FirstRand Limited - Media Release

FirstRand Limited - Media Release                                               
FirstRand Limited                                                               
(Incorporated in the Republic of South Africa)                                  
Registration number: 1966/010753/06                                             
Share Code: FSR  ISIN: ZAE 000014973                                            
("FirstRand")                                                                   
FIRSTRAND MEDIA RELEASE                                                         
The Board of FirstRand today confirmed that the four-month independent enquiry  
(conducted by attorneys Hofmeyr Herbstein & Gihwala and accountancy firm        
Deloitte & Touche) into newspaper allegations of corrupt practices by Mr Mac    
Maharaj, a non-executive director of the group, has been concluded. This was    
started as a result of an article that appeared in the Sunday Times on 16       
February 2003.                                                                  
In its announcement of 18 May 2003, FirstRand undertook to reach a final        
conclusion during the course of July 2003, however the final report took longer 
than expected to complete, mainly due to the fact that Mr Schabir Shaik only    
granted the enquiry team an interview on Friday 26 July 2003.                   
The final report on the investigation was completed on Monday 28 July 2003,     
submitted to the South African Reserve Bank and the Financial Services Board on 
Tuesday 29 July 2003 and submitted and discussed by the FirstRand Board at a    
special board meeting on Wednesday 30 July 2003.                                
In addition, to ensure due process, the Board is allowing Mr Maharaj to make a  
submission responding to the final report.  Mr Maharaj has undertaken to submit 
the response within seven (7) days, and the Board expects to announce a decision
shortly thereafter.                                                             
Ends                                                                            
Contact:   Beth van Heerden          Head Communication                         
Telephone: 012 673 7325              Mobile:  082 809 2344                      
E-mail:    bvheerden@momentum.co.za                                             
31 July 2003                                                                    
Sponsor                                                                         
Rand Merchant Bank                                                              
A Division of FirstRand Bank Limited                                            
Corporate Finance                                                               
Date: 31/07/2003 01:58:42 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department