Staff
Trust"), between Standard Bank Group and its ordinary shareholders.             
The number of Standard Bank Group ordinary shares to be purchased by the SBG    
subsidiaries and the trustees of the General Staff Trust pursuant to the scheme 
is 102 326 597. The number of Standard Bank Group ordinary shares in issue at   
the last practical date of the circular posted to Standard Bank Group ordinary  
shareholders on 18 August 2004 has increased marginally to 1 348 917 967 at the 
record date.  The final ratio for the implementation of the purchase by the SBG 
subsidiaries and the trustees of the General Staff Trust of Standard Bank Group 
ordinary shares will accordingly be 7.58583 for every 100 Standard Bank Group   
ordinary shares held by each Standard Bank Group ordinary shareholder.          
The scheme will be implemented according to the timetable contained in the      
announcements dated 18 August 2004, 13 September 2004 and 21 September 2004.    
Ordinary shareholders are reminded that the operative date of the scheme is     
expected to be Monday, 4 October 2004.                                          
Johannesburg                                                                    
29 September 2004                                                               
Investment bank and joint sponsor                                               
Standard Bank                                                                
Independent financial adviser                                                   
   JP Morgan                                                                    
Independent lead sponsor                                                        
Deutsche Securities                                                          
Attorneys                                                                       
   Bowman Gilfillan                                                             
Joint independent reporting accountants                                         
KPMG                                                                         
   and                                                                          
   PricewaterhouseCoopers                                                       
Date: 29/09/2004 02:41:21 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department