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JSE   RCHNBA
 NEDB                                                                            
Nedbank - Adjustment to the Terms & Conditions of the Richemont Securities      
Nedbank Limited                                                                 
Adjustment to the Terms & Conditions of the Richemont Securities Nedbank Warrant
Old Strike Price                 37.00                                          
New Strike Price                 36.514                                         
Expiry Date                      01/02/2007                                     
Old Conv. Ratio                  8                                              
New Conv.Ratio                   7.895                                          
Call/Put                         Call                                           
Style                            American                                       
Issue Code                       RCHNBA                                         
ISIN Code                        ZAE000084729                                   
As a result of the R0.46 "Special Dividend" an adjustment will be made to ensure
the financial position of the warrant holders is unprejudiced by this event.    
This adjustment will be effective from the 18 September 2006.                   
The Warrant is exercisable only in accordance with the terms & conditions as set
out in the relevant offering circular.                                          
18 September 2006                                                               
Date: 18/09/2006 11:58:03 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                

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