ILLOVO - ODD-LOT OFFER PRICE

ILLOVO SUGAR LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1906/000622/06)
("ILLOVO")
ODD-LOT OFFER PRICE

ON 20 JUNE 2000, A CIRCULAR WAS POSTED TO ILLOVO SHAREHOLDERS SETTING OUT THE
TERMS OF A PROPOSED ODD-LOT OFFER TO ILLOVO SHAREHOLDERS HOLDING, IN AGGREGATE,
FEWER THAN 100 SHARES ("ODD-LOT HOLDERS").

ILLOVO SHAREHOLDERS ARE ADVISED THAT THE FIVE-DAY VOLUME WEIGHTED AVERAGE PRICE
OF THE SHARES ON THE JOHANNESBURG STOCK EXCHANGE FROM MONDAY, 26 JUNE 2000 TO
FRIDAY, 30 JUNE 2000 (BOTH DAYS INCLUSIVE), WAS 518 CENTS PER SHARE ("OFFER
PRICE").
THE OFFER PRICE WILL APPLY TO:

- ODD-LOT HOLDERS WHO ELECT TO SELL THEIR ODD-LOT HOLDINGS, IN WHICH CASE THEY
WILL BE ENTITLED TO RECEIVE THE OFFER PRICE PLUS A 5% PREMIUM, WHICH AMOUNTS TO
544 CENTS PER SHARE; AND

- ODD-LOT HOLDERS WHO ELECT TO PURCHASE ADDITIONAL SHARES AT THE OFFER PRICE IN
ORDER TO INCREASE THEIR ODD-LOT HOLDINGS TO 100 SHARES.

ODD-LOT HOLDERS ARE REMINDED THAT THE CLOSING DATE OF THE ODD-LOT OFFER IS
FRIDAY, 14 JULY 2000 AND THAT THE ELECTION FORMS MUST BE RECEIVED BY ILLOVO'S
TRANSFER SECRETARIES, MERCANTILE REGISTRARS LIMITED, BY 14:30 ON THAT DATE.
MOUNT EDGECOMBE
30 JUNE 2000
FINANCIAL ADVISER
ING BARINGS
SPONSORING BROKER
ING BARINGS SOUTHERN AFRICA LIMITED
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
(REGISTRATION NUMBER 1994/004352/06)