Afrox - Ratio Of Entitlement In Respect Of The Capitalisation Share Award

Afrox - Ratio Of Entitlement In Respect Of The Capitalisation Share Award       
AFRICAN OXYGEN LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1927/000089/06)                                            
ISIN Code : ZAE000030920                                                        
South African Share Code : AFX                                                  
Namibian Share Code : AOX                                                       
("Afrox" or "the Company")                                                      
 RATIO OF ENTITLEMENT IN RESPECT OF THE CAPITALISATION SHARE AWARD              
Shareholders are referred to the terms announcement dated 3 December 2002 and   
are advised that the rounded number of shares to which shareholders will become 
entitled will be determined according to the following formula per share:       
37 cents /                                                                      
97,5% of the ruling price at the close of business on Thursday, 9 January 2003  
The ruling price at the close of business on Thursday, 9 January 2003 was       
R14.50.                                                                         
Based on the formula referred to above, for every one share held on the record  
date (Friday, 24 January 2003) the number of shares to which a shareholder will 
be entitled is 0,02617 shares (and for every one hundred shares is 2,617        
shares).                                                                        
Shareholders may elect to decline the capitalisation share award in respect of  
all or part of their shareholding and instead receive the final cash dividend of
37 cents per share (2001: 31,5 cents) for the year ended 30 September 2002.     
Forms of election in respect of shareholders who have not yet dematerialised    
their shares ("certificated shareholders") who wish to elect to receive the     
final cash dividend should be received by the transfer secretaries by no later  
than close of business on Friday, 24 January 2003.  Where shareholders have     
dematerialised their share certificates, they are required to notify their duly 
appointed Central Securities Depository Participant ("CSDP") or broker of their 
election in the manner and time stipulated in the agreement governing the       
relationship between the shareholder and his/her CSDP or broker.                
Shareholders are reminded that the last day to trade to be eligible to          
participate in the capitalisation share award will be Friday, 17 January 2003.  
The shares will trade "ex" dividend from Monday, 20 January 2003 and the record 
date will be Friday, 24 January 2003.                                           
Johannesburg                                                                    
10 January 2003                                                                 
Sponsor in South Africa                                                         
HSBC                                                                            
Sponsoring broker in Namibia                                                    
HSBC Securities (Namibia) (Pty) Limited                                         
Reg.No. 95/505                                                                  
Member of the Namibian Stock Exchange                                           
Date: 10/01/2003 12:04:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department