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FirstRand - Preference Share Issue FirstRand Limited (Registration number 1966/010753/06) JSE code: FSR ISIN: ZAE000014973 ("FirstRand") PREFERENCE SHARE ISSUE FirstRand shareholders are referred to the audited results of FirstRand, published on 14 September 2004, which included commentary on the decision by FirstRand to raise R2,5 billion through the issue of variable rate non- redeemable, non-cumulative preference shares ("preference shares"). Given investor demand and further to an analysis of FirstRand"s capital structure and capital requirements, the FirstRand board has elected to increase the size of the preference share issue to R3,0 billion. FirstRand will evaluate the following options in respect of the utilisation of the funds raised through the issue of the preference shares: * reduction of existing gearing in FirstRand; * BEE funding; * implementation of a share buy-in programme; and * other growth opportunities. FirstRand shareholders are advised that the preference shares will be issued by way of a private placement to selected investors. In this regard, FirstRand has received irrevocable undertakings from these investors to subscribe for all the preference shares issued in terms of the private placement. A pre-listing statement in respect of the private placement, which is subject to the approval of the JSE Securities Exchange South Africa ("JSE"), is in the process of being prepared and it is expected that the listing of the preference shares on the JSE will commence early in November 2004. Sandton 7 October 2004 Merchant bank and joint sponsor Rand Merchant Bank Corporate Finance A Division of FirstRand Bank Limited Lead sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd (Registration number 1970/003711/07) Date: 07/10/2004 05:43:49 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
