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NEDBANK GROUP ANNUAL REPORT 2009

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER


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* Relates to differences between the market price and the exercise price of options granted to employees that were exercised during the current year.
** This represents the cumulative foreign exchange differences that arise on the translation of an entity with a different functional currency compared with that of the group. The cumulative reserve relating to a subsidiary that is disposed of is included in the determination of profit/loss on disposal of the subsidiary.
*** This represents the cumulative amounts that have been recognised on the revaluation of group properties net of deferred tax. When the property is disposed of, the cumulative revaluation surplus is transferred directly to retained income.
**** All share-based payment expenses are recognised in the statement of comprehensive income, with the corresponding amount recognised in share-based payments reserves. Any excess tax benefit over the relative tax on the share-based payments expense is recognised directly in this reserve. On the expiry or exercise of a share-based instrument the cumulative amount recognised in this respect is transferred directly to other distributable reserves.
***** Represents other non-distributable revaluation surpluses on capital items and non-distributable reserves transferred from other distributable reserves in order to comply with various banking regulations.
****** This comprises all fair-value adjustments, net of the related tax on all financial assets that have been classified as available for sale. On the disposal of available-for-sale financial assets the cumulative gains and the associated tax recognised on these instruments are recognised in profit and loss for the period and are not included in the determination of headline earnings per share.
******* Represents the accumulated profits after distributions to shareholders and appropriation of retained earnings to other non-distributable earnings.