PSG GROUP/ESCHER GROUP - FURTHER CAUTIONARY ANNOUNCEMENT

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 GROUP")
FURTHER CAUTIONARY ANNOUNCEMENT

FURTHER TO THE CAUTIONARY ANNOUNCEMENT PUBLISHED ON 20 OCTOBER 2000,

SHAREHOLDERS OF PSG GROUP AND ESCHER GROUP ARE ADVISED THAT NEGOTIATIONS WITH
OTHER PARTIES ARE STILL IN PROGRESS WHICH, IF SUCCESSFULLY CONCLUDED,  COULD
AFFECT THE SHARE PRICES OF PSG GROUP AND ESCHER GROUP RESPECTIVELY.

ACCORDINGLY, SHAREHOLDERS ARE ADVISED TO CONTINUE TO EXERCISE CAUTION WHEN
DEALING IN THEIR SHARES ON THE JSE SECURITIES EXCHANGE SOUTH AFRICA UNTIL A
FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG
4 DECEMBER 2000
INVESTMENT BANK
PSG INVESTMENT BANK
SPONSORING BROKER
PSG ONLINE SECURITIES LIMITED
(REGISTRATION NUMBER 1996/000509/06)

(MEMBER OF THE JSE SECURITIES EXCHANGE SOUTH AFRICA)