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Tue 23 Sep 2003, 14:54 DIRECTORS DEALING
KERSAF INVESTMENTS LIMITED - DIRECTORS DEALING                                  
  KERSAF INVESTMENTS LIMITED                                                      
  JSE Share code: KER                                                             
  ISIN: ZAE00003844                                                               
  DIRECTORS DEALING                                                               
  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:    N/A                                          
  4.   Price:                        N/A                                          
  5.   Amount of shares:             85 125                                       
  6.   Class of shares:              Ord. shares of R0,08 each                    
  7.   Option strike price:               R32,95                                  
  8.   Option strike date:           12 September 2003                            
  9.   Option vesting date:               25% on each of 12 September 2004, 2005, 
  2006                                                                            
                                     & 2007                                       
  10.  Nature of transaction:        Acceptance on 23 September 2003 of award of  
  share options made on 12 September 2003 in   
                                     terms of share incentive scheme              
  11.  Nature and extent of                                                       
       director"s interest in the                                                 
  transaction:                  Direct beneficial                            
  12.  Clearance:                         Clearance to offer and award has been   
                                     received in terms of par. 3.66 of the JSE    
                                     Listings Requirements                        
  1.   Name of director:             D C Coutts-Trotter                           
  2.   Name of company:              Kersaf Investments Limited                   
  3.   Date transaction effected:    N/A                                          
  4.   Price:                        N/A                                          
  5.   Amount of shares:             37 500                                       
  6.   Class of shares:              Ord. shares of R0,08 each                    
  7.   Option strike price:               R32,95                                  
  8.   Option strike date:           12 September 2003                            
  9.   Option vesting date:               25% on each of 12 September 2004, 2005, 
  2006                                                                            
                                     & 2007                                       
  10.  Nature of transaction:        Acceptance on 23 September 2003 of award of  
  share options made on 12 September 2003 in   
                                     terms of share incentive scheme              
  11.  Nature and extent of                                                       
       director"s interest in the                                                 
  transaction:                  Direct beneficial                            
  12.  Clearance:                         Clearance to offer and award has been   
                                     received in terms of par. 3.66 of the JSE    
                                     Listings Requirements                        
  1.   Name of company secretary:    S A Bailes                                   
  2.   Name of company:              Kersaf Investments Limited                   
  3.   Date transaction effected:    N/A                                          
  4.   Price:                        N/A                                          
  5.   Amount of shares:             6 000                                        
  6.   Class of shares     :              Ord. shares of R0,08 each               
  7.   Option strike price:               R32,95                                  
  8.   Option strike date:           12 September 2003                            
  9.   Option vesting date:               25% on each of 12 September 2004, 2005, 
  2006                                                                            
                                     & 2007                                       
  10.  Nature of transaction:        Acceptance on 23 September 2003 of award of  
  share options made on 12 September 2003 in   
                                     terms of share incentive scheme              
  11.  Nature and extent of                                                       
       company secretary"s interest                                               
  in the transaction:           Direct beneficial                            
  12.  Clearance:                         Clearance to offer and award has been   
                                     received in terms of par. 3.66 of the JSE    
                                     Listings Requirements                        
  Date: 23/09/2003 02:44:00 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



 
 
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