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Trading Statement

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.

Accordingly, shareholders are advised that Headline Earnings per Share ("HEPS") and Basic Earnings per Share ("BEPS") for the six months ended 30 September 2013 are expected to be at least 20% higher than those of the prior comparable period.

The results for the prior comparable period were negatively affected by the provision for the Competition Commission fine of R 389m.

The results for the period to be reported on will be positively impacted by lower finance charges and a review of the underlying assumptions for the determination of post-retirement benefits. The lower finance charges relate to foreign exchange and fair value gains following the weakening of the rand against major currencies.

An updated detailed trading statement confirming a more specific range for HEPS and BEPS will be released once the Group has reasonable certainty.

The Group's interim results will be published on or about 18 November 2013.

This trading statement has not been reviewed or reported on by the external auditors of the company.

Pretoria

08 October 2013

Sponsor
The Standard Bank of South Africa Limited