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Standard Chartered arranges US$200 million MBIA Wrapped Issue For Türkiye Garanti Bankasi A.S.

15 October 2003 - Standard Chartered has arranged a US$200 million securitisation for Türkiye Garanti Bankasi A.S. ("Garanti"), the third largest private sector bank in Turkey. This transaction is the first 144A/RegS AAA/Aaa rated future flow securitisation guaranteed by a monoline insurance company to be issued out of Turkey since 1998. The issue was significantly oversubscribed and has been distributed to a range of institutional investors and banks located in the United States, Europe and Asia.

The US$200 million issue was issued via Garanti Diversified Payment Rights Finance Company and formally establishes the Diversified Payment Rights ("DPRs") Securitisation Programme for Garanti. The programme securitises US Dollar, Euro and Sterling denominated payment orders created via SWIFT MT100 and MT103, or similar payment orders accepted by Garanti. The DPRs are derived primarily from Garanti's trade finance and other corporate businesses and paid through foreign depositary banks. The floating rate issue has a final maturity of 5 years with an average life of 3.6 years.

The issue is rated Aaa and AAA by Moody's and Standard & Poor's respectively, based on the monoline guarantee provided by MBIA Insurance Corporation. Standard Chartered is the Lead Manager and Arranger in the transaction.

This securitisation forms an important part of Garanti's international funding efforts. Garanti has significant experience as an originator and servicer in future flow securitisations, having completed five securitisations backed by future Visa/MasterCard vouchers, check receivables, and Trade Payment Rights, since 1994.

Noel Edison, Managing Director, Asset Securitisation at Standard Chartered, comments:

"This transaction has been a great success and the level of oversubscription demonstrates the strong name recognition enjoyed by both MBIA and Garanti in the international arena. The scarcity of Turkish issues of this type also fueled investor appeal. Importantly for Garanti, the transaction structure establishes a debt programme capable of multiple investment grade issuances secured by the same asset class.”

Established in 1946, Garanti provides a wide variety of corporate, commercial, small business and consumer banking products and services, with a focus on large and mid-size Turkish corporations, foreign multinational corporations with operations in Turkey and, increasingly, on middle and higher income Turkish consumers.

Standard Chartered’s Asset Securitisation team was established in 2002 to enhance the range of Capital Markets financing solutions offered to clients across the world. Based in London and Hong Kong, the global team leverages Standard Chartered’s presence in Asia, the Middle East, South Asia and Africa, and its strong capital markets capabilities in these markets, to arrange and distribute asset-backed and future flow transactions for its clients.

Standard Chartered recently completed the first Asset-Backed Securitisation for real estate company Centrepoint Properties Limited, a wholly-owned subsidiary of Fraser and Neave, in Singapore. This is one of the few US dollar-denominated ABS deals in Singapore this year and is the first RMBS transaction structured where mortgages are on a deferred payment scheme.

Standard Chartered Bank completes $228m Asset Backed Securities deal with Hyundai Capital Services

(London – 17 December 2003) Standard Chartered Bank has arranged a US$228 million revolving asset securitisation for Hyundai Capital Services, a subsidiary of Hyundai Motor Company.

Standard Chartered was the Lead Arranger and cross-currency and interest rate swap provider of this deal. The swaps were required as the underlying assets are fixed rate Korean won automobile instalment loans, whereas the securities are floating rate USD.

The bond, rated Aa3 by Moody’s Investors Service, was structured with a two-year revolving period followed by a twenty seven month controlled amortization period. According to Warren Lee, Head of Asset Backed Securities, Asia for Standard Chartered Bank, “This transaction is important because it is the first rated deal using the entrustment structure for automobile loans in Korea. Hyundai Capital was able to distinguish itself through the quality of its receivables and internal credit controls”.

Speaking at the signing ceremony held in London, Mervyn Davies, Group Chief Executive of Standard Chartered PLC, said, “We are delighted to have had the opportunity to work with Hyundai Capital Services in this asset securitisation deal. We have a strong and long-established Wholesale Banking business in South Korea and more recently, we launched our Consumer Banking business there.”

Also present at today’s signing ceremony held at Standard Chartered Bank’s headquarters in London was Mr Lee, Chairman and Chief Executive Officer of Hyundai Capital Services. He said "We are very pleased with the efforts of Lead Arranger, Standard Chartered Bank, on this important transaction. Working with the right partner has allowed us to demonstrate that Hyundai Capital can continue to access the international markets."

Martin Essenburg, Global Head of Asset Securitisation for Standard Chartered Bank, further commented, "2003 was a successful year for the new Standard Chartered asset securitisation platform as we closed seven transactions in the international markets. Certainly, Korea is a market of focus for us. We are very optimistic about 2004, given the robust transaction pipeline."

Hyundai Capital Auto Loan Securitisation Deal Attracts Strong Investor Interest
The USD300m Deal Lead Managed by Standard Chartered is oversubscribed

Standard Chartered has closed a USD 300,000,000 auto loan securitisation deal for Hyundai Capital Services, Inc., a subsidiary of Hyundai Motor Company. This landmark asset-backed securitisation (ABS) deal breaks new ground in the market, with an innovative structure that represents the first unwrapped offshore sequential paying notes* offering from a Korean originator. Unwrapped sequential pay structures are the norm for auto securitisation structures in the US and Europe, but this is the first in Korea.

The notes carry an Aa3 rating by Moody's, which is the highest rating achievable for Korean securitisation transactions, without third-party credit enhancement. In comparison, the Korean sovereign rating is A3.

This issue has attracted strong investor interest on account on of the structure of the deal, the quality of the receivables, Hyundai Capital's position in the market and the strong rating the notes have received from Moody's.

Mr. IL Lee, CFO of Hyundai Capital Services, said, "This is the second deal that Hyundai Capital has completed successfully with Standard Chartered and we are pleased with their performance once again. Their expertise in structuring and knowledge of the market has helped us achieve our financing objectives."

The deal has two classes of securities comprising senior sequential paying notes. The first is the USD150,000,000 Class A1 notes, with an expected maturity date of June 2005 and a weighted average life of .55 years. The second is the USD150,000,000 Class A2 notes, with an expected maturity date of Aug 2006 and an expected weighted average life of 1.58 years. With the Class A1 notes priced at one month LIBOR + .35% and the Class A2 Notes at one month LIBOR + .51%, both issues have attracted strong investor interest.

The first auto-loan securitisation deal that Standard Chartered had arranged for Hyundai Capital Services, Inc. was in December 2003. Standard Chartered had lead-arranged a USD228 million revolving asset securitisation transaction for the company, and was also the cross-currency interest rate swap provider in that deal. Bearing the Bank's hallmark of innovation, that deal was another landmark transaction, being the first rated offshore deal using the entrustment structure for automobile loans in Korea.

Said Warren Lee, Standard Chartered's Head of Securitisation for Asia, " We are pleased to see that this deal has been oversubscribed. There was such strong interest from Asian investors that there was no necessity to woo European or US investors. Although this was the first offshore Korean ABS unwrapped sequential notes, investors have full confidence in Hyundai Capital's strict management of their auto loan portfolio and their leadership position in the Korean auto industry."

David Worth, Standard Chartered's Group Head of Capital Markets, said, "The close partnership with Hyundai Capital has enabled Standard Chartered to bring to the market another securitisation deal that differentiates the Bank as a financial institution in terms of innovation and quality. Strong investor interest is the best testimony of the success of this deal."

Standard Chartered's BWP 1 Billion Loan Securitisation for the Government of Botswana Brings Multiple Firsts to the Market

A transaction that achieved multiple landmarks and a major milestone for the Bank

Standard Chartered has successfully advised on and sole lead arranged a BWP 1 billion (approximately USD 200million) loan portfolio securitisation on behalf of the Government of Botswana, a deal that marks a major milestone in the history of Botswana's capital markets.

It is the first collateralised loan obligation ("CLO") structure completed in Africa, and the largest single securities offering in the history of the Botswana capital markets. The deal's maturity profile also sets a new benchmark, extending Botswana's fixed income yield curve from 12 years to 21 years.

This issue comprises a series of notes with seven different maturities ranging from 3 years to 21 years issued by Debt Participation Capital Funding Limited ("DPCF"), a newly established special purpose investment company backed by the Government of Botswana.

Standard Chartered was appointed Financial Advisor in the initial advisory stage of the transaction, and was appointed Sole Lead Arranger in the capital raising exercise that followed. This combined the sale and securitisation of the Botswana Government's loan portfolio with issuance of local currency, fixed rate, non-callable and bullet debt securities listed on the domestic stock exchange. Taking into account the Government of Botswana's objectives, the characteristics of the underlying loan assets and appetite of major investors, Standard Chartered structured the note issue to be of optimal size, varying levels of tranching, maturity profile and indicative spreads. The ultimate result was an offer to investors of a series of fixed rate, local currency denominated Notes with bullet maturities, on a non-prepayable and non-callable basis, all ranking pari passu, for an aggregate amount of BWP 1 billion as follows:

BWP 170m of 10.34% Senior Notes Due 2007
BWP 195m of 10.17% Senior Notes Due 2010
BWP 225m of 10.31% Senior Notes Due 2013
BWP 220m of 10.45% Senior Notes Due 2016
BWP 100m of 10.60% Senior Notes Due 2019
BWP 55m of 10.75% Senior Notes Due 2022
BWP 35m of 10.90% Senior Notes Due 2025
A resounding success, the notes issue was oversubscribed (in aggregate) by over 1.4 times. Following its subscription and issuance, the notes were listed on the Botswana Stock Exchange on 9 June 2004, providing a further major step in the development of Botswana's local capital market.

Ade Adebajo, Standard Chartered's Director of Africa Fixed Income, commented,

"Investors have been quick to grasp the strong risk/return profile of a government-backed issue with the highest sovereign rating in Africa, with yields at a slight premium over the existing government bond benchmark. They were also drawn by the investment's maturity profile – it represented an excellent investment opportunity for long-dated pension and annuity funds for up to 21 years. This deal has also met several key objectives of the Government of Botswana. The sophisticated structure of the deal has accelerated development of the bond markets and enhanced secondary market trading potential. It has also provided a platform for state owned entities to access the capital markets on a "standalone" basis; and helped raise and diversify government revenues."

Said Martin Essenburg, Standard Chartered's Global Head of Asset Securitisation and Head of Fixed Income for Africa,

"The success of this deal cements the excellent track record that Standard Chartered has in the market. Our knowledge of, and experience in, Botswana's capital markets was demonstrated as from 2002 when we arranged and issued our own domestic currency Tier II (subordinated debt capital bond) instrument. With the quality and innovation of these recent deals, we believe we have created a blueprint that enables us to partner with other nations in Africa who are looking to grow their capital markets."

Standard Chartered today announced the closing of a US$350 million securitisation ("Issue") for Finansbank A.Ş. ("Finansbank"). The US$350 million issue by Bosphorous Financial Services Limited (the "Issuer") is the inaugural issue under Finansbank's new diversified payment rights* ("DPR") securitisation programme. This new DPR programme amends the Trade and Diversified Payment Rights securitisation programme established in March of 2000 and effectively refinances the $150 million of Floating Rate Series 2003-A Notes issued last year. The Issuer will issue two classes of notes.

Standard Chartered today announced the completion of a US$600 million securitisation ("Issue") for Turkiye Is Bankasi A.S ("Isbank"). This US$600 million issue by TIB Diversified Payment Rights Finance Company (the "Issuer") is the inaugural issue under Isbank's new diversified payment rights* ("DPR") securitisation programme. The Issuer will issue three classes of notes - · US$250 million Floating Rate Series.

On 13 October 2004, Standard Chartered Bank as Joint Lead Manager and Joint Bookrunner, successfully closed a 5.6x oversubscribed book for the Cagamas MBS Bhd's ("CMBS") issue of RM1.6 billion nominal value Residential Mortgage Backed Securities ("RMBS"). The transaction was successfully concluded after an extensive 10-day road show targeting institutional investors in Malaysia and Singapore. The issuance of the RMBS is backed by a portfolio of high quality assets comprising the Government of Malaysia's staff housing loans. Coupled with a superior structure and the well-known brand name of Cagamas Berhad (the parent of CMBS and the National Mortgage Corporation of Malaysia), the issue attracted strong interest from both domestic as well as offshore investors. The RMBS has been also accorded the highest domestic credit rating of AAA by Rating Agency Malaysia Berhad and Malaysian Rating Corporation Berhad. Demand was overwhelming with aggressive bids from a diverse range of investors, comprising banks, asset managers, insurance companies and corporates totalling RM11.1 billion in book size (RM2.2 billion came from offshore investors and RM8.9 billion was received from domestic investors). The issue was priced at the tight end of the initial pricing range expected by the market prior to the launch. The resulting yields to maturity were at 3.70% p.a., 4.30% p.a., 4.95% p.a. and 5.50% p.a. for the respective 3, 5, 7 and 10 years tranches respectively. At these prices, the book remained substantial at RM10.6 billion, giving an oversubscription of 5.6x.

A transaction that achieved multiple landmarks and a major milestone for the Bank Standard Chartered has successfully advised on and sole lead arranged a BWP 1 billion (approximately USD 200million) loan portfolio securitisation on behalf of the Government of Botswana, a deal that marks a major milestone in the history of Botswana's capital markets. It is the first collateralised loan obligation (""CLO"") structure completed in Africa, and the largest single securities offering in the history of the Botswana capital markets. The deal's maturity profile also sets a new benchmark, extending Botswana's fixed income yield curve from 12 years to 21 years. This issue comprises a series of notes with seven different maturities ranging from 3 years to 21 years issued by Debt Participation Capital Funding Limited (""DPCF""), a newly established special purpose investment company backed by the Government of Botswana. Standard Chartered was appointed Financial Advisor in the initial advisory stage of the transaction, and was appointed Sole Lead Arranger in the capital raising exercise that followed. This combined the sale and securitisation of the Botswana Government's loan portfolio with issuance of local currency, fixed rate, non-callable and bullet debt securities listed on the domestic stock exchange. Taking into account the Government of Botswana's objectives, the characteristics of the underlying loan assets and appetite of major investors, Standard Chartered structured the note issue to be of optimal size, varying levels of tranching, maturity profile and indicative spreads. The ultimate result was an offer to investors of a series of fixed rate, local currency denominated Notes with bullet maturities, on a non-prepayable and non-callable basis, all ranking pari passu, for an aggregate amount of BWP 1 billion as follows: BWP 170m of 10.34% Senior Notes Due 2007 BWP 195m of 10.17% Senior Notes Due 2010 BWP 225m of 10.31% Senior Notes Due 2013 BWP 220m of 10.45% Senior Notes Due 2016 BWP 100m of 10.60% Senior Notes Due 2019 BWP 55m of 10.75% Senior Notes Due 2022 BWP 35m of 10.90% Senior Notes Due 2025 A resounding success, the notes issue was oversubscribed (in aggregate) by over 1.4 times. Following its subscription and issuance, the notes were listed on the Botswana Stock Exchange on 9 June 2004, providing a further major step in the development of Botswana's local capital market. Ade Adebajo, Standard Chartered's Director of Africa Fixed Income, commented, ""Investors have been quick to grasp the strong risk/return profile of a government-backed issue with the highest sovereign rating in Africa, with yields at a slight premium over the existing government bond benchmark. They were also drawn by the investment's maturity profile - it represented an excellent investment opportunity for long-dated pension and annuity funds for up to 21 years. This deal has also met several key objectives of the Government of Botswana. The sophisticated structure of the deal has accelerated development of the bond markets and enhanced secondary market trading potential. It has also provided a platform for state owned entities to access the capital markets on a ""standalone"" basis; and helped raise and diversify government revenues."" Said Martin Essenburg, Standard Chartered's Global Head of Asset Securitisation and Head of Fixed Income for Africa, ""The success of this deal cements the excellent track record that Standard Chartered has in the market. Our knowledge of, and experience in, Botswana's capital markets was demonstrated as from 2002 when we arranged and issued our own domestic currency Tier II (subordinated debt capital bond) instrument. With the quality and innovation of these recent deals, we believe we have created a blueprint that enables us to partner with other nations in Africa who are looking to grow their capital markets.""

Standard Chartered announces the arrangement of a US$325 million securitisation for Türkiye Garanti Bankasý A.Þ. ("Garanti Bank"). The US$325 million issue by Garanti Diversified Payment Rights Finance Company (the "Issuer") continues the diversified payment rights ("DPR") securitisation programme for Garanti Bank which has US$675 million outstanding under the programme. The Garanti Diversified Payment Rights Finance Company issued two classes of certificates: US$175 million Floating Rate Series

Hyundai Capital Auto Loan Securitisation Deal Attracts Strong Investor Interest The USD300m Deal Lead Managed by Standard Chartered is oversubscribed Standard Chartered has closed a USD 300,000,000 auto loan securitisation deal for Hyundai Capital Services, Inc., a subsidiary of Hyundai Motor Company. This landmark asset-backed securitisation (ABS) deal breaks new ground in the market, with an innovative structure that represents the first unwrapped offshore sequential paying notes* offering from a Korean originator. Unwrapped sequential pay structures are the norm for auto securitisation structures in the US and Europe, but this is the first in Korea. The notes carry an Aa3 rating by Moody's, which is the highest rating achievable for Korean securitisation transactions, without third-party credit enhancement. In comparison, the Korean sovereign rating is A3. This issue has attracted strong investor interest on account on of the structure of the deal, the quality of the receivables, Hyundai Capital's position in the market and the strong rating the notes have received from Moody's. Mr. IL Lee, CFO of Hyundai Capital Services, said, ""This is the second deal that Hyundai Capital has completed successfully with Standard Chartered and we are pleased with their performance once again. Their expertise in structuring and knowledge of the market has helped us achieve our financing objectives."" The deal has two classes of securities comprising senior sequential paying notes. The first is the USD150,000,000 Class A1 notes, with an expected maturity date of June 2005 and a weighted average life of .55 years. The second is the USD150,000,000 Class A2 notes, with an expected maturity date of Aug 2006 and an expected weighted average life of 1.58 years. With the Class A1 notes priced at one month LIBOR + .35% and the Class A2 Notes at one month LIBOR + .51%, both issues have attracted strong investor interest. The first auto-loan securitisation deal that Standard Chartered had arranged for Hyundai Capital Services, Inc. was in December 2003. Standard Chartered had lead-arranged a USD228 million revolving asset securitisation transaction for the company, and was also the cross-currency interest rate swap provider in that deal. Bearing the Bank's hallmark of innovation, that deal was another landmark transaction, being the first rated offshore deal using the entrustment structure for automobile loans in Korea. Said Warren Lee, Standard Chartered's Head of Securitisation for Asia, "" We are pleased to see that this deal has been oversubscribed. There was such strong interest from Asian investors that there was no necessity to woo European or US investors. Although this was the first offshore Korean ABS unwrapped sequential notes, investors have full confidence in Hyundai Capital's strict management of their auto loan portfolio and their leadership position in the Korean auto industry."" David Worth, Standard Chartered's Group Head of Capital Markets, said, ""The close partnership with Hyundai Capital has enabled Standard Chartered to bring to the market another securitisation deal that differentiates the Bank as a financial institution in terms of innovation and quality. Strong investor interest is the best testimony of the success of this deal.""