FirstRand - Implementation and results of the odd-lot offer

FirstRand - Implementation and results of the odd-lot offer                     
FirstRand Limited                                                               
  Incorporated in the Republic of South Africa                                  
Registration number: 1966/010753/06                                           
  Share Code: FSR                                                               
  ISIN: ZAE000014973                                                            
  ("FirstRand")                                                                 
IMPLEMENTATION AND RESULTS OF THE ODD-LOT OFFER                                 
1. Implementation of the odd-lot offer                                          
Shareholders are advised that the odd-lot offer to shareholders who held less   
than 100 ordinary shares in FirstRand at the close of business on Friday 17     
September 2004 ("odd-lot holders") has been implemented.                        
2. Results of the odd-lot offer                                                 
2.1. The total number of ordinary shares made available by those odd-lot holders
who elected to sell their odd-lot holdings and by those who failed to make an   
election and were therefore deemed to have sold their odd-lot holdings is 52 344
ordinary shares. These ordinary shares were made available at R10.74 per share  
(being the offer price of R10.23 per share plus a 5% premium) for a total       
consideration of R562 175.                                                      
2.2. Of the total number of ordinary shares made available by those odd-lot     
holders referred to in paragraph 2.1 above, 2 494 were applied to meeting the   
aggregate requirement of those shareholders who elected to purchase or subscribe
for additional ordinary shares to increase their shareholding to holdings of 100
ordinary shares.                                                                
2.3. The balance of the ordinary shares made available by those odd-lot holders 
referred to in paragraph 2.1 above were purchased by FirstRand at R10.74 per    
share (being the offer price of R10.23 per share plus a 5% premium) for a total 
consideration of R535 389, in terms of a specific approval to purchase its own  
shares granted at the general meeting of shareholders held on Thursday 2        
September 2004.  These shares will be cancelled, delisted and restored to the   
status of authorised share capital.                                             
2.4. The total number of ordinary shares which continue to be held by those odd-
lot holders who elected to retain their odd-lot holdings is 2 038 shares. As a  
result of the implementation of the odd-lot offer, the number of shareholders   
has been reduced by 1 968.                                                      
3. Odd-lot holders who hold certificated shares                                 
3.1. Cheques and electronic transfers in respect of the sale of odd-lot holdings
will be posted by ordinary post to the relevant odd-lot holders or effected on  
or about Monday 20 September 2004 at the risk of such odd-lot holders and       
against surrender of their relevant documents of title.                         
3.2. Certificated odd-lot holders who elected to sell their odd-lot holdings and
those who failed to make an election and were therefore deemed to have sold     
their odd-lot holdings are reminded that in order for payment, in respect of the
sale of their odd-lot holdings, to be effected they are required to deliver     
their relevant documents of title to the transfer secretaries, Computershare    
Investor Services 2004 (Proprietary) Limited, Ground Floor, 70 Marshall Street, 
Johannesburg, 2001 or to post their relevant documents of title to PO Box 61051,
Marshalltown, 2107.  These odd-lot holders are also reminded that their         
documents of title are no longer good for trading after Friday 10 September 2004
and will have no value other than to receive the proceeds of the sale of their  
odd lot holdings of R10.74 per share upon surrender.                            
3.3. In respect of those odd-lot holders who hold certificated shares and who   
elected to purchase or subscribe for and paid for additional ordinary shares,   
new share certificates reflecting the additional shares purchased will be posted
by registered post at the risk of such odd-lot holder on or about Monday 20     
September 2004.                                                                 
3.4. No interest will be paid on cheques not deposited or amounts held in trust 
pending the surrender of documents of title of those certificated odd-lot       
holders who have not dematerialised their shares.                               
4. Odd-lot holders who hold dematerialised shares                               
Any movement in the number of ordinary shares held and amounts                  
payable/receivable by an odd-lot holder who has dematerialised his/her shares,  
as a result of the implementation of the odd-lot offer, will be automatically   
updated and debited/credited in the odd-lot holders account with the Central    
Securities Depository Participant or broker selected by that odd-lot holder on  
Monday 20 September 2004.                                                       
   Sandton                                                                      
20 September 2004                                                            
Merchant bank and sponsor                                                       
   RMB (A division of FirstRand Bank Limited) Corporate Finance                 
Attorneys                                                                       
Deneys Reitz                                                                 
Information agent and transfer secretaries                                      
   Computershare Investor Services 2004 (Pty) Ltd                               
Date: 20/09/2004 03:02:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department