Nedcor
26 June 2002

Nedcor Limited

   (Incorporated in the Republic of South Africa)
   (Registration number 1966/010630/06)
   JSE share Code: NED   ISIN: ZAE000004875
   ('Nedcor')

Nedcor Investment Bank Holdings Limited

   (Incorporated in the Republic of South Africa)
   (Registration number 1963/003972/06)
   JSE share Code: NIB   ISIN: ZAE000019030
   ('NIB')

FURTHER CAUTIONARY ANNOUNCEMENT

   Shareholders of Nedcor and NIB ('shareholders') are referred to announcements
dated 22 April 2002 and 28 May 2002 wherein shareholders were advised that the
board of directors of Nedcor was considering the possibility of proposing a
transaction in terms of which Nedcor would acquire the issued share capital of
NIB not already owned by Nedcor.

   Subject to the Cape of Good Hope Division of the High Court sanctioning the
scheme of arrangement ('scheme of arrangement') in terms of section 311 of the
Companies Act, No 61 of 1973, as amended, proposed by Nedcor between BoE Limited
and its shareholders (the 'BoE Scheme'), the Order of Court being registered by
the Registrar of Companies and the BoE Scheme becoming unconditional, the board
of directors of Nedcor has resolved that a company within the Nedcor Group will
propose a scheme of arrangement between NIB and its shareholders other than
Nedcor (the 'NIB Scheme').  A sub-committee of independent directors of NIB's
board has been appointed to consider the terms of the NIB Scheme, as and when
they are notified to NIB, and such sub-committee has in turn appointed Deutsche
Securities (SA) (Pty) Limited as independent financial adviser to NIB.

   Shareholders are accordingly advised to continue to exercise caution when
dealing in their shares until a further announcement is made.

   Johannesburg
   26 June 2002
Investment bank and sponsor to Nedcor
   Nedcor Investment Bank
Corporate law advisers and consultants to Nedcor and NIB
   Edward Nathan & Friedland
Joint sponsor to Nedcor and NIB                            NIB
   Merrill Lynch
Independent financial adviser to NIB
  Deutsche Securities (SA) (Pty) Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange