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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: ZAE000015038
Further cautionary announcement
Further to the cautionary announcements dated 30 October 2001 and 10
December 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
21 January 2002
Sponsor
BoE Securities (Pty) Limited

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