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Fri 12 Sep 2003, 12:59 Directors dealing in shares
Kersaf Investments -             
  Kersaf Investments Limited                                                      
  JSE Share code: KER                                                             
  ISIN: ZAE00003844                                                               
  In compliance with Rule 3.63 to 3.74 of the JSE Securities Exchange SA Listings 
  Requirements, the following should be noted:                                    
  1.  Name of director                                                            
  P D Bacon                                                                       
  2.  Name of company                                                             
  Kersaf Investments Limited                                                      
  3.  Date transaction effected                                                   
  12 September 2003                                                               
  4.  Price                                                                       
  R32,95                                                                          
  5.  Amount of shares                                                            
  36 000                                                                          
  6.  Class of shares                                                             
  Ord. shares of R0,08 each                                                       
  7.  Option strike price                                                         
  R19,05                                                                          
  8.  Option strike date                                                          
  11 September 1998                                                               
  9.  Option vesting date                                                         
  11 September 2000                                                               
  10.  Nature of transaction                                                      
  Sale of shares pursuant to exercise of share options under share incentive      
  scheme                                                                          
  11.  Nature and extent of director"s interest in the transaction                
  Direct beneficial                                                               
  12.  Clearance                                                                  
  Clearance to deal has been received in terms of par. 3.66 of the JSE Listings   
  Requirements                                                                    
  Date: 12/09/2003 11:26:02 AM Produced by the JSE SENS Department
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