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Fri 27 Dec 2002, 8:40 Nail - Further cautionary announcement
New Africa Investments Limited                                                  
   (Incorporated in the Republic of South Africa)                               
(Registration number 1993/002467/06)                                         
   Share code: NAI and NAN                                                      
   ISIN: ZAE000011946                                                           
   ("Nail")                                                                     
Further cautionary announcement                                                 
Further to the cautionary announcements published on 3 October 2002 and 14      
November 2002, shareholders of Nail are advised that Nail is still in           
discussions, which if successfully concluded, may have a material effect on the 
price of Nail ordinary and "N" ordinary shares. Shareholders of Nail are        
accordingly advised to continue exercising caution in their dealings in Nail    
ordinary and "N" ordinary shares until a further announcement is made.          
Johannesburg                                                                    
27 December 2002                                                                
Merchant bank and sponsor to Nail                                               
   AMB                                                                          
   African Merchant Bank Limited                                                
Registered Bank                                                              
   Registration number 1996/016470/06                                           
Corporate law advisers and consultants to Nail                                  
   Edward Nathan & Friedland (Pty) Ltd                                          
Corporate Law advisers & Consultants                                         
   (Registration number 1999/026464/07)                                         
Date: 27/12/2002 07:14:00 AM Produced by the JSE SENS Department                


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