NAIL, METROPOLITAN AND SANLAM - FURTHER JOINT CAUTIONARY ANNOUNCEMENT

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")
FURTHER JOINT CAUTIONARY ANNOUNCEMENT

SHAREHOLDERS OF NAIL, METROPOLITAN AND SANLAM (THE "COMPANIES") ARE REFERRED TO
THE JOINT CAUTIONARY ANNOUNCEMENT WHICH APPEARED ON 23 JUNE 2000 AND TO THE
SEPARATE ANNOUNCEMENT BY METROPOLITAN WHICH APPEARS TODAY.

AS THE DISCUSSIONS REFERRED TO THEREIN ARE CONTINUING, SHAREHOLDERS OF THE
COMPANIES ARE ADVISED TO CONTINUE TO EXERCISE CAUTION WHEN DEALING IN THE
SECURITIES OF THE RESPECTIVE COMPANIES UNTIL SUCH TIME AS A FURTHER
ANNOUNCEMENT IS MADE.

NAIL                    METROPOLITAN            SANLAM

JOHANNESBURG            BELLVILLE               BELLVILLE

14 JULY 2000            14 JULY 2000            14 JULY 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
FINANCIAL ADVISER TO METROPOLITAN
N M ROTHSCHILD & SONS (SOUTH AFRICA) (PTY) LTD
LEGAL ADVISER TO METROPOLITAN
DENYS REITZ INC.
SPONSORING BROKER TO METROPOLITAN
AMB-DLJ SECURITIES
FINANCIAL ADVISER TO SANLAM
ROBERT FLEMING SOUTH AFRICA LTD
LEGAL ADVISER TO SANLAM
JOWELL GLYN & MARAIS INC.
SPONSORING BROKER TO SANLAM
IN SOUTH AFRICA
FLEMING MARTIN SECURITIES LTD
IN NAMIBIA
HERBERT MAIER T/A FLEMING MARTIN SECURITIES LTD