Appointment of Tom Boardman

RNS Number:9886S
Nedcor
08 December 2003

NEDCOR LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875


NEDCOR - APPOINTMENT OF TOM BOARDMAN AS CHIEF EXECUTIVE

The Board of Nedcor Limited (Nedcor) announces that Chief Executive designate
Tom Boardman will take full responsibility as Chief Executive (CE) with effect
from today, 8 December 2003. He succeeds Richard Laubscher who officially steps
down as CE and retires from the group today. Richard also resigns as a director
from today.

On 15 September 2003 the chairman of Nedcor, Chris Liebenberg, advised that
Richard Laubscher had decided to stand down as CE and as a director of the
group. Richard agreed to remain with the group until a suitable replacement had
been appointed and to ensure that a smooth handover occurred.

On 14 October 2003 the board announced the appointment of Tom Boardman as CE
designate to take over from Richard on 1 January 2004.

Chris Liebenberg, Richard Laubscher and Tom Boardman are satisfied that the CE
responsibilities can be handed over earlier and accordingly wish to formally
announce that Tom will take over as CE of Nedcor with effect from today.

In recognition of Richard Laubscher's contribution over 32 years, the last 10 as
CE, to the group, the board of Nedcor has exercised its discretion in
authorising a payment of R1,57 million to him. In terms of his retirement from
the group, he will be able to exercise his outstanding share options for a
period of 18 months. He has
425 500 options at strike prices ranging from 2 650 cents per share to 13 100
cents per share, with an average price of 9 383 cents per share.



For further information:
Investor Relations
Don Bowden (Tier 1 Investor Relations)
[phone] / [phone]



Sandton
8 December 2003




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