D i r e c t o r s r e s p o n s i b i l i t y s t a t e m e n t

The directors of FirstRand Bank Limited are required by the Companies Act to maintain adequate accounting records and to prepare financial statements for each financial year that fairly present the state of affairs of the Bank at the end of the financial year, and of the results and cash flows for the year. In preparing the accompanying financial statements, South African Statements of Generally Accepted Accounting Practice have been followed. Suitable accounting policies have been applied, and reasonable estimates have been made. The board approves significant changes to accounting policies and the effects of these are fully explained in the annual financial statements. The financial statements incorporate full and responsible disclosure in line with FirstRand Banks philosophy on corporate governance. The external auditors, PricewaterhouseCoopers Inc. and Deloitte & Touche, have audited the financial statements and their unqualified report appears below.

The directors have reviewed the Banks budget and cash flows for the year to 30 June 2005. On the basis of this review, and in the light of the current financial position, the directors have no reason to believe that the Bank will not be a going concern for the foreseeable future. The going concern basis has therefore been adopted in preparing the financial statements. The financial statements for the year ended 30 June 2004, which appear on pages 3 to 5 and 23 to 68, have been approved by the board of directors and are signed on its behalf by:

JP Burger Financial Director Sandton 13 September 2004

PK Harris Chief Executive Officer

Re p o r t o f t h e i n d e p e n d e n t a u d i t o r s

To the shareholders of FirstRand Bank Limited / We have

audited the annual financial statements of FirstRand Bank Limited, set out on pages 3 to 5 and 23 to 68, for the year ended 30 June 2004. These financial statements are the responsibility of the directors of FirstRand Bank Limited. Our responsibility is to express an opinion on these financial statements based on our audit.

Audit opinion / In our opinion, the financial statements fairly present,

in all material respects, the financial position of the FirstRand Bank Limited at 30 June 2004 and the results of its operations and cash flows for the year then ended in accordance with Statements of Generally Accepted Accounting Practice in South Africa and the South African Companies Act of 1973.

Scope / We conducted our audit in accordance with Statements of South

African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. PricewaterhouseCoopers Incorporated Chartered Accountants (SA) Registered Accountants and Auditors

An audit includes:
examining, on a test basis, evidence supporting the amounts and disclosures included in the financial statements; Deloitte & Touche assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Chartered Accountants (SA) Registered Accountants and Auditors Sandton 13 September 2004

22 / FirstRand Bank Limited