The WIPHOLD and BRIMSTONE Consortia will each acquire an effective 0.91% of the enlarged issued share capital of Nedcor (which equates to 1.12% of Nedcor’s South African businesses), which will be funded on the basis as detailed in paragraph 4.9 below.

To this end, the WIPHOLD and BRIMSTONE Consortia have each entered into a detailed, binding Memorandum of Understanding (“MoU”) with Nedcor setting out the terms of their participation as well as related performance criteria together with the implications of not meeting or exceeding those criteria. It is expected that the MoUs will be replaced by final agreements prior to the posting of the required circular to Nedcor shareholders.