Standard Chartered PLC — Earnings Release 2002

Feb 19, 2003

Listed Company Information

STANCHART<02888> - Results Announcement (Summary) Standard Chartered PLC announced on 19/2/2003: (stock code: 2888) Year end date: 31/12/2002 Currency: US$ Auditors' Report: Unqualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2002 from 1/1/2001 to 31/12/2002 to 31/12/2001 ('Million) ('Million) Turnover : 3,063 2,900 Profit/(Loss) from Operations : 1,262 1,089 Finance cost : N/A N/A Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 844 699 % Change over Last Period : +21% EPS/(LPS)-Basic : US 57.6 cents US 55.9 cents -Diluted : US 57.2 cents US 55.4 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 844 699 Final Dividend per Share : 32.9 cents 29.1 cents (Specify if with other options) : (in USD, HKD, (in USD, GBP GBP or share or share dividend) dividend) Record Date for Final Dividend : 28/2/2003 close of business (UK Time) Payable Date : 13/5/2003 (UK Time) Record Date for Annual General Meeting : 6/5/2003 10 p.m. (UK Time) Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Standard Chartered PLC was listed in Hong Kong on 31 October 2002. The consolidated accounts of the Group are drawn up in accordance with Part VII Chapter II of the Companies Act 1985 (the Act), applicable Accounting Standards and the British Bankers' Association Statements of Recommended Accounting Practice. (2) The calculation of basic earnings per share is based on earnings (after minority interests and preference share dividends) of US$654 million (2001 : US$631 million) and on the average of 1,135,664,000 shares (2001 : 1,128,407,000 shares) outstanding during the year. (3) The calculation of diluted earnings per share is based on earnings of US$671 million (2001 : US$647 million) and on the average of 1,172,320,000 shares (2001 : 1,167,373,000 shares) outstanding during the year, adjusted for the effects of all dilutive potential shares. (4) Comparative figures for the year ended 31 December 2001 are restated to reflect the following changes to accounting policy. Financial Reporting Standard 19 - Deferred Tax ("FRS 19") is effective for accounting periods ending on or after 23 January 2002, and the Group adopted FRS19 in the current period. It specifies the provisions that are required for deferred tax, which are on a different basis to its predecessor, Statement of Standard Accounting Practice 15. The adjustments have no effect on current or prior periods tax charge but affect the Deferred Tax balances and Reserves. The brought forward balances at 1 January 2001 have been restated as follows: the Deferred Tax Asset balance is increased by $156 million, the Profit and Loss Reserves balance is increased by $140 million and the Premises Revaluation Reserve is increased by $16 million. In February 2002, the Urgent Issues Task Force issued Abstract 33 (UITF 33) - "Obligations in Capital Instruments". This reviewed the classification of instruments that have the characteristics of both liabilities and shareholders' funds and provided further guidance on the accounting treatment of these issues. In 2001, the 300 million pound 8.103 per cent Step-up Callable Perpetual Trust Preferred Securities and the Eur500 million 8.16 per cent non-cumulative Trust Preferred Securities were treated as minority interests (non-equity) in the consolidated accounts of Standard Chartered PLC, in accordance with Financial Reporting Standard 4 - Capital Instruments. As a result of complying with UITF 33 the instruments have been reclassified from minority interests (non- equity) to liabilities. The restatement of principal balances at 31 December 2001 is $878 million together with accrued interest is $51 million and fee accruals of $11 million. The associated minority interest payable reclassified to interest payable is $59 million for the year ended 31 December 2001.