AFROX - RESULTS OF CAPITALISATION AWARD

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

RESULTS OF CAPITALISATION AWARD AND RIGHT OF ELECTION TO RECEIVE THE FINAL
DIVIDEND OF 23,5 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, 20
NOVEMBER 1998, TO ELECT TO RECEIVE THE FINAL DIVIDEND OF 23,5 CENTS PER
ORDINARY SHARE ("THE ORDINARY SHARES") INSTEAD OF THE AWARD OF CAPITALISATION
SHARES, CLOSED AT 12:00 ON FRIDAY, 22 JANUARY 1999.

ELECTIONS TO RECEIVE THE FINAL CASH DIVIDEND OF 23,5 CENTS PER ORDINARY SHARE
WERE MADE IN RESPECT OF 212 734 400 ORDINARY SHARES RESULTING IN THE

DECLARATION OF A TOTAL DIVIDEND OF R49 992 584. ACCORDINGLY, 3 526 534 NEW
ORDINARY SHARES ("THE NEW ORDINARY SHARES") OUT OF A POSSIBLE 11 236 880 NEW
ORDINARY SHARES ARE TO BE ISSUED PURSUANT TO THE CAPITALISATION SHARE AWARD,
BEING A 31,38% ACCEPTANCE OF SUCH AWARD.

FOLLOWING THE ISSUE OF THE NEW ORDINARY SHARES THE ISSUED ORDINARY SHARE
CAPITAL OF AFROX WILL CONSIST OF 313 560 748 ORDINARY SHARES OF 5 CENTS EACH.
LISTING OF NEW ORDINARY SHARES

THE LISTING OF 3 526 534 NEW ORDINARY SHARES IN AFROX WILL COMMENCE ON THE
JOHANNESBURG STOCK EXCHANGE AND THE NAMIBIAN STOCK EXCHANGE FROM THE

COMMENCEMENT OF BUSINESS ON WEDNESDAY, 27 JANUARY 1999.
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, 27
JANUARY 1999.
JOHANNESBURG/WINDHOEK
26 JANUARY 1999
INVESTMENT HOUSE
HSBC SIMPSON MCKIE (PTY) LIMITED
MEMBER HSBC GROUP
MEMBER JOHANNESBURG STOCK EXCHANGE
REG. NO 84/01736/07
SPONSORING BROKER IN NAMIBIA
WIKUS HANEKOM
MEMBER NAMIBIAN EXCHANGE TRADING AS
HSBC SIMPSON MCKIE NAMIBIA
MEMBER HSBC GROUP