INTRODUCTION

THIS REPORT COVERS THE AUDITED FINANCIAL RESULTS OF FIRSTRAND LIMITED (“FIRSTRAND” OR “THE GROUP”) FOR THE YEAR ENDED 30 JUNE 2009 and deals with the financial and operating performance of its main business units. The Group consists of a portfolio of leading financial services franchises; these are First National Bank (“FNB”), the retail and commercial bank, Rand Merchant Bank (“RMB”), the investment bank, WesBank, the instalment finance business, OUTsurance, the short term insurer and Momentum, the life insurance business.

FIRSTRAND OPERATES THESE FRANCHISES THROUGH VARIOUS LEGAL ENTITIES. COMPREHENSIVE REPORTS ON THE BANKING AND MOMENTUM GROUPS, BOTH OF WHICH ARE WHOLLY OWNED, ARE INCLUDED IN THIS CIRCULAR AND SHOULD BE READ IN CONJUNCTION WITH THIS REPORT.