Nampak / Malbak - Renewal of joint cautionary announcement

   NAMPAK LIMITED                         MALBAK LIMITED

   (Incorporated in the Republic of       (Incorporated in the Republic of
   South Africa)                          South Africa)

   Share code NPK                         Share code MLB

   ISIN code ZAE000004933                 ISIN code ZAE000004487

   (Registration number 1968/008070/06)   (Registration number 1946/022234/06)
   ("Nampak")                             ("Malbak")
   Renewal of joint cautionary announcement

   Further to the joint cautionary announcement dated 13 December 2001,
   shareholders are advised that Nampak and Malbak are still involved in
   merger negotiations, which if successfully concluded may have an effect on
   the price of Nampak and/or Malbak securities.

   Accordingly, shareholders of Nampak and Malbak are advised to continue
   exercising caution when dealing in the securities of the respective
   companies until such time as a further announcement is made.
   Johannesburg
   23 January 2002

   Financial adviser to     Financial adviser and transactional sponsor to
   Nampak                   Malbak

   UBS Warburg Corporate    SG Hambros South Africa
   Finance South Africa
   (Pty) Ltd
   A financial services
   group of UBS AG
   (Registration number
   1994/008363/07)
   Sponsor to Nampak        Sponsor to Malbak
   UBS Warburg Securities   Rand Merchant Bank
   South Africa (Pty) Ltd   Corporate Finance

   A financial services     A Division of First Rand Bank Limited
   group of UBS AG
   (Member of the JSE
   Securities Exchange
   South Africa)
   (Registration number
   1995/011140/07)