SEKUNJALO INVESTMENTS LIMITED - ACQUISITION OF BONBEN ASSURANCE LIMITED AND

SEKUNJALO INVESTMENTS LIMITED - ACQUISITION OF BONBEN ASSURANCE LIMITED AND     
BENMED MEDICAL SCHEME ADMINISTRATORS (PTY) LIMITED                              
Sekunjalo Investments Limited                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/006093/06)                                            
Share code: SKJ   ISIN: ZAE000017893                                            
("Sekunjalo" or "the company")                                                  
ACQUISITION OF BONBEN ASSURANCE LIMITED ("BONLIFE") AND BENMED MEDICAL SCHEME   
ADMINISTRATORS (PROPRIETARY) LIMITED ("BENMED")                                 
1. Introduction                                                                 
Shareholders are advised that Sekunjalo has entered into a letter of            
understanding with Bensure Management Services (Proprietary) Limited to acquire 
60% of the entire issued share capital of Bonlife and 60% of the entire issued  
share capital of Benmed ("the acquisitions"). Sekunjalo has an option to acquire
a further 10% of Bonlife and Benmed respectively from Maximus Productions       
(Proprietary) Limited which will be exercised on 1 January 2005 ("the effective 
date"), following which Sekunjalo will hold 70% of Bonlife and Benmed           
respectively. Upon fulfilment of the conditions precedent referred to in        
paragraph 6 below, the acquisitions will be effective from the effective date.  
2. Nature of business                                                           
Bonlife is a life assurance underwriting company and Benmed, a medical scheme   
administrator.                                                                  
3. Rationale                                                                    
Sekunjalo, as a black economic empowerment group, would like to position itself 
to provide health care and financial solutions to the poor and emerging black   
middle-class South Africans.                                                    
Sekunjalo intends to provide products that are affordable, socially relevant and
aligned with the strategic thrust of government policy and the acquisitions     
place Sekunjalo in a position to participate as a partner in government"s       
proposed state health insurance fund.                                           
4. Consideration                                                                
The consideration payable by Sekunjalo for the acquisitions including the       
exercise of the aforementioned option is R9.1 million.  The consideration will  
be settled through the issue of 15 166 667 Sekunjalo shares at 60 cents per     
share.                                                                          
5. Financial effects                                                            
Based on the published unaudited interim results of Sekunjalo for the 6 months  
ended 29 February 2004, the pro forma financial effects of the acquisitions on  
Sekunjalo"s earnings, headline earnings, net asset value ("NAV") and tangible   
NAV are set out below. The pro forma financial information has been prepared for
illustrative purposes only and because of its nature may not give a true picture
of Sekunjalo"s financial position and results of operations.                    
    Per Sekunjalo          Before the   After the    Percentage                 
ordinary share         acquisition  acquisition  Change                     
                           s (1)        s (2)        %                          
    Earnings (cents)       630          692(3)       9,8                        
    Headline earnings      150          198(3)       32,2                       
(cents)                                                                     
    NAV (cents)            47,2         48,0(4)      1,6                        
    Tangible NAV (cents)   42,0         44,2(4)      5,3                        
Notes:                                                                          
1. Based on the published unaudited interim results of Sekunjalo for the 6      
months ended 29 February 2004.                                                  
2. Based on the assumption that the acquisitions were effected on 1 September   
2003 for income statement purposes and on 29 February 2004 for balance sheet    
purposes and assuming that Sekunjalo has paid the consideration of R9.1 million.
3. Taking into account Sekunjalo"s effective 70% share of the profits           
attributable to Bonlife and Benmed for the six month period ended 29 February   
2004.                                                                           
4. For the purpose of the pro forma NAV and NTAV calculation, Sekunjalo has     
conservatively valued the licences, goodwill and operating systems of the       
acquisitions at R13 million.                                                    
6. Conditions precedent                                                         
The acquisitions are subject to the fulfilment of, inter alia, any necessary    
approvals and procedures required by the various regulating authorities         
requiring their approval.                                                       
Cape Town                                                                       
3 November 2004                                                                 
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 03/11/2004 12:04:06 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department