FirstRand - Results of the court hearing in respect of a 10% BEE transaction

FirstRand - Results of the court hearing in respect of a 10% BEE transaction    
FirstRand Limited                                                               
Incorporated in the Republic of South Africa                                    
Registration number: 1966/010753/06                                             
JSE share Code: FSR                                                             
NSX share code: FST                                                             
ISIN: ZAE000014973                                                              
("FirstRand" or "the company")                                                  
Results of the court hearing in respect of a 10% Black Economic Empowerment     
("BEE") transaction                                                             
Introduction                                                                    
Shareholders are advised that:                                                  
-    at the scheme meeting held on 21 April 2005, the requisite majority        
     approved the scheme of arrangement proposed by the trustee of the FirstRand
     Empowerment Trust and FirstRand Bank Limited in terms of section 311 of the
Companies Act No. 61 of 1973, as amended, between the company and its      
     shareholders ("scheme");                                                   
-    the scheme was sanctioned by the High Court of South Africa (Witwatersrand 
     Local Division) on Tuesday 3 May 2005; and                                 
-    the Order of Court will be lodged with the Registrar of Companies for      
     registration in due course.                                                
The only remaining condition precedent to the scheme is that Societe General SA 
issues a certificate on the business day prior to the consideration record date,
being 12 May 2005, that as at such business day the capital cover ratios in     
relation to certain of the funders of the BEE transaction are not less than     
certain agreed ratios. This condition precedent will be fulfilled unless there  
are extreme movements in the FirstRand share price prior that date. As such     
shareholders will only be informed in the unlikely eventuality that this        
condition precedent is not timeously fulfilled.                                 
Reminder of salient dates                                                       
     Shareholders are reminded of the following salient dates relating to       
the scheme:                                                                
                                                           2005                 
     Last day to trade for shareholders to be eligible to  Friday 6 May         
     receive the scheme consideration on                                        
Shares trade "ex" the scheme on (1)                   Monday 9 May         
     Consideration record date on which shareholders must  Friday 13 May        
     be recorded in the register of members of FirstRand                        
     in order to receive the scheme consideration by 17:00                      
on                                                                         
     Operative date of the scheme at the commencement of   Monday 16 May        
     trading on                                                                 
     Scheme consideration posted to certificated scheme    Monday 16 May        
participants (if documents of title are received on                        
     or prior to the consideration record date) on or                           
     about                                                                      
     or, failing receipt of documents of title on or                            
before the consideration record date, within five                          
     business days of receipt thereof by the transfer                           
     secretaries.                                                               
     Dematerialised scheme participants have their         Monday 16 May        
accounts held at their CSDP or broker credited with                        
     the scheme consideration and updated on                                    
     Listing and issue of the 119 million new ordinary     Monday 16 May        
     shares on JSE Securities Exchange South Africa and                         
Namibian Stock Exchange at commencement of business                        
     on                                                                         
Note:                                                                           
(1)  Please be advised that the FirstRand ISIN Code will change from            
ZAE000014973 to ZAE000066304 with effect from Monday 9 May 2005.           
Sandton                                                                         
3 May 2005                                                                      
Merchant bank and joint sponsor                                                 
RMB Corporate Finance                                                           
(A division of FirstRand Bank Limited)                                          
Lead sponsor                                                                    
PWC Corporate Finance                                                           
Sponsor in Namibia                                                              
Simonis Storm Securities                                                        
Date: 03/05/2005 05:43:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department