Analysis of financial results for the six months ended 30 June 2009

Analysis of financial results for the six months ended 30 June 2009 Analysis of financial results for the six months ended 30 June 2009

Analysis of financial results for the six months ended 30 June 2009 Table of contents Group results in brief 1 2 Financial results, ratios and statistics 4 Overview of financial results 10 Summarised group income statement 11 Headline earnings 12 Headline earnings and dividends per share 13 Diluted headline earnings per share 14 Group balance sheet 16 Statement of comprehensive income 16 Statement of changes in equity 18 Explanation of principal differences between normalised and IFRS results 20 Financial results, ratios and statistics IFRS 21 Summarised group income statement IFRS 22 Statement of comprehensive income IFRS 22 Statement of changes in equity IFRS 24 Broad-based Black Economic Empowerment 25 Business unit review 26 Segmental structure for key business units 28 Group executive committee 30 Segmental income statement 32 Segmental balance sheet 34 Personal & Business Banking 38 Corporate & Investment Banking 42 Liberty 45 Capital management 46 Return on ordinary equity 47 Cost of equity and economic returns 48 Market capitalisation and price-to-book ratio 49 Ordinary shareholders equity (net asset value) 50 Currency analysis of net asset value 51 Currency translation effects 52 Economic capital 53 Risk-weighted assets 54 Capital adequacy qualifying regulatory capital 55 Capital adequacy ratios 56 Subordinated debt 57 Income statement analysis 58 Net interest income and margin analysis 60 Non-interest revenue 62 Credit impairment charges 66 Operating expenses 68 Taxation 69 Balance sheet analysis 70 Loans and advances 71 Deposit and current accounts 72 Loans and advances performance 74 Banking activities average balance sheet 76 Liquidity management 78 Fair value hierarchy 79 The Standard Bank of South Africa Limited 80 Key financial results, ratios and statistics 82 Summarised income statement 83 Balance sheet 84 Segmental income statement 86 Segmental balance sheet 88 Credit impairment charges 92 Loans and advances performance 94 Market share analysis 95 Other information and reclassifications 96 Supplementary information on a geographic basis 98 Changes in accounting policies and reclassifications 99 Group balance sheet reclassifications 100 Business unit reclassifications 101 Financial and other definitions 103 Shareholder information 104 Analysis of shareholders 105 Credit ratings 106 Dividend payment dates and instrument codes ibc Contact details

Group results in brief Group results in brief All results in this booklet are presented on a normalised basis, unless otherwise indicated as being on an IFRS (International Financial Reporting Standards) basis. Results are normalised to correct the distortions caused by IFRS s treatment of the Black Economic Empowerment Ownership initiative and shares held for the benefit of Liberty policyholders, deemed to be treasury shares. Refer to page 18 for principal differences between normalised and IFRS results. Headline earnings of R5 407 million, 24% down Headline earnings per ordinary share 351,3 cents, 27% down Dividend per share 141,0 cents, 27% down Net asset value per share 5 452 cents (June 2008: 5 451 cents) Return on equity 12,6% (June 2008: 19,8%) Credit loss ratio 1,84% (June 2008: 1,31%) Cost-to-income ratio 49,9% (June 2008: 48,7%) Headline earnings (Rm) CAGR (HY2003 HY2009): 11% Headline earnings and dividends per share (cents) CAGR (HY2003 HY2009): Headline earnings per share 8% Dividends per share 22% 8 000 7 104 500 451 482 6 000 4 000 2 000 2 958 3 343 4 126 4 869 6 165 5 407 400 300 200 100 222 42 51 249 122 305 144 359 181 193 141 351 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 Dividends per share Headline earnings per share Standard Bank Group analysis of financial results 30 June 2009 Page 1

Financial results, ratios and statistics Change June June December % 2009 2008 2008 Standard Bank Group Headline earnings contribution by business unit Total headline earnings Rm (24) 5 407 7 104 14 150 Banking activities Rm (11) 6 054 6 825 13 509 Personal & Business Banking Rm (21) 2 011 2 549 4 797 Corporate & Investment Banking Rm (8) 3 391 3 668 7 889 Central and other Rm 7 652 608 823 Liberty Rm (>100) (647) 279 641 Profit attributable to ordinary shareholders Rm (25) 5 439 7 259 14 065 Other indicators Headline earnings per ordinary share (EPS) cents (27) 351,3 481,8 942,6 Diluted headline EPS cents (27) 348,7 477,7 935,6 Basic EPS cents (28) 353,4 492,3 937,0 Diluted EPS cents (28) 350,8 488,2 930,0 Dividend cover times 2,5 2,5 2,4 Dividends per share cents (27) 141,0 193,0 386,0 Net asset value per share cents 0 5 452 5 451 5 633 Tangible net asset value per share cents (0) 4 851 4 855 4 965 Ordinary shareholders equity Rm 2 84 815 83 276 85 902 Return on equity (ROE) % 12,6 19,8 18,2 Capital adequacy % 14,4 14,2 13,3 Number of ordinary shares in issue end of period thousands 2 1 555 568 1 527 810 1 525 008 weighted average thousands 4 1 539 229 1 474 519 1 501 126 diluted weighted average thousands 4 1 550 674 1 486 991 1 512 402 Number of employees 2 50 912 49 855 50 321 Net asset value Opening balance Rm 47 85 902 58 406 58 406 Transactions with ordinary shareholders Rm (706) 12 946 9 765 shares issued net of buy-backs Rm 103 15 933 15 629 dividends paid Rm (942) (3 130) (6 081) other Rm (7) 133 143 217 Additional shareholder value Rm (381) 11 924 17 731 headline earnings Rm (24) 5 407 7 104 14 150 other earnings outside headline earnings Rm (79) 32 155 (85) currency translation movements including hedging activities Rm (6 158) 2 998 4 238 net cash flow hedges Rm (85) 218 1 410 932 excess of purchase price over net asset value acquired Liberty Rm (1 790) other Rm (53) 120 257 286 Closing balance Rm 2 84 815 83 276 85 902 Banking activities Balance sheet Total assets Rm (1) 1 129 816 1 144 577 1 296 819 Loans and advances (net of credit impairments) Rm (2) 709 793 724 367 790 087 Other indicators ROE % 15,3 20,1 18,6 Gearing ratio times 15,8 16,0 18,3 Loan-to-deposit ratio % 92,3 96,5 93,6 Net interest margin % 3,45 3,16 3,32 Non-interest revenue to total income % 47,9 49,9 47,8 Credit impairment charges Rm 58 7 115 4 497 11 342 Credit loss ratio % 1,84 1,31 1,55 Cost-to-income ratio % 49,9 48,7 49,2 Effective taxation rate % 25,4 26,3 26,1 Number of employees 45 576 45 723 45 315 Page 2 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief In the first six months of 2009 the group experienced: Globally Depressed global economic conditions with a contraction in GDP in major western economies. Continued lack of liquidity and low risk appetite amongst investors for debt products. Historically low interest rates in major economies. Despite some recent improvements, reduced demand for commodities affecting resource driven emerging market countries. Initially weak but subsequently buoyant equity markets. South Africa Interbank market functioning normally. Continued slowdown in economic activity and a continuing increase in unemployment rates. Increased investment in infrastructure. Significant reduction in contractual savings by individuals. Emerging stress in corporate loan portfolios. Property market down by 3,3% to June impacting collateral values and new mortgage loan business. Sharp decline of 450 basis points in the prime interest rate since the first rate cut in December 2008. Average prime rate 162 basis points lower compared to June 2008. High level of market volatility and increased client trading and hedging activity. Strengthening of the period end USD/ZAR exchange rate from December 2008 to June 2009, from 9,31 to 7,73 in contrast with a weaker average USD/ZAR exchange rate for the six months ended June 2009 of 9,20 compared to 7,65 for the corresponding period in 2008. Share price performance 120 120 100 100 80 80 60 60 40 40 20 January 2008 January 2009 20 July 2009 Standard Bank JSE Banks Index MSCI Emerging Markets Index JSE All Share Index Change June June December % 2009 2008 2008 Other economic indicators Market indicators USD/ZAR exchange rate closing (1) 7,73 7,82 9,31 average 20 9,20 7,65 8,24 SA prime overdraft rate % 11,0 15,5 15,0 SA average prime overdraft rate % 13,2 14,8 15,1 SA average CPI % 8,1 10,8 11,5 JSE All Share Index (28) 22 049 30 413 21 509 JSE Banks Index 15 30 482 26 598 30 566 MSCI Emerging Markets Index (30) 761 1 087 567 Share statistics Share price High for the period cents (10) 9 250 10 250 10 250 Low for the period cents (18) 5 915 7 211 6 602 Closing cents 16 8 870 7 630 8 300 Shares traded Number of shares thousands 22 805 322 661 275 1 383 461 Value of shares Rm 6 62 013 58 610 117 807 Turnover in shares traded % 52,3 44,8 92,2 Standard Bank Group analysis of financial results 30 June 2009 Page 3

305 238 5622 55579020885 886 326 3866 9857 622 2437 22 6932 77829838 574 5546 8299 9588 489285557 208858940 778 8665742 546 299 9588 8925 622328823 8508985772 886 26577829 866 4215546 7886 9326 78298386 7421 6228 5790 088 940 3878866 6577 2983 6574 1554 387 8239 08985772 376 455622547 4553 6655 4052 878866932 7829 866574215 4638 9909 883489285 5790 885 05238788 5 90208 98508985 8298 3455 2990 9405238788 9326 8298 6657421554638299 8834892556 288239850 85772243 60345562 7902088589 5238 6693 57782983866574215 63387886693 65778 9838 57421554 38299 95 8985 2437 3455 28555 90208 8940 3878 6932 7829 38665742155 63387 9326577 2387 1755 2328 3985 9857 4376 4556 5478 3266 58940523878 6693 29838665 5463 8866 32657 2983 65742 5463 9909 8348 85557 02088 3878 34730 7845 26655 94052387886 3265 8298 6574 5546382990 8834892855 9020 405238788 3489 55579 885894052 7886 3265 7305 238 48917 32882398 8985 3760345 Overview of financial results The group s operating environment during the first six months of 2009 was challenging following the turbulence in financial markets experienced in the second half of 2008. The aftershocks of the credit and liquidity crisis continued to be felt in financial systems around the world. The impact of sharply lower demand for goods and services in the real economy dragged the global economy further into downturn. Emerging market growth has come under increasing pressures due to the reduction in global export demand, falling commodity prices and a significant decline in foreign direct investment. Africa has not been spared from these pressures. The South African banking sector has remained stable throughout the global financial crisis. Robust risk management practices, a relatively low concentration of exotic products in local banking models and a proactive regulatory framework have all contributed to the resilience of the banking system. Although South Africa has avoided the worst effects of the financial crisis, the economy is feeling the lagged effect of the cyclically higher inflation and interest rates experienced in 2008, compounded by output levels in the first quarter of 2009 contracting by an annualised 6,4%. The contraction was particularly evident in mining and manufacturing with unemployment rising in these sectors. Consumers ability to repay debt remained under strain, resulting in further growth in defaults, albeit at a slowing rate. The group has been mindful that despite extreme short-term financial pressures, defensive action taken should wherever possible avoid damaging long-term relationships with customers, or hampering economic recovery. In the context of not compromising its risk practices, the group has done everything possible to proactively assist its customers. In the past six months, personal customers have been encouraged to contact the group in advance of financial distress and various measures have been implemented to assist them. The financial position of corporate clients has been closely monitored through rigorous industry-specific analysis and review. Proactive steps have included participating in recapitalisation, funding, renegotiating lending facilities and providing bridging finance. Headline earnings (Rm) CAGR (HY2003 HY2009): 11% 8 000 6 000 4 000 2 958 3 343 4 126 4 869 6 165 7 104 5 407 The group produced acceptable results in this tough operating environment. Normalised headline earnings of R5 407 million were down 24% on the previous six month period while normalised headline earnings from banking activities were 11% lower. Higher lapses of insurance policies, the marking-tomarket of portfolios exposed to market risk and foreign currency fluctuations impacted negatively on Liberty s earnings. 2 000 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 Page 4 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief Key performance indicators On an IFRS basis, the group reported a 12,4% return on equity (ROE) (June 2008: 21,4%). Headline earnings of R5 079 million were 30% lower and headline earnings per share down 33% at 352,5 cents per share (June 2008: 529,2 cents per share). On a normalised basis, the group s ROE was 12,6% (June 2008: 19,8%), headline earnings of R5 407 million were down 24% and headline earnings per share fell 27% to 351,3 cents per share (June 2008: 481,8 cents per share). The dilution in the per share results was largely due to shares issued to the Industrial and Commercial Bank of China (ICBC) on 3 March 2008, included in full for the current reporting period. Normalised results are adjusted to account for two accounting anomalies that have distorted the group s results from an economic perspective since 2004, described fully in the normalised results section on page 18. The commentary that follows is based on the normalised results. Return on ordinary equity Rm 90 000 75 000 60 000 45 000 30 000 15 000 0 27 417 30 989 28 866 2 123 35 550 30 291 1 007 4 252 03 04 05 06 07 08 HY09 Shareholders funds (average) Treasury shares Tutuwa impairments ROE 42 571 37 218 1 083 4 270 Key factors impacting results 53 093 Slowdown in economic activity The global economic downturn resulted in the continued deleveraging of company balance sheets, lower worldwide production levels, weaker international trade and a slump in demand for commodities. These economic conditions had a significant impact on emerging markets, leading to an increase in specific impairment levels in respect of the group s exposures outside South Africa. 47 561 1 271 4 261 77 602 73 556 1 408 2 638 86 438 82 328 1548 2 562 % 30 27 24 21 18 15 12 9 6 3 0 In South Africa, declining economic activity and an increase in the levels of unemployment sharply constrained consumer spending. This contributed to rising levels of corporate financial stress and an increase in loan impairments in Corporate & Investment Banking. A further consequence has been reduced consumer contractual savings through institutions, negatively impacting Liberty. Increase in non-performing loans High consumer indebtedness and the lagged effect of previously high interest rates, together with high food and fuel prices in South Africa, continued to impact on customers ability to service debt. Non-performing loans in Personal & Business Banking continued to increase, albeit at a slowing rate. Lower collateral values in weaker housing and vehicle markets exacerbated the credit losses experienced. Falling interest rates Towards the end of 2008, central banks around the world eased monetary policy aggressively in an attempt to revive weakened economies. Interest rates have remained at historically low levels in most large economies in the past six months. In South Africa, the Reserve Bank has cut lending rates by 450 basis points since December 2008. The positive impact of the interest rate cuts only became apparent towards the end of the reporting period through a reduction in early arrears. However the lower interest rates have reduced the endowment benefit which arises from transactional deposits and shareholders funds that margins previously enjoyed in the rising rate cycle. Changes in rand exchange rate The rand strengthened by 17% against the US dollar from 31 December 2008 to 30 June 2009. This affected assets and liabilities translated at closing exchange rates, dampening banking asset and loan growth by 6% and 5% respectively. The adverse foreign currency translation movement accounted for directly in reserves was R6,2 billion attributable to ordinary shareholders. A negative currency translation adjustment on Liberty s foreign investment values of R530 million was accounted for in Liberty s income statement, 53,7% of which was consolidated into group headline earnings. Ongoing investment in infrastructure, technology and operations The group continued to invest in technology and infrastructure mainly in its African operations. This is in line with the group s strategy to increase its footprint in key African countries such as Nigeria, Kenya, Ghana, Zambia and Uganda. This investment has contributed to substantial cost growth in the period whereas the benefits will only be realised over time. Standard Bank Group analysis of financial results 30 June 2009 Page 5

Overview of financial results continued Business units Operations were impacted by the economic conditions which dampened revenue growth, increased impairment charges and resulted in negative fair value movements on both trading and investment asset classes. Personal & Business Banking Personal & Business Banking reported headline earnings of R2 011 million, 21% lower than in the prior period, primarily due to higher credit impairments. Non-performing loans as a percentage of the advances book were 7,7% at 30 June 2009, 5,7% at 31 December 2008 and 4,0% at 30 June 2008, reflecting the strain facing consumers in South Africa. Despite the severity and duration of the economic downturn, easing interest rates have offered some relief to consumers. Early arrears have improved by 13% since June 2008 and 29% since December 2008. There are signs that the rate of increase in impaired loans is slowing, with these rising 35% from December 2008 to June 2009 compared to 49% between June 2008 and December 2008. Revenue growth held up well in Personal & Business Banking at 8%. Interest income benefited from widening lending margins, the unwinding of the IAS 39 discount on expected nonperforming loan recoveries and balance growth. The endowment impact of lower interest rates on transactional balances and capital dampened margins in the second half of the period. Continued growth in transactional volumes and the customer base supported higher fee revenue. Costs were well contained and rose only 9%, with 4% higher staff costs and a 14% increase in other operating expenses. This resulted in a cost-to-income ratio of 50,2% (June 2008: 49,7%). The business unit achieved a commendable 16,5% ROE in the circumstances. Corporate & Investment Banking Corporate & Investment Banking produced a resilient performance in a very difficult operating environment. Headline earnings of R3 391 million were down 8%. The global markets business achieved a strong performance in commodities, foreign exchange and equity trading as a result of improved liquidityrelated trading spreads and a favourable exchange rate impact. Market risk was well controlled within value-at-risk limits. The harsh macroeconomic conditions in all the countries in which the group operates resulted in corporate credit deteriorating markedly across all portfolios, and impairment charges impacted significantly on headline earnings. Early intervention in anticipation of the deteriorating credit environments mitigated some risk in the period. The strategic partnership with ICBC contributed R127 million to headline earnings in the six months to June 2009 and the partnership won significant deals across several product areas. An office has been established in Beijing to service Chinese clients interested in Africa and emerging markets. Liberty Economic activity in South Africa has slowed substantially over the past twelve months and consumers have seen a marked decline in their disposable income. This has impacted on Liberty s policyholder persistency and, together with substantial mark-tomarket adjustments to its balance sheet exposures, has had a negative result on earnings. Despite the economic challenges, Liberty remains strong operationally. New business sales and cash flows are satisfactory and management expenses have been well controlled. Liberty reported a normalised headline loss of R1 207 million, compared with a profit of R913 million in the prior period. The loss attributable to the Standard Bank Group was R647 million from a profit of R279 million, given the group s increased shareholding in Liberty compared with the corresponding period in the prior year. Banking operations Balance sheet analysis Banking assets of R1 130 billion were 1% down on June 2008 levels and 13% lower than December 2008. Excluding the impact of the strengthening rand, banking assets grew by 1% when compared to June 2008. Gross loans and advances down 1% Gross loans and advances were down 1% across the group against June 2008 and 10% lower than December 2008. The South African book was 3% lower than in December. The reduction across the rest of the group related mainly to the translation impact of the stronger rand on non-south African assets and steps taken to conserve liquidity given the global financial crisis. Personal & Business Banking gross loans and advances grew by 3% from June 2008. The June 2009 mortgage loan book was 1% higher than December 2008 and grew 8% since June 2008. A slowdown in the property market, stricter affordability and loanto-value lending criteria, and constrained consumer purchasing power were responsible for the steep decline. The impact of the slowdown was softened by a decrease in prepayment rates. The slowdown in consumer spending and lower economic activity affected instalment sale and finance leases, which were 10% lower than in June 2008 and 7% down from December 2008. This resulted in an 11% decline in the total number of instalment sale and finance lease accounts. Card debtors were 5% lower than in June 2008 and 4% down from December 2008. Page 6 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief South African market share in key segments has changed from June 2008 to May 2009 as follows: mortgage advances up to 26,4% from 26,1%; instalment finance down to 21,2% from 22,3%; card debtors down to 34,4% from 35,5%; and deposit and current accounts up to 24,6% from 23,3%. Corporate & Investment Banking gross loans and advances across all regions declined 5% from June 2008 and were 17% lower than at December 2008. Most of the decline since December occurred outside South Africa, due to both currency translation effects and deleveraging. The Corporate & Investment Banking loan book in South Africa at June 2009 was 9% lower than December 2008. Net asset value The group s net asset value reduced by 1% from December 2008. This was mainly as a result of the adverse foreign currency translation movement of R6,2 billion caused by the strong rand. Net asset value per share of 5 452 cents was 3% lower than December 2008. Income statement analysis Net interest income up 15% Net interest income was up 9% in Personal & Business Banking and 29% in Corporate & Investment Banking. The group s interest margin improved by 29 basis points to 3,45% (June 2008: 3,16%) despite a reduction of 162 basis points in the average prime interest rate. The margin improvement came from a significant reduction in non-interest earning trading assets. Excluding this impact the net interest margin contracted by 14 basis points. The reduction in the prime lending rate has had a negative endowment impact of 36 basis points as less interest was earned on shareholders funds and transactional deposits. This was partially offset by an increase in the unwind of the discount on recoveries of impaired advances in terms of IAS 39 and improved lending margins due to better pricing for both liquidity and credit risk. Personal & Business Banking continued to grow its loan book, at a slower rate, and the interest margin improved to 5,10% (June 2008: 4,87%). This was as a result of the abovementioned increase in the IAS 39 discount unwind, tighter control of pricing concessions on new business and lower loan origination costs. Corporate & Investment Banking s interest margin improved by 37 basis points to 2,06% (June 2008: 1,69%). Lending margins were supported by increased term margins and from gains on the early settlement of a syndicated loan. These benefits were partly offset by a negative endowment impact and significantly higher term funding costs. Non-interest revenue up 6% Growth in non-interest revenue was constrained by recessionary pressures. The overall growth rate in non-interest revenue was reduced due to the high 2008 base which included currency hedging profits of R394 million and the sale of Visa shares for R123 million recorded in Central and other. Both Personal & Business Banking and Corporate & Investment Banking performed well, posting growth rates of 7% and 12% respectively. Net fee and commission revenue was up 5%. Personal & Business Banking achieved a 15% growth in account transaction fees due to an increased customer base, higher transaction volumes and the standardisation of pricing policies across all regions. Documentation and administration fees grew 43% due to volume growth in the rest of Africa and outside Africa. Card-based commissions were flat as annual fee escalations and revenue growth outside South Africa were offset by slower growth in customer accounts and transactional volumes in South Africa. Net fee and commission revenue in Corporate & Investment Banking contracted 3%. Knowledge-based fees and commissions were down 1%, as a result of lower brokerage and custody revenues in Nigeria as transaction volumes and client asset values declined in a weaker equity market. Lower investment banking deal flow across the group was also a further factor, while higher revenue from asset management activities outside Africa provided some relief. Trading revenue rose 11% off a relatively high base with a 37% growth in the rest of Africa supported by strong gains in securities and foreign exchange trading in Nigeria. Trading revenue outside Africa grew 23% with foreign exchange and commodity trading benefiting from higher trading volumes, market volatility and an overall increase in client business. This was partly offset by a decline in trading revenues in debt securities due to reduced liquidity. Improved trading volumes, market volatility and favourable yield curve movements resulted in 31% growth in commodities trading and 15% in foreign exchange trading revenue, while equities trading revenues were higher off a very low base. Other non-interest revenue declined 11% largely resulting from the non-recurrence of profits on the sale of Visa shares (June 2008: R123 million) and favourable fair value adjustments (June 2008: R190 million) on the group s unlisted equity portfolio. The decline was partly offset by lower fair value markdowns on the group s listed property investments and shortterm insurance investment portfolios, and a 4% increase in bancassurance profit. Standard Bank Group analysis of financial results 30 June 2009 Page 7

Overview of financial results continued Credit impairments up 58% Credit impairments were up 58% to R7 115 million, resulting in the group s credit loss ratio deteriorating to 1,84% from 1,31%. Compared to the second half of 2008, credit impairments were 4% higher. Credit impairment charges The credit loss ratio in Corporate & Investment Banking deteriorated to 1,15% off a low base in June 2008 of 0,31% (December 2008: 0,46%). The worsening trend was seen across all geographies. Financial stress caused by, amongst other things, reduced commodity prices and weak demand for exports, as well as the significant slowdown in consumer spending in South Africa, heightened corporate default risk. Credit impairment charges on corporate lending increased by 353% from June 2008 and nonperforming loans by 465% to R9,0 billion off a low base. Rm 12 000 10 000 8 000 6 000 4 000 2 000 0 1 398 450 1 041 9 1 006 201 2 022 711 03 04 05 06 07 08 HY09 Credit impairment charges on NPLs Credit impairment charges on PLs Credit loss ratio 3 764 826 9 346 1 996 7 109 6 % 2,0 1,8 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 Targeted strategies remain in place to contain credit losses and manage risk. Specific measures include ongoing prudent credit extension criteria, close monitoring of arrears, active management of early delinquencies, ongoing improvement in collection capabilities and targeted programmes designed to assist customers. Operating expenses up 13% Growth in operating expenses was 13%, reflecting ongoing investment in infrastructure in the rest of Africa, moderated by a continued focus on cost containment and efficiency management in South Africa. The cost-to-income ratio for the period was weaker at 49,9%, off a low base of 48,7% in June 2008. The translation of foreign expenses at weaker average rand exchange rates added 6% to cost growth. Impairment losses in Personal & Business Banking rose 35% and the credit loss ratio increased to 2,80% (June 2008: 2,18%). The lagged effects from 2008 of high household debt ratios accompanied by high interest rates, food and fuel inflation are still evident in constraining the ability of many consumers to repay debt. Some slowing of growth in non-performing loans and a reduction in early arrears may be early signs that the reduction in interest rates, 2009 wage settlements and reducing inflation are improving customers ability to service their debt. In Personal & Business Banking, the mortgage loan credit loss ratio deteriorated to 1,55% (June 2008: 1,30% and December 2008: 1,49%). Expected recovery values remained under pressure following further contractions in house prices and the increased time required to realise security. Impairment losses in instalment sale and finance leases grew 70% and the credit loss ratio worsened to 3,60% (June 2008: 2,00% and December 2008: 2,48%). Vehicle loan delinquencies rose further and motor vehicle sale recovery values remained low. Card debtors reflected an improvement of 27% in credit losses and the credit loss ratio eased to 7,24% (June 2008: 9,44%) as collections improved. Impairment losses on other loans rose 113% with the credit loss ratio worsening to 6,04% from 3,18% in June 2008 and 3,92% in December 2008 as acute economic stress across all sectors of the economy impacted loan performance in business banking. Total staff costs were up 9%. Staff costs in the rest of Africa increased significantly due to the continued expansion in, and roll-out of points of representation. A net 3% increase in staff costs was recorded in South Africa, resulting from annual salary increases of around 10% offset by reduced headcount through a recruitment freeze and natural attrition. The impact on staff costs of currency translation and a marginal increase in headcount outside Africa was partially offset by a reduction in incentive provisioning, resulting in an overall increase of 7%. Other operating expenses grew 18%, of which 5% was due to the weaker average exchange rate. South Africa accounted for 9% while the rest of Africa added 4% and outside Africa some 5% to overall expenses growth of 18%. Information technology costs were 29% higher as a result of increased systems development costs, maintenance costs and software licensing fees. Depreciation and amortisation increased due to investments in processing centres, ATMs and software development. The growth in other cost categories related mainly to the expansion in points of representation in the rest of Africa and outside Africa. Liquidity In the first six months of 2009, the ability to price for credit and related liquidity risk improved moderately. However, the availability of term liquidity remained tight compared to the period before the financial crisis. The group has therefore Page 8 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief continued to manage its liquidity prudently in accordance with the strategy initiated in 2008. Unencumbered surplus liquidity holdings were R136 billion at 30 June 2009, while any structural liquidity mismatches and the diversification of the funding base were managed and maintained within best banking practice guidelines. Capital The group remains well capitalised with the total capital adequacy ratio rising to 14,4% from 13,3% at December 2008 and tier I capital up to 12,0% from 11,0%. Tier 1 capital of R2,0 billion was retained through a scrip dividend offer in March when 68% of shareholders elected to receive scrip instead of a cash dividend. Tier II capital was enhanced by a R1,9 billion subordinated bond issue. The capital adequacy ratio improved significantly from December 2008 due to risk-weighted assets in respect of foreign operations being consolidated at a stronger closing rand exchange rate. Liberty s capital adequacy level at June 2009 was strong at 2,5 times the required cover. Dividends The group s policy is for both interim and final dividends to be covered 2,5 times by normalised headline earnings per share. An interim dividend of 141 cents per share has accordingly been declared, 27% lower than in June 2008. Black Economic Empowerment The group continues to support the process undertaken in South Africa by the financial sector and other stakeholders to align the Financial Sector Charter (FSC) to the Codes of Good Practice for Broad-based Black Economic Empowerment legislated in 2007. Negotiations are ongoing and future targets have not been agreed. As a result the bank has reported performance for the six month period to 30 June 2009 in terms of the targets set by both the Department: Trade and Industry (DTI) and the FSC. The bank achieved a level 3 rating (above 75% compliant) in terms of the DTI scorecard. In terms of the bank s employment equity profile at June 2009, black managers comprise more than 50% of management in South Africa, of which 54% are women. Pending transaction in Russia On 6 March 2009, the group announced that it had entered into a strategic partnership with Troika Dialog Group, the largest independent investment bank in Russia. The group intends, subject to regulatory approvals, to become a 33% shareholder in Troika Dialog Group. As part of the purchase consideration, Standard Bank s existing operation in Russia, ZAO Standard Bank, will be sold to Troika Dialog Group. Both the detailed planning for the implementation of this transaction and the regulatory process are on track. Standard Bank Group analysis of financial results 30 June 2009 Page 9

Summarised group income statement June June December Change 2009 2008 2008 % Rm Rm Rm Net interest income 15 16 610 14 497 32 117 Non-interest revenue 6 15 282 14 426 29 448 Net fee and commission revenue 5 8 698 8 297 17 607 Trading revenue 11 5 776 5 222 9 463 Other revenue (11) 808 907 2 378 Total income 10 31 892 28 923 61 565 Credit impairment charges 58 7 115 4 497 11 342 Impairments for non-performing loans 81 7 109 3 933 9 346 Impaired loss 115 6 183 2 881 7 674 Discounting of expected recoveries (12) 926 1 052 1 672 Impairments for performing loans (99) 6 564 1 996 Income after credit impairment charges 1 24 777 24 426 50 223 Operating expenses 13 15 962 14 167 30 390 Staff costs 9 9 020 8 299 16 951 Other operating expenses 18 6 942 5 868 13 439 Net income before goodwill (14) 8 815 10 259 19 833 Goodwill impairment 2 2 5 Net income before associates and joint ventures (14) 8 813 10 257 19 828 Share of profit from associates and joint ventures (24) 115 152 234 Net income before taxation (14) 8 928 10 409 20 062 Taxation (17) 2 269 2 733 5 229 Profit for the period (13) 6 659 7 676 14 833 Attributable to minorities (27) 311 428 861 Attributable to preference shareholders (2) 262 268 548 Attributable to ordinary shareholders banking activities (13) 6 086 6 980 13 424 Headline adjustable items banking activities (79) (32) (155) 85 Headline earnings banking activities (11) 6 054 6 825 13 509 Headline (loss)/earnings Liberty (>100) (647) 279 641 Standard Bank Group headline earnings (24) 5 407 7 104 14 150 Page 10 Standard Bank Group analysis of financial results 30 June 2009

Headline earnings Group results in brief Headline earnings (Rm) CAGR (HY2003 HY2009): 11% 8 000 7 104 6 000 6 165 5 407 4 869 4 000 2 958 3 343 4 126 2 000 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 Reconciliation of headline earnings June 2009 June 2008 December Minorities Minorities 2008 and and preference preference Gross Tax 1 shareholders Net Gross Tax 1 shareholders Net Net Rm Rm Rm Rm Rm Rm Rm Rm Rm Profit for the period banking activities 8 359 (1 700) (573) 6 086 9 875 (2 199) (696) 6 980 13 424 Headline adjustable items banking activities (deducted)/added (44) 10 2 (32) (184) 29 (155) 85 Goodwill impairment IFRS 3 2 2 2 2 5 Profit on sale of properties and equipment IAS 16 (18) 4 1 (13) (6) (6) (14) Impairment of properties and equipment IAS 16 28 (6) 22 43 Gains on the disposal of businesses and divisions IAS 27 (17) (17) (24) Impairment of associates IAS 28 139 Impairment of intangible assets IAS 38 11 (3) 8 95 Gains on the disposal of available-for-sale assets IAS 39 (39) 9 1 (29) (191) 35 (156) (159) Profit on sale of shares in Visa (123) 18 (105) (105) Other (39) 9 1 (29) (68) 17 (51) (54) Headline earnings banking activities 8 315 (1 690) (571) 6 054 9 691 (2 170) (696) 6 825 13 509 Headline (loss)/earnings Liberty (1 208) 73 488 (647) 1 602 (605) (718) 279 641 Standard Bank Group headline earnings 7 107 (1 617) (83) 5 407 11 293 (2 775) (1 414) 7 104 14 150 1 Excluding indirect taxes. Standard Bank Group analysis of financial results 30 June 2009 Page 11

Headline earnings and dividends per share Headline earnings per share (cents) CAGR (HY2003 HY2009): 8% Dividends per share CAGR (HY2003 HY2009): 22% 1 000 800 600 400 200 0 961 943 510 461 796 437 666 361 558 471 309 249 482 451 351 359 351 305 222 249 03 04 05 06 07 08 09 Cents 400 350 300 250 200 150 100 50 0 386 386 205 193 320 267 176 232 145 181 151 181 193 141 109 144 122 141 42 51 03 04 05 06 07 08 09 Times covered 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 Headline earnings per share first half Headline earnings per share second half Dividends per share interim Dividends per share final Dividend cover Change June June December % 2009 2008 2008 Headline earnings Rm (24) 5 407 7 104 14 150 Headline EPS cents (27) 351,3 481,8 942,6 Basic EPS cents (28) 353,4 492,3 937,0 Dividends per share cents (27) 141,0 193,0 386,0 Distribution paid out of share premium final cents 193,0 Dividend paid out of distributable reserves interim cents 141,0 193,0 193,0 Dividend cover based on normalised headline EPS times 2,5 2,5 2,4 Movement in number of ordinary and weighted average shares issued June 2009 June 2008 December 2008 Issued Weighted Issued Weighted Issued Weighted number number number number number number of shares of shares of shares of shares of shares of shares 000 s 000 s 000 s 000 s 000 s 000 s Beginning of the period 1 525 008 1 525 008 1 372 597 1 372 597 1 372 597 1 372 597 Shares issued for share option settlements 3 371 1 453 4 148 1 871 6 354 3 566 Shares issued in terms of the ICBC transaction 152 506 100 553 152 506 126 671 Shares issued through scrip distribution 27 189 12 768 Share buy-backs (1 441) (502) (6 449) (1 708) End of the period 1 555 568 1 539 229 1 527 810 1 474 519 1 525 008 1 501 126 Reconciliation to IFRS shares in issue End of the period normalised 1 555 568 1 539 229 1 527 810 1 474 519 1 525 008 1 501 126 Shares held by Tutuwa SPVs (63 479) (63 479) (63 479) (67 293) (63 479) (65 376) Total number of shares held initially by Tutuwa SPVs (99 190) (99 190) (99 190) (99 190) (99 190) (99 190) Less: portion of Tutuwa shares financed by third parties 24 691 24 691 24 691 24 691 24 691 24 691 Less: number of Tutuwa shares acquired by ICBC 11 020 11 020 11 020 7 206 11 020 9 123 Shares held for the benefit of Liberty policyholders (deemed treasury shares) (34 258) (34 981) (38 857) (38 840) (30 911) (36 884) End of the period IFRS 1 457 831 1 440 769 1 425 474 1 368 386 1 430 618 1 398 866 Page 12 Standard Bank Group analysis of financial results 30 June 2009

Diluted headline earnings per share Group results in brief Diluted headline earnings per share (cents) CAGR (HY2003 HY2009): 8% 1 050 900 947 502 936 458 750 655 784 431 600 551 355 450 465 245 303 445 478 300 150 220 248 300 353 349 0 03 04 05 06 07 08 09 Diluted headline earnings per share first half Diluted headline earnings per share second half June June December Change 2009 2008 2008 % cents cents cents Diluted headline EPS (27) 348,7 477,7 935,6 Diluted EPS (28) 350,8 488,2 930,0 Diluted weighted average number of ordinary shares issued June June December 2009 2008 2008 000 s 000 s 000 s Weighted average shares 1 539 229 1 474 519 1 501 126 Dilution from equity compensation plans 11 445 12 472 11 276 Share option scheme 7 601 11 846 10 099 Equity growth scheme 3 844 626 1 177 Diluted weighted average shares 1 550 674 1 486 991 1 512 402 Reconciliation to diluted weighted average IFRS shares Diluted weighted average shares normalised 1 550 674 1 486 991 1 512 402 Shares held by Tutuwa SPVs (63 479) (67 293) (65 376) Shares held for the benefit of Liberty policyholders (34 981) (38 840) (36 884) Tutuwa transaction dilutive shares 35 710 38 279 37 744 Diluted weighted average shares IFRS 1 487 924 1 419 137 1 447 886 Standard Bank Group analysis of financial results 30 June 2009 Page 13

Group balance sheet Standard Bank Group June June December Change 2009 2008 2008 % Rm Rm Rm Assets Cash and balances with central banks (2) 22 731 23 296 25 697 Derivative assets 12 179 916 160 709 267 761 Trading assets (35) 85 756 130 927 85 227 Pledged assets (43) 5 216 9 090 8 373 Financial investments 2 250 667 246 244 256 912 Loans and advances (2) 709 793 724 367 790 087 Loans and advances to banks (1) 98 606 100 082 129 890 Loans and advances to customers (2) 611 187 624 285 660 197 Investment property 15 17 695 15 405 16 771 Other assets 45 32 107 22 097 31 715 Non-current assets held for sale 3 363 Interest in associates and joint ventures (45) 6 800 12 435 6 990 Goodwill and other intangible assets 3 9 356 9 100 10 180 Property and equipment 24 9 467 7 618 9 746 Total assets (2) 1 332 867 1 361 288 1 509 459 Equity and liabilities Equity (2) 101 529 103 743 105 143 Equity attributable to ordinary shareholders 2 84 815 83 276 85 902 Preference share capital and premium 5 503 5 503 5 503 Minority interest (25) 11 211 14 964 13 738 Liabilities (2) 1 231 338 1 257 545 1 404 316 Derivative liabilities (2) 167 607 171 561 262 146 Trading liabilities (36) 48 436 75 525 48 155 Deposit and current accounts 2 769 052 750 643 843 815 Deposits from banks (16) 90 906 107 790 129 055 Deposits from customers 5 678 146 642 853 714 760 Other liabilities (5) 53 749 56 837 56 600 Non-current liabilities held for sale 2 054 Policyholders liabilities (7) 168 733 180 493 172 069 Subordinated debt (3) 21 707 22 486 21 531 Total equity and liabilities (2) 1 332 867 1 361 288 1 509 459 Refer to page 99 for balance sheet reclassifications in respect of June 2008. Page 14 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief Banking activities Liberty June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm (2) 22 731 23 296 25 697 12 179 916 160 709 267 761 (35) 85 756 130 927 85 227 2 3 706 3 642 6 751 (72) 1 510 5 448 1 622 18 83 163 70 243 80 039 (5) 167 504 176 001 176 873 (2) 709 793 724 367 790 087 (1) 98 606 100 082 129 890 (2) 611 187 624 285 660 197 15 17 695 15 405 16 771 54 24 257 15 798 23 318 25 7 850 6 299 8 397 3 363 4 2 182 2 106 2 057 (55) 4 618 10 329 4 933 (0) 7 651 7 681 8 364 20 1 705 1 419 1 816 26 7 298 5 808 7 518 20 2 169 1 810 2 228 (1) 1 129 816 1 144 577 1 296 819 (6) 203 051 216 711 212 640 (1) 88 547 89 140 90 225 (11) 12 982 14 603 14 918 (0) 79 045 79 094 79 064 38 5 770 4 182 6 838 5 503 5 503 5 503 (12) 3 999 4 543 5 658 (31) 7 212 10 421 8 080 (1) 1 041 269 1 055 437 1 206 594 (6) 190 069 202 108 197 722 (3) 166 900 171 448 262 069 >100 707 113 77 (36) 48 436 75 525 48 155 2 769 052 750 643 843 815 (16) 90 906 107 790 129 055 5 678 146 642 853 714 760 (6) 35 174 37 389 33 078 (4) 18 575 19 448 23 522 2 054 (7) 168 733 180 493 172 069 (4) 19 653 20 432 19 477 2 054 2 054 2 054 (1) 1 129 816 1 144 577 1 296 819 (6) 203 051 216 711 212 640 Standard Bank Group analysis of financial results 30 June 2009 Page 15

Statement of comprehensive income June 2009 Minorities and Ordinary preference Change shareholders shareholders Total % Rm Rm Rm Profit for the period (36) 5 439 85 5 524 Other comprehensive income for the period after tax: (>100) (5 820) (1 895) (7 715) Exchange rate differences on translating foreign operations (>100) (6 254) (1 856) (8 110) Foreign currency hedge of net investment 68 96 96 Cash flow hedges (85) 218 218 Available-for-sale financial assets >100 96 6 102 Revaluation and other gains/(losses) 11 24 (45) (21) Total comprehensive income for the period (>100) (381) (1 810) (2 191) Attributable to minorities (>100) (2 072) (2 072) Attributable to equity holders of the parent (>100) (381) 262 (119) Attributable to preference shareholders (2) 262 262 Attributable to ordinary shareholders (>100) (381) (381) IAS 1 Presentation of Financial Statements, revised with effect from 1 January 2009, requires total comprehensive income for the period to be presented separately from the changes in equity resulting from transactions with shareholders. Total comprehensive income includes profit for the period and other transactions and events, other than those with shareholders in their capacity as owners. Statement of changes in equity Page 16 Standard Bank Group analysis of financial results 30 June 2009 Foreign Foreign currency Ordinary currency hedge of Cash flow share capital translation net investment hedging and premium reserve reserve reserve Rm Rm Rm Rm Balance at 1 January 2008 1 368 1 501 433 (130) Increase in statutory credit risk reserve Equity-settled share-based payment transactions Transfer of vested equity options Issue of share capital and share premium 16 132 Share buy-backs (503) Net decrease in treasury shares Transactions with minority shareholders (4) Total comprehensive income for the year 3 791 447 932 Dividends paid Balance at 31 December 2008 16 997 5 288 880 802 Balance at 1 January 2009 16 997 5 288 880 802 Increase in statutory credit risk reserve Equity-settled share-based payment transactions Transfer of vested equity options Issue of share capital and share premium 103 Total comprehensive income for the period (6 254) 96 218 Dividends paid Balance at 30 June 2009 17 100 (966) 976 1 020 All balances are stated net of applicable tax.

Group results in brief June 2008 December 2008 Minorities Minorities and and Ordinary preference Ordinary preference shareholders shareholders Total shareholders shareholders Total Rm Rm Rm Rm Rm Rm 7 259 1 414 8 673 14 065 2 660 16 725 4 433 501 4 934 4 997 1 280 6 277 2 941 562 3 503 3 791 1 340 5 131 57 57 447 447 1 410 1 410 932 932 (17) (17) (181) (31) (212) 42 (61) (19) 8 (29) (21) 11 692 1 915 13 607 19 062 3 940 23 002 1 647 1 647 3 392 3 392 11 692 268 11 960 19 062 548 19 610 268 268 548 548 11 692 11 692 19 062 19 062 Available- Statutory for-sale Share-based Revaluation Ordinary Preference credit risk revaluation Treasury payment and other Retained shareholders share capital Minority Total reserve reserve shares reserve reserves earnings equity and premium interest equity Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm 176 500 (171) 655 335 53 739 58 406 5 503 13 580 77 489 168 (168) 217 217 35 252 (111) 111 16 132 16 132 (503) (503) 257 (257) (86) (22) (37) (1 182) (1 331) (2 281) (3 612) (181) 4 14 069 19 062 548 3 392 23 002 (6 081) (6 081) (548) (988) (7 617) 344 319 739 302 60 231 85 902 5 503 13 738 105 143 344 319 739 302 60 231 85 902 5 503 13 738 105 143 118 (118) 133 133 17 150 (126) 126 103 (2) 101 96 3 5 460 (381) 262 (2 072) (2 191) (942) (942) (262) (470) (1 674) 462 415 746 305 64 757 84 815 5 503 11 211 101 529 Standard Bank Group analysis of financial results 30 June 2009 Page 17

Explanation of principal differences between normalised and IFRS results Description of normalised adjustments The group s consolidated financial statements are prepared in accordance with, and comply with IFRS as issued by both the International Accounting Standards Board (IASB) and the Accounting Practices Board of South Africa. This document is prepared on a basis which normalises or adjusts the IFRS results for two specific accounting circumstances where IFRS does not reflect the underlying economic and legal substance of the following transactions (the normalised adjustments): the group s Black Economic Empowerment Ownership (Tutuwa) initiative; and group shares held by the insurance operation for the benefit of policyholders. A common element in these transactions relates to shares in issue deemed by IFRS to be treasury shares. Consequently, the value of the shares is recognised as a deduction against equity; and the number of shares used for per share calculation purposes is materially lower than the economic substance, resulting in inflated per share ratios. With regard to segmental and product reporting, the normalising adjustments have been made within Liberty, and Central and other. The results of the other business units are unaffected. Black Economic Empowerment Ownership initiative The group concluded its Black Economic Empowerment Ownership initiative in October 2004 when it sold an effective 10% interest in its South African banking operations to a broadbased grouping of black entities. The group obtained financing through the issue of perpetual preference shares. These funds were used to subscribe for 8,5% redeemable cumulative preference shares issued by special purpose vehicles (SPVs) controlled by the Standard Bank Group (SBG). These SPVs purchased SBG shares. Subsequently, the SPVs containing these shares were sold to black participants. The capital and dividends on the redeemable preference shares issued by the SPVs are repayable from future ordinary dividends received on the SBG shares held. As a result of SBG s right to receive its own dividends back in the form of yield and capital on the redeemable preference shares, the subsequent sale of the SPVs and consequent delivery of the SBG shares to the black participants, although legally effected, is not accounted for as a sale. As a consequence, the IFRS accounting treatment followed until full redemption, or third party financing is obtained, is: the redeemable preference shares issued by the SPVs and subscribed for by SBG are not recognised as financial assets, but eliminated against equity as a negative empowerment reserve; the negative empowerment reserve represents SBG shares held by the SPVs that are deemed to be treasury shares in terms of accounting conventions; the preference dividends received from the SPVs are eliminated against the ordinary dividends paid on the SBG shares held by the SPVs; for purposes of the calculation of earnings per share, the weighted average number of shares in issue is reduced by the number of shares held by those SPVs that have been sold to the black participants. The shares will be restored on full redemption of the preference shares, or to the extent that the preference share capital is financed by a third party; and perpetual preference shares issued by SBG for the purposes of financing the transaction are classified as equity. Dividends paid on the perpetual preference shares are accounted on declaration and not on an accrual basis. The normalised adjustment: recognises a loan asset by reversing the elimination of the redeemable preference shares against equity; accrues for preference dividends receivable on the loan asset within interest income; adds back the number of shares held by the black participants to the weighted number of shares in issue, for purposes of calculating normalised per share ratios; and adjusts dividends declared on perpetual preference shares to an accrual basis. In December 2007 the group obtained financing external to SBG for a portion of the financing provided to the SPVs. As a result, the negative empowerment reserve has been reduced by the value of the external financing obtained of R1 billion and a proportion of the SBG shares held by the SPVs (24,7 million shares) are no longer deemed to be treasury shares for accounting purposes. Graphic presentation of the Tutuwa transaction External market External financing Interest Perpetual preference shares Dividends 8,5% redeemable cumulative preference shares Dividends Standard Bank Group Standard Bank Group shares SPVs Tutuwa participants Dividends Page 18 Standard Bank Group analysis of financial results 30 June 2009

Group results in brief In March 2008 11,1% of the Tutuwa participants shares were sold to ICBC with the proceeds being partly utilised for the repayment of their preference share liability, thereby releasing a further 11,0 million ordinary shares previously deemed by IFRS to be treasury shares. Group shares held for the benefit of policyholders Group companies shares held by Liberty are invested for the risks and rewards of its policyholders, not its shareholders, and consequently the group s shareholders are exposed to an insignificant portion of the fair value changes on these shares. In terms of IAS 32 Financial Instruments: Presentation (IAS 32), SBG shares held by Liberty on behalf of policyholders are deemed to be treasury shares for accounting purposes. The weighted average number of shares in issue for per share figures is calculated by deducting the full number of group shares held (100%) and not the IFRS effective 53,7% owned by the group, as IFRS (IAS 33 Earnings per Share) does not contemplate minority portions of treasury shares. This treatment exaggerates the reduction in the weighted average number of shares used to calculate per share ratios. For purposes of calculating the normalised results, the adjustments described above are reversed and the group shares held on behalf of policyholders are treated as issued to parties external to the group. The impact of the normalised adjustments on the issued and weighted number of shares is provided on page 12. The accounting consequences in the consolidated IFRS group financial statements are: the investment in group shares is set off against equity in the group financial statements; within equity, the cost price of the group shares is eliminated against ordinary shareholders funds and minority interest; the fair value movements are eliminated from the income statement, reserves and minority interests; and dividends received on group shares are eliminated against dividends paid. Graphic presentation of shares held for the benefit of policyholders Standard Bank Group Liberty Holdings Dividends Investment in Standard Bank Group shares The corresponding movement in the policyholder liabilities is however not eliminated. No adjustment is made to policyholder liabilities in the balance sheet, or the movement in the policyholder liabilities in the income statement, that result from the changes in the fair value of the shares and dividends received on these shares that are held for the risks and rewards of the policyholders. As a result, the application of IAS 32 gives rise to a mismatch in the overall equity and income statement of the group. Policyholders Policyholder funds Policyholder benefits Liberty Adjustments to IFRS results Headline earnings Ordinary shareholders equity Banking Standard Bank Standard Bank activities Liberty Group Group Rm Rm Rm Rm IFRS June 2009 5 939 (860) 5 079 80 632 Tutuwa initiative 115 28 143 2 552 Group shares held for the benefit of Liberty policyholders 185 185 1 631 Normalised June 2009 6 054 (647) 5 407 84 815 IFRS June 2008 6 730 511 7 241 79 921 Tutuwa initiative 95 17 112 2 320 Group shares held for the benefit of Liberty policyholders (249) (249) 1 035 Normalised June 2008 6 825 279 7 104 83 276 IFRS December 2008 13 329 688 14 017 81 953 Tutuwa initiative 180 47 227 2 572 Group shares held for the benefit of Liberty policyholders (94) (94) 1 377 Normalised December 2008 13 509 641 14 150 85 902 Standard Bank Group analysis of financial results 30 June 2009 Page 19

Financial results, ratios and statistics IFRS Change June June December % 2009 2008 2008 Standard Bank Group Headline earnings contribution by business unit Total headline earnings Rm (30) 5 079 7 241 14 017 Banking activities Rm (12) 5 939 6 730 13 329 Personal & Business Banking Rm (21) 2 011 2 549 4 797 Corporate & Investment Banking Rm (8) 3 391 3 668 7 889 Central and other Rm 5 537 513 643 Liberty Rm (>100) (860) 511 688 Profit attributable to ordinary shareholders Rm (31) 5 111 7 396 13 932 Other indicators Headline EPS cents (33) 352,5 529,2 1 002,0 Diluted headline EPS cents (33) 341,3 510,2 968,1 Basic EPS cents (34) 354,7 540,5 995,9 Diluted EPS cents (34) 343,5 521,2 962,2 Dividend cover times 2,5 2,7 2,6 Dividends per share cents (27) 141,0 193,0 386,0 Net asset value per share cents (1) 5 531 5 607 5 729 Tangible net asset value per share cents (2) 4 889 4 968 5 017 Ordinary shareholders equity Rm 1 80 632 79 921 81 953 ROE % 12,4 21,4 19,1 Capital adequacy % 14,4 14,2 13,3 Number of ordinary shares in issue end of period thousands 2 1 457 831 1 425 474 1 430 618 weighted average thousands 5 1 440 769 1 368 386 1 398 866 diluted weighted average thousands 5 1 487 924 1 419 137 1 447 886 Banking activities Balance sheet Total assets Rm (1) 1 127 698 1 142 393 1 294 666 Loans and advances (net of credit impairments) Rm (2) 707 675 722 183 787 934 Other indicators ROE % 15,3 20,6 19,0 Gearing ratio times 16,2 16,5 18,9 Loan-to-deposit ratio % 92,0 96,2 93,4 Net interest margin % 3,44 3,15 3,31 Non-interest revenue to total income % 48,1 50,1 48,0 Credit impairment charges Rm 58 7 115 4 497 11 342 Credit loss ratio % 1,84 1,31 1,55 Cost-to-income ratio % 50,0 48,9 49,3 Effective taxation rate % 25,7 26,5 26,3 Page 20 Standard Bank Group analysis of financial results 30 June 2009

Summarised group income statement IFRS Group results in brief June June December Change 2009 2008 2008 % Rm Rm Rm Net interest income 15 16 522 14 390 31 918 Non-interest revenue 6 15 282 14 426 29 448 Net fee and commission revenue 5 8 698 8 297 17 607 Trading revenue 11 5 776 5 222 9 463 Other revenue (11) 808 907 2 378 Total income 10 31 804 28 816 61 366 Credit impairment charges 58 7 115 4 497 11 342 Impairments for non-performing loans 81 7 109 3 933 9 346 Impaired loss 115 6 183 2 881 7 674 Discounting of expected recoveries (12) 926 1 052 1 672 Impairments for performing loans (99) 6 564 1 996 Income after credit impairment charges 2 24 689 24 319 50 024 Operating expenses 13 15 962 14 167 30 390 Staff costs 9 9 020 8 299 16 951 Other operating expenses 18 6 942 5 868 13 439 Net income before goodwill (14) 8 727 10 152 19 634 Goodwill impairment 2 2 5 Net income before associates and joint ventures (14) 8 725 10 150 19 629 Share of profit from associates and joint ventures (24) 115 152 234 Net income before taxation (14) 8 840 10 302 19 863 Taxation (17) 2 269 2 733 5 229 Profit for the period (13) 6 571 7 569 14 634 Attributable to minorities (27) 311 428 861 Attributable to preference shareholders 13 289 256 529 Attributable to ordinary shareholders banking activities (13) 5 971 6 885 13 244 Headline adjustable items banking activities (79) (32) (155) 85 Headline earnings banking activities (12) 5 939 6 730 13 329 Headline (loss)/earnings Liberty (>100) (860) 511 688 Standard Bank Group headline earnings (30) 5 079 7 241 14 017 Standard Bank Group analysis of financial results 30 June 2009 Page 21

Statement of comprehensive income IFRS June 2009 Minorities and Ordinary preference Change shareholders shareholders Total % Rm Rm Rm Profit for the period (45) 5 111 (72) 5 039 Other comprehensive income for the period after tax: (>100) (5 821) (1 894) (7 715) Exchange rate differences on translating foreign operations (>100) (6 254) (1 856) (8 110) Foreign currency hedge of net investment 68 96 96 Cash flow hedges (85) 218 218 Available-for-sale financial assets >100 96 6 102 Revaluation and other gains/(losses) 91 23 (44) (21) Total comprehensive income for the period (>100) (710) (1 966) (2 676) Attributable to minorities (>100) (2 255) (2 255) Attributable to equity holders of the parent (>100) (710) 289 (421) Attributable to preference shareholders 13 289 289 Attributable to ordinary shareholders (>100) (710) (710) IAS 1 Presentation of Financial Statements, revised with effect from 1 January 2009, requires total comprehensive income for the period to be presented separately from the changes in equity resulting from transactions with shareholders. Total comprehensive income includes profit for the period and other transactions and events, other than those with shareholders in their capacity as owners. Statement of changes in equity IFRS Page 22 Standard Bank Group analysis of financial results 30 June 2009 Foreign Foreign currency Ordinary currency hedge of net share capital Empowerment Treasury translation investment and premium reserve shares reserve reserve Rm Rm Rm Rm Rm Balance at 1 January 2008 1 368 (3 235) (960) 1 501 433 Increase in statutory credit risk reserve Transfer of unrealised profit on sale of subsidiary shares (118) Equity-settled share-based payment transactions Transfer of vested equity options Issue of share capital and share premium 16 132 Share buy-backs (503) Net decrease in treasury shares 986 462 Transactions with minority shareholders (286) (260) (4) Total comprehensive income for the year 3 791 447 Dividends paid Balance at 31 December 2008 16 997 (2 653) (758) 5 288 880 Balance at 1 January 2009 16 997 (2 653) (758) 5 288 880 Increase in statutory credit risk reserve Equity-settled share-based payment transactions Transfer of vested equity options Issue of share capital and share premium 103 Net increase in treasury shares (160) Total comprehensive income for the period (6 254) 96 Dividends paid Balance at 30 June 2009 17 100 (2 653) (918) (966) 976 All balances are stated net of applicable tax.

Group results in brief June 2008 December 2008 Minorities Minorities and and Ordinary preference Ordinary preference shareholders shareholders Total shareholders shareholders Total Rm Rm Rm Rm Rm Rm 7 396 1 787 9 183 13 932 2 817 16 749 4 441 501 4 942 4 997 1 280 6 277 2 941 562 3 503 3 791 1 340 5 131 57 57 447 447 1 410 1 410 932 932 (17) (17) (181) (31) (212) 50 (61) (11) 8 (29) (21) 11 837 2 288 14 125 18 929 4 097 23 026 2 032 2 032 3 568 3 568 11 837 256 12 093 18 929 529 19 458 256 256 529 529 11 837 11 837 18 929 18 929 Available- Cash flow Statutory for-sale Share-based Revaluation Ordinary Preference hedging credit risk revaluation payment and other Retained shareholders share capital Minority Total reserve reserve reserve reserve reserves earnings equity and premium interest equity Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm (130) 176 500 655 335 53 028 53 671 5 503 9 332 68 506 168 (168) 118 217 217 35 252 (111) 111 16 132 16 132 (503) (503) 35 1 483 906 2 389 (22) (37) (1 589) (2 198) (982) (3 180) 932 (181) 4 13 936 18 929 529 3 568 23 026 (5 778) (5 778) (529) (814) (7 121) 802 344 319 739 302 59 693 81 953 5 503 12 045 99 501 802 344 319 739 302 59 693 81 953 5 503 12 045 99 501 118 (118) 133 133 17 150 (126) 126 103 (2) 101 87 (73) (63) (136) 218 96 3 5 131 (710) 289 (2 255) (2 676) (774) (774) (289) (432) (1 495) 1 020 462 415 746 305 64 145 80 632 5 503 9 310 95 445 Standard Bank Group analysis of financial results 30 June 2009 Page 23

Broad-based Black Economic Empowerment Overall score (%) BEE transaction financing (Rm) 100 95 97 25 000 80 60 A Rating A Rating >75 Level 3 20 000 15 000 12 517 19 432 19 761 21 499 40 10 000 7 577 20 5 000 2 737 0 HY08 FSC 08 FSC HY09 DTI 0 04 05 06 07 08 HY09 Score Rating BEE financing FSC target to 2008 Human resource development DTI FSC Target June Target June December 2011 2009 2008 2008 2008 % % % % % Black senior management 43 31 20 31 30 Black women senior management 22 9 4 8 8 Black middle management 63 46 30 45 46 Black women middle management 32 20 10 19 17 Black junior management 68 60 40 59 59 Black women junior management 34 37 15 36 36 Total black management 52 51 51 Total black women management 28 27 27 Procurement DTI codes June 2009 June 2008 December 2008 % of Weighted % of Weighted % of Weighted TMPS 1 Rm TMPS 1 Rm TMPS 1 Rm Supplier classification All suppliers Level 1 to 8 46 2 418 43 2 187 48 4 880 Qualifying small enterprises (QSE) and exempted microenterprises (EME) Level 1 to 8 8 405 5 232 9 969 Black owned (>50%) 5 260 4 184 7 666 Black women owned (>30%) 2 109 3 139 4 460 Total BEE spend 3 192 2 742 6 975 Total measured procurement spend (TMPS) 5 299 5 099 10 233 1 This is BEE spend per supplier classification calculated as a percentage of TMPS. TMPS is based on actual calculated procurement spend and certain inclusions and exclusions per DTI guidelines. The ministers of trade and industry and finance have not yet agreed to the publication of the Financial Sector Charter (FSC) as a sector code. Assessment of the bank is now governed by the generic codes published in terms of the Broad-based Black Economic Empowerment Act and has a 3 rating in terms of these codes. Negotiations are currently taking place to publish the Financial Sector Charter as a sector code. Page 24 Standard Bank Group analysis of financial results 30 June 2009 As a result, performance for the six month period to June 2009 is reported in terms of the Department: Trade and Industry (DTI) for the key elements, being human resource development, preferential procurement and the empowerment finance sub-element, BEE transaction financing. In terms of the DTI code, a level 3 rating is achieved by having a score of greater than 75%. By comparison, an A level rating in terms of the FSC was achieved by having a score of greater than 80%.

Business unit review 26 Segmental structure for key business units 28 Group executive committee 30 Segmental income statement 32 Segmental balance sheet 34 Personal & Business Banking 38 Corporate & Investment Banking 42 Liberty

Segmental structure for key business units Standard Bank Group Limited Personal & Business Banking Banking and other financial services to individual customers and small- to medium-sized enterprises in South Africa, rest of Africa and Argentina Corporate & Investment Banking Corporate and investment banking services to larger corporates, financial institutions and international counterparties, in South Africa and other emerging markets Liberty Investment management and life insurance activities of companies in the Liberty Holdings group Central and other Includes the impact of the Tutuwa initiative, group capital instruments and group surplus capital, together with certain group overheads not recoverable from business segments, activities and taxes not allocated to business segments, strategic acquisition costs and intersegment eliminations Mortgage lending Residential accommodation loans to individual customers Instalment sale and finance leases Instalment finance in the consumer market Finance of vehicles and equipment in the business Global markets Foreign exchange Commodities Debt securities Equities trading Transactional products and services Transactional banking Investor services Liberty Long-term investment Long-term risk life and disability Pension fund management Endowment and retirement annuities Corporate benefits Health care and health insurance market Card products Credit and debit card facilities to individuals and businesses Transactional and lending products Transactions in products associated with the various point of contact channels such as ATMs, Internet, telephone banking and Investment banking Equity investment Advisory Project finance Structured finance Structured trade finance Corporate lending Primary markets Acquisition and BEE finance Property finance Asset and wealth management Stanlib Investment related advice and solutions branches. This includes deposit taking activities, electronic banking, cheque accounts and other lending products Bancassurance Short-term and long-term insurance products Financial planning Page 26 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Personal & Business Banking Headline earnings R2 011 million (June 2008: R2 549 million) Headline earnings decline 21% (June 2008: decline 3%) Headline earnings contribution to group 37% (June 2008: 36%) Return on equity 16,5% (June 2008: 23,9%) Cost-to-income ratio 50,2% (June 2008: 49,7%) Credit loss ratio 2,80% (June 2008: 2,18%) External net loans and advances R373 billion (June 2008: R366 billion) % of group headline earnings Personal & Business Banking 37% Corporate & Investment Banking Headline earnings R3 391 million (June 2008: R3 668 million) Headline earnings decline 8% (June 2008: growth 18%) Headline earnings contribution to group 63% (June 2008: 52%) Return on equity 16,1% (June 2008: 21,4%) Cost-to-income ratio 51,6% (June 2008: 53,4%) Credit loss ratio 1,15% (June 2008: 0,31%) External net loans and advances R335 billion (June 2008: R357 billion) % of group headline earnings 63% Corporate & Investment Banking Liberty Headline loss R647 million (June 2008: earnings R279 million) Headline earnings decline 332% (June 2008: decline 46%) Headline earnings diminution to group 12% (June 2008: contribution to group 4%) Return on equity (20,3%) (June 2008: 14,0%) Normalised embedded value R23 billion (June 2008: R27 billion) Third party funds under management R180 billion (June 2008: R186 billion) Standard Bank Group analysis of financial results 30 June 2009 Page 27

Group executive committee Craig Bond (48) Chief executive Standard Bank ICBC Strategic Partnership BCom, LLB, HDip Tax (Wits), SEP (Harvard) Joined the group 2000, appointed to exco 2006 Kennedy Bungane (35) Deputy chief executive Corporate & Investment Banking SBSA BCom (Natal), MBA (University of Pretoria GIBS Campus), AMP (Harvard) Joined the group 1996, appointed to exco 2008 David Duffy (47) Chief executive Corporate & Investment Banking International BBS (Hons) (Trinity College Dublin), MA (Trinity College Dublin) Joined the group 2006, appointed to exco 2008 Tina Eboka (50) Corporate Affairs BS Applied Mathematics (New York), BS Textile Engineering (Philadelphia), MBA (Philadelphia), SEP (Harvard) Joined the group 2005, appointed to exco 2005 Arnold Gain (54) Credit BCom (Hons) (Cape Town) Joined the group 1994, appointed to exco 2005 Bruce Hemphill (46) Chief executive Liberty BSoc (Cape Town), CPE (College of Law, London) Joined the group 1993, appointed to exco 2006 Ben Kruger (50) Group deputy chief executive BCom (Hons) (Pretoria), CA (SA), AMP (Harvard) Joined the group 1985, appointed to exco 2000 Rob Leith (46) Chief executive Corporate & Investment Banking BCom (Hons) (Cape Town), CA (SA) Joined the group 1991, appointed to exco 2003 Jacko Maree (53) Group chief executive BCom (Stellenbosch), MA (Oxford), PMD (Harvard) Joined the group 1980, appointed to exco 1995 David Munro (38) Chief executive Corporate & Investment Banking SBSA BCom (PGDA) (Cape Town), CA (SA), AMP (Harvard) Joined the group 1996, appointed to exco 2004 Page 28 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Sipho Ngidi (53) Human Resources SBSA BAdmin (Zululand), BCom (Hons) (Natal) Joined the group 2001, appointed to exco 2001 Sarah-Anne Orphanides (41) Marketing and Communications BSocSci (Hons) (Cape Town), MBA (London) Joined the group 2002, appointed to exco 2006 Simon Ridley (53) Group financial director BCom (Natal), CA (SA), AMP (Oxford) Joined the group 1999, appointed to exco 2002 Peter Schlebusch (42) Chief executive Personal & Business Banking SBSA BCom (Hons) (Wits), CA (SA), HDip Tax (RAU) Joined the group 2002, appointed to exco 2008 Paul Smith (55) Chief risk officer BCom (Natal), CA (SA), AMP (Wharton) Joined the group 1997, appointed to exco 1999 Clive Tasker (53) Chief executive Standard Bank Africa BA LLB (Natal), AMP (Wharton) Joined the group 2000, appointed to exco 2008 Casper Troskie (46) Chief financial officer BCom (Hons) (Cape Town), CA (SA) Joined the group 2009, appointed to exco 2009 Sim Tshabalala (41) Group deputy chief executive and chief executive SBSA BA LLB (Rhodes), LLM (University of Notre Dame USA), HDip Tax (Wits), AMP (Harvard) Joined the group 2000, appointed to exco 2001 Elizabeth Warren (52) Human Resources BSc (Hons) (Bath), Fellow of the Chartered Institute of Personnel and Development Joined the group 2009, appointed to exco 2009 Peter Wharton-Hood (43) Group deputy chief executive BCom (Hons) (Wits), CA (SA), AMP (Harvard) Joined the group 1997, appointed to exco 1999 Standard Bank Group analysis of financial results 30 June 2009 Page 29

Segmental income statement Personal & Business Banking Corporate & Investment Banking Central and other June June June June June June Change 2009 2008 Change 2009 2008 Change 2009 2008 % Rm Rm % Rm Rm % Rm Rm Income from banking activities 8 17 152 15 882 18 14 238 12 043 (50) 502 998 Net interest income 9 10 171 9 358 29 5 737 4 437 702 702 Interest income (4) 24 885 26 019 24 24 645 19 938 15 (5 091) (4 441) Interest expense (12) 14 714 16 661 22 18 908 15 501 13 (5 793) (5 143) Non-interest revenue 7 6 981 6 524 12 8 501 7 606 (>100) (200) 296 Net fee and commission revenue 6 6 228 5 854 (3) 2 489 2 562 (84) (19) (119) Fee and commission revenue 8 7 271 6 748 1 2 832 2 806 (85) (18) (120) Fee and commission expense 17 1 043 894 41 343 244 (>100) 1 (1) Trading revenue 58 179 113 20 5 731 4 777 (>100) (134) 332 Other revenue 3 574 557 5 281 267 (>100) (47) 83 Income from investment management and life insurance activities Net insurance premiums Investment income and gains Management and service fee income Total income 8 17 152 15 882 18 14 238 12 043 (50) 502 998 Credit impairment charges 35 5 417 4 012 353 2 199 485 (501) Impairments for non-performing loans 41 5 232 3 710 742 1 877 223 Impaired loss 64 4 370 2 666 743 1 813 215 Discounting of expected recoveries (17) 862 1 044 700 64 8 Impairments for performing loans (39) 185 302 23 322 262 (501) Benefits due to policyholders Net insurance benefits and claims Fair value adjustment to policyholders liabilities under investment contracts Fair value adjustment on third party fund interests Income after credit impairment charges and policyholders benefits (1) 11 735 11 870 4 12 039 11 558 1 1 003 998 Operating expenses in banking activities 9 8 633 7 943 14 7 366 6 457 (84) (37) (233) Staff costs 4 4 344 4 187 11 4 277 3 858 57 399 254 Other operating expenses 14 4 289 3 756 19 3 089 2 599 (10) (436) (487) Operating expenses in investment management and life insurance activities Acquisition costs insurance and investment contracts Other operating expenses Net income/(loss) before goodwill (21) 3 102 3 927 (8) 4 673 5 101 (16) 1 040 1 231 Goodwill impairment 2 2 Net income/(loss) before associates and joint ventures (21) 3 102 3 927 (8) 4 671 5 099 (16) 1 040 1 231 Share of profit from associates and joint ventures (44) 59 106 (17) 34 41 >100 22 5 Net income/(loss) before indirect taxation (22) 3 161 4 033 (8) 4 705 5 140 (14) 1 062 1 236 Indirect taxation (2) 310 317 44 246 171 (72) 13 46 Profit/(loss) before direct taxation (23) 2 851 3 716 (10) 4 459 4 969 (12) 1 049 1 190 Direct taxation (29) 758 1 065 (15) 803 941 (28) 139 193 Profit/(loss) for the period (21) 2 093 2 651 (9) 3 656 4 028 (9) 910 997 Attributable to minorities (25) 52 69 (25) 261 347 (>100) (2) 12 Attributable to preference shareholders (2) 262 268 Attributable to ordinary shareholders (21) 2 041 2 582 (8) 3 395 3 681 (9) 650 717 Headline adjustable items (9) (30) (33) (69) (4) (13) (>100) 2 (109) Headline earnings/(loss) (21) 2 011 2 549 (8) 3 391 3 668 7 652 608 ROE % 16,5 23,9 16,1 21,4 Net interest margin % 5,10 4,87 2,06 1,69 Credit loss ratio % 2,80 2,18 1,15 0,31 Cost-to-income ratio % 50,2 49,7 51,6 53,4 Number of employees (1) 34 772 35 258 4 9 773 9 428 (1) 1 031 1 037 Page 30 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Normalised IFRS IFRS Banking activities Liberty Standard Bank Group adjustments Standard Bank Group June June June June June June June June June June Change 2009 2008 Change 2009 2008 Change 2009 2008 2009 2008 Change 2009 2008 % Rm Rm % Rm Rm % Rm Rm Rm Rm % Rm Rm 10 31 892 28 923 10 31 892 28 923 (88) (107) 10 31 804 28 816 15 16 610 14 497 15 16 610 14 497 (88) (107) 15 16 522 14 390 7 44 439 41 516 7 44 439 41 516 (88) (107) 7 44 351 41 409 3 27 829 27 019 3 27 829 27 019 3 27 829 27 019 6 15 282 14 426 6 15 282 14 426 6 15 282 14 426 5 8 698 8 297 5 8 698 8 297 5 8 698 8 297 7 10 085 9 434 7 10 085 9 434 7 10 085 9 434 22 1 387 1 137 22 1 387 1 137 22 1 387 1 137 11 5 776 5 222 11 5 776 5 222 11 5 776 5 222 (11) 808 907 (11) 808 907 (11) 808 907 (25) 9 684 12 869 (25) 9 684 12 869 (397) 617 (31) 9 287 13 486 3 10 924 10 653 3 10 924 10 653 3 10 924 10 653 (>100) (2 223) 1 261 (>100) (2 223) 1 261 (397) 617 (>100) (2 620) 1 878 3 983 955 3 983 955 3 983 955 10 31 892 28 923 (25) 9 684 12 869 (1) 41 576 41 792 (485) 510 (3) 41 091 42 302 58 7 115 4 497 58 7 115 4 497 58 7 115 4 497 81 7 109 3 933 81 7 109 3 933 81 7 109 3 933 115 6 183 2 881 115 6 183 2 881 115 6 183 2 881 (12) 926 1 052 (12) 926 1 052 (12) 926 1 052 (99) 6 564 (99) 6 564 (99) 6 564 (9) 6 634 7 273 (9) 6 634 7 273 (9) 6 634 7 273 (2) 6 626 6 769 (2) 6 626 6 769 (2) 6 626 6 769 >100 724 218 >100 724 218 >100 724 218 (>100) (716) 286 (>100) (716) 286 (>100) (716) 286 1 24 777 24 426 (45) 3 050 5 596 (7) 27 827 30 022 (485) 510 (10) 27 342 30 532 13 15 962 14 167 13 15 962 14 167 13 15 962 14 167 9 9 020 8 299 9 9 020 8 299 9 9 020 8 299 18 6 942 5 868 18 6 942 5 868 18 6 942 5 868 6 4 170 3 916 6 4 170 3 916 6 4 170 3 916 12 1 409 1 263 12 1 409 1 263 12 1 409 1 263 4 2 761 2 653 4 2 761 2 653 4 2 761 2 653 (14) 8 815 10 259 (>100) (1 120) 1 680 (36) 7 695 11 939 (485) 510 (42) 7 210 12 449 2 2 2 2 2 2 (14) 8 813 10 257 (>100) (1 120) 1 680 (36) 7 693 11 937 (485) 510 (42) 7 208 12 447 (24) 115 152 (37) 22 35 (27) 137 187 (27) 137 187 (14) 8 928 10 409 (>100) (1 098) 1 715 (35) 7 830 12 124 (485) 510 (42) 7 345 12 634 7 569 534 (3) 110 113 5 679 647 5 679 647 (15) 8 359 9 875 (>100) (1 208) 1 602 (38) 7 151 11 477 (485) 510 (44) 6 666 11 987 (23) 1 700 2 199 (>100) (73) 605 (42) 1 627 2 804 (42) 1 627 2 804 (13) 6 659 7 676 (>100) (1 135) 997 (36) 5 524 8 673 (485) 510 (45) 5 039 9 183 (27) 311 428 (>100) (488) 718 (>100) (177) 1 146 (184) 385 (>100) (361) 1 531 (2) 262 268 (2) 262 268 27 (12) 13 289 256 (13) 6 086 6 980 (>100) (647) 279 (25) 5 439 7 259 (328) 137 (31) 5 111 7 396 (79) (32) (155) (79) (32) (155) (79) (32) (155) (11) 6 054 6 825 (>100) (647) 279 (24) 5 407 7 104 (328) 137 (30) 5 079 7 241 15,3 20,1 (20,3) 14,0 12,6 19,8 12,4 21,4 3,45 3,16 3,45 3,16 3,44 3,15 1,84 1,31 1,84 1,31 1,84 1,31 49,9 48,7 49,9 48,7 50,0 48,9 45 576 45 723 29 5 336 4 132 2 50 912 49 855 2 50 912 49 855 Standard Bank Group analysis of financial results 30 June 2009 Page 31

Segmental balance sheet Assets Personal & Business Banking Corporate & Investment Banking Central and other June June June June June June Change 2009 2008 Change 2009 2008 Change 2009 2008 % Rm Rm % Rm Rm % Rm Rm Cash and balances with central banks 6 5 690 5 369 (5) 17 033 17 920 14 8 7 Financial investments, trading and pledged assets (57) 279 643 (17) 170 851 206 210 >100 1 495 (2 041) Loans and advances 2 373 362 365 619 (6) 335 369 357 235 (30) 1 062 1 513 Loans and advances to banks 1 758 (5) 96 403 101 018 445 (936) Loans and advances to customers 2 371 604 365 619 (7) 238 966 256 217 (75) 617 2 449 Investment property Derivative and other assets (49) 7 166 14 073 22 196 844 160 830 (90) 163 1 604 Non-current assets held for sale 3 363 Interest in associates and joint ventures (2) 1 280 1 308 17 773 661 (6) 129 137 Goodwill and other intangible assets 7 4 671 4 366 (9) 2 902 3 175 (44) 78 140 Property and equipment 23 4 834 3 924 39 1 711 1 233 16 753 651 Total assets 1 397 282 395 302 (2) 728 846 747 264 83 3 688 2 011 Equity and liabilities Equity (1) 26 572 26 835 7 41 752 39 120 (13) 20 223 23 185 Equity attributable to ordinary shareholders 1 25 418 25 182 8 39 165 36 100 (19) 14 462 17 812 Preference share capital and premium 5 503 5 503 Minority interest (30) 1 154 1 653 (14) 2 587 3 020 258 (130) Liabilities 1 370 710 368 467 (3) 687 094 708 144 (22) (16 535) (21 174) Deposit and current accounts 3 363 473 353 859 2 413 284 405 133 (8) (7 705) (8 349) Deposits from banks 122 (12) 93 257 106 569 (2 473) 1 221 Deposits from customers 3 363 351 353 859 7 320 027 298 564 (45) (5 232) (9 570) Derivative, trading and other liabilities (>100) (476) 7 259 (11) 260 111 291 599 (37) (9 125) (14 496) Non-current liabilities held for sale 2 054 Policyholders liabilities Subordinated debt 5 7 713 7 349 2 11 645 11 412 (82) 295 1 671 Total equity and liabilities 1 397 282 395 302 (2) 728 846 747 264 83 3 688 2 011 Average assets - banking activities excluding trading derivatives 401 911 385 635 562 017 525 665 5 736 7 641 Average loans and advances (gross) 389 938 370 146 386 637 315 817 4 039 5 592 Average ordinary shareholders equity 24 544 21 406 42 599 34 501 12 868 12 248 Page 32 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Normalised IFRS IFRS Banking activities Liberty Standard Bank Group adjustments Standard Bank Group June June June June June June June June June June Change 2009 2008 Change 2009 2008 Change 2009 2008 2009 2008 Change 2009 2008 % Rm Rm % Rm Rm % Rm Rm Rm Rm % Rm Rm (2) 22 731 23 296 (2) 22 731 23 296 (2) 22 731 23 296 (16) 172 625 204 812 (7) 169 014 181 449 (12) 341 639 386 261 (4 103) (4 717) (12) 337 536 381 544 (2) 709 793 724 367 (2) 709 793 724 367 (2 118) (2 184) (2) 707 675 722 183 (1) 98 606 100 082 (1) 98 606 100 082 (1) 98 606 100 082 (2) 611 187 624 285 (2) 611 187 624 285 (2 118) (2 184) (2) 609 069 622 101 15 17 695 15 405 15 17 695 15 405 15 17 695 15 405 16 204 173 176 507 25 7 850 6 299 16 212 023 182 806 16 212 023 182 806 3 363 3 363 3 363 4 2 182 2 106 (55) 4 618 10 329 (45) 6 800 12 435 (45) 6 800 12 435 7 651 7 681 20 1 705 1 419 3 9 356 9 100 3 9 356 9 100 26 7 298 5 808 20 2 169 1 810 24 9 467 7 618 24 9 467 7 618 (1) 1 129 816 1 144 577 (6) 203 051 216 711 (2) 1 332 867 1 361 288 (6 221) (6 901) (2) 1 326 646 1 354 387 (1) 88 547 89 140 (11) 12 982 14 603 (2) 101 529 103 743 (6 084) (6 744) (2) 95 445 96 999 79 045 79 094 38 5 770 4 182 2 84 815 83 276 (4 183) (3 355) 1 80 632 79 921 5 503 5 503 5 503 5 503 5 503 5 503 (12) 3 999 4 543 (31) 7 212 10 421 (25) 11 211 14 964 (1 901) (3 389) (20) 9 310 11 575 (1) 1 041 269 1 055 437 (6) 190 069 202 108 (2) 1 231 338 1 257 545 (137) (157) (2) 1 231 201 1257 388 2 769 052 750 643 2 769 052 750 643 2 769 052 750 643 (16) 90 906 107 790 (16) 90 906 107 790 (16) 90 906 107 790 5 678 146 642 853 5 678 146 642 853 5 678 146 642 853 (12) 250 510 284 362 (1) 19 282 19 561 (11) 269 792 303 923 (137) (157) (11) 269 655 303 766 2 054 2 054 2 054 (7) 168 733 180 493 (7) 168 733 180 493 (7) 168 733 180 493 (4) 19 653 20 432 2 054 2 054 (3) 21 707 22 486 (3) 21 707 22 486 (1) 1 129 816 1 144 577 (6) 203 051 216 711 (2) 1 332 867 1 361 288 (6 221) (6 901) (2) 1 326 646 1 354 387 969 664 918 941 969 664 918 941 (1 986) (2 564) 967 678 916 377 780 614 691 555 780 614 691 555 (1 986) (2 564) 778 628 688 991 80 011 68 155 6 427 4 018 86 438 72 173 (4 110) (4 086) 82 328 68 087 Standard Bank Group analysis of financial results 30 June 2009 Page 33

Personal & Business Banking Headline earnings (Rm) Cost-to-income ratio (%) CAGR (HY2003 HY2009): 10% 6 000 5 674 70 5 000 4 000 3 879 4 816 4 797 60 50 60,3 61,7 59,3 55,8 52,4 49,7 50,2 3 000 2 000 1 000 0 3 170 2 689 1 560 1 835 2 196 2 755 1 129 1 335 1 683 2 061 2 623 3 051 2 549 2 248 2 011 03 04 05 06 07 08 09 40 30 20 10 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 Headline earnings first half Headline earnings second half June June December Change 2009 2008 2008 % Rm Rm Rm Net interest income 9 10 171 9 358 19 954 Non-interest revenue 7 6 981 6 524 13 557 Total income 8 17 152 15 882 33 511 Credit impairment charges 35 5 417 4 012 9 196 Operating expenses 9 8 633 7 943 17 223 Taxation (23) 1 068 1 382 2 404 Headline earnings (21) 2 011 2 549 4 797 Headline earnings change % (21) (3) (15) Headline earnings contribution to the group % 37 36 34 ROE % 16,5 23,9 19,9 Net interest margin % 5,10 4,87 5,15 Cost-to-income ratio % 50,2 49,7 51,3 Credit loss ratio % 2,80 2,18 2,47 Effective taxation rate % 33,8 34,3 33,6 Total assets Rm 1 397 282 395 302 402 148 External net loans and advances Rm 2 373 362 365 619 380 175 Number of employees (1) 34 772 35 258 34 966 Favourable Subdued but positive loan balance growth, as well as the benefit of the unwinding of the discount on expected nonperforming loan recoveries, assisted net interest income. Continued growth in transactional volumes, value per transaction and customer base, particularly in account transaction fees, electronic banking and documentation and administration fees. Benefits of domestic cost containment initiatives, including headcount reduction through headcount freezes and natural attrition. Adverse High credit impairments in South Africa across all portfolios excluding card products, due to the lagged effect of the high interest rate environment in 2008, inflationary pressures and resultant continued erosion of customer affordability. Negative endowment impact of lower average interest rates. Increased cost of wholesale term funding. Higher operating expenses due to continued investment in business expansion in the rest of Africa and outside Africa, and continued investment in electronic channel systems. Page 34 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Total income and headline earnings by product Total income Headline earnings June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm Mortgage lending 30 2 185 1 676 3 358 0 (208) (207) (885) Instalment sale and finance leases 10 1 472 1 337 2 798 (>100) (253) 82 (264) Card products (3) 2 333 2 405 5 012 95 228 117 344 Transactional and lending products 7 10 249 9 555 20 474 (16) 1 883 2 231 4 905 Bancassurance 0 913 909 1 869 11 361 326 697 Personal & Business Banking 8 17 152 15 882 33 511 (21) 2 011 2 549 4 797 Mortgage lending High credit impairment charges driven by increased nonperforming loans, offset partially by a decline in the early arrears portfolio. Net interest income benefited from the unwind of the IAS 39 discount of non-performing loan recoveries, and balance growth from the sharp slowdown in the level of prepayments. New business registrations declined due to the overall slowdown in the residential property market in South Africa. Increased term funding costs, partly offset by better pricing for risk. Balance growth driven by the acquisition in Kenya and branch network expansion in the rest of Africa, supported income growth. Instalment sale and finance leases Increase in the non-performing loan book for both the business and personal portfolio, and weaker motor vehicle sale recovery values resulted in increased credit impairments. New business volumes declined due to a slowdown in both the motor and non-motor businesses. Margins remained under pressure due to the increased cost of term funding. Continued focus on better pricing for risk. Significant growth in the rest of Africa, resulting from increased volumes due to the branch network expansion and growth in client base. Card products Net interest income unfavourably affected by lower average card holder balances. Reduced fee and commission income as a result of a decline in customer spending and the customer base. Decreased credit impairments resulting from an improvement in delinquency rates and increased recoveries. Strong revenue growth in the rest of Africa resulting from increased roll-out of products. Transactional and lending products Income growth driven by an increase in deposit and loan balances and growth in the transactional account base, combined with modest price increases. Deposit margins impacted by the negative endowment effect of declining interest rates, compounded by a shift in product mix towards higher cost investment deposits. Improved margin on term advances. Increase in the non-performing loans portfolio in both the personal and business segments. Lower revenue growth in the rest of Africa due to the overall slowdown in customer activities and more stringent credit criteria. Bancassurance Simple embedded insurance product benefited from a higher policy base combined with a slightly reduced overall claims loss ratio. Short-term insurance broking income up largely due to a higher policy base and pricing adjustments. Short-term insurance profit increased as a result of improved underwriting performance due to optimisation of re-insurance programme and pricing adjustments, coupled with increased investment income from equity market performance. Significant reduction in complex product embedded value profits, due to high policy lapses and reduced new business volumes. Strong revenue growth in the rest of Africa due to the successful roll-out of products, integration of CfC Kenya and a joint initiative with Liberty in five countries. Good growth in wealth business in Nigeria driven by growth in transaction volumes and number of customers. Standard Bank Group analysis of financial results 30 June 2009 Page 35

Personal & Business Banking continued External loans and advances by product Annualised June June December change 1 Change 2 2009 2008 2008 % % Rm Rm Rm Loans and advances to banks 1 758 Call loans 773 Balances with banks 985 Loans and advances to customers (5) 2 371 604 365 619 380 175 Gross loans and advances to customers (3) 3 383 634 373 015 389 925 Mortgage loans 2 8 253 768 235 224 251 074 Instalment sale and finance leases (15) (10) 58 252 64 656 62 916 Card debtors (8) (5) 22 041 23 227 22 998 Overdrafts and other demand loans 4 0 21 360 21 341 20 987 Other term loans (19) 1 27 877 27 605 30 850 Other loans and advances (>100) (65) 336 962 1 100 Credit impairments for loans and advances 47 63 (12 030) (7 396) (9 750) Credit impairments for non-performing loans 60 80 (9 121) (5 065) (7 035) Credit impairments for performing loans 14 25 (2 909) (2 331) (2 715) Net loans and advances (4) 2 373 362 365 619 380 175 Comprising: Gross loans and advances (2) 3 385 392 373 015 389 925 Less: credit impairments 47 63 (12 030) (7 396) (9 750) Net loans and advances (4) 2 373 362 365 619 380 175 Securitised assets consolidated above: Mortgage loans (4) (2) 16 980 17 313 17 312 Instalment sale and finance leases (96) (65) 608 1 719 1 156 Securitised assets (10) (8) 17 588 19 032 18 468 1 Annualised change from December 2008 to June 2009. 2 Change year on year from June 2008 to June 2009. Deposit and current accounts by product June June December Change 2009 2008 2008 % Rm Rm Rm Wholesale priced deposit and current accounts 12 61 025 54 354 58 194 Call deposits 22 43 124 35 481 39 688 Securitised issuances consolidated (5) 17 901 18 873 18 506 Retail priced deposit and current accounts 0 163 368 162 646 173 538 Current accounts (1) 57 577 58 132 61 812 Cash management deposits 15 7 257 6 302 6 721 Call deposits (2) 34 102 34 805 38 816 Savings accounts (6) 21 590 22 901 23 409 Term deposits 1 37 522 37 110 38 722 Other funding 57 5 320 3 396 4 058 Interdivisional funding 2 139 080 136 859 140 146 Total deposits 3 363 473 353 859 371 878 Page 36 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Points of representation global 7 000 6 000 5 000 4 000 4 227 4 578 5 115 5 489 6 019 6 280 6 526 3 000 2 000 1 000 0 3 316 3 603 4 131 4 538 4 916 5 174 911 975 984 951 1 103 1 106 1 105 5 421 03 04 05 06 07 08 HY09 Branches ATMs Key business statistics Change June June December South Africa % 2009 2008 2008 Mortgage loans Number of loan applications thousands (67) 62 189 335 Change in value of new business % (64) (25) (32) Average loan to value (LTV) of new business % 77 80 78 Average balance to original value (BTV) of portfolio % 69 67 67 Average instalment to income (ITI) of new business % 20 25 23 Proportion of new business referred by independent mortgage originators and estate agents % 54 67 60 Instalment sale and finance leases Growth in value of new loans written motor % (41) (23) (30) non-motor % (45) 1 (1) Number of accounts at period end Credit card accounts thousands (8) 2 123 2 311 2 276 Current accounts thousands 10 1 717 1 556 1 610 Mzansi accounts (excluding nil balance accounts) thousands 23 835 680 721 Other transaction and savings accounts (excluding nil balance accounts) thousands (3) 4 770 4 902 4 867 Distribution Growth in Internet users % 14 19 16 Growth in ATM transactions % (2) (2) (4) Points of representation Branches (3) 673 694 681 ATMs 6 4 469 4 206 4 244 Rest of Africa Points of representation Branches 4 337 323 332 ATMs 20 665 553 620 Growth in ATM transactions % 164 17 48 Outside Africa 1 Points of representation Branches 6 95 90 93 ATMs 2 287 282 310 1 Argentina. Standard Bank Group analysis of financial results 30 June 2009 Page 37

Corporate & Investment Banking Headline earnings (Rm) Income contribution (%) CAGR (HY2003 HY2009): 12% 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 5 033 4 185 3 883 3 348 1 653 2 111 2 289 2 768 1 695 1 772 1 896 2 265 7 889 6 706 3 099 3 607 3 668 4 221 3 391 03 04 05 06 07 08 HY09 100 80 60 40 20 0 26 31 31 31 35 39 34 33 34 35 36 35 03 04 05 06 07 08 HY09 28 38 34 26 34 40 20 40 40 100 80 60 40 20 0 Headline earnings first half Headline earnings second half Fees and other revenue Trading revenue Net interest income Trading income as a percentage of non-interest revenue June June December Change 2009 2008 2008 % Rm Rm Rm Net interest income 29 5 737 4 437 10 578 Non-interest revenue 12 8 501 7 606 15 620 Total income 18 14 238 12 043 26 198 Credit impairment charges 353 2 199 485 1 647 Operating expenses 14 7 366 6 457 13 427 Taxation (6) 1 049 1 112 2 692 Headline earnings (8) 3 391 3 668 7 889 Headline earnings change % (8) 18 18 Headline earnings contribution to the group % 63 52 56 ROE % 16,1 21,4 22,0 Net interest margin % 2,06 1,69 1,84 Cost-to-income ratio % 51,6 53,4 50,9 Credit loss ratio % 1,15 0,31 0,46 Effective taxation rate % 22,3 21,6 23,9 Total assets Rm (2) 728 846 747 264 892 727 External net loans and advances Rm (6) 335 369 357 235 408 124 Number of employees 4 9 773 9 428 9 325 Page 38 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Cost-to-income ratio (%) 60 50 49,1 50,6 53,8 51,7 52,4 53,4 51.6 40 30 20 10 0 HY03 HY04 HY05 HY06 HY07 HY08 HY09 Favourable Higher net interest income due to growth in term and call loans and increased term margins in international markets. Strong trading performance in all regions across most desks. Lower adverse fair value adjustments on listed property investments. Lower provision for incentive remuneration. Translation benefits of foreign earnings resulting from a weaker average USD/ZAR exchange rate for the six months of R9,20 (June 2008: R7,65). Adverse Higher credit impairment charges driven by increase in nonperforming loans across all regions as default rates rose, together with additional performing portfolio provisioning. Fee income impacted by lower levels of advisory deal flow across all regions. Lower net interest income from cash management activities given reduction in overnight deposit balances as well as the negative endowment impact. Lower revenue from the distressed debt business and high yield debt portfolios due to reduced business activity. Increased IT expenditure as well as the effect of a weaker average USD/ZAR exchange rate. Non-recurrence of fair value gains on unlisted equity portfolios. ICBC co-operation partnership Headline earnings contribution to the group for the first six months R127 million (USD14 million). Significant deals won across ten different product areas which include: Morupule B power station in Botswana; Ghana Cocoa Board; and Government of Mongolia. Servicing Chinese clients interested in Africa and emerging markets as well as emerging markets clients entering China. Transactional product growth with Chinese clients in Africa now evident. Beijing office established and a team mixed with international and local resources in place, with: headcount of 38 in Beijing with 25 local employees; and headcount of 13 in Shanghai. Standard Bank Group analysis of financial results 30 June 2009 Page 39

Corporate & Investment Banking continued Total income and headline earnings by product Total income Headline earnings June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm Global markets 44 6 986 4 852 11 185 79 2 445 1 363 3 457 Investment banking (2) 4 309 4 383 9 023 (85) 222 1 433 2 673 Transactional products and services 5 2 943 2 808 5 990 (17) 724 872 1 759 Corporate & Investment Banking 18 14 238 12 043 26 198 (8) 3 391 3 668 7 889 Global markets Strong and diversified trading performance in all regions on the back of continued volatility with good performances from foreign exchange, commodities and equity derivatives. Higher customer transaction volumes in rest of Africa. Trading opportunities given strong client franchise and market dislocation. Growth ahead of expectations in Nigeria due to volatility in markets. Net interest income assisted by increased term margin as well as favourable impact of weaker USD/ZAR average exchange rate. Risk levels well contained. Strong focus on costs. Investment banking Large increase in credit impairment charges on nonperforming loans across a spectrum of loan classes and jurisdictions. Good growth in fees and interest revenue from restructuring client funding. Lower deal flow across regions following management actions to limit the pipeline of committed obligations in the context of the global crisis. Lower adverse fair value adjustments on listed property investments. Higher margins and growth in term and property loan books. Losses on high yield debt and distressed debt business portfolios as cash collections and asset sales prove difficult in the current environment. Lower custody and stock broking activity in Nigeria. Limited activity in securitisation and debt origination given market conditions. Transactional products and services Lower net interest income from cash management activities given reduction in overnight deposit balances as well as the negative endowment impact. Moderate growth in transactional banking revenues. Subdued performance from investor services businesses, with decline in custody revenue due to decrease in volumes. Growth in transaction volumes, loans and deposits in Nigeria. Positive impact of acquired operation in Kenya. Continued roll out of new online banking platform across Africa. Page 40 Standard Bank Group analysis of financial results 30 June 2009

Business unit review External loans and advances by product Annualised June June December change 1 Change 2 2009 2008 2008 % % Rm Rm Rm Loans and advances to banks (52) (5) 96 403 101 018 129 890 Call loans (>100) (67) 11 304 33 839 25 192 Loans granted under resale agreements 55 4 20 583 19 788 16 181 Balances with banks (55) 36 64 516 47 391 88 517 Loans and advances to customers (28) (7) 238 966 256 217 278 234 Gross loans and advances to customers (27) (6) 243 828 258 517 281 717 Overdrafts and other demand loans (14) (12) 40 055 45 351 42 986 Other term loans (31) 8 134 956 124 655 159 644 Loans granted under resale agreements (36) (62) 15 515 40 771 18 848 Commercial property finance 1 21 34 330 28 369 34 125 Foreign currency loans (62) 1 17 062 16 868 24 566 Mortgage loans 8 (13) 935 1 071 976 Other loans and advances >100 (32) 975 1 432 572 Credit impairments for loans and advances 80 111 (4 862) (2 300) (3 483) Credit impairments for non-performing loans 156 210 (2 766) (892) (1 560) Credit impairments for performing loans 18 49 (2 096) (1 408) (1 923) Net loans and advances (36) (6) 335 369 357 235 408 124 Comprising: Gross loans and advances (35) (5) 340 231 359 535 411 607 Less: credit impairments 80 111 (4 862) (2 300) (3 483) Net loans and advances (36) (6) 335 369 357 235 408 124 Impact of stronger period end exchange rates (9 520) (36 932) Total loans and advances excluding exchange rate impact (19) (4) 335 369 347 715 371 192 1 Annualised change from December 2008 to June 2009. 2 Change year on year from June 2008 to June 2009. Deposit and current accounts by product June June December Change 2009 2008 2008 % Rm Rm Rm Wholesale priced deposit and current accounts 2 547 093 536 629 613 033 Current accounts (5) 23 084 24 224 27 887 Cash management deposits (1) 64 725 65 219 63 382 Call deposits 1 88 411 87 588 94 374 Term deposits 5 156 958 150 177 177 244 Negotiable certificates of deposit 29 102 747 79 856 102 208 Repurchase agreements (45) 9 417 17 139 9 251 Other funding (9) 101 751 112 426 138 687 Interdivisional funding 2 (133 809) (131 496) (133 516) Total deposits 2 413 284 405 133 479 517 Impact of stronger period end exchange rates (15 405) (29 685) Total deposit and current accounts excluding exchange rate impact 6 413 284 389 728 449 832 Standard Bank Group analysis of financial results 30 June 2009 Page 41

Liberty Headline earnings/(loss) (Rm) Normalised embedded value (Rm) CAGR (2003 HY2009): 7% 1 000 800 600 400 200 0-200 310 131 179 411 143 268 620 276 344 843 330 513 973 514 459 641 279 362 (647) 30 000 25 000 20 000 15 000 10 000 15 817 17 570 20 404 23 016 27 250 27 048 22 650-400 -600-800 03 04 05 06 07 08 09 5 000 0 03 04 05 06 07 08 HY09 Headline earnings first half Headline earnings second half June June December Change 2009 2008 2008 % Rm Rm Rm Net insurance premiums 3 10 924 10 653 22 259 Investment income and (losses)/gains (>100) (2 223) 1 261 (1 114) Benefits due to policyholders (9) 6 634 7 273 11 997 Management and service fee income 3 983 955 1 991 Operating expenses 6 4 170 3 916 8 423 Headline (loss)/earnings attributable to the group (>100) (647) 279 641 Headline earnings change % (332) (46) (34) Headline earnings (diminution)/contribution to the group % (12) 4 5 Effective interest in Liberty Group % 53,7 33,0 53,7 ROE % (20,3) 14,0 12,8 BEE normalised headline earnings Rm (>100) (1 207) 1 913 1 1 619 Normalised return on embedded value % (25,5) 1 4,8 1 3,7 Indexed new business (excluding contractual increases) Rm (3) 2 111 2 2 172 2 4 782 New business margin % 1,0 2 1,9 2 2,6 Net cash inflows/(outflows) in insurance operations Rm >100 584 (1 486) (2 861) Normalised embedded value Rm (17) 22 650 1 27 150 1 27 048 Capital adequacy requirement cover (times covered) Liberty Group % 2,48 2,49 2,66 1 Comparative numbers relating to Liberty Group. 2 Comparative numbers relating to Liberty Holdings. Favourable Satisfactory asset management earnings and other key indicators relating to the core insurance business. Asset management operations benefited from strong money market and dividend income fund flows. Good cost discipline. Indexed new business, excluding contractual increases, marginally higher. Risk claim experience remains positive and no changes to mortality assumptions were made. Capital adequacy for Liberty Group has benefited from the market risk mitigation strategies and remains strong at 2,5 times the required cover. Adverse Estimated R520 million negative impact of the timing of the group s actions to reduce equity market risk in order to protect capital. Adverse change to policyholder withdrawal, paid up and lapse assumptions on certain blocks of business following actuarial experience investigations. The combination of negative experience variances and the strengthening of actuarial assumptions resulted in a R685 million charge to income and a decrease to embedded value of R1 719 million. The strong rand at 30 June 2009 resulted in an estimated R530 million unrealised loss on the group s foreign currency investments. Page 42 Standard Bank Group analysis of financial results 30 June 2009

Business unit review Headline earnings June June December Change 2009 2008 2008 % Rm Rm Rm South African insurance operations (>100) (636) 744 885 Individual life excluding market investment exposures (>100) (75) 605 1 255 Corporate excluding market investment exposures (36) 36 56 152 Market risk exposures 1 (>100) (597) 83 (522) Shareholder investment returns 1 (>100) (650) 1 382 Asset management (Stanlib, Liberty Properties and Fountainhead) (21) 193 244 459 Diversification initiatives (Liberty Africa and Liberty Health) >100 5 (15) (1) Treasury share adjustment (100) 6 2 Shareholder expenses and sundry income 13 (169) (149) (269) Attributed to minority shareholders in Liberty Group 2 (100) (421) (346) Total (loss)/earnings attributable to equity holders (>100) (1 257) 410 1 112 Preference share dividend (1) (1) (2) Liberty Holdings headline (loss)/earnings IFRS (>100) (1 258) 409 1 110 BEE normalised adjustments (11) 51 57 117 Attributed to minority shareholders in Liberty Group 2 (100) 421 346 Liberty Holdings adjustments (100) 26 46 BEE normalised headline earnings (>100) (1 207) 913 3 1 619 3 1 Managed by the LibFin business unit. 2 Prior to the group restructure on 1 December 2008, Liberty Holdings owned approximately 51% of Liberty Group. 3 Comparative numbers relating to Liberty Group. External assets under management June June December Change 2009 2008 2008 % Rbn Rbn Rbn Asset management assets under management Segregated funds (41) 38 64 56 Properties (33) 2 3 3 Total asset management assets under management (40) 40 67 59 Wealth management funds under administration Single manager unit trust 15 71 62 64 Institutional marketing >100 23 11 18 Linked and structured life products (13) 20 23 20 Multi-manager (14) 6 7 6 Rest of Africa 25 20 16 19 Total wealth management funds under administration 18 140 119 127 Total external assets under management (3) 180 186 186 Standard Bank Group analysis of financial results 30 June 2009 Page 43

Liberty continued Policyholder liabilities (Rm) CAGR (2003 HY2009): 14% 200 000 180 000 160 000 140 000 120 000 100 000 80 000 60 000 40 000 20 000 0 186 137 168 898 172 069 168 733 140 835 97 993 83 840 03 04 05 06 07 08 HY09 Summarised income statement June June December Change 2009 2008 2008 % Rm Rm Rm Liberty Holdings as published Insurance premium revenue 2 11 226 11 015 22 986 Reinsurance premiums (17) (302) (362) (727) Net insurance premiums 3 10 924 10 653 22 259 Investment income and (losses)/gains (>100) (2 299) 1 234 (1 210) Management and service fee income 3 983 955 1 943 Total revenue (25) 9 608 12 842 22 992 Benefits due to policyholders (9) 6 634 7 273 11 997 Net insurance benefits and claims (2) 6 626 6 769 12 888 Fair value adjustment to policyholders liabilities under investment contracts >100 724 218 (1 025) Fair value adjustment on third party mutual fund interests (>100) (716) 286 134 Income after policyholders benefits (47) 2 974 5 569 10 995 Operating expenses 6 4 250 4 028 8 637 Acquisition costs 12 1 409 1 263 2 822 General marketing and administration expenses 2 2 492 2 432 5 151 Finance costs 9 176 161 356 Preference dividend in subsidiary 1 173 172 308 Equity accounted earnings from joint ventures 19 19 16 40 (Loss)/profit before taxation (>100) (1 257) 1 557 2 398 Taxation (>100) (73) 604 607 Total (loss)/earnings (>100) (1 184) 953 1 791 Total (loss)/earnings attributable to: Minority interests (87) 73 543 679 Equity holders 1 (>100) (1 257) 410 1 112 1 Includes amount attributable to preference shareholders. Page 44 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet for the six months ended 30 June 2009 Group 2007 2006 1 Note Rm Rm Capital management 46 Return on ordinary equity 47 Cost of equity and economic returns 48 Market capitalisation and price-to-book ratio 49 Ordinary shareholders equity (net asset value) 50 Currency analysis of net asset value 51 Currency translation effects 52 Economic capital 53 Risk-weighted assets 54 Capital adequacy qualifying regulatory capital 55 Capital adequacy ratios 56 Subordinated debt Standard Bank Group analysis of financial results 30 June 2009 Page 45

Return on ordinary equity Return on ordinary equity Rm 90 000 75 000 60 000 45 000 30 000 15 000 0 27 417 30 989 28 866 2 123 35 550 30 291 1 007 4 252 03 04 05 06 07 08 HY09 Shareholders funds (average) Treasury shares Tutuwa impairments ROE 42 571 37 218 1 083 4 270 53 093 47 561 1 271 4 261 77 602 73 556 1 408 2 638 86 438 82 328 1548 2 562 % 30 27 24 21 18 15 12 9 6 3 0 Group ROE declined largely due to a reduction in headline earnings across all business units. Equity was marginally higher in the first half of 2009 as the group s profits earned offset the negative translation impact of the stronger rand on the group s offshore equity base. Corporate & Investment Banking s ROE lower as a result of a decline in headline earnings as well as a higher level of capital deployed in the first half of 2009 to bolster capital ratios given the global financial crisis. Liberty s negative ROE attributable to the headline loss incurred in the first half of 2009. Average Average Average equity ROE equity ROE equity ROE June June June June December December 2009 2009 2008 2008 2008 2008 Rm % Rm % Rm % Personal & Business Banking 24 544 16,5 21 406 23,9 24 090 19,9 Corporate & Investment Banking 42 599 16,1 34 501 21,4 35 893 22,0 Central and other 12 868 12 248 12 599 Banking activities 80 011 15,3 68 155 20,1 72 582 18,6 Liberty 6 427 (20,3) 4 018 14,0 5 020 12,8 Standard Bank Group 86 438 12,6 72 173 19,8 77 602 18,2 Reconciliation to IFRS Normalised average equity 86 438 72 173 77 602 Empowerment reserve impairment (Tutuwa SPVs preference shares and dividends receivable) (2 562) (3 122) (2 638) Central and other (1 986) (2 564) (2 309) Liberty (576) (558) (329) Market value of group company shares held in policyholders funds (1 548) (964) (1 408) IFRS average equity 82 328 12,4 68 087 21,4 73 556 19,1 Page 46 Standard Bank Group analysis of financial results 30 June 2009

Cost of equity and economic returns Capital management Cost of equity estimates Average Average Average June June December 2009 2008 2008 % % % Personal & Business Banking 17,7 16,2 17,8 Corporate & Investment Banking 18,4 17,5 20,3 Central and other 14,3 14,5 15,2 Banking activities 14,7 15,7 16,1 Liberty 12,0 13,7 14,4 Standard Bank Group 14,3 14,5 15,2 Economic returns June June December Change 2009 2008 2008 % Rm Rm Rm Average ordinary equity 20 86 438 72 173 77 602 Headline earnings (24) 5 407 7 104 14 150 Cost of equity charge 18 (6 141) (5 216) (11 813) Economic (losses)/profits on headline earnings (>100) (734) 1 888 2 337 Other changes in net asset value (>100) (5 791) 4 818 5 488 Net currency translation (losses)/gains (>100) (6 158) 2 998 4 238 Cash flow hedge gains (85) 218 1 410 932 Fair value gains/(losses) on available-for-sale assets (10) 125 139 (22) Transactions with minority shareholders (100) 448 459 Other changes in equity >100 24 (177) (119) Total economic returns (>100) (6 525) 6 706 7 825 Standard Bank Group analysis of financial results 30 June 2009 Page 47

Market capitalisation and price-to-book ratio Market capitalisation (Rbn) Price-to-book and net asset value per share 140 120 100 80 89 103 129 137 127 138 cents 6 000 5 000 4 000 3 548 4 255 5 633 times 5 5 452 4 3 60 40 52 3 000 2 000 2 154 2 453 2 809 2 20 1 000 1 0 03 04 05 06 07 08 HY09 0 03 04 05 06 07 08 HY09 0 Net asset value per share Price-to-book Change June June December % 2009 2008 2008 Number of shares at end of the period thousands 2 1 555 568 1 527 810 1 525 008 Net asset value Rm 2 84 815 83 276 85 902 Tangible net asset value Rm 2 75 459 74 176 75 722 Net asset value per share cents 5 452 5 451 5 633 Tangible net asset value per share cents 4 851 4 855 4 965 Share price at end of the period cents 16 8 870 7 630 8 300 Market capitalisation at end of the period Rm 18 137 979 116 572 126 576 Price-to-book ratio at end of the period times 1,6 1,4 1,5 Page 48 Standard Bank Group analysis of financial results 30 June 2009

Ordinary shareholders equity (net asset value) Capital management Analysis of net asset value (ZAR) Analysis of net asset value (USD) 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 Rm % 28 779 4 246 28 926 37 994 33 172 4 267 1 072 32 655 48 352 58 406 1 151 42 916 1 388 1 377 1 631 50 45 40 35 30 25 20 15 10 5 0-5 03 04 05 06 07 08 HY09 53 671 85 902 84 815 81 953 80 632 4 285 3 347 2 572 2 552 USDm % 11 000 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 5 892 5 974 6 858 6 087 8 577 7 881 9 227 8 803 10 972 4 308 5 138 169 5 134 163 204 148 211 10 431 754 671 608 492 276 330 03 04 05 06 07 08 HY09 50 40 30 20 10 0 Net asset value Tutuwa impairments Policyholders deemed treasury shares NAV growth Net asset value Tutuwa impairments Policyholders deemed treasury shares NAV growth Net asset value June June December Change 2009 2008 2008 % Rm Rm Rm Personal & Business Banking 1 25 418 25 182 24 441 Corporate & Investment Banking 8 39 165 36 100 41 370 Central and other (19) 14 462 17 812 13 253 Banking activities 79 045 79 094 79 064 Liberty 38 5 770 4 182 6 838 Standard Bank Group 2 84 815 83 276 85 902 Analysis of changes in net asset value June June December Change 2009 2008 2008 % Rm Rm Rm Net asset value at beginning of the period 47 85 902 58 406 58 406 Transactions with shareholders (>100) (706) 12 946 9 765 Dividends paid (70) (942) (3 130) (6 081) Issue of ordinary share capital and share premium (99) 103 16 061 16 132 Share buy-backs (128) (503) Increase in treasury shares 10 Equity-settled share-based payments 133 133 217 Transactions with minority shareholders 232 (1 331) Excess of purchase price over net asset value Liberty (216) (1 790) Other transactions with minorities 448 459 Additional shareholder value (>100) (381) 11 692 19 062 Headline earnings for the period attributable to ordinary shareholders (24) 5 407 7 104 14 150 Other earnings attributable to ordinary shareholders (79) 32 155 (85) Currency translation movements, including hedging activities (>100) (6 158) 2 998 4 238 Net cash flow hedges (85) 218 1 410 932 Currency hedge gains (91) 136 1 442 956 Other hedge movements >100 82 (32) (24) Net available-for-sale movement 96 (17) (181) Fair value adjustments on available-for-sale instruments (10) 125 139 (22) Realised fair value adjustments transferred to the income statement (81) (29) (156) (159) Other direct movements (43) 24 42 8 Net asset value at end of the period 2 84 815 83 276 85 902 Standard Bank Group analysis of financial results 30 June 2009 Page 49

Currency analysis of net asset value Closing USD/ZAR exchange rate 11 10 9 8 Closing GBP/USD exchange rate 2,2 2,1 2,0 1,9 1,8 7 6 1,7 1,6 1,5 5 Jan Dec 1,4 Jan Dec 2008 2009 2008 2009 ZAR Total Rand Dollar Sterling Euro linked Naira Other Rm Rm Rm Rm Rm Rm Rm Rm June 2009 Underlying exposures 84 815 52 988 13 809 2 409 474 1 663 5 127 8 345 Currency profile changes due to hedging strategies (2 712) (7 594) 5 765 7 415 (2 874) Actual exposures 84 815 50 276 6 215 8 174 7 889 1 663 5 127 5 471 June 2008 Underlying exposures 83 276 47 114 10 822 5 362 3 401 1 389 5 519 9 669 Currency profile changes due to hedging strategies 160 (711) 3 392 (2 841) Actual exposures 83 276 47 114 10 982 4 651 6 793 1 389 5 519 6 828 December 2008 Underlying exposures 85 902 48 555 16 714 1 196 2 162 1 547 5 345 10 383 Currency profile changes due to hedging strategies (3 786) 3 998 3 989 (226) (3 975) Actual exposures 85 902 48 555 12 928 5 194 6 151 1 547 5 119 6 408 Closing currency profile of NAV ZAR Total Rand Dollar Sterling Euro linked Naira Other % % % % % % % % June 2009 before hedging 100 62 16 3 1 2 6 10 June 2009 after hedging 100 59 7 10 9 2 6 7 June 2008 before hedging 100 57 13 6 4 2 7 11 June 2008 after hedging 100 57 13 5 8 2 7 8 December 2008 before hedging 100 57 19 1 3 2 6 12 December 2008 after hedging 100 57 15 6 7 2 6 7 Page 50 Standard Bank Group analysis of financial results 30 June 2009

Currency translation effects Capital management Currency translation effects % 45 30 15 0-15 -30-45 O3 04 05 06 07 08 HY09 Rm 7 500 6 000 4 500 3 000 1 500 0-1 500-3 000-4 500-6 000-7 500 Translation reserve (decrease)/increase USD/ZAR appreciation/(depreciation) closing USD/ZAR appreciation/(depreciation) average Movement in group foreign currency translation and net investment hedging reserve June June December 2009 2008 2008 Rm Rm Rm Balance at beginning of the period: credit 6 168 1 934 1 934 Translation reserve (decrease)/increase for the period (6 158) 2 998 4 234 Translation reserve (decrease)/increase (6 254) 2 941 3 787 Rest of Africa (2 576) 1 061 1 310 Outside Africa (3 671) 1 875 2 507 Liberty (7) 5 (30) Currency hedge gains 96 57 447 Balance at end of the period: credit 10 4 932 6 168 Exchange rates Average Closing Change June June December Change June June December % 2009 2008 2008 % 2009 2008 2008 USD/ZAR 20 9,20 7,65 8,24 (1) 7,73 7,82 9,31 ZAR/NGN 5 16,15 15,32 14,56 27 19,14 15,06 14,74 GBP/USD (25) 1,49 1,99 1,82 (18) 1,64 1,99 1,46 Euro/USD (14) 1,33 1,54 1,46 (11) 1,40 1,57 1,40 Standard Bank Group analysis of financial results 30 June 2009 Page 51

Economic capital Economic capital by risk type at end of period June June December Change 2009 2008 2008 % Rm Rm Rm Credit risk 9 29 879 27 440 32 891 Market risk 11 1 433 1 287 1 458 Operational risk 32 5 219 3 945 4 245 Business risk 42 1 742 1 225 1 225 Interest rate risk in the banking book 23 3 173 2 575 2 943 Banking activities Economic capital requirement 14 41 446 36 472 42 762 Available financial resources (AFR) (0) 81 113 81 483 82 699 Capital coverage ratio (times) 1,96 2,23 1,93 Economic capital by business unit at end of period June June December Change 2009 2008 2008 % Rm Rm Rm Personal & Business Banking 1 16 154 15 957 17 126 Corporate & Investment Banking 24 24 889 20 038 25 305 Central and other (16) 403 477 331 Banking activities 14 41 446 36 472 42 762 Total economic capital requirement for the group reflective of the capital requirement to cover the risk profile of the group. Decline in credit risk mainly attributable to the translation impact of the stronger rand on the group s offshore risk exposures. Operational risk economic capital higher due to inclusion of 2008 audited gross income figures for the calculation of operational risk economic capital. Business risk economic capital relates to an unexpected revenue shortfall relative to the cost base due to strategic and/or reputational reasons and is higher due to a refinement in the quantification methodology. Interest rate risk in the banking book is the group s exposure to adverse movements in interest rates arising mainly due to a maturity mismatch between the bank s assets and liabilities. For the group, this effectively arises from a lowering of interest rates. AFR is the supply of economic capital and essentially comprises shareholders permanent capital that is rewarded for the economic risks taken by the group. The slight reduction in AFR is largely due to the translation impact of the stronger rand on equity invested in foreign operations, offset by profits earned for the period. AFR covers the minimum economic capital requirement by a factor of 1,96 times. Page 52 Standard Bank Group analysis of financial results 30 June 2009

Risk-weighted assets Capital management Risk-weighted assets (closing balances) 1 (Rbn) Capital adequacy 1 (%) 1 500 1 250 1 000 750 500 16 14 12 10 8 6 4 0,5 0,5 0,3 0,2 3,1 3,5 3,4 3,8 10,7 11,0 10,5 10,8 0,3 2,6 8,7 0,4 1,9 11,0 0,3 2,1 12,0 250 2 0 03 04 05 06 07 08 HY09 0 03 04 05 06 07 08 HY09 Risk-weighted assets Total assets (banking activities) Primary capital Secondary capital Tertiary capital Required capital 1 Basel II implemented 1 January 2008 and comparatives for 2007 are pro-forma on the Basel I basis. All other historical comparatives are on a Basel I basis. Risk-weighted assets by business unit June June December Change 2009 2008 2008 % Rm Rm Rm Personal & Business Banking 1 226 266 223 261 224 324 Credit risk (2) 183 720 187 778 188 411 Operational risk 20 42 546 35 483 35 913 Corporate & Investment Banking 2 357 837 351 056 383 902 Credit risk 2 274 422 268 181 303 649 Market risk (19) 37 907 46 956 40 442 Operational risk 27 45 508 35 919 39 811 Central and other (11) 7 803 8 787 6 734 Credit risk (23) 4 847 6 316 4 263 Operational risk 20 2 956 2 471 2 471 Banking activities 2 591 906 583 104 614 960 Risk-weighted assets by risk class June June December Change 2009 2008 2008 % Rm Rm Rm Credit risk 0 462 989 462 275 496 323 Market risk (19) 37 907 46 956 40 442 Operational risk 23 91 010 73 873 78 195 Banking activities 2 591 906 583 104 614 960 Standard Bank Group analysis of financial results 30 June 2009 Page 53

Capital adequacy qualifying regulatory capital June June December Change 2009 2008 2008 % Rm Rm Rm Normalised ordinary shareholders equity 2 84 815 83 276 85 902 Net IFRS adjustments 25 (4 183) (3 355) (3 949) IFRS ordinary shareholders equity 1 80 632 79 921 81 953 Minority interests (20) 9 310 11 575 12 045 Less: regulatory deductions 22 (15 079) (12 344) (14 432) Investment in insurance entities (50%) >100 (3 851) (1 826) (3 851) Investment in financial entities (50%) (2) (971) (987) (906) Future expected losses exceeding provisions on incurred loss basis (50%) (45) (821) (1 489) (970) Loans to SPVs (first loss credit enhancement) (50%) (3) (223) (229) (231) Investment in regulated non-banking entities (5) (126) (132) (110) Investment in banks (1 436) Goodwill and other intangible assets (0) (7 651) (7 681) (8 364) Less: regulatory exclusions (49) (8 743) (17 210) (16 991) Non-qualifying entities retained earnings (30) (2 465) (3 512) (3 642) Non-qualifying foreign currency translation reserve (100) (10) (4 932) (6 168) Non-qualifying other reserves (47) (916) (1 729) (752) Non-qualifying minority interest (24) (5 352) (7 037) (6 429) Less: reserves included under tier II capital (32) (462) (676) (344) Perpetual preference shares 5 495 5 495 5 495 Tier l capital 7 71 153 66 761 67 726 Preference share capital 8 8 8 Tier ll subordinated debt (3) 17 059 17 558 16 027 Impairments for performing loans 8 832 772 1 165 Revaluation reserve (100) 208 236 Less: regulatory deductions 29 (5 866) (4 531) (5 958) Investment in insurance entities (50%) >100 (3 851) (1 826) (3 851) Investment in financial entities (50%) (2) (971) (987) (906) Future expected losses exceeding provisions on incurred loss basis (50%) (45) (821) (1 489) (970) Loans to SPVs (first loss credit enhancement) (50%) (3) (223) (229) (231) Tier ll capital (14) 12 033 14 015 11 478 Tier lll capital (7) 2 040 2 196 2 393 Total regulatory capital 3 85 226 82 972 81 597 Standard Bank Group capital adequacy ratios Minimum regulatory Target June June December requirement ratios 2009 2008 2008 % % % % % Total capital adequacy ratio 9,75 11-12 14,4 14,2 13,3 Tier I capital adequacy ratio 7,0 9 12,0 11,4 11,0 Core tier I capital adequacy ratio 5,25 11,1 10,5 10,1 Perpetual preference shares as % of tier I <25,0 7,7 8,2 8,1 Tier II and III as % of tier I <100,0 19,8 24,3 20,5 Subordinated tier III debt as % of tier I <50,0 24,0 26,3 23,7 Page 54 Standard Bank Group analysis of financial results 30 June 2009

Capital adequacy ratios Capital management June 2009 June 2008 December 2008 Host Tier I Tier II Tier III Total Tier I Tier II Tier III Total Total regulatory capital capital capital capital capital capital capital capital capital requirement % % % % % % % % % % Standard Bank Group 12,0 2,1 0,3 14,4 11,4 2,4 0,4 14,2 13,3 9,75 The Standard Bank of South Africa (SBSA) 9,9 3,2 0,1 13,2 9,1 3,0 0,1 12,2 12,2 9,75 Rest of Africa CfC Stanbic Bank Kenya 11,2 4,3 15,5 8,6 8,6 17,2 13,0 12 Stanbic Bank Botswana 8,8 8,9 17,7 14,7 0,5 15,2 18,2 15 Stanbic Bank Congo 13,2 6,6 19,8 10,3 3,3 13,6 10,8 10 Stanbic Bank Ghana 12,7 3,2 15,9 10,6 2,8 13,4 18,4 10 Stanbic Bank Tanzania 17,3 2,0 19,3 15,1 2,0 17,1 14,0 12 Stanbic Bank Uganda 15,4 0,1 15,5 12,6 12,6 13,2 12 Stanbic Bank Zambia 12,8 4,3 17,1 15,3 3,4 18,7 15,5 10 Stanbic Bank Zimbabwe 34,2 1,2 35,4 8,4 7,5 15,9 58,5 10 Stanbic IBTC Bank Nigeria 37,9 0,5 38,4 22,8 0,2 23,0 29,9 10 Standard Bank Malawi 20,2 6,4 26,6 14,3 3,4 17,7 22,1 10 Standard Bank Mauritius 15,5 6,5 22,0 12,8 0,5 13,3 23,9 10 Standard Bank Mozambique 10,5 3,2 13,7 7,5 3,6 11,1 11,1 8 Standard Bank Namibia 14,3 3,2 17,5 11,4 3,1 14,5 14,5 10 Standard Bank Swaziland 11,8 3,6 15,4 9,4 3,5 12,9 17,5 8 Standard Lesotho Bank 13,6 1,3 14,9 16,4 0,8 17,2 8,9 8 Standard International Holdings, consolidated 1 10,1 2,1 1,1 13,3 8,0 3,2 1,4 12,6 13,7 10,6 Standard Bank Isle of Man 9,2 3,9 13,1 8,4 3,4 11,8 11,2 10 Standard Bank Jersey 9,2 2,7 11,9 8,4 3,7 12,1 11,1 10 Aggregate regulatory capital requirement for banking operations 10,1 10,1 10,4 Liberty (calculated in terms of the Long-term Insurance Act) - CAR times covered 2,5 2,5 2,7 1 Incorporating: - Banco Standard de Investimentos (Brazil); - Standard Bank Argentina; - Standard Bank Asia (Hong Kong); - Standard Bank Plc (United Kingdom); - Standard Merchant Bank (Asia) (Singapore); and - ZAO Standard Bank (Russia). Standard Bank Group analysis of financial results 30 June 2009 Page 55

Subordinated debt Carrying Notional Carrying Notional Carrying Notional value 1 value 1 value 1 value 1 value 1 value 1 Redeemable/ Notional June June June June December December repayable Callable value 2009 2009 2008 2008 2008 2008 date date LCm Rm Rm Rm Rm Rm Rm Subordinated bonds 2 SBSA 13 101 12 648 13 331 12 848 11 809 10 848 SBK 10 (Tier III) 19 Nov 2012 ZAR 300 303 300 304 300 305 300 SBK 3 31 Oct 2013 31 Oct 2008 ZAR 2 000 2 046 2 000 SBK 5 17 Nov 2016 17 Nov 2011 ZAR 2 000 2 052 2 000 2 064 2 000 2 058 2 000 31 July 2017 31 July 2012 USD 355 2 793 2 548 2 824 2 548 3 352 2 548 SBK 8 10 April 2018 10 April 2013 ZAR 1 500 1 529 1 500 1 528 1 500 1 528 1 500 SBK 7 24 May 2020 24 May 2015 ZAR 3 000 3 036 3 000 3 036 3 000 3 037 3 000 SBK 9 10 April 2023 10 April 2018 ZAR 1 500 1 530 1 500 1 529 1 500 1 529 1 500 SBK 11 9 April 2019 10 April 2014 ZAR 1 800 1 858 1 800 Standard Bank Swaziland 15 Sept 2015 15 Sept 2010 E 50 51 50 51 50 52 50 Standard Bank Namibia 20 Nov 2016 19 Nov 2011 NAD 150 151 150 151 150 151 150 Stanbic Botswana 228 228 180 180 248 248 12 Dec 2013 12 Dec 2008 BWP 50 60 60 1 June 2016 31 May 2011 BWP 50 57 57 60 60 62 62 11 June 2018 11 June 2013 BWP 50 57 57 60 60 62 62 18 Aug 2018 13 Aug 2013 BWP 50 57 57 62 62 17 Dec 2018 17 Dec 2013 BWP 50 57 57 62 62 Standard Bank Mozambique 29 June 2017 MT 260 75 75 88 85 96 85 CfC Stanbic Bank Kenya 31 Oct 2012 KES 590 60 60 70 70 71 71 Standard International Holdings 5 559 5 462 6 384 6 199 6 661 6 577 Tier III 13 Dec 2009 USD 50 387 386 397 391 467 466 Tier III 27 Dec 2009 USD 35 271 271 274 274 326 326 Tier III 29 Dec 2009 EUR 100 1 083 1 083 1 258 1 231 1 301 1 301 14 July 2014 15 July 2009 USD 100 778 773 803 782 946 932 7 Oct 2015 8 Oct 2010 USD 240 1 863 1 853 1 974 1 956 2 260 2 232 27 July 2016 27 July 2016 USD 142 1 177 1 096 1 678 1 565 1 361 1 320 Total bonds qualifying as regulatory banking capital 19 225 18 673 20 255 19 582 19 088 18 029 Liberty (qualifying as regulatory insurance capital) 2017 12 Sept 2012 ZAR 2 000 2 054 2 000 2 054 2 000 2 054 2 000 Total subordinated bonds 21 279 20 673 22 309 21 582 21 142 20 029 Subordinated loans 2 Stanbic Bank Ghana 30 Sept 2016 30 Sept 2011 USD 8 61 62 66 63 72 75 Stanbic Bank Tanzania 15 Sept 2016 31 Jan 2012 USD 3 24 23 24 23 28 28 Stanbic Bank Zambia 15 Sept 2016 30 Sept 2016 USD 11 86 85 87 86 102 102 Standard Bank Mauritius 15 Sept 2018 15 Sept 2013 USD 20 156 155 187 186 Stanbic Bank Congo 15 Sept 2018 15 Sept 2013 USD 3 23 23 CfC Stanbic Bank Kenya 30 June 2018 15 June 2014 USD 10 78 78 Total subordinated loans 428 426 177 172 389 391 Total subordinated debt 21 707 21 099 22 486 21 754 21 531 20 420 Total subordinated debt banking activities 19 653 19 099 20 432 19 754 19 477 18 420 Total subordinated bonds banking activities 19 225 18 673 20 255 19 582 19 088 18 029 Total subordinated loans banking activities 428 426 177 172 389 391 1 The difference between the carrying and notional value represents accrued interest together with the unamortised fair value adjustments relating to bonds hedged for interest rate risk. 2 Tier II, unless otherwise stated. Page 56 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis 58 Net interest income and margin analysis 60 Non-interest revenue 62 Credit impairment charges 66 Operating expenses 68 Taxation

Net interest income and margin analysis Net interest income and net interest margin CAGR (HY2003 HY2009): 19% Rm % 36 000 4,0 32 117 3,5 30 000 24 000 18 000 12 000 6 000 0 11 390 11 619 5 575 5 815 6 197 5 422 13 357 7 165 6 192 17 001 9 365 7 636 22 896 10 366 17 620 03 04 05 06 07 08 09 Net interest income first half Net interest income second half After impairment charges Before impairment charges 12 530 14 497 16 610 3,0 2,5 2,0 1,5 1,0 0,5 0,0 Prime interest rate (%) 17 16 15 14 13 12 11 10 Jan 2008 2009 Dec Movement in average assets, net interest income and margin per business unit Personal & Business Banking Average Net interest Net interest assets income margin Rm Rm % June 2008 as reported 385 094 9 355 4,87 Reclassifications 541 3 June 2008 restated 385 635 9 358 4,87 Net non-interest earning assets (18 898) 1 024 0,81 Interest earning assets June 2008 366 737 10 382 5,68 Impact of volume changes 14 537 461 Impact of calendar variance (61) Impact of rate changes 165 0,09 Lending margin (132) (0,07) Client yield 1 175 0,10 Cost of funding 2 (307) (0,17) Unwinding of discount on credit impairments IAS 39 357 0,20 Funding margin (19) (0,01) Endowment funding (236) (0,13) Endowment capital and reserves (181) (0,10) Assets held for liquidity purposes 90 0,05 Other treasury and banking activities 286 0,15 Change in composition of balance sheet 0,02 Interest earning assets June 2009 381 274 10 947 5,79 Net non-interest earning assets 20 637 (776) (0,69) June 2009 401 911 10 171 5,10 Net interest income change % 9 Average assets change % 4 1 Client yield changes refer to the difference in movement between average client rates and base lending rates. 2 Cost of funding changes refer to the difference in movement between base lending rates and an allocated cost of funding based on the term nature of the asset. Page 58 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis Favourable Lower trading assets and other non-interest earning assets, reducing the dilutive impact on margin. High net interest income growth due to growth in term and call loans and increased term margins. Increase in the unwinding of the IAS 39 discount on expected recoveries of non-performing loans to interest income. Continued focus on better pricing for risk for new mortgage loans and instalment sale and finance leases. Lower effective cost of central bank reserving requirements as interest rates reduced. Adverse Negative endowment impact from lower interest rates (average SA prime interest rate June 2009: 13,15%; June 2008: 14,77%). Significantly higher term funding costs. Corporate & Investment Banking Banking activities Average Net interest Net interest Average Net interest Net interest assets income margin assets income margin Rm Rm % Rm Rm % 528 272 4 435 1,68 918 941 14 497 3,16 (2 607) 2 0,01 525 665 4 437 1,69 918 941 14 497 3,16 (218 127) 462 1,50 (238 376) 1 655 1,60 307 538 4 899 3,19 680 565 16 152 4,76 76 380 1 060 88 300 1 822 (24) (90) (236) (0,15) (288) (0,09) 381 0,25 291 0,09 565 0,37 782 0,23 (184) (0,12) (491) (0,14) 43 0,03 400 0,12 (128) (0,08) (128) (0,04) (217) (0,14) (480) (0,14) (308) (0,20) (736) (0,22) (27) (0,02) 63 0,02 20 0,01 302 0,08 (0,05) (0,05) 383 918 5 699 2,99 768 865 17 596 4,62 178 099 38 (0,93) 200 799 (986) (1,17) 562 017 5 737 2,06 969 664 16 610 3,45 29 15 7 6 Standard Bank Group analysis of financial results 30 June 2009 Page 59

Non-interest revenue Non-interest revenue CAGR (HY2003 HY2009): 18% Analysis of non-interest revenue (Rm) Rm 30 000 25 000 20 000 15 000 10 000 5 000 0 6 746 12 387 6 632 5 755 7 430 14 096 6 727 7 369 15 616 9 135 11 448 19 165 10 321 7 391 8 225 8 844 24 747 29 448 15 15 022 044 16 718 11 502 13 13 245 091 14 426 15 282 03 04 05 06 07 08 09 % 95 90 85 80 75 70 65 60 55 50 45 40 35 30 30 000 25 000 20 000 15 000 10 000 5 000 0 7 327 3 740 1 320 8 913 3 750 1 433 10 107 3 721 1 788 11 825 4 852 2 488 14 511 7 216 3 020 17 607 9 463 2 378 8 698 5 776 808 03 04 05 06 07 08 HY09 Non-interest revenue first half Non-interest revenue second half Non-interest revenue to total income Fee and commission revenue Trading revenue Other revenue June June December Change 2009 2008 2008 % Rm Rm Rm Net fee and commission revenue 5 8 698 8 297 17 607 Fee and commission revenue 7 10 085 9 434 20 452 Account transaction fees 13 3 827 3 395 7 070 Electronic banking 8 821 763 1 575 Knowledge-based fees and commission (3) 1 533 1 580 3 947 Card-based commission 0 1 684 1 683 3 384 Insurance fees and commission 5 183 174 371 Bancassurance (9) 374 413 924 Documentation and administration fees 35 549 408 952 Foreign currency service fees (11) 454 509 1 043 Other 30 660 509 1 186 Fee and commission expense 22 (1 387) (1 137) (2 845) Trading revenue 11 5 776 5 222 9 463 Commodities 31 1 209 922 2 099 Forex 15 2 260 1 968 4 504 Debt securities (14) 1 964 2 274 2 881 Equities >100 330 46 (21) Other 8 13 12 Other revenue (11) 808 907 2 378 Banking and other (77) 111 473 1 158 Banking and other (excluding Visa profit) (68) 111 350 1 035 Realised Visa profit (excluded from headline earnings) (100) 123 123 Property-related revenue >100 170 (45) 230 Insurance underwriting profit 30 77 Insurance bancassurance profit 4 497 479 913 Total non-interest revenue 6 15 282 14 426 29 448 Page 60 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis Distribution of daily profit and loss Frequency of trading days 18 16 14 12 10 8 6 4 2 0-60 -55-50 -45-40 -35-30 -25-20 -15-10 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 June 2008 June 2009 Rm Favourable Good growth in account transaction fees resulting from growth in transaction account base and price increases. Translation benefit of the weaker average USD/ZAR exchange rate. Higher documentation and administration fees following a combination of standardisation of pricing, increased branch network in the rest of Africa and expanded customer base outside Africa. Lower adverse fair value adjustments on listed property portfolio. Growth in transaction volumes in Nigeria benefiting fee revenue. Trading operations in Nigeria benefited from volatility in markets. Strong trading performance in commodities, forex and equities. Adverse Higher commission paid on increased transaction volumes. Losses on high yield debt and distressed debt business portfolios as cash collections and asset sales prove difficult in the current environment. Non-recurrence of 2008 gains from disposal of Visa shares (excluded from headline earnings) and currency hedging gains in the prior year. Lower knowledge-based fees and commissions due to lower investment banking deal flow and brokerage transaction volumes, mainly in Nigeria. Standard Bank Group analysis of financial results 30 June 2009 Page 61

Credit impairment charges Credit impairment charges Credit loss history as a percentage of gross loans and advances (%) Rm 12 000 10 000 8 000 6 000 4 000 2 000 0 1 398 450 1 041 9 1 006 201 2 022 711 03 04 05 06 07 08 HY09 Credit impairment charges on NPLs Credit impairment charges on PLs Credit loss ratio 3 764 826 9 346 1 996 7 109 6 % 2,0 1,8 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0 03 04 05 06 07 08 HY09 NPLs Balance sheet impairments Credit loss ratio Income statement impairment charges (net of recoveries) June 2009 Performing Total Non-performing loans loans impair- Credit Impaired IAS 39 impair- ment loss Change loss discount 1 Total ment charges ratio % Rm Rm Rm Rm Rm % Personal & Business Banking 35 4 370 862 5 232 185 5 417 2,80 Mortgage loans 28 1 431 651 2 082 (136) 1 946 1,55 Instalment sale and finance leases 70 1 049 88 1 137 (1) 1 136 3,60 Card debtors (27) 825 825 (14) 811 7,24 Other loans and advances 113 1 065 123 1 188 336 1 524 6,04 Corporate & Investment Banking 353 1 813 64 1 877 322 2 199 1,15 Corporate loans 311 1 607 64 1 671 322 1 993 1,14 Commercial property finance 206 206 206 1,21 Central and other (501) 2 (501) Total banking activities 58 6 183 926 7 109 6 7 115 1,84 1 Discounting of expected recoveries in terms of IAS 39. 2 Incurred but not reported (IBNR) provision reversed from Central and other as lagged impairments evident in business units in the current period, mainly Corporate & Investment Banking. Page 62 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis Adverse Higher non-performing loan provisioning in Personal & Business Banking portfolios due to the lagged effect of high interest rates and inflation impacting consumer ability to service debt. Contraction in house prices and increase in time to realise security. Increased stress in the small business market due to the tough economic environment. Increased corporate and business loan provisioning, mostly outside South Africa, off a low base, as increased global financial stress becomes evident in corporate customer portfolios, combined with weaker collateral values. Increased non-performing loan impairments in Nigeria and Ghana following the alignment of impairment models and the worsening global economic conditions. Favourable Targeted strategies to improve risk management. Proactive measures taken to restructure mortgage loans where customers meet strict criteria. Continued improvement in collections capability. June 2008 December 2008 Per- Performing Total forming Total Non-performing loans loans impair- Credit Non-performing loans loans impair- Credit Impaired IAS 39 impair- ment loss Impaired IAS 39 impair- ment loss loss discount 1 Total ment charges ratio loss discount 1 Total ment charges ratio Rm Rm Rm Rm Rm % Rm Rm Rm Rm Rm % 2 666 1 044 3 710 302 4 012 2,18 6 821 1 639 8 460 736 9 196 2,47 403 909 1 312 206 1 518 1,30 1 696 1 374 3 070 436 3 506 1,49 584 69 653 16 669 2,00 1 552 132 1 684 (17) 1 667 2,48 1 047 1 047 61 1 108 9,44 2 094 2 094 100 2 194 9,53 632 66 698 19 717 3,18 1 479 133 1 612 217 1 829 3,92 215 8 223 262 485 0,31 856 33 889 758 1 647 0,46 216 8 224 261 485 0,34 829 33 862 757 1 619 0,50 (1) (1) 1 27 27 1 28 0,08 (3) (3) 502 499 2 881 1 052 3 933 564 4 497 1,31 7 674 1 672 9 346 1 996 11 342 1,55 Standard Bank Group analysis of financial results 30 June 2009 Page 63

Credit impairment charges continued Balance sheet impairment roll forward from December 2008 January IAS 39 2009 discount Opening in opening balance balance Rm Rm Impairments of non-performing loans Personal & Business Banking 7 035 1 415 Mortgage loans 3 204 1 210 Instalment sale and finance leases 1 535 68 Card debtors 732 Other loans and advances 1 564 137 Corporate & Investment Banking 1 560 24 Corporate loans 1 523 24 Commercial property finance 37 Central and other 1 8 596 1 439 Impairments of performing loans Personal & Business Banking 2 715 Mortgage loans 776 Instalment sale and finance leases 507 Card debtors 852 Other loans and advances 580 Corporate & Investment Banking 1 923 20 Corporate loans 1 740 20 Commercial property finance 183 Central and other 784 5 422 20 Total impairments Personal & Business Banking 9 750 1 415 Mortgage loans 3 980 1 210 Instalment sale and finance leases 2 042 68 Card debtors 1 584 Other loans and advances 2 144 137 Corporate & Investment Banking 3 483 44 Corporate loans 3 263 44 Commercial property finance 220 Central and other 785 14 018 1 459 Total balance sheet impairments as a % of gross loans and advances 1,74 1 New provisions raised less recoveries of amounts written off in previous years equals income statement credit impairment charge (June 2009: R7 399 million R284 million = R7 115 million). Page 64 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis June 2009 IAS 39 IAS 39 Recoveries New discount discount Currency IAS 39 of amounts impairments in new Impaired recycled to translation June 2009 discount written off raised/ impairments accounts net interest and other Closing in closing in previous (released) 1 raised written off income movements balance balance years 1 Rm Rm Rm Rm Rm Rm Rm Rm 5 491 862 (2 513) (810) (82) 9 121 1 467 259 2 099 651 (342) (653) (8) 4 300 1 208 17 1 173 88 (470) (82) (17) 2 139 74 36 999 (1 051) (9) 671 174 1 220 123 (650) (75) (48) 2 011 185 32 1 902 64 (101) (39) (556) 2 766 49 25 1 696 64 (101) (39) (555) 2 524 49 25 206 (1) 242 1 7 393 926 (2 614) (849) (638) 11 888 1 516 284 185 (3) 12 2 909 (136) 7 647 (1) (5) 501 (14) (13) 825 336 (3) 23 936 322 (4) (145) 2 096 16 322 (4) (145) 1 913 16 183 (501) 1 284 6 (3) (4) (132) 5 289 16 5 676 862 (2 516) (810) (70) 12 030 1 467 259 1 963 651 (342) (653) (1) 4 947 1 208 17 1 172 88 (470) (82) (22) 2 640 74 36 985 (1 051) (22) 1 496 174 1 556 123 (653) (75) (25) 2 947 185 32 2 224 64 (101) (43) (701) 4 862 65 25 2 018 64 (101) (43) (700) 4 437 65 25 206 (1) 425 (501) 1 285 7 399 926 (2 617) (853) (770) 17 177 1 532 284 2,36 Standard Bank Group analysis of financial results 30 June 2009 Page 65

Operating expenses Operating expenses (Rm) Cost and income growth (%) CAGR (HY2003 HY2009): 16% 30 000 30 390 Growth 35 Ratio 60 25 000 20 000 15 000 10 000 5 000 0 19 105 16 091 14 694 13 297 6 845 7 781 8 514 10 270 6 452 6 913 7 577 8 835 24 706 11 423 13 283 14 167 16 223 15 962 03 04 05 06 07 08 09 30 25 20 15 10 5 0 32 29 29 25 23 19 13 12 13 11 10 9 10 8 03 04 05 06 07 08 HY09 55 50 45 40 35 30 Operating expenses first half Operating expenses second half Operating expenses Total income growth Total cost growth Cost-to-income ratio June June December Change 2009 2008 2008 % Rm Rm Rm Staff costs Fixed remuneration 16 6 756 5 805 11 806 Variable remuneration (21) 1 391 1 758 3 305 Other staff costs 19 873 736 1 840 Total staff costs 9 9 020 8 299 16 951 Variable remuneration as a % of fixed remuneration 20,6 30,3 28,0 Variable remuneration as a % of total staff costs 15,4 21,2 19,5 Other operating expenses Information technology 29 1 560 1 207 2 681 Depreciation, amortisation and impairments 24 958 772 1 942 Communication 10 630 572 1 165 Premises 13 1 232 1 094 2 328 Other 15 2 562 2 223 5 323 Total other operating expenses 18 6 942 5 868 13 439 Total operating expenses 13 15 962 14 167 30 390 Cost-to-income ratio 49,9 48,7 49,2 Analysis of total information technology function spend June June December Change 2009 2008 2008 % Rm Rm Rm IT staff costs 6 838 794 1 546 Information technology 29 1 560 1 207 2 681 Depreciation and amortisation 8 419 388 715 Other >100 109 24 11 Total 21 2 926 2 413 4 953 Page 66 Standard Bank Group analysis of financial results 30 June 2009

Income statement analysis Headline earnings per employee (banking activities) R 000 Number of employees 200 175 150 125 100 75 50 25 0 151 135 133 124 107 92 83 HY03 HY04 HY05 HY06 HY07 HY08 HY09 50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 Headline earnings per employee Number of employees Change June June December % 2009 2008 2008 Headcount Personal & Business Banking (1) 34 772 35 258 34 966 Corporate & Investment Banking 4 9 773 9 428 9 325 Central and other (1) 1 031 1 037 1 024 Banking activities (0) 45 576 45 723 45 315 Staff costs and headcount Unfavourable translation impact of weaker average USD/ZAR exchange rate increased fixed remuneration by 6%. New branches and other points of representation requiring additional client facing and support staff resulting in a 33% increase in staff costs in the rest of Africa. Higher permanent headcount requirements mainly in credit debt management as a result of higher collection volumes. Partly offset by: Decrease in direct cost due to headcount freeze in South Africa. Decrease in bonus and incentive provisions across most areas of the group. Other operating expenses Substantially higher IT and depreciation costs attributable to increased investment in the group s global trading platform and core banking system in South Africa. Enhancements to the overall network to increase capacity and meet business requirements, including customer focused channel improvements, enhancements to the regulatory and risk systems and improved workflow and imaging. Increased credit collection activities driving administrative and communication costs. Amortisation of intangible assets relating to operations acquired in Kenya. Premises cost growth resulting from roll out of branches in the rest of Africa, rental escalations and relocation costs outside Africa. Impact of the weaker average USD/ZAR exchange rate. Other costs impacted by: Increased professional fees due to utilisation of consultants on various projects, due diligence assessments, legal fees, post acquisition integration costs and relocations. Increase in security services cost within the rest of Africa. Standard Bank Group analysis of financial results 30 June 2009 Page 67

Taxation Taxation charge and effective taxation rate Rm % 6 000 40 5 081 5 229 4 500 3 980 30 3 000 2 708 2 776 3 098 2 269 20 1 500 10 0 03 04 05 06 07 08 HY09 0 Total taxation charge Effective taxation rate Taxation rate reconciliation June June December 2009 2008 2008 % % % Effective taxation rate 25,4 26,3 26,1 Indirect taxation (6,4) (5,2) (5,7) Direct taxation current and prior years 19,0 21,1 20,4 Prior year tax 0,7 (0,1) Direct taxation current year 19,7 21,0 20,4 Adjustments to direct taxation 1,9 (0,5) (0,8) Capital gains tax (0,2) (0,1) Foreign tax (0,2) (0,2) (0,5) Secondary tax benefit/(cost) on companies 2,1 (1,0) (0,7) Deferred tax release rate adjustment 0,9 0,5 Direct taxation current year normal 21,6 20,5 19,6 Permanent differences 6,4 7,5 8,4 Non-taxable income 5,3 6,4 7,7 Deductible indirect tax 1,8 1,5 1,6 Other (0,7) (0,4) (0,9) Direct taxation statutory rate 28,0 28,0 28,0 Favourable Significant decrease in secondary tax on companies (STC), due to the declaration of a scrip distribution which does not attract STC, coupled with an increase in STC credits received. Prior year tax adjustment in the current year mainly in outside Africa. Increase in non-taxable dividends received, mainly in South Africa. Increase in deductible indirect taxes, mainly outside Africa. Adverse Decrease in other non-taxable income in South Africa, Nigeria and Mozambique. Lower proportion of income subject to capital gains tax. Page 68 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet analysis 70 Loans and advances 71 Deposit and current accounts 72 Loans and advances performance 74 Banking activities average balance sheet 76 Liquidity management 78 Fair value hierarchy

Loans and advances Loans and advances (Rbn) Composition of gross loans and advances CAGR (2003 HY2009): 23% 16% 800 790 600 638 710 5% 35% 502 10% 400 384 200 231 278 22% 3% 9% 0 03 04 05 06 07 08 HY09 Mortgage loans 35% (June 2008: 32%) Instalment sale and finance leases 9% (June 2008: 9%) Card debtors 3% (June 2008: 3%) Other term loans 22% (June 2008: 21%) Overdrafts and other demand loans 10% (June 2008: 14%) Loans granted under resale agreements 5% (June 2008: 8%) Other loans and advances 16% (June 2008: 13%) By advance type June June December Change 2009 2008 2008 % Rm Rm Rm Loans and advances to banks (1) 98 606 100 082 129 890 Call loans (62) 12 840 33 839 25 192 Loans granted under resale agreements 4 20 584 19 788 16 181 Balances with banks 40 65 182 46 455 88 517 Loans and advances to customers (2) 611 187 624 285 660 197 Gross loans and advances to customers (1) 628 364 634 268 674 215 Mortgage loans 8 254 703 236 295 252 050 Instalment sale and finance leases (10) 61 827 68 332 67 777 Card debtors (5) 22 052 23 227 22 998 Overdrafts and other demand loans (7) 61 559 66 481 63 973 Other term loans 6 159 800 151 068 188 206 Loans granted under resale agreements (62) 15 515 40 771 18 848 Commercial property finance 21 34 334 28 369 34 125 Foreign currency loans 1 17 059 16 910 24 611 Other loans and advances (46) 1 515 2 815 1 627 Credit impairments for loans and advances 72 (17 177) (9 983) (14 018) Credit impairments for non-performing loans 99 (11 888) (5 960) (8 596) Credit impairments for performing loans 31 (5 289) (4 023) (5 422) Net loans and advances (2) 709 793 724 367 790 087 Comprising: Gross loans and advances (1) 726 970 734 350 804 105 Less: credit impairments 72 (17 177) (9 983) (14 018) Net loans and advances (2) 709 793 724 367 790 087 Impact of stronger period end exchange rates (14 396) (41 660) Total loans and advances excluding exchange rate impact (0) 709 793 709 971 748 427 Securitised assets consolidated above: Mortgage loans (2) 16 980 17 313 17 312 Instalment sale and finance leases (65) 608 1 719 1 156 Securitised assets (8) 17 588 19 032 18 468 Page 70 Standard Bank Group analysis of financial results 30 June 2009

Deposit and current accounts Balance sheet analysis Deposit and current accounts (Rbn) CAGR (HY2003 HY2009): 20% 1 000 Composition of deposit and current accounts 10% 18% 9% 800 844 769 2% 680 600 400 277 320 404 532 13% 22% 200 26% 0 03 04 05 06 07 08 HY09 Current accounts: 10% (June 2008: 11%) Cash management deposits: 9% (June 2008: 10%) Call deposits: 22% (June 2008: 21%) Term deposits: 26% (June 2008: 25%) Negotiable certificates of deposit: 13% (June 2008: 11%) Securitised issuances: 2% (June 2008: 2%) Other 18% (June 2008: 20%) By deposit type June June December Change 2009 2008 2008 % Rm Rm Rm Deposits from banks (16) 90 906 107 790 129 055 Deposits from banks and central banks (6) 87 012 92 914 123 233 Deposits from banks under repurchase agreements (74) 3 894 14 876 5 822 Deposits from customers 5 678 146 642 853 714 760 Current accounts (3) 79 551 81 698 89 699 Cash management deposits 1 71 982 71 521 70 103 Call deposits 5 165 745 158 018 172 995 Savings accounts 2 23 407 22 901 24 168 Term deposits 5 196 759 187 299 216 072 Negotiable certificates of deposit 29 102 747 79 856 102 208 Repurchase agreements >100 5 523 2 263 3 429 Securitised issuances (6) 15 789 16 841 16 574 Other funding (26) 16 643 22 456 19 512 Banking activities 2 769 052 750 643 843 815 Comprising: Retail priced deposit and current accounts (0) 163 368 163 744 174 384 Wholesale priced deposit and current accounts 3 605 684 586 899 669 431 Total deposits 2 769 052 750 643 843 815 Impact of stronger period end exchange rates (21 465) (36 925) Total deposit and current accounts excluding exchange rate impact 5 769 052 729 178 806 890 Standard Bank Group analysis of financial results 30 June 2009 Page 71

Loans and advances performance Gross advances Performing loans Early Total Current arrears Total Rm Rm Rm Rm June 2009 Personal & Business Banking 385 392 346 645 8 896 355 541 Mortgage loans 253 768 226 389 5 013 231 402 Instalment sale and finance leases 58 252 52 535 2 130 54 665 Card debtors 22 041 20 523 623 21 146 Other loans and advances 51 331 47 198 1 130 48 328 Corporate & Investment Banking 340 231 329 974 1 225 331 199 Corporate loans 305 901 296 444 1 205 297 649 Commercial property finance 34 330 33 530 20 33 550 Central and other 1 347 1 346 1 346 Gross loans and advances 726 970 677 965 10 121 688 086 Credit risk inherent in off-balance sheet exposures and other asset classes Banking activities 726 970 677 965 10 121 688 086 Percentage of total book (%) 100,0 93,3 1,4 94,7 June 2008 Personal & Business Banking 373 015 347 957 10 217 358 174 Mortgage loans 235 348 218 620 6 557 225 177 Instalment sale and finance leases 64 656 60 984 1 880 62 864 Card debtors 23 227 21 363 961 22 324 Other loans and advances 49 784 46 990 819 47 809 Corporate & Investment Banking 359 535 357 425 511 357 936 Corporate loans 331 166 329 074 511 329 585 Commercial property finance 28 369 28 351 28 351 Central and other 1 800 1 797 1 797 Gross loans and advances 734 350 707 179 10 728 717 907 Staff home loan fair value adjustment in terms of IAS 39 1 Credit risk inherent in off-balance sheet exposures and other asset classes Banking activities 734 350 707 179 10 728 717 907 Percentage of total book (%) 100,0 96,3 1,5 97,8 December 2008 Personal & Business Banking 389 925 355 193 12 561 367 754 Mortgage loans 251 074 226 076 8 662 234 738 Instalment sale and finance leases 62 916 58 248 2 048 60 296 Card debtors 22 998 21 413 653 22 066 Other loans and advances 52 937 49 456 1 198 50 654 Corporate & Investment Banking 411 607 405 982 168 406 150 Corporate loans 377 482 372 055 139 372 194 Commercial property finance 34 125 33 927 29 33 956 Central and other 2 573 2 572 2 572 Banking activities 804 105 763 747 12 729 776 476 Percentage of total book (%) 100,0 95,0 1,6 96,6 1 Deducted against gross loans and advances in December 2008 as an initial fair value adjustment. Criteria for classification of loans and advances Current Items that are current and the full repayment of the contractual principal and interest amounts is expected. Early arrears Items where the loan is performing but evidence exists that the borrower is experiencing difficulties. Ultimate loss is not expected but could occur if adverse conditions persist. Sub-standard Items that show underlying well defined weaknesses that could lead to probable loss if not corrected. The risk that these items may be impaired is probable and the group relies to a large extent on any available security. Page 72 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet analysis Impaired loans Net after Balance sheet Securities and securities and impairments Gross Sub- expected expected for non- impairment standard Doubtful Loss Total recoveries recoveries performing loans coverage Rm Rm Rm Rm Rm Rm Rm % 16 099 10 800 2 952 29 851 20 730 9 121 9 121 31 14 590 7 160 616 22 366 18 066 4 300 4 300 19 737 1 118 1 732 3 587 1 448 2 139 2 139 60 296 414 185 895 224 671 671 75 476 2 108 419 3 003 992 2 011 2 011 67 5 260 2 513 1 259 9 032 6 295 2 737 2 737 30 5 111 1 882 1 259 8 252 5 757 2 495 2 495 30 149 631 780 538 242 242 31 1 1 1 1 100 21 359 13 314 4 211 38 884 27 025 11 859 11 859 30 29 21 359 13 314 4 211 38 884 27 025 11 859 11 888 31 2,9 1,8 0,6 5,3 3,7 1,6 1,6 9 189 4 262 1 390 14 841 9 905 4 936 4 936 33 8 202 1 746 223 10 171 8 247 1 924 1 924 19 434 692 666 1 792 860 932 932 52 308 518 77 903 212 691 691 77 245 1 306 424 1 975 586 1 389 1 389 70 607 380 612 1 599 720 879 879 55 589 380 612 1 581 713 868 868 55 18 18 7 11 11 61 3 3 3 3 100 9 796 4 645 2 002 16 443 10 625 5 818 5 818 35 138 4 9 796 4 645 2 002 16 443 10 625 5 818 5 960 36 1,3 0,6 0,3 2,2 1,4 0,8 0,8 14 183 5 932 2 056 22 171 15 136 7 035 7 035 32 13 089 2 855 392 16 336 13 132 3 204 3 204 20 511 1 116 993 2 620 1 085 1 535 1 535 59 292 449 191 932 200 732 732 79 291 1 512 480 2 283 719 1 564 1 564 69 3 427 764 1 266 5 457 3 897 1 560 1 560 29 3 258 764 1 266 5 288 3 765 1 523 1 523 29 169 169 132 37 37 22 1 1 1 1 100 17 610 6 696 3 323 27 629 19 033 8 596 8 596 31 2,2 0,8 0,4 3,4 2,3 1,1 1,1 Doubtful Loss Items which are considered to be impaired, but are not yet considered final losses because of some pending factors which may strengthen the quality of the items. Items which are considered to be uncollectable and where the realisation of collateral and institution of legal proceedings have been unsuccessful. These items are considered of such little value that they should no longer be included in the net assets of the group. Standard Bank Group analysis of financial results 30 June 2009 Page 73

Banking activities average balance sheet June 2009 Total Trading Non-interest Interest average book earning earning balance Rm Rm Rm Rm Assets Cash and balances with central banks 2 1 582 9 410 8 826 19 818 Trading assets 73 113 17 203 90 316 Financial investments 3 548 38 063 41 611 Net loans and advances 41 914 721 976 763 890 Loans and advances to banks 12 361 135 026 147 387 Loans and advances to customers 29 553 603 674 633 227 Mortgage loans 254 000 254 000 Instalment sale and finance leases 67 016 67 016 Card debtors 22 350 22 350 Overdrafts and other demand loans 922 30 774 31 696 Other term loans 28 523 166 060 194 583 Loans granted under resale agreements 647 647 Commercial property finance 34 258 34 258 Foreign currency loans 108 28 114 28 222 Other loans and advances 455 455 Gross loans and advances 41 914 738 700 780 614 Credit impairments (16 724) (16 724) Other assets 18 176 18 594 36 770 Interest in associates and joint ventures 63 4 225 4 288 Goodwill and other intangible assets 5 957 5 957 Property and equipment 20 6 994 7 014 Total average assets and interest excluding trading derivative assets 138 416 62 383 768 865 969 664 Trading derivative assets 141 180 141 180 Total average assets and interest 279 596 62 383 768 865 1 110 844 Equity and liabilities Equity 2 410 90 988 93 398 Liabilities 112 151 42 850 729 433 884 434 Trading liabilities 38 990 14 011 53 001 Deposit and current accounts 62 133 710 860 772 993 Deposits from banks 59 727 60 754 120 481 Deposits from customers 2 406 650 106 652 512 Current accounts 89 043 89 043 Cash management deposits 62 936 62 936 Call deposits 117 089 117 089 Savings accounts 18 909 18 909 Term deposits 2 361 167 794 170 155 Negotiable certificates of deposit 107 276 107 276 Repurchase agreements 75 404 75 404 Other funding 45 11 655 11 700 Other liabilities 9 494 28 839 38 333 Subordinated debt 1 534 18 573 20 107 Total average equity, liabilities and interest excluding trading derivative liabilities 114 561 133 838 729 433 977 832 Trading derivative liabilities 133 012 133 012 Total average equity, liabilities and interest 247 573 133 838 729 433 1 110 844 Margin on total average assets excluding trading derivatives 138 416 62 383 768 865 969 664 Margin on total average loans and advances 41 914 721 976 763 890 Margin on average interest earning assets 768 865 768 865 1 Interest received and paid on trading derivative financial instruments has been netted with interest received and paid on derivative asset instruments used for hedging purposes. The interest split between assets and liabilities will therefore not equate to interest income and interest expense as per the income statement. 2 Included within interest earning cash and balances with central banks is the South African Reserve Bank interest free deposit. This is utilised to meet liquidity requirements and is reflected in the margin as part of interest earning assets to reflect the cost of liquidity. Page 74 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet analysis June 2008 Total Non-interest Interest average Interest 1 Average rate Trading book earning earning balance Interest 1 Average rate Rm % Rm Rm Rm Rm Rm % 1 835 8 430 9 116 19 381 110 171 27 432 137 603 4 826 23,39 2 372 29 900 32 272 3 994 24,82 36 768 9,71 41 523 641 549 683 072 38 979 11,44 3 051 4,17 11 374 104 248 115 622 4 163 7,22 33 717 10,74 30 149 545 784 575 933 34 816 12,12 14 687 11,66 235 171 235 171 15 273 13,02 4 295 12,92 71 184 71 184 4 907 13,82 2 006 18,10 23 364 23 364 2 249 19,30 2 038 12,97 569 42 882 43 451 3 081 14,22 8 149 8,45 29 580 125 453 155 033 6 731 8,71 40 12,47 1 165 1 165 83 14,29 2 082 12,26 30 464 30 464 2 082 13,71 397 2,84 15 231 15 231 357 4,70 23 10,19 870 870 53 12,22 36 768 9,50 41 523 650 032 691 555 38 979 11,30 (8 483) (8 483) 23 030 7 872 30 902 97 4 557 4 654 5 198 5 198 55 5 804 5 859 41 594 8,65 179 083 59 293 680 565 918 941 42 973 9,38 108 248 108 248 41 594 7,55 287 331 59 293 680 565 1 027 189 42 973 8,39 1 945 83 834 85 779 24 984 5,70 135 631 43 536 649 554 828 721 28 476 6,89 55 389 15 964 71 353 24 129 6,29 51 926 630 715 682 641 27 570 8,10 1 326 2,22 51 118 36 093 87 211 1 611 3,70 22 803 7,05 808 594 622 595 430 25 959 8,74 1 082 2,45 85 443 85 443 1 157 2,72 2 525 8,09 58 398 58 398 2 820 9,68 4 897 8,43 106 085 106 085 5 622 10,63 225 2,40 19 074 19 074 252 2,65 7 722 9,15 789 154 528 155 317 7 982 10,31 4 920 9,25 78 094 78 094 4 230 10,86 925 2,47 50 605 50 605 1 252 4,96 507 8,74 19 42 395 42 414 2 644 12,50 26 953 27 572 54 525 855 8,57 1 363 18 839 20 202 906 8,99 24 984 5,15 137 576 127 370 649 554 914 500 28 476 6,24 112 689 112 689 24 984 4,54 250 265 127 370 649 554 1 027 189 28 476 5,56 16 610 3,45 179 083 59 293 680 565 918 941 14 497 3,16 16 610 4,38 41 523 641 549 683 072 14 497 4,26 17 596 4,62 680 565 680 565 16 152 4,76 Standard Bank Group analysis of financial results 30 June 2009 Page 75

Liquidity management Group behaviourally adjusted cumulative liquidity mismatch (%) Long-term funding ratio SBSA (%) % of funding related liabilities 15 10 5 28 25 0 22-5 19-10 16-15 13-20 0 to 7 days 0 to 1 month 0 to 3 months 0 to 6 months 0 to 12 months 10 June 2008 June 2009 June 2008 June 2009 Internal limit Liquidity buffer Portfolios of highly marketable securities over and above prudential requirements are maintained as protection against unexpected disruptions in cash flows. These portfolios are managed within limits. Given the continuing volatility in financial markets and prudent liquidity management practices followed, the group increased its liquidity buffer during the six month period. These liquidity levels are expected to gradually reduce as conditions normalise. Group unencumbered surplus liquidity June June December 2009 2008 2008 Rbn Rbn Rbn Marketable assets 88,7 45,2 53,2 Short-term foreign currency placements 35,5 26,0 30,2 Total unencumbered marketable assets 124,2 71,2 83,4 Other readily accessible liquidity 12,0 14,9 13,4 Total unencumbered surplus liquidity 136,2 86,1 96,8 Structural requirements Behavioural profiling is applied to assets, liabilities and offbalance sheet commitments with an indeterminable maturity or drawdown period, as well as to certain liquid assets to identify and manage liquidity mismatches. Behavioural profiling assigns probable maturities based on actual customer behaviour. This process is used to identify significant additional sources of structural liquidity in the form of liquid assets and core deposits, such as current and savings accounts that although repayable on demand or at short notice, exhibit stable behaviour. Limits are set internally to restrict the cumulative liquidity mismatch between expected inflows and outflows of funds in different time buckets. The long-term funding ratio is actively monitored to ensure adherence to these limits. The ratio is defined as those funding-related liabilities with a remaining maturity of greater than six months as a percentage of total funding-related liabilities. The increase in the ratio is attributed to the increased percentage of term funding required to support term lending. At June 2009, the long-term funding ratio was 26,0% (June 2008: 23,4%) for SBSA and 23,8% (June 2008: 21,5%) for the group. Other readily accessible liquidity includes access to USD600 million committed liquidity facility maturing in October 2009. Page 76 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet analysis Funding related liabilities composition SBSA (Rbn) 180 160 140 Liquidity stress testing and scenario analysis Anticipated on- and off-balance sheet cash flows are subjected to a variety of bank-specific and systemic stresses and scenarios in order to evaluate the impact of unlikely but plausible events on liquidity positions. Increased frequency of scenario analysis and stress testing. 120 100 80 60 40 20 0 Corporate funding Financial institutions Government and parastatals Interbank funding Retail Other rand and foreign currency deposits Senior and subordinated debt Foreign currency funding Other liabilities to the public Contingency funding plans Contingency funding plans incorporate an extensive early warning indicator methodology supported by clear and decisive crisis response strategies. Crisis response strategies are formulated around the relevant crisis management structures and address internal and external communications, liquidity generation, operations, as well as heightened and supplementary information requirements. June 2008 June 2009 Diversified funding base Concentration risk limits are used within the group to ensure that funding diversification is maintained across products, sectors, geographic regions and counterparties. In terms of the latter, limits are internally set to restrict single and top ten depositor exposures within the sight to 3-month tenors to below 10% and 20% of total funding related liabilities respectively. Depositor concentration SBSA June June December 2009 2008 2008 % % % Single depositor 1,5 2,2 2,4 Top ten depositors 8,4 10,4 12,9 Funding-related liabilities for SBSA were R606 billion as at June 2009 compared with R577 billion at June 2008. Primary sources of funding are in the form of deposits across a spectrum of retail and wholesale clients, as well as long-term capital market funding. Standard Bank Group analysis of financial results 30 June 2009 Page 77

Fair value hierarchy Composition Assets Composition Liabilities % Rm % Rm June 2009 Level 1 33 190 625 5 18 745 Level 2 65 378 848 94 352 638 Level 3 2 12 444 1 3 435 Financial instruments at fair value 100 581 917 100 374 818 Reconciled as follows: Held for trading 294 028 215 747 Designated at fair value 273 196 159 071 Available-for-sale 14 693 Financial instruments at fair value 581 917 374 818 June 2008 Level 1 31 187 422 5 20 455 Level 2 66 394 507 93 388 406 Level 3 3 17 241 2 7 436 Financial instruments at fair value 100 599 170 100 416 297 Reconciled as follows: Held for trading 308 947 254 644 Designated at fair value 268 660 161 653 Available-for-sale 21 563 Financial instruments at fair value 599 170 416 297 December 2008 Level 1 30 201 712 11 52 842 Level 2 68 461 469 88 401 881 Level 3 2 12 452 1 2 817 Financial instruments at fair value 100 675 633 100 457 540 Reconciled as follows: Held for trading 368 383 318 174 Designated at fair value 292 609 139 366 Available-for-sale 14 641 Financial instruments at fair value 675 633 457 540 In accordance with the group s accounting policies, certain financial assets and liabilities are measured at fair value using either quoted market prices or valuation techniques. Financial assets and liabilities that are measured at fair value have been categorised into the following levels: Level 1: Financial instruments for which fair value is determined using quoted market prices in active markets for identical assets or liabilities Level 2: Financial instruments for which fair value is determined using inputs other than quoted prices, that are observable for the asset or liability, either directly, as prices, or indirectly, derived from prices. Level 3: Financial instruments for which fair value is determined using inputs for the asset or liability that are not based on observable market data. Page 78 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa Limited 80 Key financial results, ratios and statistics 82 Summarised income statement 83 Balance sheet 84 Segmental income statement 86 Segmental balance sheet 88 Credit impairment charges 92 Loans and advances performance 94 Market share analysis Standard Bank Group analysis of financial results 30 June 2009 Page 79

Key financial results, ratios and statistics The Standard Bank of South Africa Loans and advances (Rbn) - SBSA Group Total capital to risk-weighted assets (%) - SBSA Company 1 600 500 400 300 200 155 202 294 370 446 527 509 14 12 10 8 6 4 12.50 12,5 13.40 13,4 12.50 12,5 12.40 12,4 11.70 11,7 12.20 12,2 13.20 13,2 100 2 0 03 04 05 06 07 08 HY09 0 03 04 05 06 07 08 HY09 1 Basel II implemented 1 January 2008 and comparatives for 2007 are pro-forma on the Basel I basis. All other historical comparatives are on a Basel I basis. Change June June December % 2009 2008 2008 SBSA Group Income statement Headline earnings Rm (6) 4 094 4 376 8 792 Profit attributable to the ordinary shareholder Rm (8) 4 109 4 478 8 783 Balance sheet Ordinary shareholder s equity Rm 12 41 075 36 601 39 074 Total assets Rm 6 849 272 797 765 909 318 Loans and advances Rm 1 508 502 504 489 527 452 Financial performance ROE % 20,6 25,3 24,4 Non-interest revenue to total income % 42,3 43,6 43,0 Gearing ratio times 22,0 22,7 24,5 Loan-to-deposit ratio % 88,3 92,7 87,0 Credit loss ratio % 2,03 1,74 2,02 Cost-to-income ratio % 44,5 44,8 44,5 Effective taxation rate % 25,3 25,1 22,8 Number of employees (5) 29 054 30 660 30 202 SBSA Company Headline earnings Rm (8) 3 888 4 239 8 728 Total assets Rm 7 825 025 772 464 886 261 ROE % 20,0 25,1 24,7 Capital adequacy Total risk-weighted assets Rm 6 366 374 346 685 358 752 Tier I capital Rm 15 36 352 31 500 33 344 Total capital Rm 14 48 292 42 294 43 826 Tier I capital adequacy ratio % 9,9 9,1 9,3 Capital adequacy ratio % 13,2 12,2 12,2 Page 80 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa Personal & Business Banking High credit impairments across all portfolios excluding card products, due to the lagged effect of the high interest rate environment in 2008, weaker recovery values, inflationary pressures and resultant continued erosion of customer affordability. Decreased credit impairments for card products, resulting from an improvement in delinquency rates and increased recoveries. Loans and advances growth of 3% despite a weaker property market and a severe drop in vehicle sales. Net interest income growth benefited from widening of the lending margins and the unwinding of the discount on expected non-performing loan recoveries. Negative endowment impact of lower average interest rates. Continued focus on better pricing for risk. Increased term funding costs for mortgage lending. Reduced fee and commission income for card products as a result of a decline in customer spending. Continued growth in transactional volumes, value per transaction and customer base, particularly in account transaction fees, electronic banking and documentation and administration fees. Cost containment initiatives, including headcount reduction through headcount freezes and natural attrition. Continued investments in the electronic channel systems. Corporate & Investment Banking Higher credit impairment charges driven by increase in non-performing loans as default rates rose, together with additional performing portfolio provisioning. Net interest income growth due to growth in property and term loans. Lower net interest income from cash management activities given reduction in overnight deposit balances as well as the negative endowment impact. Strong and diversified trading performance on the back of continued volatility with notable performances from equity derivatives and the interest rate trading desk. Limited activity in securitisation and debt origination given market conditions. Decreased fee income due to lower levels of advisory deal flow. Subdued performance from investor services businesses, with decline in custody revenue due to decrease in volumes. Lower incentive-based remuneration. Increased other operating expenditure due to continued investment in IT. Heightened risk focus on custody clearing and settlement. Global markets risk levels well contained. Other services Benefited from the release of December 2008 impairment provision created centrally for credit losses in the group s credit portfolios that have now become evident in the impairments raised in the underlying business units, mainly Corporate & Investment Banking. Standard Bank Group analysis of financial results 30 June 2009 Page 81

Summarised income statement The Standard Bank of South Africa Group Company June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm Net interest income 11 11 200 10 116 21 855 10 11 099 10 134 21 625 Non-interest revenue 5 8 200 7 812 16 487 6 7 793 7 379 16 127 Net fee and commission revenue 6 6 351 6 009 12 478 6 5 878 5 520 11 691 Trading revenue 2 1 382 1 360 2 687 2 1 393 1 360 2 896 Other revenue 5 467 443 1 322 5 522 499 1 540 Total income 8 19 400 17 928 38 342 8 18 892 17 513 37 752 Credit impairment charges 34 5 315 3 953 10 015 36 5 253 3 870 9 770 Impairments for non-performing loans 53 5 464 3 576 8 315 54 5 388 3 493 8 088 Impaired loss 81 4 638 2 564 6 773 84 4 562 2 481 6 567 Discounting of expected recoveries (18) 826 1 012 1 542 (18) 826 1 012 1 521 Impairments for performing loans (>100) (149) 377 1 700 (>100) (135) 377 1 682 Income after credit impairment charges 1 14 085 13 975 28 327 13 639 13 643 27 982 Operating expenses 7 8 662 8 074 17 120 7 8 422 7 847 16 648 Staff costs 4 4 804 4 608 9 365 4 4 711 4 510 9 173 Other operating expenses 11 3 858 3 466 7 755 11 3 711 3 337 7 475 Net income before associates and joint ventures (8) 5 423 5 901 11 207 (10) 5 217 5 796 11 334 Share of profit from associates and joint ventures 3 78 76 165 Net income before indirect taxation (8) 5 501 5 977 11 372 (10) 5 217 5 796 11 334 Indirect taxation (15) 267 315 600 (15) 266 314 598 Profit before direct taxation (8) 5 234 5 662 10 772 (10) 4 951 5 482 10 736 Direct taxation (5) 1 125 1 184 1 989 (8) 1 049 1 141 1 964 Attributable to the ordinary shareholder (8) 4 109 4 478 8 783 (10) 3 902 4 341 8 772 Headline adjustable items (85) (15) (102) 9 (86) (14) (102) (44) Headline earnings (6) 4 094 4 376 8 792 (8) 3 888 4 239 8 728 Page 82 Standard Bank Group analysis of financial results 30 June 2009

Balance sheet The Standard Bank of South Africa The Standard Bank of South Africa Group Company June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm Assets Cash and balances with the central bank 6 13 266 12 463 13 547 6 13 266 12 463 13 547 Derivative assets 28 136 645 106 412 164 542 28 136 552 106 621 164 518 Trading assets (11) 28 182 31 501 24 019 3 25 682 24 836 19 660 Pledged assets (34) 1 225 1 843 2 243 (34) 1 225 1 843 2 243 Financial investments 42 65 408 45 987 60 079 42 62 932 44 233 58 787 Loans and advances 1 508 502 504 489 527 452 1 486 311 483 267 506 651 Loans and advances to banks (18) 39 383 48 112 51 026 (19) 39 175 48 511 50 785 Loans and advances to customers 3 469 119 456 377 476 426 3 447 136 434 756 455 866 Other assets 28 5 285 4 124 8 361 24 5 166 4 155 8 213 Interest in group companies (3) 82 124 84 486 101 250 (4) 85 731 88 980 105 249 Interest in associates and joint ventures 3 1 613 1 563 1 544 (2) 1 160 1 187 1 134 Intangible assets 74 2 555 1 470 1 997 74 2 555 1 470 1 997 Property and equipment 30 4 467 3 427 4 284 30 4 445 3 409 4 262 Total assets 6 849 272 797 765 909 318 7 825 025 772 464 886 261 Equity and liabilities Equity Equity attributable to the ordinary shareholder 12 41 075 36 601 39 074 13 40 159 35 695 38 288 Ordinary share capital 60 60 60 60 60 60 Ordinary share premium 7 24 230 22 730 22 730 7 24 230 22 730 22 730 Reserves 22 16 785 13 811 16 284 23 15 869 12 905 15 498 Liabilities 6 808 197 761 164 870 244 7 784 866 736 769 847 973 Derivative liabilities 14 132 944 116 836 172 744 14 132 900 116 807 172 672 Trading liabilities (37) 19 876 31 357 23 524 (27) 17 913 24 581 18 604 Deposit and current accounts 6 575 932 544 156 606 236 5 554 557 526 513 588 826 Deposits from banks (19) 50 643 62 145 65 582 (15) 52 617 62 153 65 582 Deposits from customers 9 525 289 482 011 540 654 8 501 940 464 360 523 244 Other liabilities (13) 16 375 18 891 13 016 (16) 13 939 16 536 11 007 Subordinated debt (2) 13 101 13 331 11 809 (2) 13 101 13 331 11 809 Liabilities to group companies 37 49 969 36 593 42 915 34 52 456 39 001 45 055 Total equity and liabilities 6 849 272 797 765 909 318 7 825 025 772 464 886 261 Standard Bank Group analysis of financial results 30 June 2009 Page 83

Segmental income statement The Standard Bank of South Africa Personal & Business Banking June June December Change 2009 2008 2008 % Rm Rm Rm Net interest income 5 8 179 7 801 16 306 Interest income (3) 23 175 23 791 50 495 Interest expense (6) 14 996 15 990 34 189 Non-interest revenue 7 5 496 5 156 10 779 Net fee and commission revenue 6 5 274 4 956 10 216 Fee and commission revenue 7 6 180 5 767 12 015 Fee and commission expense 12 906 811 1 799 Trading revenue Other revenue 11 222 200 563 Total income 6 13 675 12 957 27 085 Credit impairment charges 32 5 123 3 870 9 056 Impairments for non-performing loans 39 4 969 3 578 8 352 Impairments for performing loans (47) 154 292 704 Income after credit impairment charges (6) 8 552 9 087 18 029 Operating expenses 7 6 144 5 745 12 293 Staff costs 1 3 104 3 082 6 333 Other operating expenses 14 3 040 2 663 5 960 Net income before associates and joint ventures (28) 2 408 3 342 5 736 Share of profit from associates and joint ventures 16 51 44 19 Net income before indirect taxation (27) 2 459 3 386 5 755 Indirect taxation (7) 211 227 453 Profit before direct taxation (29) 2 248 3 159 5 302 Direct taxation (36) 607 944 1 553 Attributable to the ordinary shareholder (26) 1 641 2 215 3 749 Headline adjustable items (>100) (10) 5 125 SBSA Group headline earnings (27) 1 631 2 220 3 874 ROE % 17,3 23,6 21,2 Credit loss ratio % 2,85 2,31 2,50 Cost-to-income ratio % 44,8 44,2 45,4 Effective taxation rate % 33,3 34,6 34,9 Number of employees (7) 24 004 25 772 25 041 Page 84 Standard Bank Group analysis of financial results

The Standard Bank of South Africa Corporate & Investment Banking Other services The Standard Bank of South Africa Group June June December June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm % Rm Rm Rm 23 2 712 2 206 5 094 >100 309 109 455 11 11 200 10 116 21 855 11 17 397 15 662 39 529 25 (5 125) (4 099) (6 143) 0 35 447 35 354 83 881 9 14 685 13 456 34 435 29 (5 434) (4 208) (6 598) (4) 24 247 25 238 62 026 5 2 545 2 431 5 350 (29) 159 225 358 5 8 200 7 812 16 487 (4) 1 084 1 130 2 348 (91) (7) (77) (86) 6 6 351 6 009 12 478 (4) 1 136 1 183 2 459 (86) (10) (70) (93) 6 7 306 6 880 14 381 (2) 52 53 111 (>100) (3) 7 (7) 10 955 871 1 903 6 1 379 1 303 2 645 (95) 3 57 42 2 1 382 1 360 2 687 >100 82 (2) 357 (33) 163 245 402 5 467 443 1 322 13 5 257 4 637 10 444 40 468 334 813 8 19 400 17 928 38 342 >100 693 78 459 (>100) (501) 5 500 34 5 315 3 953 10 015 >100 493 (6) (36) (50) 2 4 (1) 53 5 464 3 576 8 315 >100 200 84 495 (>100) (503) 1 501 (>100) (149) 377 1 700 0 4 564 4 559 9 985 >100 969 329 313 1 14 085 13 975 28 327 10 2 177 1 974 4 058 (4) 341 355 769 7 8 662 8 074 17 120 10 1 194 1 089 2 241 16 506 437 791 4 4 804 4 608 9 365 11 983 885 1 817 >100 (165) (82) (22) 11 3 858 3 466 7 755 (8) 2 387 2 585 5 927 >100 628 (26) (456) (8) 5 423 5 901 11 207 (16) 27 32 146 3 78 76 165 (8) 2 414 2 617 6 073 >100 628 (26) (456) (8) 5 501 5 977 11 372 5 39 37 76 (67) 17 51 71 (15) 267 315 600 (8) 2 375 2 580 5 997 >100 611 (77) (527) (8) 5 234 5 662 10 772 (12) 299 339 953 >100 219 (99) (517) (5) 1 125 1 184 1 989 (7) 2 076 2 241 5 044 >100 392 22 (10) (8) 4 109 4 478 8 783 (6) >100 1 (107) (116) (85) (15) (102) 9 (8) 2 070 2 241 5 044 >100 393 (85) (126) (6) 4 094 4 376 8 792 34,0 40,4 46,1 20,6 25,3 24,4 0,85 0,13 0,70 2,03 1,74 2,02 41,2 42,3 38,3 44,5 44,8 44,5 14,0 14,4 16,9 25,3 25,1 22,8 6 4 086 3 859 3 880 (6) 964 1 029 1 281 (5) 29 054 30 660 30 202 Standard Bank Group analysis of financial results 30 June 2009 Page 85

Segmental balance sheet The Standard Bank of South Africa Personal & Business Banking June June December Change 2009 2008 2008 % Rm Rm Rm Assets Cash and balances with the central bank 14 3 289 2 888 3 905 Financial investments, trading and pledged assets (58) 15 36 26 Loans and advances 3 350 169 340 379 352 707 Loans and advances to banks 987 731 Loans and advances to customers 3 349 182 340 379 351 976 Derivative and other assets (4) 2 274 2 381 3 003 Interest in group companies 11 51 46 89 Interest in associates and joint ventures (2) 1 031 1 048 989 Intangible assets 84 1 650 896 1 191 Property and equipment 33 3 375 2 539 3 247 SBSA Group total assets 3 361 854 350 213 365 157 Equity and liabilities Equity Equity attributable to the ordinary shareholder 2 19 776 19 374 18 173 Ordinary share capital Ordinary share premium 4 4 4 Reserves 2 19 772 19 370 18 169 Liabilities 3 342 078 330 839 346 984 Deposit and current accounts 4 332 476 320 670 337 085 Deposits from banks (315) Deposits from customers 4 332 476 320 670 337 400 Derivative, trading and other liabilities (56) 1 394 3 137 3 009 Subordinated debt 7 7 466 6 955 6 656 Liabilities to group companies >100 742 77 234 SBSA Group total equity and liabilities 3 361 854 350 213 365 157 Page 86 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa Corporate & Investment Banking Other services The Standard Bank of South Africa Group June June December June June December June June December Change 2009 2008 2008 Change 2009 2008 2008 Change 2009 2008 2008 % Rm Rm Rm % Rm Rm Rm % Rm Rm Rm 4 9 977 9 575 9 642 6 13 266 12 463 13 547 11 90 744 81 764 89 523 >100 4 056 (2 469) (3 208) 20 94 815 79 331 86 341 (2) 160 824 164 847 176 013 >100 (2 491) (737) (1 268) 1 508 502 504 489 527 452 (20) 38 623 48 292 50 871 26 (227) (180) (576) (18) 39 383 48 112 51 026 5 122 201 116 555 125 142 >100 (2 264) (557) (692) 3 469 119 456 377 476 426 18 138 850 117 353 168 955 >100 806 (9 198) 945 28 141 930 110 536 172 903 12 81 890 72 925 101 300 (98) 183 11 515 (139) (3) 82 124 84 486 101 250 12 576 515 550 6 5 3 1 613 1 563 1 544 63 810 496 707 22 95 78 99 74 2 555 1 470 1 997 43 334 234 289 16 758 654 748 30 4 467 3 427 4 284 8 484 005 447 709 546 979 >100 3 413 (157) (2 818) 6 849 272 797 765 909 318 10 13 064 11 901 11 496 55 8 235 5 326 9 405 12 41 075 36 601 39 074 21 21 21 39 39 39 60 60 60 7 24 226 22 726 22 726 7 24 230 22 730 22 730 10 13 043 11 880 11 475 (8) (16 030) (17 439) (13 360) 22 16 785 13 811 16 284 8 470 941 435 808 535 483 (12) (4 822) (5 483) (12 223) 6 808 197 761 164 870 244 7 251 991 234 894 279 113 (25) (8 535) (11 408) (9 962) 6 575 932 544 156 606 236 (16) 52 793 62 697 65 755 >100 (2 150) (552) 142 (19) 50 643 62 145 65 582 16 199 198 172 197 213 358 (41) (6 385) (10 856) (10 104) 9 525 289 482 011 540 654 2 165 215 161 334 208 956 (1) 2 586 2 613 (2 681) 1 169 195 167 084 209 284 15 5 410 4 699 4 654 (87) 225 1 677 499 (2) 13 101 13 331 11 809 39 48 325 34 881 42 760 (45) 902 1 635 (79) 37 49 969 36 593 42 915 8 484 005 447 709 546 979 >100 3 413 (157) (2 818) 6 849 272 797 765 909 318 Standard Bank Group analysis of financial results 30 June 2009 Page 87

Credit impairment charges The Standard Bank of South Africa Credit impairment charges (Rm) 10 000 1 700 8 500 7 000 5 500 4 000 2 500 1 000 0-1 000 955 386 673 178 1 298 230 1 942 661 3 696 743 8315 (149) 5 464 03 04 05 06 07 08 HY09 Credit impairment charges on NPLs Credit impairment charges on PLs Income statement impairment charges (net of recoveries) June 2009 Non-performing loans Performing Total Impaired IAS 39 loans impairment Credit Change loss discount 1 Total impairment charges loss ratio % Rm Rm Rm Rm Rm % Personal & Business Banking 32 4 143 826 4 969 154 5 123 2,85 Mortgage loans 27 1 416 647 2 063 (135) 1 928 1,58 Instalment sale and finance leases 69 1 006 78 1 084 (4) 1 080 4,03 Card debtors (32) 784 784 (39) 745 7,10 Other loans and advances >100 937 101 1 038 332 1 370 6,66 Corporate & Investment Banking >100 493 493 200 693 0,85 Corporate loans >100 286 286 200 486 0,74 Property finance 207 207 207 1,36 Other services (>100) 2 2 (503) (501) Total SBSA Group 34 4 638 826 5 464 (149) 5 315 2,03 1 Discounting of expected recoveries in terms of IAS 39. Page 88 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa Unfavourable Higher non-performing loan provisioning in Personal & Business Banking portfolios due to the lagged effect of high interest rates impacting consumer ability to service debt. Contraction in house prices and increase in time to realise security. Increased stress in the small business market due to the tough economic environment. Increased corporate and business loan provisioning, off a low base, as increased financial stress becomes evident in corporate customer portfolios, combined with the weaker collateral values. Favourable Targeted strategies to improve risk management. Proactive measures taken to restructure mortgage loans where customers meet strict criteria. Continued improvement in collections capability. Improved performance in card due to focus on early delinquencies and restructures. June 2008 December 2008 Non-performing loans Performing Total Credit Non-performing loans Performing Total Credit Impaired IAS 39 loans impairment loss Impaired IAS 39 loans impairment loss loss discount 1 Total impairment charges ratio loss discount 1 Total impairment charges ratio Rm Rm Rm Rm Rm % Rm Rm Rm Rm Rm % 2 566 1 012 3 578 292 3 870 2,31 6 755 1 596 8 351 705 9 056 2,50 397 906 1 303 210 1 513 1,38 1 690 1 361 3 051 439 3 490 1,42 563 60 623 16 639 2,26 1 486 127 1 613 (19) 1 594 2,95 1 039 1 039 56 1 095 10,10 2 061 2 061 80 2 141 10,12 567 46 613 10 623 3,38 1 518 108 1 626 205 1 831 4,41 (6) (6) 84 78 0,13 (36) (36) 495 459 0,70 (6) (6) 84 78 0,17 (36) (36) 495 459 0,45 4 4 1 5 1,04 500 500 2 564 1 012 3 576 377 3 953 1,74 6 719 1 596 8 315 1 700 10 015 2,02 Standard Bank Group analysis of financial results 30 June 2009 Page 89

Credit impairment charges continued The Standard Bank of South Africa Balance sheet impairment roll forward from December 2008 January IAS 39 New 2009 discount impairments Opening in opening raised/ balance balance (released) 1 Rm Rm Rm Impairments of non-performing loans Personal & Business Banking 6 575 1 361 5 201 Mortgage loans 3 138 1 188 2 080 Instalment sale and finance leases 1 416 62 1 116 Card debtors 708 957 Other loans and advances 1 313 111 1 048 Corporate & Investment Banking 118 1 493 Corporate loans 81 1 286 Commercial property finance 37 207 Other services (9) 2 6 684 1 362 5 696 Impairments of performing loans Personal & Business Banking 2 542 154 Mortgage loans 776 (135) Instalment sale and finance leases 479 (4) Card debtors 816 (39) Other loans and advances 471 332 Corporate & Investment Banking 1 333 200 Corporate loans 1 333 200 Commercial property finance Other services 785 (503) 4 660 (149) Total impairments Personal & Business Banking 9 117 1 361 5 355 Mortgage loans 3 914 1 188 1 945 Instalment sale and finance leases 1 895 62 1 112 Card debtors 1 524 918 Other loans and advances 1 784 111 1 380 Corporate & Investment Banking 1 451 1 693 Corporate loans 1 414 1 486 Commercial property finance 37 207 Other services 776 (501) 11 344 1 362 5 547 Total SBSA Group balance sheet impairments as a % of gross loans and advances 2,11 1 New provisions raised less recoveries of amounts written off in previous years equals income statement credit impairment charge (June 2009: R5 547 million R232 million = R5 315 million). Page 90 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa June 2009 IAS 39 IAS 39 Recoveries discount discount Currency IAS 39 of amounts in new Impaired recycled to translation June 2009 discount written off impairments accounts net interest and other Closing in closing in previous raised written off income movements balance balance years 1 Rm Rm Rm Rm Rm Rm Rm 826 (2 337) (775) (1) 8 663 1 412 232 647 (341) (650) (1) 4 226 1 185 17 78 (435) (71) 2 026 69 32 (1 035) 630 173 101 (526) (54) 1 781 158 10 (5) 606 1 (3) 364 1 (2) 242 13 6 826 (2 337) (775) 7 9 275 1 413 232 2 696 641 475 777 803 (5) (2) 1 526 (5) (5) (2) 1 526 (5) 282 (5) (2) 4 504 (5) 826 (2 337) (775) (1) 11 359 1 412 232 647 (341) (650) (1) 4 867 1 185 17 78 (435) (71) 2 501 69 32 (1 035) 1 407 173 101 (526) (54) 2 584 158 10 (5) (7) 2 132 (4) (5) (5) 1 890 (4) (2) 242 13 288 826 (2 337) (780) 5 13 779 1 408 232 2,64 Standard Bank Group analysis of financial results 30 June 2009 Page 91

Loans and advances performance The Standard Bank of South Africa Gross advances Performing loans Early Total Current arrears Total Rm Rm Rm Rm June 2009 Personal & Business Banking 361 528 324 533 8 053 332 586 Mortgage loans 246 897 219 948 4 824 224 772 Instalment sale and finance leases 52 589 47 352 1 882 49 234 Card debtors 20 517 19 080 606 19 686 Other loans and advances 41 525 38 153 741 38 894 Corporate & Investment Banking 162 956 160 746 400 161 146 Corporate loans 132 271 130 861 380 131 241 Commercial property finance 30 685 29 885 20 29 905 Other services (2 203) (2 203) (2 203) Gross loans and advances 522 281 483 076 8 453 491 529 Credit risk inherent in off-balance sheet exposures and other asset classes Total SBSA Group 522 281 483 076 8 453 491 529 Percentage of total book (%) 100,0 92,5 1,6 94,1 June 2008 Personal & Business Banking 346 921 323 607 9 608 333 215 Mortgage loans 228 790 212 464 6 398 218 862 Instalment sale and finance leases 57 783 54 385 1 782 56 167 Card debtors 21 907 20 093 927 21 020 Other loans and advances 38 441 36 665 501 37 166 Corporate & Investment Banking 165 855 165 555 13 165 568 Corporate loans 135 659 135 377 13 135 390 Commercial property finance 30 196 30 178 30 178 Other services (463) (463) (463) Gross loans and advances 512 313 488 699 9 621 498 320 Staff home loan fair value adjustment in terms of IAS 39 1 Credit risk inherent in off-balance sheet exposures and other asset classes Total SBSA Group 512 313 488 699 9 621 498 320 Percentage of total book (%) 100,0 95,4 1,9 97,3 1 Deducted against gross loans and advances in June 2009 as an initial fair value adjustment. Criteria for classification of loans and advances Current Items that are current and the full repayment of the contractual principal and interest amounts is expected. Early arrears Items where the loan is performing but evidence exists that the borrower is experiencing difficulties. Ultimate loss is not expected but could occur if adverse conditions persist. Sub-standard Items that show underlying well defined weaknesses that could lead to probable loss if not corrected. The risk that these items may be impaired is probable and the group relies to a large extent on any available security. Page 92 Standard Bank Group analysis of financial results 30 June 2009

The Standard Bank of South Africa Impaired loans Net after Balance sheet Securities and securities and impairments Gross Sub- expected expected for non-per- impairment standard Doubtful Loss Total recoveries recoveries forming loans coverage Rm Rm Rm Rm Rm Rm Rm % 15 780 10 726 2 436 28 942 20 279 8 663 8 663 30 14 559 7 115 451 22 125 17 899 4 226 4 226 19 650 1 007 1 698 3 355 1 329 2 026 2 026 60 258 396 177 831 201 630 630 76 313 2 208 110 2 631 850 1 781 1 781 68 886 868 56 1 810 1 207 603 603 33 737 237 56 1 030 669 361 361 35 149 631 780 538 242 242 31 (6) 6 6 16 666 11 594 2 492 30 752 21 480 9 272 9 272 30 3 16 666 11 594 2 492 30 752 21 480 9 272 9 275 30 3,2 2,2 0,5 5,9 4,1 1,8 1,8 8 913 3 951 842 13 706 9 418 4 288 4 288 31 8 143 1 688 97 9 928 8 054 1 874 1 874 19 363 620 633 1 616 781 835 835 52 306 514 67 887 206 681 681 77 101 1 129 45 1 275 377 898 898 70 136 131 20 287 206 81 81 28 118 131 20 269 199 70 70 26 18 18 7 11 11 61 15 (15) (15) 9 049 4 082 862 13 993 9 639 4 354 4 354 31 133 2 9 049 4 082 862 13 993 9 639 4 354 4 489 32 1,7 0,8 0,2 2,7 1,9 0,8 0,9 Doubtful Loss Items which are considered to be impaired, but are not yet considered final losses because of some pending factors which may strengthen the quality of the items. Items which are considered to be uncollectable and where the realisation of collateral and institution of legal proceedings have been unsuccessful. These items are considered of such little value that they should no longer be included in the net assets of the group. Standard Bank Group analysis of financial results 30 June 2009 Page 93

Market share analysis South African market share analysis (%) Standard Bank s market share movement (%) 35 30 25 20 15 10 5 37 32 27 22 0 Mortgage loans Instalment finance Card debtors Other loans and advances Deposits 17 Jun 06 Jun 07 Jun 08 May 09 SBSA Absa FirstRand Nedbank Other Mortgage loans Instalment finance Card debtors Other loans and advances Deposits Source BA 900 May 2009 Retail based deposits (denominated in rands) (%) Corporate based deposits (denominated in rands) (%) Market share 28 27 26 25 24 23 22 21 20 19 Dec 06 Dec 07 Dec 08 May 09 SBSA Absa Nedbank FirstRand Market share 26 25 24 23 22 21 20 19 18 17 16 Dec 06 Dec 07 Dec 08 May 09 SBSA Absa Nedbank FirstRand Page 94 Standard Bank Group analysis of financial results 30 June 2009

Other information and reclassifications 96 Supplementary information on a geographic basis 98 Changes in accounting policies and reclassifications 99 Group balance sheet reclassifications 100 Business unit reclassifications 101 Financial and other definitions Standard Bank Group analysis of financial results 30 June 2009 Page 95

Supplementary information on a geographic basis South Africa Personal & Business Banking Corporate & Investment Banking Change June June December Change June June December % 2009 2008 2008 % 2009 2008 2008 Total income Rm 6 14 031 13 275 27 619 13 5 518 4 893 10 926 Headline earnings/(loss) Rm (22) 1 793 2 311 4 196 (2) 2 287 2 329 5 250 Loans and advances Rm 3 351 209 340 405 353 110 (2) 174 463 178 415 192 407 Total assets Rm 3 363 249 352 052 366 808 7 481 817 451 638 547 780 Average ordinary shareholders equity Rm 12 21 211 18 900 19 969 5 12 743 12 096 12 066 ROE % 17,0 24,6 21,0 36,2 38,7 43,5 Number of employees (7) 24 317 26 030 25 043 2 3 967 3 878 3 880 Rest of Africa Personal & Business Banking Corporate & Investment Banking Change June June December Change June June December % 2009 2008 2008 % 2009 2008 2008 Total income Rm 14 2 159 1 892 4 250 11 2 789 2 513 5 425 Headline earnings Rm (16) 222 265 653 (14) 460 537 1 209 Loans and advances Rm (3) 16 142 16 567 18 120 (30) 21 103 30 152 35 212 Total assets Rm (21) 25 507 32 314 23 982 (10) 70 348 78 464 85 706 Average ordinary shareholders equity Rm 38 2 481 1 798 3 262 18 10 168 8 582 8 257 ROE % 18,0 29,6 20,0 9,1 12,6 14,6 Number of employees 12 7 760 6 910 7 553 14 3 390 2 964 2 862 Outside Africa Personal & Business Banking Corporate & Investment Banking Change June June December Change June June December % 2009 2008 2008 % 2009 2008 2008 Total income Rm 35 962 715 1 642 28 5 940 4 646 9 871 Headline (loss)/earnings Rm (85) (4) (27) (52) (20) 644 802 1 430 Loans and advances Rm (30) 6 011 8 647 8 945 (6) 139 803 148 668 180 505 Total assets Rm (26) 8 526 11 546 11 943 (10) 279 292 309 824 378 941 Average ordinary shareholders equity Rm 20 852 708 859 42 19 688 13 823 15 570 ROE % (0,9) (7,7) (6,1) 6,6 11,7 9,2 Number of employees 16 2 695 2 318 2 370 (7) 2 416 2 586 2 583 Results disclosed by recent acquisitions June June December Change 2009 2008 2008 % Rm Rm Rm Nigeria Stanbic IBTC Bank 1 Total income (3) 1 279 1 324 2 928 Profit attributable to ordinary shareholders (36) 331 517 794 Total assets (35) 17 144 26 329 23 830 Percentage holding % 50,8 50,8 50,8 Argentina Standard Bank Argentina 1 Total income 52 1 681 1 108 2 555 Profit attributable to ordinary shareholders 50 183 122 279 Total assets (3) 22 555 23 200 27 699 Percentage holding % 75,0 76,7 75,0 1 Results as published, total income and profit converted at average exchange rate and total assets at closing exchange rate. Page 96 Standard Bank Group analysis of financial results 30 June 2009

Other information and reclassifications Other domestic operations Liberty Total South Africa Change June June December Change June June December Change June June December % 2009 2008 2008 % 2009 2008 2008 % 2009 2008 2008 67 337 202 563 (25) 9 684 12 869 23 136 (5) 29 570 31 239 62 244 34 325 242 829 (>100) (647) 279 641 (27) 3 758 5 161 10 916 (30) 1 062 1 513 1 788 1 526 734 520 333 547 305 51 4 966 3 291 2 698 (6) 203 051 216 711 212 640 3 1 053 083 1 023 692 1 129 926 46 8 320 5 693 6 194 60 6 427 4 018 5 020 20 48 701 40 707 43 249 7,9 8,5 13,4 (20,3) 14,0 12,8 15,6 25,5 25,2 (1) 1 031 1 037 1 024 29 5 336 4 132 5 006 (1) 34 651 35 077 34 953 Total Rest of Africa Change June June December % 2009 2008 2008 12 4 948 4 405 9 675 (15) 682 802 1 862 (20) 37 245 46 719 53 332 (13) 95 855 110 778 109 688 22 12 649 10 380 11 519 10,9 15,5 16,2 13 11 150 9 874 10 415 Total Outside Africa Central funding and eliminations Standard Bank Group Change June June December June June December Change June June December % 2009 2008 2008 2009 2008 2008 % 2009 2008 2008 29 6 902 5 361 11 513 156 787 1 269 (1) 41 576 41 792 84 701 (17) 640 775 1 378 327 366 (6) (24) 5 407 7 104 14 150 (7) 145 814 157 315 189 450 (2) 709 793 724 367 790 087 (10) 287 818 321 370 390 884 (103 889) (94 552) (121 039) (2) 1 332 867 1 361 288 1 509 459 41 20 540 14 531 16 429 4 548 6 555 6 405 20 86 438 72 173 77 602 6,3 10,7 8,4 14,5 11,2 (0,1) 12,6 19,8 18,2 4 5 111 4 904 4 953 2 50 912 49 855 50 321 Standard Bank Group analysis of financial results 30 June 2009 Page 97

Changes in accounting policies and reclassifications Changes in accounting policies The accounting policies are consistent with those adopted in the previous year except for the standards and interpretations noted below. The following standards became effective on 1 January 2009: IFRS 2 Share-based Payment Vesting Conditions and Cancellations; IFRS 7 Financial Instruments: Disclosures Improving Disclosures about Financial Instruments; IAS 1 Presentation of Financial Statements (revised); IAS 28 Investments in Associates (2008 Improvements to IFRS); and IAS 40 Investment Property (2008 Improvements to IFRS). The following new interpretations became effective on 1 January 2009: IFRIC 13 Customer Loyalty Programmes; IFRIC 15 Agreements for the Construction of Real Estate; IFRIC 16 Hedges of a Net Investment in a Foreign Operation; and AC 503 Accounting for Black Economic Empowerment (BEE) Transactions. financial instruments previously classified as other assets were moved to appropriate financial instrument classifications; and the analysis of balances between banks and non-banks was reviewed and refined. The allocation of goodwill and intangible assets on the acquisition of IBTC Chartered Bank Plc, previously determined provisionally, was finalised in the second half of 2008. The June 2008 comparatives have been restated as if the initial accounting had been completed at the acquisition date as required by IFRS 3 Business Combinations. The finalisation of the purchase price allocation resulted in a decrease in intangible assets for the 2008 interim results, of R185 million and a resulting increase in goodwill of R65 million, after accounting for minority interest and taxation. Comparative numbers relating to segmental results have been reclassified for restructuring of divisional responsibilities between business units. The reclassifications and restatements did not impact equity attributable to ordinary shareholders or profit for the period attributable to ordinary shareholders. The adoption of these standards and interpretations has had no material effect on the results, nor has it required any restatements of the results. Reclassifications and restatements No reclassifications or restatements were made to results disclosed in respect of December 2008. The June 2008 balance sheet has been restated for reclassifications and restatements made in the second half of 2008. These reclassifications include: all items which are of a trading nature were moved into the trading assets or liabilities classification. These included collateral and repurchase agreements held for trading purposes; Page 98 Standard Bank Group analysis of financial results 30 June 2009

Group balance sheet reclassifications Other information and reclassifications June 2008 Normalised IFRS 3 as previously Alignment restate- Normalised reported project ment restated Rm Rm Rm Rm Assets Cash and balances with central banks 23 296 23 296 Derivative assets 160 709 160 709 Trading assets 101 081 29 846 130 927 Pledged assets 9 090 9 090 Financial investments 256 120 (9 876) 246 244 Loans and advances 737 760 (13 393) 724 367 Loans and advances to banks 107 203 (7 121) 100 082 Loans and advances to customers 630 557 (6 272) 624 285 Investment property 15 405 15 405 Other assets 28 614 (6 517) 22 097 Interest in associates and joint ventures 12 435 12 435 Goodwill and other intangible assets 9 220 (120) 9 100 Property and equipment 7 618 7 618 Total assets 1 361 348 60 (120) 1 361 288 Equity and liabilities Equity 103 807 (64) 103 743 Equity attributable to ordinary shareholders 83 276 83 276 Preference share capital and premium 5 503 5 503 Minority interest 15 028 (64) 14 964 Liabilities 1 257 541 60 (56) 1 257 545 Derivative liabilities 171 561 171 561 Trading liabilities 45 193 30 332 75 525 Deposit and current accounts 779 740 (29 097) 750 643 Deposits from banks 87 231 20 559 107 790 Deposits from customers 692 509 (49 656) 642 853 Other liabilities 58 068 (1 175) (56) 56 837 Policyholders liabilities 180 493 180 493 Subordinated debt 22 486 22 486 Total equity and liabilities 1 361 348 60 (120) 1 361 288 Refer to page 98 for explanations of reclassifications. Standard Bank Group analysis of financial results 30 June 2009 Page 99

Business unit reclassifications December 2008 Personal & Corporate & Standard Business Investment Central Bank Banking Banking and other Liberty Group Rm Rm Rm Rm Rm Income statement reclassifications Normalised headline earnings as reported 4 784 7 967 758 641 14 150 Net interest income 8 7 (15) Operating expenses in banking activities 2 121 (123) Staff costs (7) (16) 23 Other operating expenses 9 137 (146) Indirect taxation (13) (1) 14 Direct taxation 6 (35) 29 Normalised headline earnings restated 4 797 7 889 823 641 14 150 Where reporting responsibility for individual cost centres and divisions within business units changes, the segmental comparatives are reclassified accordingly. Costs relating to marketing and leadership development have been allocated to the respective business units and premises costs relating to support functions have been allocated to the central and other unit. The individual segmental income statement line items have increased or (reduced) as stated in the table above. Page 100 Standard Bank Group analysis of financial results 30 June 2009

Financial and other definitions Other information and reclassifications Standard Bank Group Basic earnings per share (EPS) (cents) CAGR (%) Capital adequacy ratio (%) Diluted headline earnings per share (cents) Dividend cover (times) Dividends per share (cents) Headline earnings (Rm) Headline earnings per share (HEPS) (cents) Net asset value (Rm) Net asset value per share (cents) Price-to-book (times) Profit attributable to ordinary shareholders (Rm) Profit for the period (Rm) Return on equity (ROE) (%) Shares in issue (number) Tangible net asset value (Rm) Tangible net asset value per share (cents) Turnover in shares traded (%) Weighted average number of shares (number) Banking activities Available financial resources (AFR) (Rm) Capital cover ratio (times) Cost-to-income ratio (%) Credit loss ratio (%) Effective taxation rate (%) Gearing ratio (times) Gross impairment coverage (%) Earnings attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue. Compound annual growth rate. Regulatory capital divided by risk-weighted assets. Diluted headline earnings divided by the weighted average number of shares, adjusted for potential dilutive ordinary shares resulting from share-based payments. Headline earnings per share divided by dividends per share. Total dividends to ordinary shareholders including dividends and scrip distributions declared per share in respect of the period. Earnings attributable to ordinary shareholders excluding goodwill gain or impairment, capital profits and losses, and realised profits or losses on available-for-sale financial instruments. Headline earnings divided by the weighted average number of ordinary shares in issue. Equity attributable to ordinary shareholders. Net asset value divided by the number of ordinary shares in issue at the end of the period. Market capitalisation divided by net asset value. Profit for the period attributable to ordinary shareholders, calculated as profit for the period less dividends on non-redeemable, non-cumulative, non-participating preference shares declared before period end, less minority interests. Income statement profit attributable to ordinary shareholders, minorities and preference shareholders for the period. Headline earnings as a percentage of monthly average ordinary shareholders funds. Number of ordinary shares in issue as listed on the JSE Limited (JSE). Equity attributable to ordinary shareholders excluding goodwill and other intangible assets. Tangible net asset value divided by the number of ordinary shares in issue at period end. Number of shares traded during the period as a percentage of the weighted average number of shares. The weighted average number of ordinary shares in issue during the period as recorded on the JSE. The amount of permanent capital that is available to the group to absorb potential losses. Available financial resources divided by minimum economic capital requirements. Operating expenses as a percentage of total income including share of profit from associates and joint ventures. Total impairment charges on loans and advances per the income statement as a percentage of average daily and monthly gross loans and advances. Direct and indirect taxation as a percentage of income before taxation. Total assets divided by tangible net asset value. Non-performing loan impairments as a percentage of gross non-performing loans. Standard Bank Group analysis of financial results 30 June 2009 Page 101

Financial and other definitions continued Impairment of non-performing loans (Rm) Impairment of performing loans (Rm) Net interest margin (%) Non-interest earning assets (Rm) Non-interest revenue to total income (%) Return on equity (ROE) (%) Impairment for specific identified credit losses, net of the present value of estimated recoveries. Impairment for incurred credit losses inherent in the performing loan book. Net interest income as a percentage of daily and monthly average total assets, excluding trading derivative assets. Includes total trading book assets and rate insensitive banking book assets, such as cash and cash equivalents, fixed assets, goodwill and other intangible assets, investment property, other assets, and current and deferred taxes. Cash balances with central banks is specifically excluded as it is utilised to meet liquidity requirements and is reflected as part of the interest earning assets to reflect the cost of liquidity. Derivative assets are also excluded. Non-interest revenue as a percentage of total income. Headline earnings, excluding Liberty, as a percentage of monthly average ordinary shareholders funds, after deducting capital relating to Liberty. Other definitions Black Black small and medium enterprise (BSME) African, Coloured and Indian South African citizens. These are enterprises that are classified as either black empowered or black owned enterprises whose annual revenue is between R500 000 and R20 million. Broad-based Black Economic Empowerment Socio-economic term concerning formalised initiatives and programmes to enable historically disadvantaged black individuals and groups to participate gainfully and equitably in the mainstream economy. CPI A South African index of prices used to measure the change in the cost of basic goods and services. DTI Department: Trade and Industry. International Financial Reporting Standards International Financial Reporting Standards issued by the International Accounting (IFRS) Standards Board (IASB). Junior management Employees whose salaries are in excess of R215 248 but less than or equal to R358 745 per annum (increasing each year by CPI). Liberty Investment management and life insurance activities of companies in the Liberty Holdings group. Middle management Employees whose salaries are in excess of R358 746 but less than or equal to R645 743 per annum (increasing each year by CPI). Normalised results The financial results and ratios restated on an economic substance basis as explained on page 18. SBSA The Standard Bank of South Africa Limited. Senior management Employees whose salaries are in excess of R645 744 per annum (increasing each year by CPI). Special Purpose Vehicle (SPV) An entity created to accomplish a narrow and well-defined objective. Tutuwa Tutuwa is the group s Black Economic Empowerment Ownership initiative entered into in terms of the Financial Sector Charter. Page 102 Standard Bank Group analysis of financial results 30 June 2009

Shareholder information 104 Analysis of shareholders 105 Credit ratings 106 Dividend payment dates and instrument codes ibc Contact details

Ten major shareholders 1 June 2009 June 2008 December 2008 Analysis of shareholders Number of Number of Number of shares % shares % shares % (million) holding (million) holding (million) holding Industrial and Commercial Bank of China 313,0 20,1 305,0 20,0 305,0 20,0 Public Investment Corporation 188,3 12,1 184,8 12,1 190,4 12,5 Tutuwa participants 91,0 5,9 91,0 5,9 91,0 6,0 Staff 37,3 2,4 37,3 2,4 37,3 2,4 Strategic partners 35,8 2,3 35,8 2,3 35,8 2,4 Communities and regional businesses 17,9 1,2 17,9 1,2 17,9 1,2 Liberty Group 2 34,3 2,2 38,9 2,5 30,9 2,0 Dodge & Cox 67,8 4,4 59,2 3,9 69,7 4,6 Old Mutual Group 56,5 3,6 61,9 4,0 57,8 3,8 Investment Solutions 35,2 2,3 37,7 2,5 29,8 1,9 Sanlam Group 30,2 1,9 31,5 2,1 31,5 2,1 Ishares MSCI Emerging Markets Index Fund 14,2 0,9 10,9 0,7 13,6 0,9 Government Singapore Investment Corporation 11,3 0,7 7,5 0,5 11,4 0,7 841,8 54,1 828,4 54,2 831,1 54,5 1 Beneficial holdings determined from the share register and investigations conducted on our behalf in terms of S140A of the Companies Act. 2 Policyholders funds. Geographic spread of shareholders June 2009 June 2008 December 2008 Number of Number of Number of shares % shares % shares % (million) holding (million) holding (million) holding South Africa 880,5 56,6 914,7 59,9 875,7 57,4 Foreign shareholders 675,1 43,4 613,1 40,1 649,3 42,6 China 313,0 20,1 305,0 20,0 305,0 20,0 United States of America 202,7 13,0 187,6 12,3 197,0 12,9 United Kingdom 39,1 2,5 31,8 2,1 35,1 2,3 Netherlands 16,9 1,1 13,5 0,9 16,4 1,1 Singapore 16,9 1,1 8,1 0,5 17,0 1,1 Luxembourg 15,7 1,0 11,5 0,7 15,0 1,0 Namibia 13,7 0,9 13,7 0,9 14,2 0,9 United Arab Emirates 10,3 0,7 10,6 0,7 9,3 0,6 Norway 9,4 0,6 3,7 0,2 7,2 0,5 Other 37,4 2,4 27,6 1,8 33,1 2,2 1 555,6 100,0 1 527,8 100,0 1 525,0 100,0 Page 104 Standard Bank Group analysis of financial results 30 June 2009

Credit ratings Shareholder information Ratings as at 12 August 2009 for entities within Standard Bank Group are detailed below: Short-term Long-term Outlook Fitch Ratings The Standard Bank of South Africa Issuer default rating F2 BBB+ Stable Local currency issuer default rating BBB+ Stable National rating F1+ (ZAF) AA (ZAF) Stable RSA Sovereign ratings: Foreign currency BBB+ Negative RSA Sovereign ratings: Local currency A Standard International Holdings Issuer default rating F2 BBB+ Stable Standard Bank Plc Issuer default rating F2 BBB+ Stable Banco Standard de Investimentos SA (Brazil) National rating F1+ (BRA) AA+ (BRA) Stable ZAO Standard Bank (Russia) Issuer default rating F3 BBB Negative watch National rating AA+ (RUS) Negative watch Standard Bank Argentina SA National rating AA (ARG) Stanbic IBTC Bank Plc (Nigeria) National rating F1+ (NGA) AAA (NGA) CfC Stanbic Bank (Kenya) Issuer default rating B BB- Stable Liberty Group National rating AA (ZAF) Negative National insurer financial strength AA+ (ZAF) Negative Short-term Long-term Outlook Moody s Investor Services The Standard Bank of South Africa Foreign currency deposit rating P-2 A3 Stable Local currency deposit rating P-1 AA3 RUR 1 RSA Sovereign ratings: Foreign currency A3 Stable RSA Sovereign ratings: Local currency A3 Stable Standard International Holdings Issuer rating Baa1 RUR 1 Standard Bank Plc Foreign and local currency deposit rating P-2 A3 RUR 1 Standard Bank Argentina SA Foreign currency deposit rating NP Caa1 Stable Local currency deposit rating NP Ba1 Stable 1 Rating under review for potential downgrade. Long-term Outlook Standard & Poor s The Standard Bank of South Africa Local currency BBBpi RSA Sovereign ratings: Foreign currency BBB+ Negative RSA Sovereign ratings: Local currency A+ Negative Standard Bank Group analysis of financial results 30 June 2009 Page 105

Dividend payment dates and instrument codes The relevant dates for the payment of dividends are as follows: Non-redeemable, non- 6,5% cumulative, noncumulative preference participating preference Ordinary shares (First shares (Second shares preference shares) preference shares) JSE Limited (JSE) Share code SBK SBKP SBPP ISIN ZAE000109815 ZAE000038881 ZAE000056339 Namibian Stock Exchange (NSX) Share code SNB ISIN ZAE000109815 Dividend number 80 80 10 Dividend per share (cents) 141,0 3,25 456,62 Dividend payment dates Last day to trade CUM dividend Friday Friday Friday 11 September 2009 4 September 2009 4 September 2009 Shares trade EX dividend Monday Monday Monday 14 September 2009 7 September 2009 7 September 2009 Record date Friday Friday Friday 18 September 2009 11 September 2009 11 September 2009 Payment date Monday Monday Monday 21 September 2009 14 September 2009 14 September 2009 Ordinary share certificates may not be dematerialised or rematerialised between Monday, 14 September 2009, and Friday, 18 September 2009, both days inclusive. Preference share certificates (first and second) may not be dematerialised or rematerialised between Monday, 7 September 2009, and Friday, 11 September 2009, both days inclusive. Instrument codes JSE Limited Deposit notes SBR002: ZAE000083853 SBR003: ZAE000128195 Bond Exchange of South Africa Subordinated debt SBK 5: ZAG000023078 SBK 7: ZAG000024894 SBK 8: ZAG000029679 SBK 9: ZAG000029687 SBK 10: ZAG000046640 SBK 11: ZAG000066382 SBS 1: ZAG000023235 SBS 2: ZAG000024522 SBS 3: ZAG000030586 SBS 4: ZAG000035049 SBS 5: ZAG000035650 SBS 9: ZAG000069329 SBSI 10: ZAG000069063 Page 106 Standard Bank Group analysis of financial results 30 June 2009

Contact details Chief financial officer Casper Troskie Tel: +27 11 636 3790 e-mail: Casper.Troskie@standardbank.co.za Director, investor relations Linda Dodgen Tel: +27 11 636 5039 e-mail: Linda.Dodgen@standardbank.co.za Group secretary Loren Wulfsohn Tel: +27 11 636 5119 e-mail: Loren.Wulfsohn@standardbank.co.za Group financial director Simon Ridley Tel: +27 11 636 3756 e-mail: Simon.Ridley@standardbank.co.za Registered address 9th Floor Standard Bank Centre 5 Simmonds Street Johannesburg 2001 PO Box 7725 Johannesburg 2000 Contact details Tel: +27 11 636 9111 Fax: +27 11 636 4207 e-mail: shareholder queries: InvestorRelations@standardbank.co.za e-mail: customer queries: information@standardbank.co.za