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Wed 30 May 2007, 17:25 GRYNIC - Nedbank Limited - Adjustment to the Terms
JSE   GRYNIC
 NEDB                                                                            
GRYNIC - Nedbank Limited - Adjustment to the Terms and Conditions of the Nedbank
                          Allan Gray Property Trust Plc Share Instalment        
Nedbank Limited                                                                 
Share Code: GRYNIC                                                              
ISIN Code:  ZAE000087797                                                        
Following the recent announcement which was published by Strate on the 18 May   
2007, ALLAN GRAY PROPERTY TRUST will change its name to FOUNTAINHEAD PROPERTY   
TRUST.                                                                          
The Trustees of the Share Instalment Trust will amend the GRYNIC Share          
Instalment Terms and Conditions in the following ways:                          
The share instalment code will change from GRYNIC to FPTNIC. All terms and      
conditions applicable to GRYNIC will be applicable to FPTNIC. Holders of GRYNIC 
share instalments will receive one FPTNIC share instalment for every one GRYNIC 
share instalment held on Friday, 8 June 2007.                                   
Trading in the GRYNIC will be suspended at close of business on Friday, 1 June  
2007 and trading in the FPTNIC will commence on Monday, 4 June 2007. This is in 
accordance with the underlying equity.                                          
Old Issue Code     GRYNIC                                                       
New Issue Code     FPTNIC                                                       
Old ISIN           ZAE000087797                                                 
New ISIN           ZAE000097929                                                 
Old Underlying     ALLAN GRAY PROPERTY TRUST                                    
New Underlying     FOUNTAINHEAD PROPERTY TRUST                                  
The JSE Limited ("the JSE") Issuer Services Division has approved the adjustment
of the above-mentioned instalments.                                             
For more information contact Nedbank Equity Derivatives on (011) 535 4030.      
135 Rivonia Road, Sandton                                                       
30 May 2007                                                                     
Sponsor Nedbank Capital                                                         
Date: 30/05/2007 17:25:36 Produced by the JSE SENS Department.
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