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Nedcor Investment Bank Holdings Limited - Offer To Minority Shareholders        
Nedcor Investment Bank Holdings Limited                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1963/003972/06)                                            
Share Code: NIB    ISIN: ZAE000019030                                           
("NIB")                                                                         
OFFER TO MINORITY SHAREHOLDERS                                                  
Shareholders are referred to the interim results announcement released on SENS  
earlier today, 24 July 2002.  Nedcor Limited ("Nedcor") has advised NIB that    
should the offer to NIB minorities be implemented, the consideration in respect 
of the offer will be Nedcor shares.                                             
Johannesburg                                                                    
24 July 2002                                                                    
Investment bank and   Corporate law         Joint sponsor                       
sponsor               advisers and                                              
consultants                                               
Nedcor Investment     Edward Nathan &       Merrill Lynch                       
Bank                  Friedland                                                 
                      Independent                                               
financial adviser to                                      
                      the NIB board                                             
                      Deutsche Securities                                       
                      (SA) (Pty) Limited                                        
Date: 24/07/2002 03:41:20 PM Produced by the JSE SENS Department                

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