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JSE
 NEDB                                                                            
Nedbank Limited - Issue of Warrants                                             
NEDBANK LIMITED                                                                 
ISSUE OF WARRANTS                                                               
Underlying Instrument  KUMBA IRON ORE                                         
  ISIN                   ZAE000088100                                           
  Issue Size             100000000                                              
  Strike                 7,422                                                  
Ratio                  1:19.76                                                
  Type                   EP                                                     
  Expiry Date            2006/11/22                                             
  Code                   KIONBP                                                 
The Issuers Services Division of the JSE Limited ("JSE") has approved the       
listing of the above-mentioned Warrants and trading will commence on 21         
November 2006.                                                                  
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.                                                           
For further information contact:                                                
Nedbank Ltd                                                                     
011 535 4030                                                                    
Sponsor                                                                         
Nedbank Capital                                                                 
(A division of Nedbank Limited)                                                 
Date: 21/11/2006 11:03:04 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                

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