Interim financial results for the six months to 30 June 2001

1. Interim financial results for the six months to 30 June 2001

2. Presentation structure • Financial highlights Alan van Biljon • Retail Banking Peter Wharton-Hood • SCMB Myles Ruck • Commercial Banking • Private Banking • International Operations Jacko Maree • Stanbic Africa • Liberty Group • Conclusion

3. Key financial statisticsHeadline earnings per share 21% up

4. Income statement highlights Headline earnings 24% up

5. Headline earnings per business unit Increased contribution from Retail Banking ( ) 30 June ‘00

6. Summarised balance sheetTotal assets 18% higher

7. Net interest marginSlight reduction in lending margins

8. Net interest incomeGood growth despite adverse conditions, +12% • Domestic operations +8% • Low advances growth, 7% • Stable interest rates, pressure on funding costs • Competitive pressure on lending margins • Growth in savings • Stanbic Africa +3% • Solid lending growth, 18% • Zimbabwe • International Operations +20% • Strong advances growth • Devaluation of the Rand • Lower margins - improved asset quality

9. Non-interest income51% of total income • Fees and commissions +15% • Domestic operations +20% • New service charges • Transactional volume growth in new channels - Internet +82% • SCMB +31% • Stanbic Africa - volume growth and repricing • International Operations - decline in advisory fees • Trading income +13% • International Operations +22% • Volatility in emerging markets • Favourable spreads in foreign exchange trading • Other income +15% • Improvement in short-term insurance activities • Volume growth in CATS and BEST +33%

10. 0.02% 0.06% (0.09%) 1.13% 1.14% Stanbic 2000 Stanbic 2001 International Operations StanbicAfrica Domestic operations Provision for credit lossesImproving domestic environment • Domestic operations +4% • Aggressive provisioning in Commercial Banking - provisions +R54m • Retail 2% lower • SCMB 10% lower • Stanbic Africa +R15m • Prudent provisioning • International Operations +R45m • Higher general debt and Mining Finance provisions Credit provisions to average advances

11. Non-performing loansImproving book • Higher gross NPLs in Africa, London and in Commercial Property loans • R400m provisions written off against old NPLs in SCMB • Higher security values in SCMB, Commercial Property, Home loans and International • Branch net NPL situation has improved

12. Operating expensesCosts under control, +7% • Domestic operations +8% • Inflationary increases • Higher IT and processing spend • Partly offset by: • Lower staff complement, 546 • Focus on sustainable cost management • Stanbic Africa +4% • Cost containment across the board • International Operations +9% • Currency effect • Increased staffing, 91 9% 6%

13. Cost-to-income ratioConsistent improvement

14. Capital adequacyWell capitalised • Surplus capital primarily in hard currency • Higher capital requirement in International Operations • International acquisition possibilities 13.5* 13.8 * Restated in line with new regulations

15. Headline earningsStrong domestic performance

16. Cost-to-income ratioFocus on efficiencies

17. Capital allocation and returnsCreating value for shareholders

18. Retail Banking

19. Retail Banking - results highlights Headline earnings up 30% • Transactional banking business • Strong revenue streams • New fee structures to influence customer behaviour • Home loans • New business showing stronger growth • Card business • Re-emerging as core capability • Cost efficiencies • Benefit of cost rationalisation in 2000

20. Retail Banking Bancassurance portfolio showed mixed results • Simple products • Number of policies in force up 53% - Credit life policies 290 000 (+19%) - Funeral policies 260 000 (+125%) • Funeral penetration now 10.8% (from 4.5%) • Complex products • Business 7% up but below budget • Focus on sales force management • Investment in IT based selling tools

21. Retail Banking E-plan and ABIL JV well positioned • Mass market number of transactions and average balances increase • Annual E-plan transactions per account up from 35 to 38 • Average balance up from R717 to R872 • African Bank JV • 20 000 accounts opened during first 6 months • Gross advances book R88m • Working closely together

22. Retail Banking Sustained demand for virtual banking • Virtual banking development • Majority of home loans originated outside of branch infrastructure • Auto-E transactions increased by 19% • Internet banking customers up 43% to 186 000 • Internet transaction volumes up 82% • Internet fee based transactions up 74% • Call centre volumes up 24% • Virtual transactions account for 65% of total volumes • bluebean.com being repositioned

23. Retail Banking - priorities • Revenue growth • Establish optimal balance between near and long term portfolio • Improve under-performing businesses • Leverage revenues from partnerships - ABIL JV - FIHRST payroll intermediary with Alexander Forbes - SA Homeloans - Edgars initiative - E-plan expansion with Orlando Pirates and Kaizer Chiefs • Comprehensive payment product strategy

24. Retail Banking - priorities continued • Cost management • Best Bank Enhancement Programme • Roll out of Bank at Any Centre • Optimisation of channel, product and customer mix • Project execution disciplines extended to non-IT projects • End-to-end process management rules to extract efficiencies • Customer focus • Investment

25. Retail Banking Rated by external groups • PricewaterhouseCoopers banking survey • Ranked first by peers in: - Retail Lending and Deposits - Internet Banking • Euromoney awards • Standard Bank rated Best Bank in South Africa • “…, the bank is a match for foreign entrants in retail banking technology as well as wholesale payments, clearing and custody...”

26. SCMB

27. SCMB - results highlightsAll-round contribution • Headline earnings 25% higher • Costs well contained, +4% • Retained strong position in chosen markets • Attracted a number of high calibre people

28. SCMB Rated by external groups • PricewaterhouseCoopers banking survey • SCMB ranked first by its peers in: - Corporate Banking - Foreign Exchange Trading - Capital Markets, Bonds and Derivatives - Money Markets

29. SCMBSuccessful turnaround of under performers • Total NPBT contribution +R56m

30. SCMB Diversified revenue stream 14% (14%) 20% (25%) 21% (20%) 12% (10%) 30% (28%) 3% (3%) ( ) 30 June ‘00

31. SCMB - priorities • Developing global product focus with Standard Bank London • Cost containment • Focus on e-Commerce • Private equity / Leveraged buy outs • Sustained improvement of equities broking business

32. Commercial Banking

33. Commercial Banking - results highlights Headline earnings 25% up • Commercial Suites • More conservative provisioning • Lending flat, but improved asset quality • Deposit base growing • Stannic • Turnover growth in line with market growth • Declining bad debts • Costs • Restricted to 2% increase

34. Commercial Banking - priorities • Commercial Suites • Forecasting lower bad debts in the second half • Improvement in lending book boosted by lower interest rates • Continued focus on cross sell opportunities • Leverage off market leadership in electronic banking • Continued improvement in customer service • Stannic • Selective market share gains

35. Private Banking

36. Private Banking - introduction New business opportunity • Five cornerstones • International • Wealth management • Melville Douglas • Consolidated lending • Transactional banking

37. Private Banking Integrated offering Standard Bank - Offshore Group Stanbic Africa Liberty Group Standard Private Bank Standard Equities Standard Bank - Retail Third party suppliers Melville Douglas SCMB

38. Private Banking - priorities • Integrated product offering • Pace of product roll-out and client acquisition • Systems roll-out • Achieving first class service levels • Co-ordinating offshore offering • Contain start-up losses

39. International Operations

40. International Operations - results highlightsDifficult market conditions • Headline earnings 13% up • Excellent client driven performance • Disappointing performance in fixed income activities • Strong unsettled dealing balance growth • Increased ability to hold margin assets on balance sheet

41. International Operations Debt capital markets • Client business • Contribution up 74% • Key driver - sales • Strengthened management • Trading • Profits down • Continued uncertainty in emerging markets • Sell-off in US high yield market

42. International Operations Resource banking • Earnings stable • Strong growth in precious metals (up 15%) offset by low activity in base metals and project finance • Core energy team, including electricity, now in place • Commodity trade finance contribution up 64%

43. International Operations Private Banking • Strong growth in deposit business • Banking earnings increased 8% • Weaker stock broking/investment management/trust and advisory activity in line with the market

44. International Operations - priorities • Weather the slowdown in major economies and uncertainty in emerging economies • Take advantage of widening spreads • Complete the integration of JF Bank • Selective acquisitions • Expand regional focus by adding to current teams and expanding business mix

45. Stanbic Africa

46. Stanbic Africa - results highlights Challenging environment • Headline earnings up 20% • Modest asset growth • Higher provisions • Good non-funds income growth • Costs well managed, +4% • Zimbabwe, Kenya performing poorly

47. Stanbic Africa - priorities • Selective acquisitions • Strategic relationships • New products

48. Liberty Group

49. Liberty Group - results highlights Performed well over the period • Headline return on equity increased to 24%* • Headline earnings up 15%* • Embedded value up 13% since December • Total new business increased by 18% *On continuing operations

50. Stanbic