NAIL / SANLAM / METROPOLITAN - FURTHER JOINT CAUTIONARY

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

SHAREHOLDERS OF NAIL, METROPOLITAN AND SANLAM (COLLECTIVELY, THE "COMPANIES")
ARE REFERRED TO THE JOINT CAUTIONARY ANNOUNCEMENTS WHICH APPEARED ON 23 JUNE,
14 JULY AND 7 AUGUST 2000 (THE "ANNOUNCEMENTS").

AS DISCUSSIONS REFERRED TO IN THE ANNOUNCEMENTS 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
28 AUGUST 2000   28 AUGUST 2000   28 AUGUST 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
LEGAL ADVISER TO METROPOLITAN
  DENEYS REITZ INC.
SPONSORING BROKER TO METROPOLITAN
IN SOUTH AFRICA
  AMB-DLJ SECURITIES (PTY) LTD
IN NAMIBIA
  LEXUS SECURITIES (PTY) LTD
FINANCIAL ADVISER TO SANLAM
  ROBERT FLEMING SOUTH AFRICA LIMITED
LEGAL ADVISERS TO SANLAM
  JOWELL GLYN & MARAIS INC.
  CANCA INC.
SPONSORING BROKER TO SANLAM
IN SOUTH AFRICA
  FLEMING MARTIN SECURITIES LIMITED
IN NAMIBIA
  HERBERT MAIER T/A
  FLEMING MARTIN SECURITIES LTD