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Wed 24 Mar 2004, 17:55 ISSUE OF SHARE INSTALMENTS
NEDBANK LIMITED - ISSUE OF SHARE INSTALMENTS                                    
  Underlying      Issue Size   Strike     Ratio Style     Exercise     JSE        
  Instrument                  Price                      Date         Codes       
  Anglo American 100000000    R 78.00   1:1    American  25th March   AGLNIA     
                                              Call      2005                      
   Ango Gold      100000000    R 136.00  1:1    American  25th March   ANGNIA     
                                              Call      2005                      
  BHP Billiton   100000000    R 29.00   1:1    American  25th March   BILNIA     
                                              Call      2005                      
   First Rand     100000000    R 4.50    1:1    American  25th March   FSRNIA     
                                              Call      2005                      
  Goldfields     100000000    R 40.00   1:1    American  25th March   GFINIA     
                                              Call      2005                      
   Implats        100000000    R 263.00  1:1    American  25th March   IMPNIA     
                                              Call      2005                      
  Investec PLC   100000000    R 68.00   1:1    American  25th March   INPNIA     
                                              Call      2005                      
   MTN Group      100000000    R 16.00   1:1    American  25th March   MTNNIA     
                                              Call      2005                      
  Richemont      100000000    R 8.00    1:1    American  25th March   RCHNIA     
                                              Call      2005                      
   SAB Miller     100000000    R 36.00   1:1    American  25th March   SABNIA     
                                              Call      2005                      
  Sappi          100000000    R 43.00   1:1    American  25th March   SAPNIA     
                                              Call      2005                      
   Sanlam         100000000    R 4.50    1:1    American  25th March   SLMNIA     
                                              Call      2005                      
  Sasol          100000000    R 49.00   1:1    American  25th March   SOLNIA     
                                              Call      2005                      
   Satrix 40      100000000    R 4.90    1:1    American  25th March   STXNIA     
                                              Call      2005                      
  Standard Bank   100000000    R 20.00   1:1    American  25th March   SBKNIA     
                                              Call      2005                      
   Telkom group   100000000    R 36.00   1:1    American  25th March   TKGNIA     
                                              Call      2005                      
  The Listings Division of The JSE Securities Exchange South Africa  ("JSE") has  
  approved the listing of the abovementioned Share Instalments and trading will   
  commence on 25th of March, 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: 24/03/2004 05:40:00 PM Produced by the JSE SENS Department
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