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Thu 12 Feb 2004, 9:21 Issue of Protected Share Investment
Nedbank Limited - Issue of Protected Share Investment                           
Nedbank Limited                                                                 
Underlying Instrument   Issue     Strike/Protected Capped     Initial           
Size      Price            Level      Shares             
BHP Billiton            10000     R 58.20          R 87.30    171.82            
MTN Group               10000     R 29.48          R 44.22    339.21            
Richmont                10000     R 17.71          R 26.57    564.65            
Sappi                   10000     R 93.50          R 140.25   106.95            
Telkom                  10000     R 72.15          R 108.23   138.60            
Underlying  Bonus       Ratio    Style      Exercise Date   JSE                 
Instrument  Shares                                       Codes                  
BHP         73.56      Variable  European   12th Feb 07     BILNPA              
Billiton                                                                        
MTN Group   124.10     Variable  European   12th Feb 07     MTNNPA              
Richmont    254.01     Variable  European   12th Feb 07     RCHNPA              
Sappi       48.54      Variable  European   12th Feb 07     SAPNPA              
Telkom      57.35      Variable  European   12th Feb 07     TKGNPA              
The Listings Division of The JSE Securities Exchange South Africa               
("JSE") has approved the listing of the abovementioned warrants and trading     
will commence on the 12th February, 2004.                                       
All members of the JSE may participate in trading which will occur according    
to normal JSE Rules.  Settlement will be effected electronically through        
STRATE.                                                                         
Copies of the warrant program and pricing supplement are available at the       
address stated below.                                                           
6th Floor Corporate Place                                                       
135 Rivonia Rd Sandown                                                          
2196                                                                            
For further information contact :                                               
Nedbank Ltd                                                                     
011 535 4030                                                                    
Sponsor                                                                         
Nedbank Corporate Finance Division                                              
(A division of Nedbank Limited)                                                 
Date: 12/02/2004 08:19:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department
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