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Firstrand - EB Nieuwoudt to replace Hillie Meyer as MD of Momentum Group Limited FIRSTRAND LIMITED (Incorporated in the Republic of South Africa) (Registration number 1966/010753/06) (Share code: FSR) (ISIN: ZAE000066304) ("FirstRand") PRESS RELEASE EB Nieuwoudt to replace Hillie Meyer as MD of Momentum Group Limited ("Momentum") FirstRand today announced that the MD of Momentum, Hillie Meyer, will be leaving the Group at the end of September 2005 and will be replaced by EB Nieuwoudt, currently the CEO of the FirstRand Africa and Emerging Markets division. Meyer, who joined Momentum in 1988 and became MD in 1997, will be leaving Momentum at the end of September 2005. He has no immediate career plans and he intends to spend more time on his outside interests for the next year. Commenting on Hillie Meyer"s departure, Laurie Dippenaar said; "FirstRand is disappointed to lose an executive of the calibre and experience of Hillie. He took over as MD of Momentum in 1997 and under his leadership Momentum"s premium income increased from R3 billion to R13 billion and its assets under management increased from R40 billion to in excess of R200 billion. Momentum"s profit has increased from R139 million to R1.1 billion, an average increase throughout Hillie"s tenure as MD of 29% per annum." Dippenaar also highlighted the positive prospects of the change; "FirstRand encourages rotation of staff between Group companies. Change can be very constructive for a company in that it creates opportunities for new energy and fresh strategic insight. The Group is very fortunate to have the depth of talent that allows us to do this. "EB Nieuwoudt has been with the FirstRand Group for thirteen years, most recently as the CEO of Africa and Emerging Markets, a portfolio he has managed with energy and strategic skill. Following his two years as CEO of the Corporate Cluster and four years as Group Treasurer EB has established an excellent track record within FirstRand for driving collaboration and innovation, and he has a very strong understanding of the Group and its businesses. "His appointment will ensure an even closer working relationship between the insurance and banking operations of the Group, which can only increase the already significant collaborative initiatives taking place and further enhance the Group"s integrated financial services model" concluded Dippenaar. Hillie Meyer added, "I have known EB for many years and have always been impressed with his intellect and strategic insight. He joins a strong and experienced team, with an excellent track record and his appointment as MD has received overwhelming support from the Momentum Board and executive management." EB Nieuwoudt will formally take over as MD of Momentum on 1st October 2005. -ends- Enquiries Momentum Beth van Heerden Office 012 673 7325 Cell 082 809 2344 (Hillie Meyer will be available for interviews from 3pm) FirstRand Sam Moss Office 011 282 1341 Cell 082 490 9985 19 July 2005 Sandton Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19/07/2005 01:30:05 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
