3. PROGRAMME  Introduction  Financial Review  Banking Operations  Strategic Partnerships and Channels  Technology & Operations  Strategic Review  Richard Laubscher  Stuart Morris  Derek Muller  Mike Leeming  Barry Hore  Richard Laubscher

4. AN EVENTFUL YEAR  Economy  Tough banking environment, improving  Strength and diversity delivers results  Subsidiaries  Acquired ENF, FBC and Emirates book  Merged Peoples into FBC  Empowerment Group takes 20% of Peoples  Sold 50% of NIBAM to Franklin Templeton  Alliances  Old Mutual, Capital One, JD Group, Pick ‘n Pay, Imperial, Virgin Active

5. AN EVENTFUL YEAR  Associates and Investments  Outlaid R2,5bn to acquire more DDIL, Internet Solution, IQ, Aplitec, Nihilent, Miraculum and Kagiso  Exchanged DDIL for Didata plc, surplus R3,6bn, recouped R1,8bn cash  New Accounting Standards  Implemented effects of Goodwill, Pension Funds, Software Development, accelerated Hardware Depreciation, Deferred Tax Assets, Investments and Headline Earnings

6. INCOME STATEMENT

7. Financial Review Stuart Morris

8. ASSET GROWTH

9. NET INTEREST INCOME TO INTEREST-EARNING ASSETS 3,077 3,555 3,925 4,359 4,732 4.17% 4.00% 3.70% 3.64% 3.46% 4.17% 4.01% 3.79% 3.73% Dec 96Dec 97Dec 98Dec 99Dec 00 NII (Rm)NII to IEA (%)NII (Incl.'s Assoc. Inc. Gross-up) to IEA (%)

10. NON-INTEREST REVENUE TO TOTAL INCOME 3,486 4,292 40.41% 42.34% 44.99% 44.43% 47.56% Dec 96Dec 97Dec 98Dec 99Dec 00 Non Interest RevenueN I R to Total Income (%)

11. SPECIFIC AND GENERAL PROVISIONS CHARGE 698 11.33% 14.38% 17.79% 19.93% 19.22% Dec 96Dec 97Dec 98Dec 99Dec 00 Specific & General Provisions Charge (Rm)% of Net Interest Income

12. PROVISIONS

13. NON-PERFORMING LOANS

14. EXPENSES 3,164 4,516 3,601 4,008 4,054 61.27% 58.41% 51.68% 56.16% 50.04% Dec 96Dec 97Dec 98Dec 99Dec 00 Expenses (Rm)Expense to Income Ratio (%)

15. HEADLINE EARNINGS HEADLINE EARNINGS 1,145 1,492 1,900 2,406 3,027 30.39% 26.05% 23.60% 24.57% 23.68% 528 665 822 1,024 1,266 Dec 96Dec 97Dec 98Dec 99Dec 00 Headline Earnings (Rm)Growth in E P S (%)E P S (cents)

16. SHAREHOLDERS’ FUNDS

17. RETURN ON ASSETS 75,635 91,272 109,190 123,686 144,052 1.51% 1.63% 1.74% 1.95% 2.10% Dec 96Dec 97Dec 98Dec 99Dec 00 Average Total Assets (Rm)Return on Assets (%)

18. SEGMENTAL ANALYSIS Business transfers in process & transfer pricing under review

19. GEOGRAPHIC ANALYSIS

20. Banking Operations Derek Muller

21. 2000 REVIEW Reconfigured the Business  Peoples Bank  Business Direct  Branch Rationalisation  Credit Technology  Asia Reasonable Growth  Strong Corporate Performance  Commercial Market Share Up  Robust Homeloan growth  ABF Improvement

22. 2001 PRIORITIES Customer Service  Retail Initiatives  Channel Management  Muscle Building Customer Acquisition / Retention  Old Mutual JV  Greater Homeloan Focus  Datamining / X-sales  Nedtreasury

23. Strategic Partnerships and Channels Mike Leeming

24. EXPANDING THE UNIVERSE

25. IMPLICATIONS  Low acquisition cost i.t.o. NAV and goodwill  Hitting the road running  Low increase in expenditure  Non-linear revenue growth vs. expense growth limitation with T&O momentum in place

26. Technology and Operations Barry Hore

27. TECHNOLOGY & OPERATIONS  Back office restructured into "service factory"  Ongoing productivity gains from e-process  Significant delivery on new technology projects  Leveraging technology investments  Commercialisation

28. Strategic Review Richard Laubscher

29. FUNDAMENTALS OF GROWTH IN BANKING

30. GROWTH CONSTRAINTS  Large-scale acquisition problematic  Africa - selective - trade, aid and GDFI  International  No to Investment Banking  No to High-street Banking  No to Global Treasury

31. GROWTH OPTIONS  Possibly yes to:  Private Banking  Insourced Processing  Investment in Banking Enabling Technologies  Convergence of Direct with e- and i- Commerce

32. CONCLUSION  Emphasis is on:  Local Retail Banking  Local Commercial Banking  Aided by Process-cost Reduction  Database Power  9 million potential customers  Capital One expertise  Affinity Partnership of Unparalleled Quality

33. Q & A