TREMATON OFFER TO MINORITY SHAREHOLDERS

TREMATON CAPITAL INVESTMENTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 97/08691/06)
("TREMATON")

OFFER TO MINORITY SHAREHOLDERS TO TAKE THE FORM OF A STANDBY OFFER
1. INTRODUCTION

FURTHER TO THE ANNOUNCEMENT ON THURSDAY, 16 SEPTEMBER 1999, REAL AFRICA
DUROLINK INVESTMENT BANK LIMITED ("RAD"), IS AUTHORISED TO ANNOUNCE THAT, AS A
RESULT OF THE TREMATON SHARE PRICE TRADING AT ABOVE THE OFFER PRICE OF 115
CENTS PER SHARE, THE SECURITIES REGULATION PANEL ("THE SRP") HAS, ON

RECONSIDERATION, AGREED FOR THE OFFER TO TAKE THE FORM OF A STANDBY OFFER.
2. OFFER TO MINORITIES

THE SRP HAS AGREED THAT VALORTRADE 28 (PROPRIETARY) LIMITED ("VALORTRADE") MAY
PROCEED WITH THE STANDBY OFFER TO THE MINORITY SHAREHOLDERS OF TREMATON. RAD ON
BEHALF OF VALORTRADE HAS CONFIRMED TO THE SRP THAT SUFFICIENT RESOURCES ARE
AVAILABLE TO SATISFY THE FULL ACCEPTANCE OF THE OFFER.
2.1 TERMS OF THE OFFER
2.1.1 CONSIDERATION

AN OFFER IS EXTENDED BY VALORTRADE TO TREMATON MINORITY SHAREHOLDERS TO
PURCHASE ALL OR PART OF THEIR HOLDINGS OF TREMATON SHARES FOR A CONSIDERATION
OF 115 CENTS PER SHARE, NET OF DEALING COSTS, PAYABLE IN CASH. DEALING COSTS
WILL BE FOR THE ACCOUNT OF VALORTRADE.
2.1.2 PERIOD OF THE OFFER

THE OFFER WILL BE OPEN FOR ACCEPTANCE FROM 09:00 ON MONDAY, 27 SEPTEMBER 1999
AND WILL CLOSE AT 16:00 ON FRIDAY, 15 OCTOBER 1999.
2.1.3 ACCEPTANCES OF THE STANDBY OFFER

MINORITY SHAREHOLDERS IN TREMATON WHO WANT TO SELL ALL OR ANY OF THEIR SHARES
ON THE JOHANNESBURG STOCK EXCHANGE ("THE JSE") AT 115 CENTS PER SHARE ON THE
ABOVE TERMS SHOULD CONTACT THEIR STOCKBROKER TO SELL SUCH SHARES TO REAL AFRICA
DUROLINK SECURITIES LIMITED, WHO WILL THEN PURCHASE THE SHARES ON BEHALF OF
VELORTRADE.

SETTLEMENT OF SUCH TRANSACTIONS WILL BE IN ACCORDANCE WITH NORMAL JSE
SETTLEMENT PROCEDURES.

IF ANY MINORITY SHAREHOLDER IN TREMATON IS IN ANY DOUBT AS TO THE ACTION HE OR
SHE SHOULD TAKE REGARDING THE STANDBY OFFER, HE OR SHE SHOULD CONSULT HIS OR
HER STOCKBROKER, ATTORNEY, ACCOUNTANT OR THEIR PROFESSIONAL ADVISER.
JOHANNESBURG
23 SEPTEMBER 1999
CORPORATE ADVISER
REAL AFRICA DUROLINK
INVESTMENT BANK LIMITED
(REGISTRATION NUMBER 87/05258/06)
SPONSORING BROKER
REAL AFRICA DUROLINK SECURITIES LIMITED
(REGISTRATION NUMBER 92/07127/06)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)