SBK - Standard Bank - Chief executive`s comments at the AGM 28 May 2008 and

SBK - Standard Bank - Chief executive`s comments at the AGM 28 May 2008 and     
capital adequacy disclosure                                                     
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: ZAE000109815                                                              
("Standard Bank" or "the group")                                                
1.  Chief executive`s comments at the Annual General Meeting 28 May 2008        
At the annual general meeting to be held later today, chief executive Jacko     
Maree will make the following comments regarding the group`s performance for the
first four months of 2008 in comparison with the same period for 2007:          
"At the release of the group`s 2007 results on 5 March 2008, we cautioned that  
the outlook for global economic growth had deteriorated and that growth rates in
the market in which we operate are expected to slow in 2008.                    
In South Africa, the impact of a further 50 basis point increase in interest    
rates in April, electricity outages and fuel and food price inflation have      
contributed to a more challenging operating environment than we had anticipated.
In the group`s international investment banking operations, the global credit   
and liquidity crisis has significantly reduced revenue opportunities in its     
credit related businesses.                                                      
The most significant shift from expectations is further increases in early      
arrears and non-performing loans in our personal and business banking division  
in South Africa.  The level of consumers` disposable income available to cover  
increasing debt instalments has been materially impacted by sharply increasing  
inflation. The annualised group credit loss ratio for the first four months of  
the year has exceeded our published objective. Although there is typically a    
seasonal increase in arrears in the first quarter of the year, the April        
interest rate increase and ongoing inflationary pressures are causing           
persistence in arrears experience.                                              
On the positive side, net interest income is benefiting from the additional     
capital received from ICBC and from strong loan growth achieved in prior        
periods.  Fee and commission income retained momentum and trading revenues      
enjoyed good volumes in foreign exchange and commodity trading. Cost efficiency 
is receiving closer than usual attention and the positive gap between revenue   
and cost growth has widened, improving the cost-to-income ratio for the period  
under review.                                                                   
Shareholders are referred to the Liberty Group market update on 14 May 2008     
wherein it was stated that "the group`s return on embedded value for the first  
three months of 2008 remains in line with market guidance of 14.5% to 15.5%.    
Group indexed new business remained firm but growth levels were lower than those
enjoyed in the 2007 year."                                                      
Jacko Maree will also make the following comments on the outlook for the group  
in 2008:                                                                        
"Given the factors mentioned above, an uncertain outlook for the global banking 
environment and a higher than anticipated inflation and interest rate           
environment in South Africa, it is unlikely that the group will achieve its     
objective of normalised headline earnings per share growth of inflation (CPIX)  
plus 5 percentage points for 2008. The group nevertheless expects growth in     
normalised headline earnings per share to exceed CPIX. "                        
2.  Capital adequacy disclosure in terms of Basel 2                             
Standard Bank was required to comply with Basel 2 from 1 January 2008. In terms 
of the Pillar 3 disclosure requirements under Basel 2, capital adequacy         
information is required to be disclosed by the group on a quarterly basis.  The 
following is the consolidated regulatory capital position for the group at the  
end of the first quarter of 2008.                                               
                                                        March                   
                                                         2008                   
Rm                   

Total tier 1 capital                                    66 639                  
Total tier 2 capital                                    14 115                  
Total tier 3 capital                                     1 879                  
Total qualifying capital                                82 633                  
Total capital requirement in terms of Basel 2           60 010                  
Primary (Tier I) capital adequacy ratio (%)               10.8                  
Total capital adequacy ratio (%)                          13.4                  
This information has not been reviewed or reported on by the group`s external   
auditors.                                                                       
Johannesburg                                                                    
28 May 2008                                                                     
Sponsor                                                                         
Standard Bank                                                                   
Date: 28/05/2008 08:30:04 Supplied by www.sharenet.co.za                     
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