TRANSPACO - ANNOUNCEMENT

TRANSPACO LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1951/000799/06)
("TRANSPACO")
Announcement

Shareholders are informed that Transpaco's directors have discovered that the
director in charge of one of Transpaco's divisions has incorrectly accounted
for the values of certain assets and/or liabilities of that division over a
period of time.

Immediate steps in this regard have been taken, as follows:

-  the director concerned has resigned and the management of that division has
been changed; and

-  a full investigation has been launched in conjunction with Transpaco's
auditors to ascertain the extent of the irregularities and the period during
which these occurred.
Transpaco's directors are satisfied that:

-  the relevant division under its new management will again be profitable; and
-  the impact of the irregularities will not result in Transpaco having
incurred a loss in any reporting period and will furthermore not result in a
material downward adjustment in Transpaco's net asset value per share.
A further announcement will be made as soon as the investigation has been
completed.
Johannesburg
29 March 2001