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FirstRand - Wesbank Acquires Barloworld"s R1.5 Billion South African Equipment Leasing Book FirstRand Limited Incorporated in the Republic of South Africa Registration number: 1966/010753/06 Share Code: FSR ISIN: ZAE000014973 ("FirstRand") WESBANK ACQUIRES BARLOWORLD"S R1.5 BILLION SOUTH AFRICAN EQUIPMENT LEASING BOOK 1. Introduction RMB Corporate Finance is authorised to announce that the acquisition by WesBank, a division of FirstRand Bank Limited, ("WesBank") of the South African equipment finance book of Barloworld Limited ("Barloworld") has been approved by the Competition Tribunal ("the acquisition") and as a result has become unconditional. 2. Terms of the transaction The acquisition consideration is estimated at R1.5 billion based on the expected net asset value of finance contracts on the effective date, being 1 September 2004 ("the net asset value"). This consideration will be payable in cash and will be adjusted for any change in the net asset value between the date of this announcement and the effective date. In addition, an alliance will be formed between Barloworld and Wesbank in terms of which Barloworld will receive a share in the profits flowing from both the existing finance contracts being sold to WesBank as well as any future new business flows into the alliance from 1 September 2004 onwards. 3. Rationale for the transaction This acquisition extends Wesbank"s asset-based finance portfolio. Wesbank looks forward to providing the Caterpillar customers with innovative finance products and excellent levels of service. Wesbank`s experience in alliances of this nature will allow it to grow this business in the future for the mutual benefit of FirstRand and Barloworld. Sandton 12 August 2004 Merchant bank and sponsor to FirstRand Limited RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE FINANCE Date: 12/08/2004 01:47:03 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
