Whistlejacket Capital Limited

Standard Chartered PLC
31 January 2008

             Standard Chartered PLC - Whistlejacket Capital Limited

31 January 2008



Standard Chartered announces proposal to provide liquidity to Whistlejacket
Capital Limited





Standard Chartered today announces that it intends to provide liquidity to
Whistlejacket Capital Limited ('Whistlejacket'), a structured investment vehicle
('SIV'). As the sponsor of the vehicle and as the appointed investment manager,
Standard Chartered's proposed funding is intended to provide operating
flexibility to Whistlejacket in the management of its high quality asset
portfolio.



Under the proposal, Standard Chartered will commit to purchase commercial paper
issued by Whistlejacket to meet Whistlejacket's senior obligations. Standard
Chartered's commitment will not exceed the outstanding amount of Whistlejacket's
commercial paper, medium term note and other senior obligations, currently
USD7.15 billion. There are various pre-conditions to Standard Chartered's
funding. These include a requirement that enforcement proceedings have not
commenced and that certain key enforcement triggers, including the capital note
Net Asset Value trigger of 50%, have been amended or removed. Standard Chartered
will shortly be seeking the necessary consents from all relevant parties,
including the senior debt investors, capital note holders and rating agencies.
If these consents are forthcoming, Standard Chartered will provide the necessary
funding.



Whistlejacket, like other SIVs, has in recent months had limited access to the
short term commercial paper markets and its board has been actively pursuing a
series of actions to manage its liquidity requirements, which initially included
the deleveraging of the portfolio through the sale of assets, the use of repos,
and more recently through offering all capital note holders the opportunity to
take 'vertical slices' of the portfolio. As a result, core assets have fallen
from USD18.2 billion at the end of August to USD7.15 billion as at 24 January
2008. Asset quality remains high with the weighted average rating on the
portfolio being AA/Aa2 by S&P and Moody's. Existing capital note holders will
continue to bear the first loss credit risk in the Whistlejacket asset
portfolios.



Further to the exchange of USD140 million of  capital notes for a pro-rata slice
of Whistlejacket assets that Standard Chartered PLC announced in its Pre-close
trading update, Standard Chartered exchanged its residual USD143 million of
capital notes for a second 'vertical slice' of Whistlejacket assets during
December 2007. This second representative portfolio of assets acquired amounts
to approximately USD1.65 billion and is reflected in the Group's balance sheet.
The 2007 earnings impact of the second slice was USD70 million. The total impact
of these two 'vertical slices' resulted in a negative fair value adjustment,
taken against income, of USD116 million in 2007.



As a consequence of providing liquidity through the commercial paper facility,
Standard Chartered will consolidate Whistlejacket Capital Limited for accounting
purposes, resulting in the remaining USD7.15 billion of Whistlejacket's core
assets being included on the Group's balance sheet.



Standard Chartered does not anticipate that the provision of the commercial
paper facility will have a material impact on its 2008 earnings or capital
resources. If Standard Chartered had provided this funding to Whistlejacket as
at 31 December 2007, Standard Chartered Group capital ratios would have remained
above its target Tier 1 and Total capital ranges. Standard Chartered remains
strongly liquid and following discussions with the rating agencies, does not
anticipate any effect on the Group's credit ratings.



Richard Meddings, Group Finance Director, commented, 'The provision of this
facility, once agreed by the investors, is the next step in resolving the
funding challenge faced by Whistlejacket in the current market conditions. It
also demonstrates Standard Chartered's capital and liquidity strength.'



For further details please contact:


Standard Chartered



Stephen Atkinson, Head of Investor Relations

Tel: [phone]

[e-mail]



Arijit De, Head of Media Relations

Tel: [phone]

[e-mail]





Note to Editors:



Standard Chartered - leading the way in Asia, Africa and the Middle East


Standard Chartered PLC, listed on both the London Stock Exchange and the Hong
Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market
capitalisation. The London-headquartered group has operated for over 150 years
in some of the world's most dynamic markets, leading the way in Asia, Africa and
the Middle East.  Its income and the number of employees have more than doubled
over the last five years primarily as a result of organic growth and
supplemented by acquisitions.



Standard Chartered aspires to be the best international bank in its markets by
being the right partner for its stakeholders and leading by example. The group
now employs over 60,000 people, representing some 100 nationalities, in more
than 1,400 branches located in over 50 countries.  The bank generates more than
90 per cent of its profits from Asia, Africa and the Middle East, with balanced
income derived from both Wholesale and Consumer Banking.



The group is committed to building a sustainable business over the long term and
is trusted worldwide for upholding high standards of corporate governance,
social responsibility, environmental protection and employee diversity. For more
information, please visit: www.standardchartered.com

This announcement includes forward-looking statements. Such forward-looking
statements involve known and unknown risks and uncertainties which could cause
the actual results or performance of Standard Chartered PLC to be materially
different from future results or performance expressed or implied by such
forward-looking statements.  These forward-looking statements speak only as at
the date of this announcement.  Standard Chartered PLC expressly disclaims any
obligation or undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change in Standard
Chartered PLC's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.





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