OFFER BY THE PSG GROUP

PSG GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/008484/06)
("PSG GROUP")

OFFER BY PSG GROUP OF SHARES IN ESCHER GROUP LIMITED ("ESCHER") AND NOTICE OF
LAST DATE TO REGISTER FOR THE OFFER

PSG GROUP HOLDS 55,1% OF THE SHARE CAPITAL OF ESCHER, A SPECIALIST RISK AND
MULTI-MANAGER FOCUSED ON THE INSTITUTIONAL ASSET MANAGEMENT MARKET. ESCHER IS
TO PROCEED WITH A RENOUNCEABLE RIGHTS OFFER AND SEEK A LISTING ON THE

JOHANNESBURG STOCK EXCHANGE ("THE JSE") ON THE BASIS THAT PSG GROUP WILL
RENOUNCE ITS RIGHTS ENTITLEMENT TO ITS SHAREHOLDERS ("THE OFFER").

NOTICE IS HEREBY GIVEN THAT THE LAST DATE FOR PSG GROUP SHAREHOLDERS TO BE
REGISTERED TO PARTICIPATE IN THE OFFER IS THE CLOSE OF BUSINESS ON FRIDAY, 26
MAY 2000.

THE OFFER IS SUBJECT TO THE JSE GRANTING A LISTING OF THE SHARE CAPITAL OF
ESCHER AND OF THE LETTERS OF ALLOCATION TO BE ISSUED IN TERMS OF THE OFFER.
A FURTHER ANNOUNCEMENT WILL BE PUBLISHED IN DUE COURSE PROVIDING FURTHER
DETAILS OF THE OFFER.
STELLENBOSCH
11 MAY 2000
INVESTMENT BANK
PSG INVESTMENT BANK
ATTORNEYS
HOFMEYR
HOFMEYR HERBSTEIN & GIHWALA INC
JOINT SPONSORING BROKERS
PSG SECURITIES LIMITED
(REG NO 1996/000509/06)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
WARBURG DILLON READ
WARBURG DILLON READ SECURITIES (SA)(PTY)LTD
REG NO 1995.011140/07
A SUBSIDIARY OF SWISS BANK CORPORATION
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE