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Thu 14 Aug 2003, 16:44 GOLD REEF - DEALING IN SECURITIES BY DIRECTORS
GDF                                                                             
GOLD REEF CASINO RESORTS LIMITED - DEALING IN SECURITIES BY DIRECTORS           
Gold Reef Casino Resorts Limited                                                
Incorporated in the Republic of South Africa                                    
(Registration number 1989/002108/06)                                            
Share code : GDF     ISIN : ZAE000028338                                        
DEALING IN SECURITIES BY DIRECTORS                                              
In terms of paragraph 3.72 - 3.75 of the Listings Requirements of the JSE       
Securities Exchange South Africa, the following information, relating to dealing
in securities by directors, is disclosed:                                       
Executive director            SB Joffe                                          
Transaction date              13 August 2003                                    
Strike Price                  R3,73 per share                                   
Vesting Period                -One third after two years                        
from the transaction date;                                                      
-One third after three years from the transaction date; and                     
-One third after four years from the transaction date.                          
Share Class                   Ordinary shares                                   
Number of securities          1 500 000                                         
Nature of transaction         Grant and acceptance of share options             
Extent of interest            Beneficial direct                                 
Executive director            JS Friedman                                       
Transaction date              13 August 2003                                    
Strike Price                  R3,73 per share                                   
Vesting Period                -One third after two years                        
from the transaction date;                                                      
-One third after three years from the transaction date; and                     
-One third after four years from the transaction date.                          
Share Class                   Ordinary shares                                   
Number of securities          750 000                                           
Nature of transaction         Grant and acceptance of share options             
Extent of interest            Beneficial direct                                 
Executive director            C Neuberger                                       
Transaction date              13 August 2003                                    
Strike Price                  R3,73 per share                                   
Vesting Period                -One third after two years                        
from the transaction date;                                                      
-One third after three years from the transaction date; and                     
-One third after four years from the transaction date.                          
Share Class                   Ordinary shares                                   
Number of securities          500 000                                           
Nature of transaction         Grant and acceptance of share options             
Extent of interest            Beneficial direct                                 
Johannesburg                                                                    
14 August 2003                                                                  
Sponsor                                                                         
Nedbank Corporate                                                               
Date: 14/08/2003 04:18:30 PM Produced by the JSE SENS Department
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