FirstRand - Press Release: Cyril Ramaphosa Resigns From FirstRand Board

FirstRand - Press Release: Cyril Ramaphosa Resigns From FirstRand Board         
FIRSTRAND LIMITED                                                               
(Registration number: 1966/010753/06)                                           
ISIN:       ZAE000014973                                                        
Share Code: FSR                                                                 
("FirstRand")                                                                   
PRESS RELEASE                                                                   
CYRIL RAMAPHOSA RESIGNS FROM FIRSTRAND BOARD                                    
FirstRand regrets to announce the resignation of Mr Cyril Ramaphosa as a non-   
executive director of FirstRand Limited.                                        
Mr Ramaphosa, in his capacity as Chairman of and significant shareholder in     
Millenium Consolidated Investments (MCI), has been offered an opportunity to    
participate in a BEE transaction which will result in a conflict of interest    
with his existing position as a director of FirstRand Limited.  He has          
therefore, in order to avoid any potential conflict of interest, tendered his   
resignation with immediate effect before proceeding with further negotiations   
regarding such investment.                                                      
MCI was offered participation in the proposed FirstRand BEE transaction but     
declined to take up the offer due to numerous conflicts that would arise.       
Commenting on the news, GT Ferreira, Chairman of FirstRand said;                
"It is well known that FirstRand has made considerable progress in putting      
together a BEE transaction and MCI would have been an ideal partner for the     
group. It is unfortunate that due to their commitments, Mr Ramaphosa and MCI are
unable to participate.                                                          
"In the two and a half years that Mr Ramaphosa served on the FirstRand Board he 
has made a valuable contribution to the success of the Group. It has been an    
honour and a privilege to have had him as a member of our Board and we wish him 
every success in his new venture."                                              
Ends                                                                            
Enquiries - Sam Moss, Director Investor and Media Relations                     
Telephone; +27 11 282 1341. Cell; +27 82 4909985.                               
Email; sam.moss@firstrand.co.za                                                 
13 July 2004                                                                    
Date: 13/07/2004 12:11:17 PM Supplied by www.sharenet.co.za                     
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