Standard Bank - Adjustments to the terms and conditions of the Standard Bank

Standard Bank - Adjustments to the terms and conditions of the Standard Bank    
                Kumba Resources Limited Turbo Share Instalment                  
The Standard Bank of South Africa Limited                                       
ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK KUMBA RESOURCES    
LIMITED TURBO SHARE INSTALMENT                                                  
Prior Terms                                                                     
ISIN           JSE Code    Exercise    Conversion   Expiry       Exercise Style 
Price       Ratio                                      

ZAE000084422   KMBSTA      100.00      1for1        12-Sep-07    American Call  
Following the Kumba Resources Limited ("KMB") unbundling announcement, KMBSTA   
holders will receive 1 Kumba Iron Ore Ltd. ("KIO") turbo instalment for every 1 
KMBSTA held.                                                                    
Standard Bank will amend the strike prices of the turbo instalments so that the 
new strike prices add up to the current R100 KMBSTA strike before the           
unbundling. A previous holder of 1 KMBSTA Turbo Instalment will hold 1 New      
KMBSTA Turbo Instalment and 1   KIOSTA Turbo Instalment, so that the financial  
position of the turbo instalment holder is unprejudiced.                        
As SAFEX are making the adjustment as of close of business on Monday 20th of    
November, Standard Bank will determine the strike prices as of close of business
on Monday, 20th of November . The strikes will be determined as follows:        
KIOSTA strike = 100 * (KIO close)/ (New KMB close + KIO close)                  
New KMBSTA strike = 100 * (New KMB close)/ (New KMB close + KIO close)          
The split to the holders will only occur as of close of business on Monday 20th 
November. Should holders wish to trade the Old KMBSTA during Monday"s trading   
session please contact the Standard Bank Equity Derivatives desk on +27 (0)11   
378 7140.                                                                       
The JSE Limited (JSE) Issuer Services Division has approved the adjustment of   
the above-mentioned turbo instalments.                                          
Date: 16/11/2006 04:40:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department