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Wed 12 Nov 2003, 13:37 DEALING IN SECURITIES BY DIRECTORS
KERSAF INVESTMENTS LIMITED - DEALING IN SECURITIES BY DIRECTORS                 
KERSAF INVESTMENTS LIMITED                                                      
ISIN:ZAE000003844                                                               
SHARE CODE:KER                                                                  
In terms of rule 3.63 - 3.74 of the JSE Securities Exchange SA Listings         
requirements the following is disclosed:                                        
Name of Director             :D A Hawton                                        
Name of company              :Kersaf Investments Limited                        
Date transaction effected    :11 November 2003                                  
Price                        :R39,70                                            
Amount of shares             :131 876                                           
Class of shares              :Ord, shares of R0,08 each                         
Option strike price          :77 500 @ R19,05,7 500 @ R19,37&                   
                              46 876 @ R19,525                                  
Option strike date           :11 November 2003                                  
Option vesting date          :17 August 2002, 11 September 2002& 22             
                              September 2003                                    
Nature of transaction        :Sale of shares pursuant to exercise of share      
                              options under share incentive scheme              
Nature and extent of                                                            
director"s interest                                                             
in the transaction           :Direct beneficial                                 
Clearance                    :Clearance to deal has been received in terms      
of par.3.66 of the JSE Listings Requirements      
Date: 12/11/2003 01:02:39 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department
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