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Wed 2 Jan 2008, 14:59 PPCNBA - Nedbank Limited - Adjustment to the terms & conditions of the PPC
JSE   PPCNBA
 NEDB                                                                            
PPCNBA - Nedbank Limited - Adjustment to the terms & conditions of the PPC      
Nedbank Warrant                                                                 
Nedbank Limited                                                                 
Adjustment To The Terms & Conditions Of The PPC Nedbank Warrant                 
Old Strike Price      50.00                                                     
New Strike Price      49.33                                                     
Expiry Date           2008/06/26                                                
Old Conv. Ratio       12                                                        
New Conv.Ratio        11.8396                                                   
Call/Put              Call                                                      
Style                 American                                                  
Issue Code            PPCNBA                                                    
Isin Code             ZAE000111506                                              
As a result of the PPC special dividend, an adjustment will be made to ensure   
the financial position of the warrant holder is unprejudiced by this event. This
adjustment will be effective from Wednesday, 02 January 2008.                   
The Warrant is exercisable only in accordance with the terms & conditions as set
out in the relevant offering circular.                                          
For more information contact Nedbank Equity Derivatives on (011) 535 4030.      
135 Rivonia Road, Sandton                                                       
2 January 2008                                                                  
Sponsor Nedbank Capital                                                         
Regards                                                                         
Yolanda Le Roux                                                                 
Equity Capital Markets                                                          
Date: 02/01/2008 14:59:01 Produced by the JSE SENS Department.                  
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