PSGBH/PSG GROUP/ ABSA - SANCTIONING OF SCHEME OF ARRANGEMENT

PSGBH/PSG GROUP/ ABSA - SANCTIONING OF SCHEME OF ARRANGEMENT                    
PSG INVESTMENT BANK  PSG GROUP LIMITED    Absa Group Limited                    
HOLDINGS LIMITED                                                                
(Incorporated in     (Incorporated in     (Incorporated in the                  
the Republic of      the Republic of      Republic of South                     
South Africa)        South Africa)        Africa)                               
(Registration        (Registration        (Registration number:                 
number:              number:              1986/003934/06)                       
1998/017358/06)      1970/008484/06                                             
Share code: PGH      Share code:  PSG     JSE code: ASA  Issuer                 
ISIN: ZAE000018818   ISIN:                code: AMAGB                           
("PSGBH")            ZAE000013017)        ISIN: ZAE 000013389                   
                     ("PSG Group")        ("Absa")                              
SANCTIONING OF SCHEME OF ARRANGEMENT                                            
1.   Court sanction                                                             
Shareholders are referred to the scheme of arrangement proposed by Absa between 
PSGBH and its shareholders ("the scheme") and the announcement dated Monday, 10 
March 2003 regarding, inter alia, the results of the scheme meeting held on that
date.                                                                           
The scheme was sanctioned by the High Court of South Africa (Witwatersrand Local
Division) on Tuesday, 18 March 2003 and the Order of Court is in the process of 
being registered by the Registrar of Companies.  The expected operative date for
the scheme will therefore be Monday, 31 March 2003 ("the operative date").      
2.   Stock exchange listing                                                     
The listing of the shares of PSGBH on the JSE Securities Exchange South Africa  
("the JSE") will be suspended from the commencement of business on Monday, 24   
March 2003. The expected record date to determine participation in the scheme   
will be Friday, 28 March 2003 ("the record date"). The expected date of         
termination of PSGBH"s listing on the JSE is from the commencement of business  
on Tuesday, 1 April 2003.                                                       
3.   Surrender of share certificates by shareholders holding certificated shares
If they have not already done so, certificated PSGBH shareholders are requested 
to surrender their share certificates, or other documents of title, as soon as  
possible to the transfer secretaries, in order that they may timeously receive  
the scheme consideration.  Cheques will be posted to scheme participants, or    
cash will be deposited into scheme participants" bank accounts, as the case may 
be, on the operative date, if the relevant documents of title are surrendered on
or before the record date, or within five business days after the documents of  
title are surrendered.                                                          
Forms of surrender were included in the relevant documents posted to            
shareholders on Friday, 14 February 2003.  A further circular will be posted to 
shareholders on Monday, 31 March 2003, which will include a further surrender   
form.                                                                           
4.   No further announcement                                                    
Should the events referred to above actually occur on the expected dates as     
referred to, no further announcement regarding implementation of the scheme will
be made.  However, any changes to the expected dates referred to above will be  
announced in the press.                                                         
Johannesburg                                                                    
19 March 2003