FIRSTRAND LIMITED - FNB NAMIBIA HOLDINGS LIMITED

FIRSTRAND LIMITED - FNB NAMIBIA HOLDINGS LIMITED                                
FIRSTRAND LIMITED                                                               
(Registration number: 1966/010753/06)                                           
ISIN: ZAE000014973                                                              
Share Code: FSR                                                                 
("FirstRand")                                                                   
FNB NAMIBIA HOLDINGS LIMITED                                                    
Shareholders are referred to the trading statement released today by the 56%    
held subsidiary of FirstRand, FNB Namibia Holdings Limited ("FNB Namibia"). FNB 
Namibia contributed R185 million, or 3.8% to the headline earnings of the       
FirstRand group during the financial year ended 30 June 2003.                   
The financial results of FNB Namibia as referred to in the FNB Namibia trading  
statement were anticipated and will not materially affect the results of        
FirstRand for the year ended 30 June 2004.                                      
The following is the trading statement and cautionary announcement as released  
by FNB Namibia for ease of reference:                                           
"Shareholders are advised that FNB"s Core Operational Earnings for the year to  
30 June 2004 are expected to be similar with the results achieved in the year to
30 June 2003. Shareholders are referred to the 2003 annual report and the       
restructuring of the group which led to the creation of FNB Namibia Holdings    
Limited. This transaction resulted in a once-off tax benefit of N$80 million and
a reduced tax charge of 5.3%. For comparison purposes, and to illustrate the    
sustainable earnings of the group, the Core Operational Earnings Figure, for the
year ended 30 June 2003, was calculated and disclosed, which excluded the effect
of the N$80 million. In the year to 30 June 2004, FNB will revert to a tax rate 
in line with historic norms, which will result in a material decrease in        
earnings and headline earnings.                                                 
As the forecast financial information has not been reviewed or reported on by   
the company"s auditors, shareholders are advised to exercise caution when       
dealing in FNB"s shares until the release of the results announcement for the   
year ended 30 June 2004, which are expected to be published before 30 September 
2004."                                                                          
Sandton                                                                         
23 July 2004                                                                    
Merchant Bank and Sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 23/07/2004 03:30:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department