PSG Group/PSGBH - COMPLETION OF DUE DILIGENCE

PSG Group/PSGBH - COMPLETION OF DUE DILIGENCE                                   
PSG GROUP LIMITED               PSG INVESTMENT BANK HOLDINGS                    
                                LIMITED                                         
(Incorporated in the Republic   (Incorporated in the Republic of                
of South Africa)                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")                                       
COMPLETION OF DUE DILIGENCE                                                     
Shareholders of PSG Group and PSGBH are referred to the announcement of         
6 August 2002.  This announcement advised shareholders, inter alia, that        
Absa Bank Limited ("Absa"), subject to a due diligence and other                
conditions detailed therein, would propose a scheme of arrangement ("the        
scheme") in terms of which Absa would make an offer to all PSGBH                
shareholders to acquire all of their PSGBH shares at 60 cents per share         
after the distribution to PSGBH shareholders of cash of 4 cents per             
share and PSGBH`s 87,6m shares in Vestacor Limited ("the proposals").           
The Absa due diligence commenced on Monday, 12 August 2002 and ended on         
Thursday 12 September 2002.  The purpose of this announcement is to             
advise shareholders that Absa has completed the due diligence process           
and is satisfied that PSGBH`s net asset value per share after the               
distribution will be greater than 58 cents per share.                           
Accordingly, in terms of the agreement regarding the proposals and              
subject to the conditions below Absa will proceed with the scheme.              
Implementation of the scheme is subject to the timeous fulfilment of the        
remaining conditions precedent which include obtaining the necessary            
regulatory approvals, PSGBH shareholders approving and the High Court           
sanctioning the scheme, and PSGBH and PSG Group shareholders approving          
the proposals by 30 October 2002.                                               
Further details of the proposals will be included in circulars to PSG           
Group and PSGBH shareholders, incorporating notices of the general and          
scheme meetings, which will be posted to shareholders of PSG Group and          
PSGBH in October 2002.                                                          
Johannesburg                                                                    
13 September 2002                                                               
Investment bank and joint         Attorneys to PSGBH                            
sponsor                                                                         
PSG Investment Bank               Fluxmans                                      
Sponsor to PSG Group and PSGBH                                                  
PricewaterhouseCoopers                                                          
Corporate Finance (Pty) Ltd                                                     
(Registration number                                                            
1970/003711/07)                                                                 
Date: 13/09/2002 02:14:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department