MINISTER OF FINANCE, TREVOR MANUEL MP, ANDGOVERNOR OF THE SOUTH AFRICAN RESERVE BANK, TITO MBOWENI  On 14 March 2002, the depositors of BOE Bank Limited ("BOE") were advised that the Government of the Republic of South Africa had issued an explicit guarantee to safeguard their deposits in the light of an unprecedented level of withdrawals from BOE. This was due to an unfounded loss of confidence in BOE, a well-managed, sound and solvent bank. The explicit guarantee conveyed an unequivocal commitment to stand fully behind BOE and the banking system as a whole. As a result, the level of withdrawals from BOE was stabilised. This assisted BOE successfully to conclude a transaction with the Nedcor group, whereby BOE will become a wholly owned subsidiary of the Nedcor group. The stabilisation of the BOE depositor base and the subsequent takeover of BoE by the Nedcor group have rendered the guarantee unnecessary. The guarantee is hereby withdrawn with immediate effect. The public can remain assured of the continued commitment of the National Treasury and the South African Reserve Bank to act in the best interests of depositors.  Minister of FinanceGovernor of the South African Reserve BankTrevor Andrew Manuel MPTito Titus MboweniCape TownPretoria  ​