FSR - Firstrand Limited - Deferral of variable pay: acceptance by directors of

FSR - Firstrand Limited - Deferral of variable pay: acceptance by directors of  
conditional awards                                                              
FIRSTRAND LIMITED                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1966/010753/06)                                           
Share Code: (JSE) FSR, (NSX) FSR                                                
ISIN: ZAE000066304                                                              
("FirstRand")                                                                   
DEFERRAL OF VARIABLE PAY: ACCEPTANCE BY DIRECTORS OF CONDITIONAL AWARDS         
In its deliberations during the 2010 financial year the Remuneration Committee  
determined that a portion of the performance payments awarded to the Chief      
Executive Officer, Mr SE Nxasana and to the Chief Operating Officer, Mr JP      
Burger be deferred for two years in the form of awards of conditional shares.   
This action was approved by the Board and was reported in the 2010 Annual       
Financial Statements (refer page 084, Directors Emoluments).                    
Conditional share awards of FirstRand ordinary shares, which vest on 13         
September 2012 after a two-year performance period, have been made and accepted 
at a grant price of R00,00, based on a share price of R20.4439 on 18 April 2011.
Executive Directors        Variable     Deferred     Conditional                
Pay          (Deemed      Share Award                 

                                       value)                                   
SE Nxasana                 8 700 000    5 180 000    253 376                    
JP Burger                  8 200 000    4 480 000    219 136                    
Clearance has been received in terms of Rule 3.66 of the JSE`s Listings         
Requirements in respect of the above off market transactions.  All interests in 
the transactions are direct and beneficial.                                     
These awards were priced prior to the Momentum Group Limited, MMI Holdings      
Limited merger and subsequent distribution of MMI Holdings shares to FirstRand  
shareholders.  The awards will be adjusted to account for the distribution upon 
receipt of the external audit opinion on the adjustment proposed and            
confirmation thereof by the Remuneration Committee and the Board.               
Sandton                                                                         
19 April 2011                                                                   
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 19/04/2011 15:37:01 Supplied by www.sharenet.co.za                     
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