FIRSTRAND LIMITED - PRESS RELEASE

FIRSTRAND LIMITED - PRESS RELEASE                                               
FirstRand Limited                                                               
Share code : FSR                                                                
ISIN : ZAE000014973                                                             
Press Release                                                                   
Following an earlier statement that the FirstRand Board would be considering Mr 
Maharaj`s offer to either resign or take leave of absence from the relevant     
FirstRand Group Boards, in the wake of issues raised in the recent Sunday Times 
article, Mr Laurie Dippenaar CEO of FirstRand Limited today confirmed that the  
Board of FirstRand Limited had acceded to Mr Maharaj`s request to take leave of 
absence for a period of three months.                                           
"We believe this course of action will allow Mr Maharaj to focus his attention  
fully on the matter.  Going forward, the principles of due process, rule of law,
and sound corporate governance will apply.  We will monitor the situation on an 
ongoing basis.                                                                  
Should there be any substantive reason to revise the decision, a statement will 
be made accordingly."                                                           
20 February 2003                                                                
Sponsor                                                                         
Rand Merchant Bank Corporate Finance                                            
Date: 20/02/2003 04:16:08 PM Supplied by www.sharenet.co.za                     
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