Firstrand - Further Cautionary Announcement

Firstrand - Further Cautionary Announcement                                     
FIRSTRAND LIMITED                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1966/010753/06)                                            
(Share code: FSR)                                                               
(ISIN: ZAE000014973)                                                            
("FirstRand")                                                                   
FURTHER CAUTIONARY ANNOUNCEMENT RELATING TO FIRSTRAND"S 10% BLACK ECONOMIC      
EMPOWERMENT ("BEE") TRANSACTION                                                 
Shareholders are referred to the cautionary announcement dated 4 November 2004  
in which FirstRand outlined its proposed BEE transaction (the "BEE transaction")
and the further cautionary announcement on 20 December 2004 in which it         
confirmed that the necessary third party funding for the BEE transaction had    
been secured.                                                                   
FirstRand is pleased to announce that good progress is being made in drafting   
the necessary legal agreements, referred to in the cautionary announcement on 20
December 2004, and that the BEE transaction is expected to be implemented by May
2005.                                                                           
A detailed terms announcement will be published once the documentation relating 
to the BEE transaction and the associated third party funding has been          
finalised. This announcement, which is expected to be published by the end of   
February, will include an analysis of the economic cost/dilution of the BEE     
transaction to FirstRand shareholders.                                          
In the interim, shareholders are advised to continue to exercise caution when   
dealing in their FirstRand shares until the announcement referred to above is   
made.                                                                           
Sandton                                                                         
2 February 2005                                                                 
Merchant bank and joint sponsor                                                 
Rand Merchant Bank (A division of FirstRand Bank Limited) Corporate Finance     
Lead sponsor                                                                    
PWC Corporate Finance (Pty) Ltd                                                 
Financial adviser to Kagiso Trust, Mineworkers Investment Trust and WDB Trust   
Rothschild                                                                      
Date: 02/02/2005 12:09:12 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department