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ILIAD AFRICA LIMITED
 (Incorporated in the Republic of South Africa)
(Registration number 1997/011938/06)
("Iliad" or "the Company")
Share code   : ILA
ISIN Code    : ZAE000015038
Further cautionary announcement
Further to the cautionary announcement dated 30 October 2001, shareholders
are advised that negotiations are still in progress, which, if successfully
concluded, may have an effect on the price of Iliad shares.
Accordingly, shareholders are advised to continue exercising caution when
dealing in their Iliad shares until such time as a further announcement is
made.
Johannesburg
10 December 2001
Sponsor
BoE Securities (Pty) Limited

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