JOINT CAUTIONARY ANNOUNCEMENT BY NAIL, METROPOLITAN AND SANLAM

NEW AFRICA INVESTMENTS LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 1993/002467/06)
  ("NAIL")
METROPOLITAN LIFE LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 1905/032491/06)
  ("METROPOLITAN")
SANLAM LIMITED
  (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
  (REGISTRATION NUMBER 1959/001562/06)
  ("SANLAM")
JOINT CAUTIONARY ANNOUNCEMENT

NAIL AND SANLAM ARE ENGAGED IN DISCUSSIONS IN RESPECT OF THE CREATION OF A NEW,
TRULY SOUTH AFRICAN, FINANCIAL SERVICES GROUP.  THE NEW GROUP WOULD COMBINE, BY
WAY OF A MERGER, THE ACTIVITIES OF NAIL, METROPOLITAN AND SANLAM IN THE
FINANCIAL SERVICES SECTOR.

SHAREHOLDERS OF NAIL, METROPOLITAN AND SANLAM ARE ACCORDINGLY ADVISED TO
EXERCISE CAUTION WHEN DEALING IN THE SECURITIES OF THE RESPECTIVE COMPANIES
UNTIL SUCH TIME AS A FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG / BELLVILLE
23 JUNE 2000
FINANCIAL ADVISER TO NAIL
  DEUTSCHE BANK SECURITIES (SA) (PTY) LTD
CORPORATE LAW ADVISER AND CONSULTANT TO NAIL
  EDWARD NATHAN & FRIEDLAND (PTY) LTD
LEGAL ADVISER TO NAIL
  CHUENE KWINANA MOTSATSE INC.
JOINT SPONSORING BROKERS TO NAIL
  DEUTSCHE BANK SECURITIES (PTY) LTD
  LEGAE SECURITIES (PTY) LTD
LEGAL ADVISER TO METROPOLITAN
  DENYS REITZ INC.
SPONSORING BROKER TO METROPOLITAN
  DEUTSCHE BANK SECURITIES (PTY) LTD
FINANCIAL ADVISER TO SANLAM
  ROBERT FLEMING SOUTH AFRICA LIMITED
LEGAL ADVISER TO SANLAM
  JOWELL GLYN & MARAIS INC.
SPONSORING BROKER TO SANLAM
  FLEMING MARTIN SECURITIES LIMITED