PSG/PSL/PSG NOBLE - CAUTIONARY ANNOUNCEMENT

PSG GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 70/08484/06)
("PSG")
PSG FINANCIAL SERVICES LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 03/00478/06)
("PSL")
PSG NOBLE CAPITAL LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 98/09647/06)
("PSG NOBLE")
CAUTIONARY ANNOUNCEMENT

SHAREHOLDERS ARE ADVISED THAT NEGOTIATIONS ARE TAKING PLACE REGARDING A
RESTRUCTURING OF THE INTERESTS OF PSG, PSL AND PSG NOBLE ("THE COMPANIES")
WHICH, IF IMPLEMENTED, COULD HAVE AN EFFECT ON THE SHARE PRICES OF THE
COMPANIES.

SHAREHOLDERS OF THE COMPANIES ARE ACCORDINGLY ADVISED TO EXERCISE CAUTION IN
DEALING IN THEIR SHARES UNTIL A FURTHER ANNOUNCEMENT IS MADE IN DUE COURSE.
STELLENBOSCH
17 MARCH 1999
INVESTMENT BANK
PSG INVESTMENT BANK LIMITED
AUDITORS
PRICEWATERHOUSECOOPERS
CHARTERED ACCOUNTANTS (SA)
REGISTERED ACCOUNTANTS AND AUDITORS
SPONSORING BROKERS
PSG SECURITIES LIMITED
(REGISTRATION NUMBER 96/00509/06)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
WARBURG DILLON READ

WARBURG DILLON READ SECURITIES (SOUTH AFRICA) (PTY) LIMITED
(REGISTRATION NUMBER 95/11140/07)
A SUBSIDIARY OF SWISS BANK CORPORATION
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE