Standard Chartered PLC — M&A Activity 2004

Oct 27, 2004

Standard Chartered PLC

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..

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STANDARD CHARTERED AGREES TRANSFER OF PROJECT FINANCE BUSINESS FROM ANZ

The Company announces that Standard Chartered Bank and Australia and New Zealand Banking Group Limited have signed a Memorandum of Understanding today for the transfer of the majority of ANZ's London-headquartered Project Finance business to Standard Chartered.

This announcement is made pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Company announces that Standard Chartered Bank and Australia and New Zealand Banking Group Limited ("ANZ") have signed a Memorandum of Understanding today for the transfer of the majority of ANZ's London-headquartered Project Finance business to Standard Chartered.

The business operates in the Middle East, South Asia, Africa, Europe and the Americas, and will see loans and commitments of approximately US$1.5 billion transferred to Standard Chartered.

The move will accelerate the growth of Standard Chartered's own project finance business, strengthening its capability to serve its wholesale banking customers in Asia, Africa and the Middle East.

The sale remains subject to due diligence and other standard conditions and is expected to be completed by December 2004.

By Order of the Board

David J. Brimacombe

Company Secretary

Hong Kong, 26 October, 2004

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, 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 dated 27 October 2004.

Standard Chartered PLC

27-10-2004