BIDVEST - SHARE PLACEMENT

THE BIDVEST GROUP LIMITED
(REGISTRATION NUMBER 05/21180/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("BIDVEST")
SHARE PLACEMENT
INTRODUCTION

BIDVEST IS CURRENTLY CONSIDERING VARIOUS OPPORTUNITIES AND HAS THEREFORE PLACED
13 643 000 ORDINARY SHARES OF 5 CENTS EACH ("THE NEW ORDINARY SHARES") WITH
SELECTED OFFSHORE FINANCIAL INSTITUTIONS AT A PRICE OF US$10 PER SHARE ("THE
SHARE ISSUE").

IN THE EVENT THAT THESE OPPORTUNITIES DO NOT MATERIALISE, THE SHARE ISSUE WILL
CONSTITUTE AN ISSUE OF SHARES FOR CASH IN TERMS OF THE LISTING REQUIREMENTS OF
THE JOHANNESBURG STOCK EXCHANGE ("THE JSE") AND WILL BE IN ACCORDANCE WITH THE
GENERAL APPROVAL FOR THE ISSUE OF SHARES FOR CASH OBTAINED FROM SHAREHOLDERS AT
THE GENERAL MEETING HELD ON 31 OCTOBER 1997.

THE SHARE ISSUE HAS BEEN MADE TO PUBLIC SHAREHOLDERS AS DEFINED BY THE JSE
LISTINGS REQUIREMENTS AND THE NEW ORDINARY SHARES HAVE BEEN LISTED ON THE JSE.
FINANCIAL EFFECTS

ON THE ASSUMPTION THAT THE FUNDS RAISED HAD BEEN AVAILABLE FOR THE SIX MONTHS
ENDED 31 DECEMBER 1997, THE EFFECTS OF THE SHARE ISSUE WOULD HAVE BEEN AS
FOLLOWS:

                                           BEFORE     AFTER     %

                                          (CENTS)    (CENTS)    CHANGE
NET ASSET VALUE PER SHARE                 959,5      1 185,6    23,6

EARNINGS PER SHARE                        87,46      89,00      1,8

THESE CALCULATIONS ARE BASED ON THE ASSUMPTION THAT THE PROCEEDS OF THE SHARE
ISSUE HAD BEEN INVESTED AT AN AFTER TAX RATE OF 4,55%.
FURTHER CAUTIONARY ANNOUNCEMENT

IN VIEW OF THE ABOVE, SHAREHOLDERS ARE ADVISED TO CONTINUE TO EXERCISE CAUTION
IN THEIR DEALINGS AND A FURTHER ANNOUNCEMENT IN THIS REGARD WILL BE MADE AS
SOON AS POSSIBLE.
JOHANNESBURG
6 MAY 1998
MERCHANT BANK
INVESTEC MERCHANT BANK LIMITED
ATTORNEYS
WERKSMANS
SPONSORING BROKERS
SOCIETE GENERALE FRANKEL POLLAK
MERRILL LYNCH / SMITH BORKUM HARE
HSBC SIMPSON MCKIE