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Thu 15 Jul 2004, 9:56 Standard Bank Group Limited - Cautionary Announce
Standard Bank Group Limited - Cautionary Announcement                           
  Standard Bank Group Limited                                                     
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1969/017128/06)                                            
  Share code: SBK        Namibian share code: SNB                                 
  ISIN: ZAE000038873                                                              
  (`Standard Bank` or `the Company`)                                              
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that Standard Bank is in the process of concluding a   
  black economic empowerment transaction that, if successfully concluded, may have
  a material effect on the price of the Company`s shares.  Accordingly,           
  shareholders are advised to exercise caution when dealing in the Company`s      
  shares until a full announcement is made.                                       
  Johannesburg                                                                    
  15 July 2004                                                                    
  Investment bank and joint sponsor                                               
  Standard Bank                                                                   
  Independent lead sponsor                                                        
  Deutsche Securities                                                             
  Date: 15/07/2004 08:51:10 AM Produced by the JSE SENS Department                
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