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MONEX LIMITED
  (Registration number 1968/010805/06)
  ("Monex")
CAUTIONARY ANNOUNCEMENT
BOE Merchant Bank is authorised to announce that BoE Limited is considering
making an offer to the holders of Monex ordinary shares, subject to the
approval by Monex shareholders of the subsequent delisting of Monex.
Accordingly, Monex shareholders are advised to exercise caution in dealing in
their shares until a further announcement is made in this regard.
Cape Town
9 May 2001
Merchant bank
  BOE Merchant Bank
  A Division of BOE Bank Limited
  Co. Reg. No. 1951/000847/06
Sponsoring broker
  BoE Securities (Pty) Ltd
  Member of the JSE Securities Exchange South Africa
  Co. Reg. No. 1995/012240/07

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