SBK - Standard Bank Group Limited - Financial information supplied to SASBO

SBK - Standard Bank Group Limited - Financial information supplied to SASBO     
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 Group" or "the group")                                          
Financial information supplied to SASBO                                         
In terms of a court order made on Friday 12 November 2010, Standard Bank Group  
was required to supply SASBO, the recognised union for Standard Bank employees  
in South Africa, certain information relating to the current rationalisation    
process being undertaken by the group in Johannesburg and London. South African 
law requires the disclosure of pertinent financial information in order for     
SASBO to meaningfully represent its members in the rationalisation process. The 
calculation of the impact of this process is at an early stage and the following
information should therefore be regarded as preliminary and should not be viewed
by shareholders as a comprehensive and final announcement of the financial      
impact thereof.                                                                 
It is currently estimated that the cost rationalisation process being undertaken
in Johannesburg and London will result in non-recurring rationalisation costs of
approximately R490 million, a portion of which relates to consultations between 
affected employees and the group that remain in progress as of this date and,   
accordingly, this figure may decrease.  These costs will be accrued in full in  
the current financial year which ends on 31 December 2010.                      
It is currently estimated that the costs that have so far been eliminated from  
the group`s 2011 budget as a consequence of the rationalisation process in      
Johannesburg and London amount to a total of approximately R2.3 billion.  The   
estimated costs to be eliminated comprise:                                      
-  a reduction in direct staff costs of approximately R770 million;             
-  a reduction in other operating costs, in the form of:                        
-  reduced expenditure on sponsorships and other marketing costs of R350   
million;                                                                        
     -  Information Technology (IT) projects cancelled, deferred or scaled-back 
at this preliminary stage in our budget process, amounting to approximately R585
million. This number may increase as we complete the budget process;            
    -  reductions in travel and entertainment costs of R25 million;             
    -  optimisation of training centres yielding cost reductions of             
approximately R60 million; and                                                  
-  reduced costs relating to contractors whose contracts will not be        
renewed of approximately R480 million.                                          
The information contained in this announcement has not been reviewed by or      
reported on by the group`s auditors.                                            
Johannesburg                                                                    
17 November 2010                                                                
Lead sponsor                                                                    
Standard Bank                                                                   
Independent sponsor                                                             
Deutsche Securities (SA) Proprietary Limited                                    
Date: 17/11/2010 10:08:01 Supplied by www.sharenet.co.za                     
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