ESCHER/PSG GROUP - RESULTS OF RENOUNCEABLE OFFER

PSG GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/008484/06)
("PSG GROUP")
ESCHER GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1998/014568/06)
("ESCHER")

RESULTS OF RENOUNCEABLE RIGHTS OFFER TO PSG GROUP SHAREHOLDERS

PSG INVESTMENT BANK IN AUTHORISED TO ANNOUNCE THAT, WHEN THE RENOUNCEABLE
RIGHTS OFFER OF 41 850 000 ESCHER SHARES AT 100 CENTS PER SHARE CLOSED ON
FRIDAY, 23 JUNE 2000, PSG GROUP SHAREHOLDERS HAD SUBSCRIBED FOR 30 206 375
SHARES (72%). THE BALANCE OF 11 643 625 SHARES HAS BEEN TAKEN UP BY PSG GROUP
AS UNDERWRITER, WHO HAS RENOUNCED SUCH SHARES IN FAVOUR OF VARIOUS FINANCIAL
INSTITUTIONS.

ALL APPLICATIONS BY PSG GROUP SHAREHOLDERS FOR ESCHER SHARES, INCLUDING EXCESS
APPLICATIONS, WILL BE ALLOTTED IN FULL.

SHARE CERTIFICATES WILL BE POSTED TO PSG GROUP SHAREHOLDERS TODAY.
JOHANNESBURG
30 JUNE 2000
INVESTMENT BANK
PSG INVESTMENT BANK
AUDITORS AND REPORTING ACCOUNTANTS
PRICEWATERHOUSECOOPERS
PRICEWATERHOUSECOOPERS INC
CHARTERED ACCOUNTANTS (SA)
REGISTERED ACCOUNTANTS AND AUDITORS
(REGISTRATION NUMBER 1998/012055/21)
ATTORNEYS
HOFMEMER HERBSTEIN & GIHWALA INC
JOINT SPONSORING BROKERS
PSG ONLINE SECURITIES LIMITED
(REGISTRATION NUMBER 1996/000509/06)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
UBS WARBURG
UBS WARBURG SECURITIES (SOUTH AFRICA) (PTY) LTD
(REGISTRATION NUMBER 1995/011140/07)

UBS WARBURG SECURITIES (SOUTH AFRICA) (PTY) LTD IS A SUBSIDIARY OF UBS AG
UBS WARBURG IS A FINANCIAL SERVICES GROUP OF UBS AG
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)