Final Results 2 of 2

Standard Chartered PLC 27 February 2007 STANDARD CHARTERED PLC - NOTES 1. Basis of preparation The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the 'Group'), equity account the Group's interest in associates and proportionately consolidate interests in jointly controlled entities. The Group financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretation Committee ('IFRIC') Interpretations as adopted by the EU (together 'adopted IFRS'). The Group retrospectively adopted Amendment to IAS 21 - Net Investment in a Foreign Operation, Amendment to IAS 39 and IFRS 4 - Financial Guarantee Contracts, Amendment to IAS 39 - Cash Flow Hedge Accounting of Forecast Intragroup Transactions and IFRIC Interpretation 4, 'Determining whether an arrangement contains a lease'. None of these had an impact on the Group's consolidated financial statements. A summary of the Group's significant accounting policies will be included in the 2006 Annual Report. 2. Segmental Information The Group is organised on a worldwide basis into two main business segments: Wholesale Banking and Consumer Banking. The types of products and services within these segments are set out in the Financial Review. The Group's secondary reporting format comprises geographical segments. By Class of Business 2006 2005 ------------------ -------------------------------------- ------------------------------------- Consumer Wholesale Corporate Total Consumer Wholesale Corporate Total Banking Banking items not $million Banking Banking items not $million $million $million allocated $million $million allocated $million $million ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Internal income** (75) 75 - - (34) 34 - - Net interest income 3,545 1,783 - 5,328 2,916 1,419 - 4,335 Other income 1,214 2,065 13 3,292 920 1,606 - 2,526 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Operating income 4,684 3,923 13 8,620 3,802 3,059 - 6,861 Operating expenses (2,641) (2,151) (4) (4,796) (2,101) (1,710) - (3,811) ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Operating profit before impairment losses 2,043 1,772 9 3,824 1,701 1,349 - 3,050 and taxation Impairment (losses)/relea ses on loans (721) 92 - (629) (425) 106 - (319) and advance and other credit risk provisions Other impairment - (15) - (15) (3) (11) (36) (50) Loss from associates - - (2) (2) - - - - ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Profit before taxation 1,322 1,849 7 3,178 1,273 1,444 (36) 2,681 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Total assets employed 88,538 176,971 *538 266,047 74,134 140,464 *498 215,096 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Total liabilities employed 107,141 141,441 *68 248,650 79,008 123,472 *283 202,763 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Total risk weighted assets and contingents 60,380 93,063 - 153,443 52,054 73,870 - 125,924 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ Other segment items: Capital expenditure 209 150 - 359 114 109 - 223 Depreciation 100 35 - 135 87 39 - 126 Amortisation of intangible assets 52 81 - 133 74 83 - 157 ------------------ ------ ------ ------ ------ ------ ------ ------ ------ * As required by IAS 14, tax balances are not allocated. ** Internal income was restated in 2005 as the Group refined its method for charging and allocating expense for capital in 2006. The restatement had no effect on total income. Consumer Banking income decreased by $5 million and Wholesale Banking increased by $5 million. By geographic segment The Group manages its business segments on a global basis. The operations are based in nine main geographical areas. The UK is the home country of the parent. 2006 --------------------------------------------------- Asia Pacific --------------------------------------------------- Hong Singapore Malaysia Korea Other Kong $million $million $million Asia $million Pacific $million ---------------------- -------- -------- -------- -------- -------- Internal income (14) 3 (2) 50 17 Net interest income 1,115 345 242 1,097 788 Fees and commissions income, net 406 159 50 152 302 Net trading income 74 56 60 64 166 Other operating income 34 59 21 159 111 ---------------------- -------- -------- -------- -------- -------- Operating income 1,615 622 371 1,522 1,384 Operating expenses (720) (294) (164) (972) (785) ---------------------- -------- -------- -------- -------- -------- Operating profit before impairment 895 328 207 550 599 losses and taxation Impairment (losses)/releases on loans and advances and other credit risk provisions (7) (39) (29) (96) (384) Other impairment - - - - (3) Loss from associates - - - - (4) ---------------------- -------- -------- -------- -------- -------- Profit before taxation 888 289 178 454 208 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers 22,859 12,976 8,671 38,986 12,261 - average ---------------------- -------- -------- -------- -------- -------- Net interest margins (%) 2.3 1.3 2.1 1.9 3.0 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers - period end 22,037 14,626 9,199 40,029 22,872 ---------------------- -------- -------- -------- -------- -------- Loans and advances to banks - period end 6,474 939 161 1,753 4,462 ---------------------- -------- -------- -------- -------- -------- Total assets employed* 49,831 25,393 11,846 64,159 46,874 ---------------------- -------- -------- -------- -------- -------- Total risk weighted assets and contingents 23,784 13,681 5,315 35,330 24,876 ---------------------- -------- -------- -------- -------- -------- Capital expenditure 78 65 3 35 49 ---------------------- -------- -------- -------- -------- -------- 2006 -------------------------------------------------- India Middle Africa Americas Total $million East & $million UK & $million Other Group S Asia Head $million Office $million ---------------------- -------- -------- -------- -------- -------- Internal income (17) (7) (10) (20) - Net interest income 445 660 396 240 5,328 Fees and commissions income, net 204 296 160 152 1,881 Net trading income 101 115 91 193 920 Other operating income 84 6 3 14 491 ---------------------- -------- -------- -------- -------- -------- Operating income 817 1,070 640 579 8,620 Operating expenses (375) (514) (413) (559) (4,796) ---------------------- -------- -------- -------- -------- -------- Operating profit before impairment losses and taxation 442 556 227 20 3,824 Impairment (losses)/releases on loans (39) (53) (26) 44 (629) and advances and other credit risk provisions Other impairment - - (9) (3) (15) Loss from associates - - - 2 (2) ---------------------- -------- -------- -------- -------- -------- Profit before taxation 403 503 192 63 3,178 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers - average 5,876 9,531 2,397 10,415 123,972 ---------------------- -------- -------- -------- -------- -------- Net interest margins (%) 3.4 3.8 5.7 0.3 2.5 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers - period end 6,242 10,525 2,536 12,458 140,524 ---------------------- -------- -------- -------- -------- -------- Loans and advances to banks - period end 477 1,058 387 5,353 21,064 ---------------------- -------- -------- -------- -------- -------- Total assets employed* 14,382 18,112 7,792 65,904 304,293 ---------------------- -------- -------- -------- -------- -------- Total risk weighted assets and contingents 8,450 13,572 3,287 28,282 156,577 ---------------------- -------- -------- -------- -------- -------- Capital expenditure 22 37 13 57 359 ---------------------- -------- -------- -------- -------- -------- * Total assets employed includes intra-group items of $38,784 million and excludes deferred tax assets of $538 million. 2005 -------------------------------------------------- Asia Pacific -------------------------------------------------- Hong Singapore Malaysia Korea Other Kong $million $million $million Asia $million Pacific $million ---------------------- -------- -------- -------- -------- -------- Internal income* 21 7 6 (1) 13 Net interest income 935 270 214 826 626 Fees and commissions 352 139 60 45 225 Income, net Net trading income 101 84 44 63 165 Other operating income 75 14 11 24 28 ---------------------- -------- -------- -------- -------- -------- Operating income 1,484 514 335 957 1,057 Operating expenses (649) (246) (150) (632) (610) ---------------------- -------- -------- -------- -------- -------- Operating profit before 835 268 185 325 447 impairment losses and taxation Impairment (losses)/releases on loans and advances and other credit risk provisions (117) (43) (30) (61) (49) Other impairment (1) - - - - ---------------------- -------- -------- -------- -------- -------- Profit before taxation 717 225 155 264 398 ---------------------- -------- -------- -------- -------- -------- Loans and advances to 22,148 11,966 6,521 23,315 9,971 customers - average ---------------------- -------- -------- -------- -------- -------- Net interest margin (%) 2.2 1.1 2.2 2.0 3.0 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers 21,584 12,541 7,613 36,037 11,210 - period end ---------------------- -------- -------- -------- -------- -------- Loans and advances to banks 5,688 2,431 173 3,222 2,213 - period end ---------------------- -------- -------- -------- -------- -------- Total assets employed** 49,943 23,602 10,409 59,929 24,141 ---------------------- -------- -------- -------- -------- -------- Total risk weighted assets 21,281 11,770 5,224 31,850 15,140 and contingents ---------------------- -------- -------- -------- -------- -------- Capital expenditure 36 43 6 42 34 ---------------------- -------- -------- -------- -------- -------- 2005 -------------------------------------------------- India Middle Africa Americas Total $million East & $million UK & $million Other Group S Asia Head $million Office $million ---------------------- -------- -------- -------- -------- -------- Internal income* (7) 5 (14) (30) - Net interest income 337 478 380 269 4,335 Fees and commissions 151 234 151 138 1,495 Income, net Net trading income 72 89 31 120 769 Other operating income 40 6 5 59 262 ---------------------- -------- -------- -------- -------- -------- Operating income 593 812 553 556 6,861 Operating expenses (306) (339) (399) (480) (3,811) ---------------------- -------- -------- -------- -------- -------- Operating profit before 287 473 154 76 3,050 impairment losses and taxation Impairment (losses)/releases on loans (50) 9 (43) 65 (319) and advances and other credit risk provisions Other impairment 1 - (47) (3) (50) ---------------------- -------- -------- -------- -------- -------- Profit before taxation 238 482 64 138 2,681 ---------------------- -------- -------- -------- -------- -------- Loans and advances to 5,107 7,917 2,088 9,819 98,852 customers - average ---------------------- -------- -------- -------- -------- -------- Net interest margin (%) 3.3 3.2 7.3 0.5 2.5 ---------------------- -------- -------- -------- -------- -------- Loans and advances to customers 5,017 7,348 2,251 8,576 112,177 - period end ---------------------- -------- -------- -------- -------- -------- Loans and advances to banks 238 1,255 313 7,426 22,959 - period end ---------------------- -------- -------- -------- -------- -------- Total assets employed** 10,943 12,902 5,606 37,083 234,558 ---------------------- -------- -------- -------- -------- -------- Total risk weighted assets 6,369 9,304 2,732 24,256 127,926 and contingents ---------------------- -------- -------- -------- -------- -------- Capital expenditure 18 11 13 20 223 ---------------------- -------- -------- -------- -------- -------- * Internal income by geographies has been restated as the Group has refined its methodology for charging and allocating expense for capital in 2006. The restatement has no effect on total income. ** Total assets employed includes intra-group items of $19,960 million and excludes deferred tax assets of $498 million. Apart from the entities that have been acquired in the last two years, Group central expenses have been distributed between segments in proportion to their direct costs, and the benefit of the Group's capital has been distributed between segments in proportion to their risk weighted assets. In the year in which an acquisition is made the Group does not charge or allocate the benefit of the Group's capital and the distribution of central expenses is phased in over two years, based on an estimate of central management costs associated with the acquisition. In 2006, corporate items not allocated to businesses relate to costs associated with the buyback of subordinated debt in Korea, pre-incorporation costs in China and the gain realised on the effective part disposal of the Standard Chartered Bank branches in Pakistan. In 2005, other impairment included a provision made in respect of exposures in Zimbabwe. This was included in the geographic segmental information, but was not allocated to businesses in the business segmental information. Assets held at the centre have been distributed between geographic segments in proportion to their total assets employed. Total risk weighted assets and contingents include $3,134 million (31 December 2005: $2,002 million) of balances which are netted in calculating capital ratios. Capital expenditure comprises additions to property and equipment and intangibles including additions resulting from acquisitions. The following tables set out the structure of the Group's deposits by principal geographic region where it operates at 31 December 2006 and 31 December 2005. 2006 ------------------------------------------------------ Asia Pacific ------------------------------------------------------ Hong Singapore Malaysia Korea Other Kong $million $million $million Asia $million Pacific $million ------------------- --------- --------- --------- --------- --------- Non interest bearing current and demand accounts 3,320 1,722 1,435 163 2,123 Interest bearing current and demand accounts 16,894 2,964 261 15,263 5,456 Savings deposits 10 1,857 741 11 11,089 Time deposits 18,961 9,754 5,211 16,682 12,293 Other deposits 14 7 750 1,756 1,507 ------------------- --------- --------- --------- --------- --------- Total 39,199 16,304 8,398 33,875 32,468 ------------------- --------- --------- --------- --------- --------- Deposits by banks 734 1,276 597 9,297 5,869 Customer accounts 38,465 15,028 7,801 24,578 26,599 ------------------- --------- --------- --------- --------- --------- 39,199 16,304 8,398 33,875 32,468 Debt securities in issue 627 1,087 992 17,561 1,597 ------------------- --------- --------- --------- --------- --------- Total 39,826 17,391 9,390 51,436 34,065 ------------------- --------- --------- --------- --------- --------- 2006 ------------------------------------------------------ India Middle Africa Americas Total $million East & $million UK & $million Other Group S Asia Head $million Office $million ------------------- --------- --------- --------- --------- --------- Non interest bearing current and demand accounts 2,082 3,654 1,649 894 17,042 Interest bearing current and demand accounts 5 1,300 1,136 5,529 48,808 Savings deposits 1,451 1,685 449 - 17,293 Time deposits 4,073 6,901 1,575 13,574 89,024 Other deposits 241 568 140 260 5,243 ------------------- --------- --------- --------- --------- --------- Total 7,852 14,108 4,949 20,257 177,410 ------------------- --------- --------- --------- --------- --------- Deposits by banks 871 1,968 323 7,187 28,122 Customer accounts 6,981 12,140 4,626 13,070 149,288 ------------------- --------- --------- --------- --------- --------- 7,852 14,108 4,949 20,257 177,410 Debt securities in issue 932 12 171 3,820 26,799 ------------------- --------- --------- --------- --------- --------- Total 8,784 14,120 5,120 24,077 204,209 ------------------- --------- --------- --------- --------- --------- 2005 ------------------------------------------------------ Asia Pacific ------------------------------------------------------ Hong Singapore Malaysia Korea Other Kong $million $million $million Asia $million Pacific $million ------------------- --------- --------- --------- --------- --------- Non interest bearing current and demand accounts 2,998 2,001 1,120 216 1,343 Interest bearing current and demand accounts 12,753 2,063 148 13,554 3,612 Savings deposits 6 1,383 459 12 2,478 Time deposits 17,893 11,324 4,046 14,542 8,397 Other deposits 20 49 1,120 1,322 748 ------------------- --------- --------- --------- --------- --------- Total 33,670 16,820 6,893 29,646 16,578 ------------------- --------- --------- --------- --------- --------- Deposits by banks 627 3,641 652 4,742 3,517 Customer accounts 33,043 13,179 6,241 24,904 13,061 ------------------- --------- --------- --------- --------- --------- 33,670 16,820 6,893 29,646 16,578 Debt securities in issue 840 1,111 619 19,815 741 ------------------- --------- --------- --------- --------- --------- Total 34,510 17,931 7,512 49,461 17,319 ------------------- --------- --------- --------- --------- --------- 2005 ------------------------------------------------------ India Middle Africa Americas Total $million East & $million UK & $million Other Group S Asia Head $million Office $million ------------------- --------- --------- --------- --------- --------- Non interest bearing current and demand accounts 1,928 2,855 1,359 473 14,293 Interest bearing current and demand accounts 3 1,110 1,264 4,534 39,041 Savings deposits 1,286 1,369 368 - 7,361 Time deposits 3,164 5,179 872 10,675 76,092 Other deposits 11 432 97 626 4,425 ------------------- --------- --------- --------- --------- --------- Total 6,392 10,945 3,960 16,308 141,212 ------------------- --------- --------- --------- --------- --------- Deposits by banks 676 1,893 98 4,427 20,273 Customer accounts 5,716 9,052 3,862 11,881 120,939 ------------------- --------- --------- --------- --------- --------- 6,392 10,945 3,960 16,308 141,212 Debt securities in issue 655 - 85 3,548 27,414 ------------------- --------- --------- --------- --------- --------- Total 7,047 10,945 4,045 19,856 168,626 ------------------- --------- --------- --------- --------- --------- 3. Taxation Analysis of taxation charge in the year: ---------------------------------------- -------- -------- 2006 2005 $million $million ---------------------------------------- -------- -------- The charge for taxation based upon the profits for the year comprises: United Kingdom corporation tax at 30 per cent (2005: 30 per cent): Current tax on income for the year 229 326 Adjustments in respect of prior periods (including double taxation relief) (244) 4 Double taxation relief (208) (308) Foreign tax: Current tax on income for the year 868 671 Adjustments in respect of prior periods 33 (18) ---------------------------------------- -------- -------- Total current tax 678 675 Deferred tax: Origination/reversal of temporary differences 146 35 ---------------------------------------- -------- -------- Tax on profits on ordinary activities 824 710 ---------------------------------------- -------- -------- Effective tax rate 25.9% 26.5% ---------------------------------------- -------- -------- Overseas taxation includes taxation on Hong Kong profits of $166 million (2005: $131 million) provided at a rate of 17.5 per cent (2005: 17.5 per cent) on the profits assessable in Hong Kong. 4. Dividends 2006 2005 ----------------------------- ------------- ------------- Ordinary Equity Shares Cents Cents per share $million per share $million ----------------------------- -------- -------- -------- -------- Final dividend declared and paid during the period 45.06 595 40.44 524 Interim dividends declared and paid during the period 20.83 277 18.94 248 ----------------------------- -------- -------- -------- -------- 65.89 872 59.38 772 ----------------------------- -------- -------- -------- -------- Dividends are recorded in the period in which they are declared. Accordingly, the final dividends set out above relate to the respective prior years. The 2006 final dividend of 50.21 cents per share ($695 million) will be paid in either sterling, Hong Kong dollars or US dollars on 11 May 2007 to shareholders on the UK register of members at the close of business in the UK on 9 March 2007, and to shareholders on the Hong Kong branch register of members at the opening of business in Hong Kong (9:00am Hong Kong time) on 9 March 2007. It is intended that shareholders will be able to elect to receive shares credited as fully paid instead of all or part of the final cash dividend. Details of the dividend will be sent to shareholders on or around 26 March 2007. ---------------------- -------------------- -------- -------- Preference Shares 2006 2005 $million $million ---------------------- -------------------- -------- -------- Non-cumulative irredeemable preference shares: 7 3/8 per cent preference 14 14 shares of £1 each* 8 1/4 per cent preference 15 15 shares of £1 each* Non-cumulative redeemable preference shares: 8.9 per cent preference shares 22 29 of $5 each 6.409 per cent preference 3 - shares of $5 each ---------------------- -------------------- -------- -------- * Dividends on these preference shares are treated as interest expense. 5. Earnings Per Ordinary Share 2006 2005 ------------------ ----------------------------- ---------------------------- Profit* Weighted Per Profit* Weighted Per $million average share $million average share number of amount number of amount shares cents shares cents ('000) ('000) ------------------ -------- -------- -------- -------- -------- -------- Basic earnings per ordinary share 2,253 1,332,985 169.0 1,917 1,290,916 148.5 Effect of dilutive potential ordinary shares: Convertible bonds - - 7 10,346 Options - 16,050 - 8,678 ------------------ -------- -------- -------- -------- -------- -------- Diluted earnings per share 2,253 1,349,035 167.0 1,924 1,309,940 146.9 ------------------ -------- -------- -------- -------- -------- -------- Normalised earnings per ordinary share The Group measures earnings per share on a normalised basis. This differs from earnings defined in IAS 33, Earnings per share. The table below provides a reconciliation. ---------------------------------------- -------- -------- 2006 2005 $million $million ---------------------------------------- -------- -------- Profit attributable to ordinary shareholders* 2,253 1,917 Premium and costs paid on repurchase of subordinated debt 4 - Amortisation of intangible assets arising on business combinations 52 32 Profit on sale of property, plant and equipment (16) - Gain on effective part disposal of Pakistan branches (17) - Pre-incorporation costs in China 4 - Other impairment - 42 Tax on normalised items (5) (7) ---------------------------------------- -------- -------- Normalised earnings 2,275 1,984 ---------------------------------------- -------- -------- Normalised earnings per ordinary share 170.7c 153.7c ---------------------------------------- -------- -------- * The profit amounts represent the profit attributable to ordinary shareholders i.e. after the deduction of dividends payable to the holders of the non-cumulative redeemable preference shares (see note 4). There were no ordinary shares issued after the balance sheet date that would have significantly affected the number of ordinary shares used in the above calculations had they been issued prior to the end of the balance sheet period. 6. Cash and Cash Equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise the following balances with less than three months maturity from the date of acquisition. Restricted balances comprise minimum balances required to be held at central banks. ------------------------------------- --------- --------- 2006 2005 $million $million ------------------------------------- --------- --------- Cash and balances at central banks 7,698 8,012 Less restricted balances (3,958) (4,269) Treasury bills and other eligible bills 6,233 4,049 Loans and advances to banks 16,084 17,590 Trading securities 12,104 9,844 ------------------------------------- --------- --------- Total 38,161 35,226 ------------------------------------- --------- --------- 7. Contingent Liabilities and Commitments The table below shows the contract or underlying principal amounts, credit equivalent amounts and risk weighted amounts of unmatured off-balance sheet transactions at the balance sheet date. The contract or underlying principal amounts indicate the volume of business outstanding and do not represent amounts at risk. The credit equivalent and risk weighted amounts have been calculated in accordance with the Financial Services Authority guidelines implementing the Basel Accord on capital adequacy, after taking account of collateral and guarantees received. 2006 2005 ------------------ ----------------------------- ------------------------------ Contract Credit Risk Contract Credit Risk or equivalent weighted or equivalent weighted underlying amount amount underlying amount amount principal $million $million principal $million $million amount amount $million $million ------------------ ------- -------- -------- -------- -------- -------- Contingent liabilities* Guarantees and irrevocable letters 18,344 12,784 9,398 15,952 11,106 7,704 of credit Other contingent liabilities 9,046 7,139 5,418 6,295 5,134 2,995 ------------------ ------- -------- -------- -------- -------- -------- 27,390 19,923 14,816 22,247 16,240 10,699 ------------------ ------- -------- -------- -------- -------- -------- Commitments* Documentary credits and short term trade-related transactions 5,029 1,006 845 3,730 746 572 Forward asset purchases and forward deposits placed 31 31 10 141 141 28 Undrawn formal standby facilities, credit lines and other commitments to lend: One year and over 14,083 7,042 3,693 11,128 5,564 3,956 Less than one year 20,543 - - 18,690 - - Unconditionally cancellable 29,858 - - 28,705 - - ------------------ ------- -------- -------- -------- -------- -------- 69,544 8,079 4,548 62,394 6,451 4,556 ------------------ ------- -------- -------- -------- -------- -------- * Includes amounts relating to the Group's share of its joint ventures. 8. Restatement of prior periods Segmental analysis The Group has refined its method of charging for and allocating capital and as a consequence the segmental result for the year ended 31 December 2005 has been restated. There has been no effect on the Group's total reported numbers but the effect on the business and geographic segments is set out below. 2005 ------------------------------------- Consumer Wholesale Corporate Total Banking Banking items not $million $million $million allocated $million ----------------------------------- ------ ------ ------ ------ Operating income as previously reported 3,807 3,054 - 6,861 ----------------------------------- ------ ------ ------ ------ Restatement (5) 5 - - ----------------------------------- ------ ------ ------ ------ Operating income as restated 3,802 3,059 - 6,861 ----------------------------------- ------ ------ ------ ------ 2005 --------------------------------------------------------------- Asia Pacific --------------------------------------------------------------- Hong Singapore Malaysia Korea Other Kong $million $million $million Asia $million Pacific $million ------------ ---------- ---------- ---------- ---------- ---------- Operating income as previously reported 1,512 510 333 954 1,054 ------------ ---------- ---------- ---------- ---------- ---------- Restatement (28) 4 2 3 3 ------------ ---------- ---------- ---------- ---------- ---------- Operating income as restated 1,484 514 335 957 1,057 ------------ ---------- ---------- ---------- ---------- ---------- 2005 --------------------------------------------------------------- India Middle Africa Americas Total $million East & Other $million UK & Group $million S Asia Head Office $million $million ------------ ---------- ---------- ---------- ---------- ---------- Operating income as previously reported 590 808 551 549 6,861 ------------ ---------- ---------- ---------- ---------- ---------- Restatement 3 4 2 7 - ------------ ---------- ---------- ---------- ---------- ---------- Operating income as restated 593 812 553 556 6,861 ------------ ---------- ---------- ---------- ---------- ---------- 9. Post Balance Sheet Events On 26 January 2007, the Group announced the sale of its mutual funds manufacturing business in India to a subsidiary of UBS for a total cash consideration of approximately $120 million. The transaction is expected to complete in the second half of 2007, subject to regulatory approvals. On 27 February 2007 a dividend of 50.21 cents per share was recommended. 10. Corporate Governance The directors confirm that, throughout the period, the Company has complied with the provisions of Appendix 14 of the Listing Rules of the Hong Kong Stock Exchange Limited ('HK Listing Rules'). The directors also confirm that the announcement of these results has been reviewed by the Company's Audit and Risk Committee. 11. Dealings in the Company's listed securities Bedell Cristin Trustees Limited is trustee of both the 1995 Employees' Share Ownership Plan Trust ('the 1995 trust'), which is an employee benefit trust used in conjunction with some of the Group's employee share schemes, and of the Standard Chartered 2004 Employee Benefit Trust ('the 2004 trust') which is an employee benefit trust used in conjunction with the Group's deferred bonus plan. The trustee has agreed to satisfy a number of awards made under the employee share schemes and the deferred bonus plan through the relevant employee benefit trust. As part of these arrangements Group companies fund, from time to time, the trust to enable the trustee to acquire shares to satisfy these awards. All shares have been acquired through the London Stock Exchange. The 1995 trust has not acquired any shares in the year ended 31 December 2006 (31 December 2005: 11,700,000 Standard Chartered PLC shares were acquired from the Company for an aggregate price of $211 million). The shares are held in a pool for the benefit of participants under the Group's Restricted Share Scheme, Performance Share Plan and Executive Share Option Schemes. The purchase of these shares has been fully funded by the Group. At 31 December 2006, the 1995 trust held 2,148,874 (31 December 2005: 13,631,745) shares, of which all (31 December 2005: 11,521,682) have vested unconditionally. During the current year the 2004 trust has acquired, at market value, 301,952 (31 December 2005: 422,659) Standard Chartered PLC shares for an aggregate price of $9 million (2005: $8 million), which are held in a pool for the benefit of participants under the Group's deferred bonus plan. The purchase of these shares has been fully funded by the Group. At 31 December 2006, the 2004 trust held 311,157 (31 December 2005: 409,160) Standard Chartered PLC shares, of which none (31 December 2005: 7,333) have vested unconditionally. Except as disclosed above, neither the Company nor any of its subsidiaries has bought, sold or redeemed any securities of the Company listed on The Stock Exchange of Hong Kong during the year ended 31 December 2006. STANDARD CHARTERED PLC - ADDITIONAL INFORMATION Financial Calendar Ex-dividend date 7 March 2007 Record date 9 March 2007 Expected posting to shareholders of 2006 Report and 26 March 2007 Accounts Annual General Meeting 3 May 2007 Payment date - final dividend on ordinary shares 11 May 2007 Copies of this statement are available from: Investor Relations, Standard Chartered PLC, 1 Aldermanbury Square, London, EC2V 7SB or from our website on http://investors.standardchartered.com For further information please contact: Romy Murray, Group Head of Corporate Affairs +44 20 7280 6378 Steve Atkinson, Head of Investor Relations +44 20 7280 7245 Ruth Naderer, Head of Investor Relations, Asia Pacific +852 2820 3075 Sean Farrell, Head of Media Relations +44 20 7280 7163 The following information will be available on our website • A live webcast of the annual results analyst presentation (available from 9.45 am GMT) • The archived webcast and Q/A session of analyst presentation in London (available 2 pm GMT) • Interviews with Peter Sands, Group Chief Executive Officer and Richard Meddings, Group Finance Director available from 8.15am GMT. • Slides for the Group's presentations (available after 2pm GMT) Images of Standard Chartered are available for the media at http://www.standardchartered.com/global/mc/plib/directors_p01.html Information regarding the Group's commitment to Corporate Responsibility is available at http://www.standardchartered.com/corporateresponsibility The 2006 Annual Report will be made available on the website of the Stock Exchange of Hong Kong and on our website http://investors.standardchartered.com as soon as is practicable. Forward looking statements It is possible that this document could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. The Group undertakes no obligation to revise or update any forward looking statement contained within this document, regardless of whether those statements are affected as a result of new information, future events or otherwise. This information is provided by RNS The company news service from the London Stock Exchange

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