NAMPAK LIMITED - ANNOUNCEMENT

NAMPAK LIMITED
("NAMPAK")
(REGISTRATION NUMBER 68/08070/06)
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
ANNOUNCEMENT AT ANNUAL GENERAL MEETING

AT NAMPAK'S ANNUAL GENERAL MEETING HELD TODAY AT 12:30 THE CHAIRMAN, BRIAN
CONNELLAN, MADE THE FOLLOWING ANNOUNCEMENT:

"SEVERAL SIGNIFICANT EVENTS IN THE LIFE OF NAMPAK HAVE TAKEN PLACE RECENTLY AND
I WOULD LIKE TO ADVISE SHAREHOLDERS OF THESE.

FIRSTLY, SHAREHOLDERS WILL BE AWARE THAT C.G. SMITH LIMITED, THE HOLDER OF
59,5% OF THE COMPANY'S ORDINARY SHARES, HAS ANNOUNCED ITS INTENTION TO UNBUNDLE
THEIR SHAREHOLDING AND DISTRIBUTE THE SHARES IN NAMPAK TO C.G. SMITH
SHAREHOLDERS.

THIS WILL RESULT IN APPROXIMATELY 8500 NEW SHAREHOLDERS HOLDING NAMPAK SHARES.
 MR EVANS AND I HAVE, DURING THE PAST TWO MONTHS, APPROACHED THE SHAREHOLDERS
THAT WILL HAVE SIGNIFICANT HOLDINGS IN NAMPAK LIMITED SUBSEQUENT TO THE
UNBUNDLING IN ORDER TO DETERMINE WHETHER THEY WILL BE HOLDERS OR SELLERS OF
THEIR NAMPAK SHARES.

I AM PLEASED TO ADVISE THAT AS A RESULT OF THESE DISCUSSIONS A SIGNIFICANT
PERCENTAGE OF THE NAMPAK EQUITY HELD BY MAJOR SHAREHOLDERS IS UNLIKELY TO BE
PLACED ON THE MARKET AS A CONSEQUENCE OF THE UNBUNDLING AND THEREFORE THE RISK
OF A SHARE OVERHANG HAS BEEN SIGNIFICANTLY REDUCED.

SECONDLY, SHAREHOLDERS WILL ALREADY HAVE NOTED THE ANNOUNCEMENT BY NAMPAK
LIMITED DATED 10 DECEMBER ADVISING THE UNCONDITIONAL COMPLETION OF THE
ACQUISITION OF PLYSU PLC IN THE UNITED KINGDOM FOR A CONSIDERATION OF
APPROXIMATELY R970 MILLION.

THE FINALISATION OF THIS TRANSACTION MEANS THAT A NEW WINDOW OF GROWTH HAS
OPENED TO NAMPAK.   TO ENSURE THAT THIS GROWTH OPPORTUNITY IS OPTIMISED AND AT
THE SAME TIME TO ENSURE PROPER SUCCESSION WITHIN THE ORGANISATION, THE NAMPAK
LIMITED BOARD OF DIRECTORS THIS MORNING APPROVED A NEW STRUCTURE FOR THE GROUP.
IN TERMS OF THIS NEW STRUCTURE I, HAVING SERVED AS EXECUTIVE CHAIRMAN FOR 10
YEARS, WILL STAND DOWN IN MY EXECUTIVE CAPACITY ON 31 MARCH 2000 BUT WILL
REMAIN CHAIRMAN OF THE COMPANY.   TREVOR EVANS WILL, ON THAT DATE, BECOME
DEPUTY CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND WILL ALSO BE DIRECTLY
RESPONSIBLE FOR NAMPAK'S OFF SHORE GROWTH STRATEGY

TO FREE UP TREVOR EVANS FOR THIS VITAL ROLE AND HIS OTHER NEW AND BROADER
RESPONSIBILITIES, MR JOHN BORTOLAN WILL BE APPOINTED MANAGING DIRECTOR SOUTH
AFRICA AND AFRICA OF NAMPAK LIMITED RESPONSIBLE FOR SOUTH AFRICA AND SOUTHERN
AFRICAN OPERATIONS ON 1 APRIL 2000.

THIRDLY, I AM PLEASED TO ADVISE SHAREHOLDERS THAT NAMPAK HAS SUCCESSFULLY
COMPLETED THE TRANSITION THROUGH THE Y2K RISK PERIOD AT THE START OF THE NEW
MILLENNIUM WITH NO MATERIAL ADVERSE IMPACTS.   SOME CONCERNS HAVE BEEN
EXPRESSED IN THE MEDIA REGARDING THE RISK SURROUNDING 29 FEBRUARY 2000 BUT THE
GROUP REMAINS AS CONFIDENT REGARDING OUR PREPAREDNESS FOR THAT DATE AS WE WERE
FOR 1 JANUARY 2000.

FOURTHLY, I AM PLEASED TO ADVISE SHAREHOLDERS THAT THE GROUP'S PERFORMANCE FOR
THE FIRST QUARTER HAS BEEN GOOD, WITH EARNINGS AHEAD OF BUDGET AND WELL ON
TRACK TO MEET THE FORECAST IN OUR ANNUAL FINANCIAL STATEMENTS."
SANDTON
20 JANUARY 2000