AFROX RESULTS OF CAP SHARE AWARD

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

RESULTS OF CAPITALISATION SHARE AWARD AND RIGHT OF ELECTION TO RECEIVE THE
FINAL CASH DIVIDEND OF 26,0 CENTS PER SHARE IN LIEU THEREOF

HSBC INVESTMENT SERVICES (AFRICA) (PTY) LIMITED IS AUTHORISED TO ANNOUNCE THAT
THE RIGHT OF SHAREHOLDERS REGISTERED AT THE CLOSE OF BUSINESS ON FRIDAY, 19
NOVEMBER 1999 TO ELECT TO RECEIVE THE FINAL CASH DIVIDEND OF 26,0 CENTS PER
ORDINARY SHARE INSTEAD OF THE AWARD OF CAPITALISATION SHARES OF 2,259887 FOR
EVERY 100 EXISTING SHARES HELD ("THE NEW ORDINARY SHARES"), CLOSED AT 12:00 ON
FRIDAY, 21 JANUARY 2000.

ELECTIONS TO RECEIVE THE FINAL CASH DIVIDEND OF 26,0 CENTS PER ORDINARY SHARE
WERE MADE IN RESPECT OF 228 052 249 ORDINARY SHARES RESULTING IN A TOTAL
DIVIDEND PAYMENT OF R59 293 584,74. ACCORDINGLY, 1 967 947 NEW ORDINARY SHARES
OUT OF A POSSIBLE 7 121 670 NEW ORDINARY SHARES ARE TO BE ISSUED PURSUANT TO
THE CAPITALISATION SHARE AWARD, BEING A 27,6% ACCEPTANCE OF SUCH AWARD.
FOLLOWING THE ISSUE OF THE NEW ORDINARY SHARES, THE ISSUED ORDINARY SHARE
CAPITAL OF AFROX WILL CONSIST OF 317 101 869 ORDINARY SHARES OF 5 CENTS EACH.
LISTING OF NEW ORDINARY SHARES

THE LISTING OF 1 967 947 NEW ORDINARY SHARES IN AFROX WILL COMMENCE ON THE
JOHANNESBURG STOCK EXCHANGE AND THE NAMIBIAN STOCK EXCHANGE WITH EFFECT FROM
THE COMMENCEMENT OF BUSINESS ON WEDNESDAY, 26 JANUARY 2000.
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, 26
JANUARY 2000.
JOHANNESBURG
26 JANUARY 2000
INVESTMENT HOUSE
HSBC INVESTMENT SERVICES (AFRICA) (PTY) LIMITED
REG 84/01736/07
SPONSORING BROKER IN SOUTH AFRICA
HSBC SECURITIES (SOUTH AFRICA) (PTY) LIMITED
REG 99/10899/07
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
SPONSORING BROKER IN NAMIBIA
HSBC
WIKUS HANEKOM
MEMBER OF THE NAMIBIAN STOCK EXCHANGE
TRADING AS HSBC SECURITIES (NAMIBIA) (PTY) LIMITED
REG 95/505