Standard Chartered PLC — Earnings Release 2004

Mar 14, 2005

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Standard Chartered PLC

（渣打集團有限公司）

(Registered in England and Wales number 966425)

(Stock Code: 2888)

ANNOUNCEMENT BY KOREA FIRST BANK OF ITS UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

On 10 January 2005, Standard Chartered PLC (the "Company") announced that Standard Chartered Bank had entered into an agreement to acquire the entire share capital of Korea First Bank. The acquisition, which is subject to certain conditions including regulatory consents, is expected to be completed by the end of April 2005.

The following is a copy of an announcement released today by Korea First Bank, reporting their results for the twelve months ended 31 December 2004.

The Company is issuing this announcement for information purposes only.

"Public Disclosure on 15% or More Changes in Sales or Profits/Losses

1. Rationale: Article 69 of 'Regulation on Securities Issuance and Disclosure' (FSC) and Article 4 of 'Disclosure Regulation' (KRX)
2. Date of Disclosure: March 11, 2005 (Korea Time)
3. Method of Disclosure: To Financial Supervisory Commission and Korea Exchange by Electronic Disclosure System

4. Contents of Disclosure

(Unit: Million KRW)

1.	Details of Changes in Sales or Profits/Losses	Current Fiscal Year	Previous Fiscal Year	Increase or Decrease	Amount	Rate
	- Sales	2,685,841	2,417,993	Increase	267,848	11.1
	- Operating Income	239,256	250,303	Decrease	(11,047)	(4.4)
	- Ordinary Income	166,456	93,133	Increase	73,323	78.7
	- Net Income	119,979	(13,470)	Increase	133,449	990.7
2.	Financial Status		Current Fiscal Year		Previous Fiscal Year
	- Total assets		41,712,661		39,480,658
	- Total liabilities		39,872,911		37,832,548
	- Common stock		1,029,613		1,029,613
	- Total shareholders' equity		1,839,750		1,648,110
	- Total shareholders' equity/Ratio to Capital stock		178.7%		160.1%
3.	Main Reasons for Changes in Sales or P&L		- Decrease of Bad debts expenses
4.	Date of Board Resolution (Decision Date)		March 9, 2005 (USA Time)
	- Attendance of Outside Directors	Present (No.)	14
		Absent (No.)	1
	- Attendance of Auditors (Members of audit committee who are outside directors)		-
5.	Shareholders meeting of date		March 28, 2005

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Hong Kong, 11 March 2005

6. Others

– The above may be subject to change in external audit result.

1. Balance Sheets

As at 31 December 2004

As at 31 December 2003

Banking A/C Description	Current Fiscal Year Amount	(Unit: Million Won) Previous Fiscal Year Amount
Assets
1. Cash & Due from Banks	1,714,597	3,061,229
2. Trading Securities	112,593	–
3. Available-for-Sale Securities	6,634,310	6,812,155
4. Held-to-Maturity Securities	252,009	193,047
5. Equity Securities	51,740	66,774
6. Loans	30,438,131	26,801,405
7. Fixed Assets	1,206,468	1,228,179
8. Other Assets	1,302,813	1,317,869
Total Assets	41,712,661	39,480,658
Liabilities
1. Deposits	27,488,106	27,196,857
2. Borrowings	1,554,554	1,892,320
3. Financial Debentures	8,824,561	5,695,014
4. Other Liabilities	2,005,690	3,048,357
Total Liabilities	39,872,911	37,832,548
Stockholder’s Equity
1. Capital Stock	1,029,613	1,029,613
2. Capital Surplus	17,111	17,111
3. Retained Earnings	723,980	605,637
Net Income(Loss):
Current Fiscal Year: 119,979
Previous Fiscal Year: (-)13,470
4. Capital Adjustment	69,046	(-) 4,251
Total Stockholder’s Equity	1,839,750	1,648,110
Total Liabilities and Stockholder’s Equity	41,712,661	39,480,658

2. Income Statements

For the year ended 31 December 2004

For the year ended 31 December 2003

Banking A/C Description	Current Fiscal Year Amount	(Unit: Million Won) Previous Fiscal Year Amount
1. Operating Revenues	2,685,841	2,417,993
2. Operating Expenses	2,446,585	2,167,690
3. Operating Income	239,256	250,303
4. Non-Operating Revenues	50,415	130,057
5. Non-Operating Expenses	123,215	287,227
6. Ordinary Income	166,456	93,133
7. Extraordinary Gain(Loss)	–	–
8. Income before Income Taxes	166,456	93,133
9. Income Tax Expenses	46,477	106,603
10. Net Income(Loss)	119,979	(-) 13,470
Ordinary Income(Loss) Per Share
Current Fiscal Year: 583
Previous Fiscal Year: (-)67
Earning(Loss) Per Share
Current Fiscal Year: 583
Previous Fiscal Year: (-)67

By order of the Board

David J. Brimacombe

Company Secretary

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As at the date of this announcement, the Board of the Company comprises:

Executive Directors – Mr. Bryan Kaye Sanderson, CBE; Mr. Evan Mervyn Davies, CBE;
Mr. Michael Bernard DeNoma; Mr. Christopher Avedis Keljik; Mr. Richard Henry Meddings;
Mr. Kaikhushru Shiavax Nargolwala; Mr. Peter Alexander Sands; and

Independent Non-Executive Directors – Sir CK Chow; Mr. James Frederick Trevor Dundas; Miss Valerie Frances Gooding;
Mr. Ho KwonPing; Mr. Rudolph Harold Peter Markham; Ms. Ruth Markland; Mr. Hugh Edward Norton;
Mr. Paul David Skinner; and Mr. Oliver Henry James Stocken.

Please also refer to the published version of this announcement in South China Morning Post.

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