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: ZAE000014973                                                              
MEDIA RELEASE                                                                   
ANSBACHER CAYMAN SETTLES WITH IRISH TAX AUTHORITIES                             
Ansbacher (Cayman) Limited, a subsidiary of FirstRand Limited subsidiary        
Ansbacher Holdings Limited, announced today that it has reached an agreement    
with the Irish Revenue to settle matters relating to its alleged tax liabilities
in Ireland.                                                                     
A payment of Eur7.5 million (approximately R60 million) was agreed in full and  
final settlement of the matter.                                                 
The Bank"s position throughout was, and remains, that it does not have any      
liability to Irish tax. It was however recognised that Irish Revenue took a     
contrary view.                                                                  
Richard Spilg, CEO of Ansbacher, today commented:                               
"The resolution of this matter brings to an end all issues between Ansbacher and
the Irish regulatory authorities which date back to problems inherited from     
Guinness & Mahon companies more than 30 years ago.                              
From the beginning the Bank resolved to engage with the Irish Authorities in any
way that it lawfully could, in keeping with its corporate responsibilities.     
Accordingly there has been an ongoing frank and constructive engagement with    
relevant Irish agencies, including the Revenue. We look forward to continuing   
good relations with the Irish authorities now that this matter is settled.      
Laurie Dippenaar, CEO of FirstRand said that the group fully endorsed           
Ansbacher"s decision to settle with the Irish authorities as it brought finality
and clarity to a long-running issue.                                            
"Ansbacher and FirstRand have committed enormous management time over many years
engaging with relevant Irish authorities, involving significant costs already   
running to several million Euro, in order to conclude matters" said Dippenaar.  
"In addition constant speculation in the press that FirstRand would face        
significant tax liabilities creates potential reputational damage for the group 
and uncertainty for our shareholders.                                           
"Whilst we still believe, based on independent legal advice, that we had no     
liability to Irish tax at all, it was clear that the complexity of the legal    
issues, aggravated by the lack of records available as the matter dates back    
almost 30 years, would result in protracted and very expensive litigation.      
"Our legal teams have advised that the litigation costs going forward would be  
considerable with the litigation process running for probably a further five    
years. We are still firmly of the view that there is no liability and that      
ultimately we would have been successful in Court, however to get to that point 
would have incurred significant legal costs and eaten up considerable management
time. Therefore we have decided to take a reduced level of cost "on the chin"   
now through this settlement, so that Ansbacher and FirstRand can put this issue 
behind them and move on.  The settlement has therefore been reached on a        
pragmatic and realistic basis".                                                 
Dippenaar went on to say that FirstRand had not provided for the settlement as  
it has always believed that there was no liability. However given the limited   
effect on the tax charge of the group, FirstRand is still comfortable that it   
will achieve the results currently expected by the market for the half year to  
31st December 2003.                                                             
5th January 2004                                                                
- Ends -                                                                        
For further information please contact either:                                  
Ansbacher                                                                       
Richard Spilg            Group Chief Executive    020 7283 2500                 
Michael Mayhew-Arnold    Group Legal Director     020 7283 2500                 
Ralph Jackson            The Jackson Consultancy  020 7323 3272                 
FirstRand                                                                       
Sam Moss                 Director Investor and                                  
                         Media Relations          +27112821341                  
Notes to Editors:                                                               
This matter involves the former Guinness Mahon Cayman Trust Limited (GMCT) and  
Guinness & Mahon (Ireland) Limited and their business practices since 1971. The 
former company was acquired by the Ansbacher Group in 1988 and subsequently     
renamed Ansbacher (Cayman) Limited. FNB acquired Ansbacher in 1992. In September
1999, Inspectors were appointed under the Irish Companies Acts to investigate   
certain business practices of these former Guinness Mahon Companies.  The       
investigation also involved a review of the conduct of other Irish Companies and
institutions.  The Inspectors reported in July 2002 and concluded that there was
some evidence to suggest that Guinness Mahon Cayman Trust Company (now Ansbacher
(Cayman) Limited) might have breached certain sections of Irish law.  As a      
result of the report of the Irish Inspectors, the Irish Revenue wrote to        
Ansbacher (Cayman) Limited in November 2002.  Since receipt of the Irish Revenue
letter Ansbacher (Cayman) Limited and its advisers has been in a process of     
engagement with them.                                                           
Ansbacher (Cayman) Limited"s position, based upon independent professional      
advice received, was and is that it does not have any liability to Irish tax. It
was however recognised that Irish Revenue took a contrary view.                 
After many months of discussion with the Irish Revenue, Ansbacher has concluded 
that it is its best interest that this matter is settled in order to avoid      
protracted and costly litigation. This settlement concludes all outstanding     
matters with the Irish regulatory authorities.                                  
Date: 05/01/2004 11:33:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department