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JSE
 NEDB                                                                            
Nedbank Limited - Adjustment To The Terms & Conditions Of                       
                  The Kumba Iron Ore Limited                                    
Adjustment To The Terms & Conditions Of The Kumba Iron Ore Limited, Nedbank     
Warrant & Share Instalment                                                      
  Old Strike Price    74.22                                                     
  New Strike Price    74.22                                                     
  Expiry Date         22/11/2006                                                
Old Conv. Ratio     19.76                                                     
  New Conv.Ratio      19                                                        
  Call/Put            Put                                                       
  Style               European                                                  
Issue Code          KIONBP                                                    
  Isin Code           ZAE000088100                                              
The conversion ratio of the KIONBP warrant has been adjusted. This adjustment   
will be effective from the 21 November 2006.                                    
The Warrant is exercisable only in accordance with the terms & conditions as set
out in the relevant offering circular.                                          
21 November 2006                                                                
Date: 21/11/2006 12:32:57 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                

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