The rules of the JSE require that the starting point for calculation of the pro forma adjustments is consistent with the accounting policies used in preparing the latest published audited financial information. The audited 2004 financial information was prepared in accordance with SA GAAP, which was effective for the year ended 31 December 2004. As a result, the pro forma adjustments are based on SA GAAP, as it existed at 31 December 2004.

Effective 1 January 2005, Nedcor will prepare its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). To date, no IFRS information has been published to use as a starting position for the pro forma financial effects. The restated 31 December 2004 financial results on an IFRS basis will be disclosed on or about the 3 May 2005. Revised 31 December 2004 pro forma financial effects of the transaction along with its first quarter trading update on an IFRS basis will be disclosed by Nedcor on or about the 5 May 2005. In the context of this transaction, the impact of IFRS is a broadening of the application of accounting for share based payments in accordance with IFRS 2 “Share based Payments”. This results in additional costs that are required to be recognised in respect of the Nedcor Transaction. In all other aspects, the accounting treatment is substantially the same under IFRS and SA GAAP, as it existed at 31 December 2004.