1. Group Interim Results Presentation 31 March 2002

2. Contents of presentation Background and environment Interim results Nedcor offer

3. Environment Turmoil in the banking sector - liquidity - microlending Volatility in the Rand Interest rate increases Consolidation in the banking sector

4. Turmoil in the Banking Sector A number of banks have failed and this has precipitated a flight by depositors to the large banks 01-Feb-99 NRB placed under curatorship 25-Oct-99 Both TFS and FBC Fidelity placed under curatorship 01-Mar-00 PSG acquires TBB after threat of curatorship 28-Jun-01 Regal placed under curatorship 09-Feb-02 Saambou placed under curatorship 15-Jan-02 Unifer shares suspended 22-Apr-02 Nedcor offer to BoE shareholders BANKS INDEX 14-Mar-02 SARB guarantees BoE depositors 6/8-Mar-02 Brait and Corpcapital return banking licences

5. Conflicting Demands from Different Stakeholders Higher growth Optimal banking model High ROE Optimal capital structure Lower risk or higher rates Require surplus capital Critical mass Equity investorsDepositors There is an increasing conflict for banks between the demands of depositors versus equity investors Can this be resolved ?

6. Sequence of Events Restructuring of the business & funding profile in past two years Initial discussion on sale of NBS Home Loan book Bad debt problems at Unifer Saambou curatorship Liquidity issues regarding NBS/BoE SARB announcement & guarantee of BoE depositors Sale of NBS Home Loan book Nedcor offer

7. What BoE’s focus has been Unbundling non-core businesses Returning excess capital - unbundling - special dividend - buy-backs Deploying excess capital through acquisitions Disposing of underperforming assets Objective to increase ROE

8. Group Results % Change March 2002 March 2001 Headline earnings (R’m) 573 551 (4) Dividend per share (cents) Margin (%) Cost to income ratio (%) Non-interest income:total income (%) Assets under management (R’m) Weighted average no. of shares (‘m) 7.0 4.2 51.7 49.5 120 088 2 287 n/a 3.6 53.9 61.1 153 728 2 190 22 Headline EPS (cents) 25.1 25.2 - Fully diluted headline EPS (cents) 24.5 - Return on equity (%) 16.2 17.7

9. Why the Interim Results are Flat Higher provisions in retail divisions Lower margins - liquidity pressure - competitive pressure Lower asset growth - retail division - environment Home loan business continued operating losses prior to sale

10. Segmental Contribution Corporate Banking63% Investment Management20% Retail Banking 1% Capital & Investments16% Headline Earnings R’m Cost to Income % ROE % Corporate Banking Investment Management Retail Banking Capital & Investments 343 110 5 93 47.6 66.4 64.6 39.7 25.0 24.9 0.9 13.0 55153.917.7 Retail division turnaround taking longer than expected

11. Cost Containment R’m March 2002 March 2001 % Change Cost to income ratio Adjustment for acquisitions (210) - 4 969 Cost to income ratio impacted by share buy-backs and new businesses acquired 1 005 51.7% 53.9% Operating expenses96925 1 215

12. Conservative Provisioning Levels of provisions increased to reflect changed environment March 2002 September 2001 ANALYSIS OF ASSET QUALITY AND PROVISIONS FOR DOUBTFUL DEBTS % of Gross R'm Advances R'm Advances Gross advances 39 526 48 848 Non-performing advances 2 3716.0 2 543 5. 2 Non-performing loans 1 4013.5 1 428 2. 9 Properties in possession 9702.5 1 115 2. 3 Total doubtful debts provisions 1 4503.7 1 390 2. 8 Specific provisions and interest in suspense 1 1723.0 1 071 2. 1 General provisions 278 0.7 319 0. 7 Bad debt charge to the income statement 3181.3 671 1. 4

13. Income Drivers Margin / advances Other income Overheads / advances Bad debts / advances Sub total 1 – tax rate Advances / total assets ROA GEARING ROE 3.6% 9.2% 17.7% 10.7 1.6% 72.8% 2.2% 53.9% 36.3% -1.5% 0.82 2.7% 2.6 -5.0% multiply = = bad debts / margin cost / income less March 2002 ROE improving although still below target of 20% 4.2% 8.4% 16.2% 9.1 1.8% 69.6% 2.6% 51.7% 23.8% -1.1% 0.83 3.1% 2.0 -4.3% multiply = = bad debts / margin cost / income less March 2001

14. NBS Home Loan Division Capital ItemsR’m Direct deal costs Staff retrenchments/redundant systems Provision for future costs 87 253 16 97 Includes provisions for retrenchments, closure costs and future realisation of residual assets Loss on sale of book 53

15. Summary Balance Sheet March 2002 September 2001 R'm ASSETS Investments 12 218 10 221 Advances 38 076 47 458 Other assets 16 264 9 557 66 558 67 236 EQUITY AND LIABILITIES Capital and reserves 6 059 6 674 Interest-bearing borrowings 715 849 Life funds liabilities 8 864 7 420 Deposits and other accounts 48 446 49 847 Other liabilities 2 474 2 446 66 558 67 236 Movements since year end: NBS Home Loan book sold (R11 909 m) Cashbank book purchased R422 m Organic growth R2 105 m Includes home loan debtor of R6 808 m Movements since year end: Net share buybacks (R529 m) Headline earnings R551 m Exceptional items (R365 m) Dividends paid (R272 m) Balance sheet expected to reduce as proceeds from home loan sale are received

16. Bank Capital Adequacy Capital adequacy within target range for the Bank Group still has excess capital Capital adequacy within target range for the Bank Group still has excess capital March 2002 10.2% 1.1% 11.3% 41 797 45 379 11.2% 2.3% 8.9% September 2001 Tier 1 - Primary Tier 2 - Secondary Risk weighted assets (R’m)

17. Gross Advances Sale of home loan book Advances growth in focus areas Sale of home loan book Advances growth in focus areas R’m March 2002 September 2001 % Change Mortgage advances - Commercial 14 522 14 0756 - Residential properties - Residential developments Corporate loans Instalment credit agreements Interbank Properties in possession Other advances 5 307 652 6 270 3 027 1 886 970 6 892 16 816 973 6 077 2 772 953 1 115 6 067 (66) 6 18 196 (26) 27 39 526 48 848(38)

18. Deposits R'm Interbank funding 11 593 298 Demand deposits 11 021 15 842 Savings deposits 3 323 3 744 Fixed and notice deposits 8 309 11 598 NCD’s issued 6 337 12 031 Foreign funding 1 719 1 420 Loans received under repurchase agreement 1 909 811 Foreign loan syndication 1 163 1 097 Domestic bond issue 1 821 1 823 Other funding liabilities 1 251 1 183 Total deposits 48 446 49 847 March 2002 September 2001

19. Deposits (continued) % of total R'm Wholesale funding 67%32 580 31 428 63% Retail funding 33%15 866 18 41937% BoE Private Bank 1 547 1 765 BoE Bank Business Division 3 886 4 207 BoE Corporate 4 493 6 036 NBS Savings & Investments 5 940 6 411 Total deposits 48 446 49 847 March 2002 September 2001 % of total Change in funding profile is putting pressure on the Group

20. Corporate Banking Services BoE Merchant Bank - strong earnings - good deal flow BoE Corporate - good earnings - private equity realisation - managing old NBS commercial loans BoE Bank Business Division - improvements in business are continuing BoE Treasury - difficult trading due to volatility - good results in circumstances 25% earnings growth and 25% ROE 63%

21. Significant growth prospects off a low base Investment Management Business 20% Strong offshore earnings Good results from new acquisitions Net inflows of assets Integration progressing well

22. Off Balance Sheet Assets Under Management 66.4 54.2 52.3 87.2 46.7 R’bn

23. Integration should lead to a medium term improvement in earnings Retail Banking Services Tough trading conditions NBS Home Loan sale Review of provisions and processes in Credcor Integration starting 1%

24. Nedcor Offer Rationale for deal: A set of strong businesses that are hampered by current liquidity pressure, potential damage to brand and uncertainty about the future Changed environment for smaller banks Global trend of consolidation Provide a measure of certainty for staff and clients Reduce risk for shareholders Certainty, security and opportunity

25. Thank You

26. “BoE is a specialist provider of innovative financial solutions to businesses, and through businesses to individuals”