Introduction

Rationale

Principles

Employee schemes

Client & distributor schemes

Black Business Partners

Proposed Nedcor Transaction structure

Direct black shareholding

Nedcor employee schemes

Nedcor client schemes

Non-executive directors

Eyethu Community Trust

Nedcor Black Business Partners

Proposed appointments to the Nedcor Board

Mechanics / funding to implement the Nedcor Transaction

Value of the Nedcor Transaction

Estimated economic cost of the Nedcor Transaction

Accounting treatment of the Nedcor Transaction

Pro forma financial effects of the Nedcor Transaction

Measuring the black ownership of the Nedcor Transaction

Conditions precedent to the Nedcor Transaction

Opinions and recommendations for the Nedcor Transaction

Shareholders' analysis

Group employee incentive scheme