AFROX - RESULT OF CAP AWARD AND RIGHT OF ELECTION

AFRICAN OXYGEN LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/00089/06)
("AFROX")

RESULTS OF CAPITALISATION AWARD AND RIGHT OF ELECTION TO RECEIVE AN INTERIM
DIVIDEND OF 14,2 CENTS PER SHARE IN LIEU THEREOF

HSBC SIMPSON MCKIE (PTY) LIMITED IS AUTHORISED TO ANNOUNCE THAT THE RIGHT OF
ORDINARY SHAREHOLDERS REGISTERED AT THE CLOSE OF BUSINESS ON FRIDAY, 12 JUNE
1998 TO ELECT TO RECEIVE AN INTERIM DIVIDEND OF 14,2 CENTS PER ORDINARY SHARE
("THE ORDINARY SHARES") INSTEAD OF THE AWARD OF CAPITALISATION SHARES, CLOSED
AT 12:00 ON FRIDAY, 24 JULY 1998.

ELECTIONS TO RECEIVE THE INTERIM CASH DIVIDEND OF 14,2 CENTS PER ORDINARY SHARE
WERE MADE IN RESPECT OF 236 962 556 ORDINARY SHARES RESULTING IN THE

DECLARATION OF A TOTAL DIVIDEND OF R33 648 682,95. ACCORDINGLY, 1 002 127 NEW
ORDINARY SHARES ("THE NEW ORDINARY SHARES") OUT OF A POSSIBLE 12 067 703 NEW
ORDINARY SHARES ARE TO BE ISSUED PURSUANT TO THE CAPITALISATION SHARE AWARD,
BEING AN 8,3% ACCEPTANCE OF SUCH AWARD.

FOLLOWING THE ISSUE OF THE NEW ORDINARY SHARES THE ISSUED ORDINARY SHARE
CAPITAL OF AFROX CONSISTS OF 310 034 214 ORDINARY SHARES OF 5 CENTS EACH.
LISTING OF NEW ORDINARY SHARES

THE LISTING OF 1 002 127 NEW ORDINARY SHARES IN AFROX WILL COMMENCE ON THE
JOHANNESBURG STOCK EXCHANGE AND THE NAMIBIAN STOCK EXCHANGE FROM THE

COMMENCEMENT OF BUSINESS ON WEDNESDAY, 29 JULY 1998.
POSTING OF SHARE CERTIFICATES AND CHEQUES

SHARE CERTIFICATES IN RESPECT OF NEW ORDINARY SHARES AND CHEQUES IN RESPECT OF
DIVIDENDS AND/OR PAYMENTS IN LIEU OF FRACTIONAL ENTITLEMENTS TO NEW ORDINARY
SHARES WILL BE POSTED TO THE RELEVANT SHAREHOLDERS ON OR ABOUT WEDNESDAY, 29
JULY 1998.
JOHANNESBURG/WINDHOEK
28 JULY 1998
INVESTMENT HOUSE
HSBC SIMPSON MCKIE
MEMBER HSCB GROUP
HSBC SIMPSON MCKIE (PTY) LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REG. NO. 84/01736/07
SPONSORING BROKER IN NAMIBIA
WIKUS HANEKOM
MEMBER OF THE NAMIBIAN STOCK EXCHANGE