FRN Variable Rate Fix

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FRN Variable Rate Fix

        
 As Agent Bank, please be advised of the following rate determined            on: 28-Oct-2008
 Issue                                � The Standard Bank of South Africa Limited - Series 1
                                      USD 500,000,000.00 FRN Due 30-Jul-2012
 ISIN Number                          � XS0313461690
 Common Code / 144A ISIN              � 31346169
 Issue Nomin USD                      � 500,000,000.00
 Period                               � 30-Oct-2008 to 30-Jan-2009              Payment Date 30-Jan-2009
 Number of Days                       � 92
 Rate                                 � 3.915
 Denomination USD                     � 100,000.00            � 500,000,000.00                     �
                                                                                                        
 Amount Payable per Denomination      � 1,000.50              � 5,002,500.00                       �
                                                                                                        
 Bank of New York
 Rate Fix Desk                                                Telephone         � 44 1202 689580
 Corporate Trust Services                                     Facsimile         � 44 1202 689601

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