Steers Holdings Limited - Acquisition Of Creative Coffee Franchise Systems (Pty)

Steers Holdings Limited - Acquisition Of Creative Coffee Franchise Systems (Pty)
                          Limited                                               
Steers Holdings Limited                                                         
(Registration No. 1969/004875/06)                                               
Share Code: STE    ISIN Code: ZAE 000008330                                     
("Steers Holdings")                                                             
ACQUISITION OF CREATIVE COFFEE FRANCHISE SYSTEMS (PTY) LIMITED                  
Steers Holdings will be expanding its business activities of establishing and   
developing franchised, branded Quick Service Restaurants to include franchised  
coffee shops through the acquisition of the shares in and shareholder claims    
against Creative Coffee Franchise Systems (Pty) Limited ("Creative Coffee"),    
which is the franchisor of the coffee shops operating under the names House of  
Coffees Coffee Shops, ESP The Illy Boutique and Brazilian Coffee Shops (the     
"brand names"), with effect from 1 June 2003.                                   
The recent past has seen significant growth in the number and popularity of     
franchised coffee outlets. Steers Holdings views the acquisition as an          
opportunity to capitalize on this trend. The combinations of Steers Holdings"   
proven expertise in establishing and developing franchise outlets and the well- 
established and successful brand names it is acquiring will enable Steers       
Holdings to grow the franchising business operated by Creative Coffee and over  
time add significant value to Steers Holdings" operations.                      
The acquisition is still subject to the completion of a due diligence           
investigation and the conclusion by Creative Coffee of suitable licence         
agreements in terms of which they are licensed to use the brand names.          
This announcement is unrelated to the cautionary announcement published on 28   
March 2003.                                                                     
Johannesburg                                                                    
17 April 2003                                                                   
Sponsor                                                                         
Java Capital (Proprietary) Limited