1. Nedcor Limited 2003 Results & Rights Issue

2. Agenda  Highlights  2003 results & action steps  Recovery programme: progress to date  Unlocking the value of the franchise  The rights issue  Summary

3. Highlights  New EXCO team  Balance sheet clean up & implementing controls  Capital restored & strengthened  Recovery programme in place  Delivery on transparency & accountability  Old Mutual relationship strengthened Significant scope for improving profitability

4. Results  Funding  Expenses  Currency  Clean up the balance sheet 20032002 Headline earningsRm552 476 NAV per sharecents4 2406 300 Capital adequacy%10,111,0

5. Capital – Why the rights issue? What happened to capital?  AC133  Attributable loss  Dividends  Balance sheet clean up  Partially offset by preference shares & Tier 2 Why the rights issue?  Restore Tier 1 Capital  Optimise Tier 1 & 2 mix  Meet future regulatory requirements

6. Strategic & operational imperatives  Back to basics  Focus on Southern Africa  Improved measurement  Better governance  Clear accountability  Aggressive cost reduction  Enhanced risk & balance sheet management  Focus on client service Highly rated & respected SA bank

7. 2003 results & action steps

8. Financial agenda  Set 2003 baseline –Balance sheet clean up –Implement AC133 –Assessment of regulatory capital –Improve transparency & quality of earnings  Gain control over risks –Interest rates –Foreign exchange –Capital/asset growth –Nature of the investments  Implement value management –Risk based MIS –Aggressive cost cutting –Driving accountability Deliver ROE

9. ROE – Income drivers 2003 20032002 NII / AIEA*%2,962,95 NIR / AIEA*%2,852,78 Expenses / AIEA*%4,503,74 Efficiency (excl. FX)%70,159,2 Provisions / AIEA*%0,900,52 Effective tax rate%32,010,0 ROA% 0,020,84 ROE%0,3214,05 *Average interest earning assets

10. What happened to our capital? Regulatory capital (Rbn) Risk weighted assets (Rbn) Ratio (%) Opening position at 31/12/200223,0208,711,0 Post tax attributable earnings impact on capital & adjustments (incl. pre-acqs)0,40,2 Dividends(1,4)(0,7) Foreign exchange(1,6)(5,5)(0,5) Growth in risk weighted assets9,7(0,5) AC133 impact on capital(2,8)(1,3) 17,6212,98,2 Capital raising4,01,9 Closing position at 31/12/200321,6212,910,1

11. Net interest income  Achieved a similar margin of 2,96% for the 2003 year  Major negative influences – BoE related funding – Management of interest rate risk – Accounting policy changes (AC133, AC102) – Historically oversold tax base – Peoples Bank “put” Roll-off of expensive deposits - April 2004 Implementing interest rate & foreign exchange risk policies Reconstituted ALCO Introducing funds transfer pricing & risk based capital allocation Identify & focus on profitable business Optimisatio n of margin

12. Non-interest revenue (Rm)20032002 Commission & fees5 2084 540 Total5 4314 540 BoE JV (now equity accounted)(223)- Exchange & securities trading1 7131 199 Pre AC1331 2011 199 AC133 fair value adjustments512- Other1 0321 083 NIB currency gains-116 Dividends from other investments152173 Sale of assets243317 Other637477 7 9536 822 Focus on annuity type income Improve trading income within defined risk limits Capital not to be applied for speculative purposes Apply consistent pricing discipline Better quality earnings

13. Expenses  Efficiency ratio 70,1%* - unacceptable  Operating expenses up to R9 950m –Inclusion of BoE for full year –Incentive awards expensed –Technology projects & resultant write-offs –Consolidation of businesses Aggressive implementation - detailed report by half year results *Excludes foreign exchange translation Merger cost reducing & savings increasing Integration of Peoples Bank into Nedbank Rationalise back office processes & support functions & centralise procurement Review unprofitable businesses Flatten management structures Cross-charging for internal services - Internal customers - SLAs

14. Taxation  Income Statement –Effective tax rate increased from 10% to 32% –In future will trend towards statutory rate –Reallocation of NII to taxation –Impact of AC133 –Increase in STC  Balance Sheet –Additional provisions of R844m –R583m relating to BoE pre-acquisition items Active resolution of outstanding issues

15. Exceptional items (Rm)20032002 Dimension Data-(1 080) Goodwill amortisation & impairment(1 803)(501) Disposal of subsidiaries, investments & fixed assets349(58) Impairment of investments & fixed assets(239)(119) Merger & reorganisation costs-(35) (1 693)(1 793)

16. Financial priorities 2004  Implement risk policies & manage businesses accordingly  Set, enforce & measure accountability  Proactive capital management –Better allocation of capital –Optimise structure of balance sheet –Improve profitability  Drive down expenses  Clear understanding & focus on value drivers  Deliver ROE & ROA Core businesses are solid - need to optimise

17. Recovery programme: progress to date

18. New EXCO team Strategic overview Deliver the merger Improved transparency Focus on customer service “Five Point Plan” Recovery programme

19. Progress Implement new EXCO & structureNov ’03 & Feb ‘04 Appoint new CFOH1 2004 Appoint new Risk ManagerH1 2004 Alignment of operations with businessesJan ‘04 Finance, ALCO & Capital combinedJan ‘04 Facilitate reduction of boardFeb ’04 & May ’04 New EXCO team & structure

20. Progress 2003 baseline & clean balance sheetFeb ‘04 Finalise & benchmark 2004 budgetFeb ‘04 Capital raisingMay ‘04 Integrated retail strategy – decision takenNov ‘03 Review & dispose of non-core assets2004 Strategic review

21. Deliver the merger  On track  Corporate client migrations substantially completed  NBS migration to be completed in 2004  Systems & data centre rationalisation in 2004 Operational synergies fully extracted by 2005

22. Progress External stakeholders - Greater interaction Nov, Dec ’03 & Feb ’04 - Detailed progress reportAug ‘04 Staff - Continued improvement in communication - Staff surveys & feedbackNov ’03 Improved segmental analysisWork in progress Improved transparency Rebuild reputation

23.  Enhanced staff training  Client focused products delivered by systems with improved functionality  Intensified client research  Alignment of staff incentive schemes Unlock the value of the franchise Focus on customer service

24. Unlocking the value of the franchise

25.  Client focused structure  Dominant in commercial & industrial property  Strong mid-size corporate franchise  Strong regional presence  Significant cross-sell opportunities  Reward systems to drive ROE  Institutional bancassurance Corporate Banking Business Banking Property & Asset Finance International Africa Nedbank Corporate Unlock the value of the franchise

26. Nedbank Capital Treasury Corporate Finance  Treasury trading subscale  Single ‘house view’ for client servicing  Extensive BEE advisory & financing  Strong project finance credentials  Capital markets/securitisation  Leading M&A business Capital Markets ENF Nedbank Capital Unlock the value of the franchise

27. Retail Banking Retail & Wealth Management  Nedbank: increased focus on sales & service levels beginning to show results  Total market penetration subscale, but good high-end penetration  Go Banking: great partners in Pick ‘n Pay - still building for the future  Old Mutual alliances: access to customers & broker distribution  Peoples Bank integration Retail & Wealth Management Banc- assurance Old Mutual Bank Pick ‘n Pay Go Banking Wealth Management Unlock the value of the franchise

28. Embracing the FSC  Dedicated EXCO member in place  Leading advisor/funder of BEE transactions  Design plan for equity ownership in H2 2004  Procurement project will assist in FSC compliance  Transformation – behind the curve Committed to meeting the FSC objectives

29. Governance  Board changes  Relationship agreement with Old Mutual to align strategy  Better information flow to stakeholders  Clear statement of expectations  Internal audit reports to Audit Committee  Checks & balances to prevent individual dominance

30. The rights issue

31. Sizing the issue Current Post rights issue * End 2004 Rm% % Tier 1 capital10 6405,015 4907,37,5%+ Tier 2 capital10 4694,97 9693,7 Tier 3 capital4800,24800,2 Total capital21 58910,123 93911,2 Risk weighted assets 212 850 * R5bn rights issue & repayment of R2,5bn Tier 2 capital to Old Mutual & others  Restore Tier 1 capital  Optimise Tier 1 & Tier 2 mix  Anticipate regulatory requirements  Foundation for future Size based on 3 - 3,5 times dividend cover & improved earnings

32. Transaction details Structure R5bn rights issue Anticipated timing GM: 17 March Announce terms by 25 March Subscription period: 13 April - 7 May Closing: mid May Underwriting Old Mutual to follow their rights Proceeds fully underwritten

33. Summary

34. Our position & outlook  Addressed the financial position  Excellent platform  Necessary human & financial resources  New EXCO with skills to deliver  Will unlock the value of the franchise  Significant scope for improving profitability Committed to a target of ROE 20%+ for F2006 Detailed progres s report by August ‘04

35. Certain statements in these materials constitute forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Forward-looking statements include words such as “expect”, “may”, “believes” and words of similar import. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Nedcor’s plans and objectives to differ materially from those expressed or implied in this presentation and, in particular, in such forward looking statements (or from past results). The following factors, among others, may have a direct bearing on Nedcor’s financial condition and results of operations, and on whether Nedcor will achieve its strategic goals: general economic conditions, particularly in South Africa, performance of international financial markets, interest and foreign exchange rate fluctuations, increasing levels of competition, and changes in laws and regulations. Nedcor assumes no responsibility to update any of the forward- looking statements contained herein.

36. These materials, which have been issued by Nedcor Limited (“Nedcor”), relate to the proposed offering of rights (the “Offering”) by Nedcor. These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Nedcor, nor shall these materials or any part of them nor the fact of their distribution form the basis of, or be relied upon in connection with, any contract or investment decision in relation thereto. Recipients of these materials who are considering a purchase of rights in Nedcor in the Offering following publication of the Offering Circular in connection therewith are reminded that any such purchase should be made solely on the basis of the information contained in the Offering Circular. No reliance may be placed for any purposes whatsoever on the information contained in these materials or on their completeness. No representation or warranty, express or implied, is given by or on behalf of Nedcor, its shareholders, any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in these materials, and no liability is accepted for any such information or opinions. Neither these materials nor any copy of them are for distribution, directly or indirectly, in or into the United States, Australia, Canada or Japan. These materials are not an offer of securities for sale into the United States or in any other jurisdiction where such an offer would be unauthorised. Neither the rights nor the ordinary shares represented thereby may be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act of 1933) unless they are registered or exempt from registration. There will be no public offer of securities in the United States. Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested. It should be noted that past performance is no guide to future performance. Persons needing advice should consult an independent adviser.

37. Questions?

38. Thank You

39. Booklet slides

40. Foreign exchange translation Converted R1bn in Nov & Dec 2003 Tax efficient remittance of dividends post Jan 2005 Review offshore assets & potential repatriation of capital or move to Eurorand (£50m+ anticipated from disposals in 2004) Use of strategic derivatives Better capital managemen t (Rm) 200320022001 Foreign exchange (loss)/gain (1 416)(1 216)1 096 Closing exchange rate:R/$R6,63R8,60R12,05 R/£R11,81R13,85R17,45 Capital offshore5 9267 773 $3 8484 886 £2 0782 887

41. Impairment of investments & fixed assets (Rm)2003 Impairment of capitalised software134 Impairment of property investments70 Impairment of bank-owned properties24 Other impairments11 239 Thorough review undertaken

42. Investments & associates 20032002 (Rm)Market value Carrying value Market value Carrying value Endowment policies1 366 941 NIBi Fund740 700 State Bank of Mauritius458382327482 SA Retail367372-- Aplitec321171198157 Didata – sold--414 Canal Walk - sold--329 Century City*--324359 CBON*--93 Acturis*--139 Other investments2 4112 384 3 4983 319 5 6635 4156 9636 933 * Now consolidated

43. Software (Rm) 2003 Computer software Opening balance1 143 Additions37 Commissioned during year541 Depreciation(347) Impairment(39) Closing balance1 335 Computer development costs Opening balance587 Additions424 Commissioned during year(541) Impairment(95) Closing balance375

44. Software Category (Rm)20032002 Computer software (note 1) 1 3351 143 Customer Product Systems (note 2) 688447 Infrastructure & Supporting Systems156334 Risk Management Systems228120 Channel Systems193182 Customer Information Systems7060 Computer development costs (note 3) 375587 Customer Product Systems99155 Infrastructure & Supporting Systems95110 Risk Management Systems60163 Channel Systems7283 Customer Information Systems4976 Total1 7101 730 1.Depreciation period is 3-5 years, other than International Card Processing assets which are depreciated over the period of the lease 2.Includes international processing assets which are being leased by the customer 3.All computer development costs are expected to be commissioned during 2004

45. FSC Nedcor Group Governance / Sustainability FRONT LINE COMPLIANCE & SUSTAINABILITY SUPPORT AREAS Finance CEO’s Office / HR Strategy & Corporate Affairs Group Operations Group Business Innovation Retail & Wealth Management (incl. Peoples Bank) Nedbank Corporate Risk New structure Nedbank Capital

46. Our regulatory capital position 1.Attributable income adjusted for foreign exchange translation loss, minorities & preference dividend accrual 2.Organic growth in risk weighted assets net of restructuring & balance sheet efficiencies Nedcor Group (Rm) Regulatory capitalRisk weighted assets Tier 1Tier 2/3Total 31 December 200214 5178 46822 985208 656 Capital adequacy ratios (%)7,04,011,0 Post tax attributable income1 689 Transitional AC133 adjustments (note 1) (1 534)(575)(2 109) Dividends(1 395) Pre-acquisition write-downs(840) Foreign exchange translation loss(1 597) (5 533) Net external capital raising1 0852 9634 048 Other adjustments10793200 Additional impact of AC133 on capital(682) Reserve release (NEST)(357) Imperial Bank goodwill(95) Additional use of trading capital(258) Growth in risk weighted assets (note 2) 9 727 31 December 200310 64010 94921 589212 850 Capital adequacy ratios (%)5,05,110,1