The directors of FirstRand Limited are responsible in terms of the Companies Act for the preparation of the annual financial statements in accordance with International Financial Reporting Standards (“IFRS”) which fairly present the state of affairs of the Company and the Group, as at the end of the financial year, and the net income and cash flows for the year. In preparing the accompanying financial statements suitable accounting policies have been applied and reasonable estimates made.

The directors have responsibility for ensuring that the Company and the Group keep adequate accounting records which enables them to comply with the Companies Act.

The directors are responsible for the Group’s system of internal control. To enable the directors to meet these responsibilities, the Board sets the standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. The focus of risk management in the Group is on identifying, assessing, managing and monitoring all known forms of risk across the Group.

Based on the information and explanations given by management and the internal auditors, the directors are of the opinion that the accounting controls are adequate and that the financial records may be relied on in preparing the financial statements in accordance with IFRS and maintaining accountability for the Group’s assets and liabilities. Nothing has come to the attention of the directors to indicate that any breakdown in the functioning of these controls, resulting in a material loss to the Group has occurred during the year and up to the date of this report.

The directors have reviewed the Company’s and the Group’s ability to continue as a going concern in the light of current and anticipated economic conditions. On the basis of this review the directors are satisfied that the Company and the Group have adequate resources to continue in business for the foreseeable future and on this basis they have continued to adopt the going concern basis in the preparation of the annual financial statements.

It is the responsibility of the Group’s independent external auditors to report on the presentation of the financial statements. Their unqualified report appears on page 92.

The financial statements of the Group and the Company which appear on pages 198 to 370 and 372 to 390 respectively and specified sections of the risk management report were approved by the Board of directors on September 14, 2009 and are signed on its behalf by: