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Wed 19 Sep 2007, 16:38 ERM / SBL - Enterprise Risk Management / Sable Hol
ERM   SBL
 ERM   SBL                                                                       
ERM / SBL - Enterprise Risk Management / Sable Holdings - Joint Cautionary      
                                                 Announcement                   
Enterprise Risk Management Limited                                              
Incorporated in the Republic of South Africa                                    
(Registration number: 1995/001603/06)                                           
Share code: ERM                                                                 
ISIN: ZAE000037701                                                              
("ERM")                                                                         
Sable Holdings Limited                                                          
Incorporated in the Republic of South Africa                                    
(Registration number 1968/010636/06)                                            
ISIN: ZAE000006383                                                              
Share code: SBL                                                                 
("SABLE")                                                                       
JOINT CAUTIONARY ANNOUNCEMENT                                                   
Further to previous announcements regarding a series of transactions between ERM
and Sable, the last of which was released on SENS on 21 June 2007 in respect of 
ERM and on 22 June 2007 in respect of Sable, shareholders are advised that the  
companies are in discussions regarding proposals that, if implemented, may      
modify the agreements previously entered into between them.                     
As these discussions may have a material effect on the price of both companies` 
securities, shareholders in both companies are advised to continue to exercise  
caution when dealing in their ERM and Sable securities until a further          
announcement is made in this regard.                                            
19 September 2007                                                               
Johannesburg                                                                    
Corporate adviser and sponsor to ERM and Sable                                  
Sasfin Capital                                                                  
A division of Sasfin Bank Limited                                               
Date: 19/09/2007 16:35:02 Produced by the JSE SENS Department.                  
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