PSG Group/ PSGBH - Cautionary Announcement

PSG Group/ PSGBH - Cautionary Announcement                                      
PSG GROUP LIMITED             PSG INVESTMENT BANK HOLDINGS                      
                              LIMITED                                           
(Incorporated in the Republic (Incorporated in the Republic                     
of South Africa)              of South Africa)                                  
(Registration number          (Registration number                              
1970/008484/06)               1998/017358/06)                                   
Share code:  PSG  ISIN:       Share code:  PGH  ISIN:                           
ZAE000013017                  ZAE000018818                                      
("PSG Group")                 ("PSGBH")                                         
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that PSG Group and PSGBH have entered into negotiations
which, if successful, may have an effect on the price at which the shares of the
respective companies trade on the JSE Securities Exchange South Africa.         
Shareholders are accordingly advised to exercise caution in dealing in their    
shares until a further announcement is made.                                    
18 July 2002                                                                    
Joint sponsor                                                                   
PRICEWATERHOUSECOOPERS CORPORATE   PSG INVESTMENT BANK                          
FINANCE                                                                         
Date: 17/07/2002 04:15:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department