NAIL / SANLAM / METROPOLITAN - WITHDRAWAL OF JOINT CAUTIONARY

NEW AFRICA INVESTMENTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1993/002467/06)
("NAIL")
SANLAM LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1959/001562/06)
("SANLAM")
METROPOLITAN LIFE LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1949/032491/06)
("METROPOLITAN")
WITHDRAWAL OF JOINT CAUTIONARY ANNOUNCEMENT

SHAREHOLDERS OF NAIL, METROPOLITAN AND SANLAM (COLLECTIVELY, THE "COMPANIES")
ARE REFERRED TO THE JOINT CAUTIONARY ANNOUNCEMENTS WHICH APPEARED IN THE PRESS
ON 26 JUNE, 17 JULY, 7 AUGUST AND 28 AUGUST 2000, AND ARE HEREBY INFORMED THAT
THE COMPANIES HAVE MUTUALLY AGREED TO DISCONTINUE THEIR CURRENT DISCUSSIONS
REGARDING THE PROPOSED MERGER OF THE FINANCIAL SERVICES ACTIVITIES OF THE
COMPANIES (THE "MERGER").

FOLLOWING DETAILED INVESTIGATIONS CARRIED OUT BY THE COMPANIES, IT WAS AGREED
THAT ALTHOUGH THE DUE DILIGENCE INVESTIGATIONS PERFORMED ON BOTH METROPOLITAN
AND SANLAM WERE ENTIRELY SATISFACTORY, THE COMMERCIAL BENEFITS OF THE MERGER ON
THE BASIS ENVISAGED BY THE COMPANIES WERE NOT AS COMPELLING AS INITIALLY
EXPECTED. THE DECISION NOT TO PROCEED HAS FURTHER BEEN INFLUENCED BY THE SUDDEN
SERIOUS ILLNESS OF SANLAM'S EXECUTIVE CHAIRMAN, MARINUS DALING, WHICH HAS
INCREASED THE RISKS OF A SUCCESSFUL IMPLEMENTATION OF THE MERGER.

ALL THE COMPANIES INDIVIDUALLY REMAIN FIRMLY COMMITTED TO THE VISION OF FURTHER
DEVELOPING INTO TRULY SOUTH AFRICAN FINANCIAL SERVICES COMPANIES, WITH STRONG
EMPOWERMENT CHARACTERISTICS.

ACCORDINGLY, SHAREHOLDERS OF THE COMPANIES NO LONGER NEED TO EXERCISE CAUTION
WHEN DEALING IN THE SECURITIES OF THE RESPECTIVE COMPANIES.
NAIL
JOHANNESBURG
18 SEPTEMBER 2000
METROPOLITAN
BELLVILLE
18 SEPTEMBER 2000
SANLAM
BELLVILLE
18 SEPTEMBER 2000
FINANCIAL ADVISER TO NAIL
DEUTSCHE BANK SECURITIES (SA) (PTY) LTD
CORPORATE LAW ADVISER AND CONSULTANT TO NAIL
EDWARD NATHAN & FRIEDLAND (PTY) LTD
LEGAL ADVISER TO NAIL
CHUENE KWINANA MOTSATSE INC
JOINT SPONSORING BROKERS TO NAIL
DEUTSCHE BANK SECURITIES (PTY) LTD
LEGAE SECURITIES (PTY) LTD
FINANCIAL ADVISER TO METROPOLITAN
N M ROTHSCHILD & SONS
LEGAL ADVISER TO
METROPOLITAN
DENEYS REITZ INC.
SPONSORING BROKER TO METROPOLITAN
IN SOUTH AFRICA
AMB-DLJ SECURITIES (PTY) LTD
IN NAMIBIA
LEXUS SECURITIES (PTY) LTD
FINANCIAL ADVISER TO SANLAM
CHASE
LEGAL ADVISERS TO
SANLAM
JOWELL GLYN & MARAIS INC.
CANCA INC.
SPONSORING BROKER TO SANLAM
IN SOUTH AFRICA
CHASE SECURITIES
IN NAMIBIA
HERBERT MAIER T/A CHASE SECURITIES