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					        Standard Bank Retail Note - SBR003
                   Roadshow presentation

5 year Standard Bank Retail Deposit Note paying 3-month Jibar + 30 bps


                            October 2008
Overview
1. Introduction: Standard Bank Retail Note
2. Indicative termsheets: SBR001, SBR002 & SBR003
3. Key features and value proposition
4. Comparative pricing: retail fixed income products
5. Trading cost comparatives: SBR003
6. Breakeven analysis and out performance
7. Secondary market performance: SBR001, SBR002
8. Primary offer trading process
9. Additional information
10. Contacts
Introduction: Standard Bank Retail Note

 In May 2004 National Treasury launched the RSA Retail Savings Bonds

 Standard Bank launched STANDARD BANK RETAIL DEPOSIT NOTES (“Retail Notes”) with the debut R175m 3 year SBR001
   issue in February 2006 (paying Jibar), followed by the R350m 5 year SBR002 issue in September 2006 (paying Jibar + 15bp) which
   has been increased to R475m

 City of Joburg launched the 2, 3 and 5 year Jozibonds in August 2007 at 3-month Jibar + 5 bps, 3-month Jibar + 25 bps and 3-month
   Jibar + 40 bps respectively. Their credit rating was A+ at the time of issue

 Standard Bank (AA+) is launching a new 5 year Retail Note in October 2008 paying 3-month Jibar + 30 bps. The offer will
   open on 13 October 2008 and close on 29 October 2008
SBR003 indicative termsheet – new offer from Standard Bank

Issue amount:                   Unlimited
                                The Standard Bank of South Africa Limited
Issuer:
                                (“SBSA”)
Issuer credit rating:           AA+ (zaf)

Status:                         Deposit (senior debt)

Maturity:                       5 years
                                3-month JIBAR + 0.30%, paid quarterly in
Interest:
                                arrears
                                12.50% (NACQ), or 13.098% (NACA) 3-
Interest rate*:
                                month floating
Pricing:                        100% of par

Listing:                        JSE (SBR003) and BESA (SBR003)

Trading:                        JSE
                                Indicatively, SBSA will post a bid of 25
Market making:
                                cents per R100 on the theoretical clean
                                price (99.75 – 100.00)
Minimum deposit on
                                R10,000 (100 Notes)
primary offering
Minimum trading
                                R100
denomination
JSE stockbroker
                                25 bps
commission

Note: *All rates as at 6 October 2008, to be finalised using Jibar on listing date
SBR001 and SBR002 indicative termsheets – trading on the JSE
SBR001 termsheet                                                            SBR002 termsheet

 * Initially issued as a 3 year note at 3-month Jibar on 17 February 2006   * Initially issued as a 5 year note at 3-month Jibar + 15 bps on 15 September 2006

 Issue amount:                 R175 million                                 Issue amount:                     R475 million
                               The Standard Bank of South Africa Limited                                      The Standard Bank of South Africa Limited
 Issuer:                                                                    Issuer:
                               (“SBSA”)                                                                       (“SBSA”)
 Issuer credit rating:         AA+ (zaf)                                    Issuer credit rating:             AA+ (zaf)

 Status:                       Deposit (senior debt)                        Status:                           Deposit (senior debt)

 Maturity:                     5 months (17 February 2009)                  Maturity:                         3 years (15 September 2011)

 Interest:                     3-month JIBAR, paid quarterly in arrears                                       3-month JIBAR + 0.15 %, paid quarterly in
                                                                            Interest:
                                                                                                              arrears
                               12.075 % (NACQ), or 12.633% (NACA) 3-                                          12.292 % (NACQ), or 12.870% (NACA) 3-
 Interest rate*:                                                            Interest rate*:
                               month floating                                                                 month floating
 Pricing:                      100% of par                                  Pricing:                          100% of par
 Listing:                      JSE (SBR001) and BESA (SBR001)               Listing:                          JSE (SBR002) and BESA (SBR002)
 Trading:                      JSE                                          Trading:                          JSE
                               Indicatively, SBSA post a bid of 25 cents                                      Indicatively, SBSA post a bid of 25 cents per
 Market making:                                                             Market making:
                               per R100 on the theoretical clean price                                        R100 on the theoretical clean price (99.75 –
                               (99.75 – 100.00)                                                               100.00)
 Minimum trading                                                            Minimum trading
                               R100                                                                           R100
 denomination                                                               denomination

 Note: *All rates as at 6 October 2008
Key features and value proposition of the Standard Bank Retail Note

 Competitive wholesale interest rates for retail investors – no cost for investor to buy in primary offer and hold
 The Notes offer an alternative asset class to retail investors looking to maximise their medium term returns
 Stable interest income paid quarterly
 As a floating rate instrument, reduce interest rate risk and reduce erosion of capital risk. Rate resets every 3 months
 Tradeable on the JSE - ease of access (entry / exit) to the instrument
 Liquidity ensured by Standard Bank (as market-maker)
 Any person over 18 years or any legal entity can invest
 Low minimum investment of R10,000 in primary offer
 No maximum restriction on the amount invested
 No fees / charges on the primary offer to investor - JSE brokerage applies for secondary market sales / purchases
 No annual management fees
 Use tax interest exemption allowance
               Under 65 years – an aggregate amount of R19 000 of interest can be earned tax-free per annum
                    Assuming 12.50% (NACQ) interest rate, then individual can invest R152 000
               Over 65 years – an aggregate amount of R27 500 of interest can be earned tax-free per annum
                    Assuming 12.50% (NACQ) interest rate, then individual can invest R220 000
Comparative retail fixed income products
Product                                Term               Cost                                  Rate type

Bank deposits                          Call to 60 mths    Bank fees, withdrawal penalties       Floating and Fixed


Online investment/brokerage accounts   Call account       Management fee depending on amount    Floating


Money-market unit trusts               Undated            Annual management fee                 Floating


Bond funds                             Undated            Front-end and annual management fee   Floating and Fixed


Preference shares                      Perpetual          Brokerage fee and bid offer spread    Prime floating


Government retail bonds                2, 3 and 5 years   No charge (withdrawal penalty)        Fixed


Jozibonds                              1, 2 and 4 years   Brokerage fee and bid offer spread    Floating


JSE Trustees Pty Ltd                   Call account       Brokerage, management fee             Floating


Property Loan Stock (“PLS”)            Perpetual          Brokerage fee                         Floating


Source: Standard Bank
Comparative pricing – SBR003

 Comparative retail fixed income products


                                                                     Notes:
 5 year Retail Note paying 3 month Jibar + 30 bps                    1.    All rates as at 6 October 2008
                                                                     2.    Using Jibar of 12.20% as of 6 October 2008, to be finalised
                                                                           using Jibar as on listing date
 Retail product                                      Return          3.    All rates quoted NACQ
                                                                     *     Standard Bank retail note: Indicative rate
 Standard Bank Retail Note*                3-month JIBAR + 30 bps    **    Money market call account (11.40% NACM) for investments
                                                                           R1m and above
 Money Market Call Account**               3-month JIBAR – 69 bps    *** Standard Bank Money Market unit trust (11.67% NACM)
                                                                     **** Standard Bank ordinary fixed deposits rates : R10k to R100k:
 Standard Bank MM Unit Trust***            3-month JIBAR – 42 bps
                                                                           (5 years) 9.25% NACM
                                                                     ***** Standard Bank online share trading (OST): overnight interest
 Standard Bank Fixed Deposit Fixed****     3-month JIBAR – 27 bps
                                                                           on cash balances: 10.262%
 Standard Bank Online Share Trading*****   3-month JIBAR – 185 bps
Trading cost: SBR003 – secondary market

0.35%* brokerage on all Retail Notes


                   Worst case – with SBSA bid spread                                                                Best case – no bid spread


 Assumptions                                                                                    Assumptions
 Brokerage*                                                                  0.35%              Brokerage*                                           0.35%
 Bid spread as % of dirty price                                              0.25%              Bid spread as % of dirty price                       0.00%
 Trade volume                                                        R100,000.00                Trade volume                                    R100,000.00
                                                                                Sell                                                                   Sell
 Bid spread                                                               R250.00               Bid spread                                           R0.00
 Brokerage                                                                R350.00               Brokerage                                          R350.00
 Investor protection levy                                                    R0.20              Investor protection levy                             R0.20
 STRATE                                                                     R10.92              STRATE                                              R10.92
 VAT                                                                        R50.56              VAT                                                 R50.56
 Total rand value                                                         R661.68               Total rand value                                   R411.68
 Total cost as a % of initial investment                                   0.662%               Total cost as a % of initial investment             0.412%



* Online Share Trading (operated by Standard Financial Markets (Pty) Ltd) for all clients trading Retail Notes
Breakeven analysis and out performance

  Breakeven in months and out performance in %


                                                                                         Standard Bank Retail Notes offer considerable value versus
 5 year Retail Note – no cost to investor to buy in primary offer and hold to maturity
                                                                                         comparative fixed income / money market instruments:

                                                                                         Notes:
                                                                              Out
                                                       Breakeven                         1. Breakeven (in months) if the Retail Notes are sold prior to maturity:
 Retail product                                                           performance
                                                        (months)                            breakeven period calculating those costs for a worst-case scenario of
                                                                               (%)
                                                                                            investor selling SBR003 notes back into secondary market with JSE
 Money Market Call Account                                 7.40                5.42         fees + 35 bps brokerage + 25 cents points bid / offer spread per
                                                                                            R100. Beyond this period, investor will benefit from a yield pickup by
 Standard Bank MM Unit Trust                              10.27                3.92         holding SBR003 notes over these comparative instruments.
                                                                                         2. Out performance (%): SBR003’s yield out performance over
 Standard Bank Fixed Deposit                               2.33                17.25        comparative instruments if held over the lifetime of the SBR003

 Standard Bank Online Share Trading                        3.43                11.71
Secondary market performance since issue: SBR001 and SBR002

 SBR001 – issued 17 February 2006
     R175 million was placed in the primary offer
     Secondary market trade of R181 million
     736 trades
     Average trade size of R247k
     Liquidity (turnover p.a./issue size) = 39%

 SBR002 – issued 15 September 2006
     R350 million was placed in the primary offer; subsequent tap (increase) of R125 million sees current issue size of R475 million
     Secondary market trade of R388 million
     1368 trades
     Average trade size of R284k
     Liquidity (turnover p.a./issue size) = 48%

 Standard Bank has been an active market maker (buyer or seller in most of the trades)
 Product has proven track record now – the platform is stable and the notes liquid
 Average bid/offer spread by Standard bank of 25 bps (99.75 – 100.00)

      * Data sourced as of 6 October 2008
Primary offer trading process
                                                              Primary offer: Retail investor places
                                    ISSUER                    order through stockbroker. Broker
                                                              collates orders with Standard Bank in
                                                              the bookbuild process. Settlement
                                                              takes place through JSE and STRATE
                           JOHANNESBURG SECURITIES EXCHANGE




                                     STRATE LTD

                                                              Secondary trading: Retail investor
                                                              places buy or sell order through
                                                              stockbroker. Best bid and offer
                                                              matched through JSE system.
                                                              Standard Bank has undertaken to
                                BROKER NETWORK                always ensure a bid price on the JSE.
                                                              Settlement takes place through JSE
                                                              and STRATE


                                 RETAIL MARKET
Primary offer key dates*

13 Oct                                                                                            29 Oct                       5 Nov
   13       14     15       16       17       20      21       22      23     24      27     28     29     30     31   3   4     5

   1                                                                                               1 2                          3




        1   13 October – 29 October 2008                    Book open


        2   29 October 2008                                 Bookbuild - Orders may be submitted at any time from 13
                                                            October. Book closes at 12h00 on 29 October 2008**


        3   5 November 2008                                 Settlement and listing (T + 5)


        3   5 November 2008                                 Trading on the JSE



  * Dates and times subject to change
  ** Stockbrokers may have earlier cut off times for submission of orders
Additional information


 Standard Bank company information:   www.standardbank.co.za


 Retail Note information:             www.standardbank.co.za/rdn


 Information on market rates:         www.interestrates.co.za


 Standard Bank deposit rates:         www.standardbank.co.za


 JSE prices:                          - Reuters
                                       - Bloomberg (to be confirmed)
                                       - I-Net Bridge
                                       - Moneyweb
                                       - press


 Standard Bank prices:                Reuters page SBID
Contacts


 Andrew Costa
  Tel: 011 378 7008
  E-mail: andrew.costa@standardbank.co.za


 Martine Schlosser
  Tel: 011 378 7132
  E-mail: martine.schlosser@standardbank.co.za


 Louis Dirker
  Tel: 011 378 8103
  E-mail: louis.dirker@standardbank.co.za


 Mark Kalil
  Tel: 011 636 6964
  E-mail: mark.kalil@standardbank.co.za
Disclaimer

This presentation is provided on the express understanding that the information contained herein would be regarded and treated as strictly
confidential and proprietary to Standard Bank. It is not to be delivered nor shall its contents be disclosed to anyone other than the entity to
which it is being provided and its employees. Moreover, it shall not be reproduced or used, in whole or in part, for any purpose other than for
the consideration of the financing described herein, without the prior written consent of the Standard Bank.

Whilst every effort has been made to ensure the accuracy and completeness of the information contained in this presentation, no responsibility
is accepted by the Standard Bank for the treatment by any court of law, tax, banking or other authorities in any jurisdiction mentioned herein of
any transaction based on the information contained herein. Furthermore, nothing in this presentation should be deemed to constitute giving of
advice or should be used as such. It is therefore recommended that, whilst this presentation has been made in good faith, independent
professional advice be taken before a commitment to any financing be provided. Such independent professional advice should be sought
subject to the Standard Bank’s prior written consent.

				
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