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Tue 6 Aug 2002, 0:00 Rah & Rai - Cautionary Announcement
RAH & RAI - CAUTIONARY ANNOUNCEMENT                                             
Real Africa Holdings Limited                                                    
(Registration number 1994/003919/06)                                            
Share code: RAH                                                                 
ISIN:ZAE000008702                                                               
("RAH")                                                                         
Real Africa Investments Limited                                                 
(Registration number 1994/000398/06)                                            
Share code: RAI                                                                 
ISIN: ZAE000008710                                                              
("RAI")                                                                         
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders of RAH and RAI ("shareholders") are advised that the board of      
directors of RAH is currently considering various proposals that are aimed at   
unlocking shareholder value in RAH.                                             
Shareholders are therefore advised to exercise caution in dealing in their RAH  
and RAI shares pending further announcements in this regard.                    
Houghton                                                                        
6 August 2002                                                                   
Merchant Bank and Sponsor                                                       
Standard Corporate and Merchant Bank                                            
(A division of The Standard Bank of South Africa Limited)                       
(Registration number 1962/000738/06)                                            
Corporate Law Advisers and Consultants                                          
Edward Nathan & Friedland (Pty) Ltd                                             
(Registation Number 1999/026464/07)                                             
Independent Merchant Bank                                                       
Rand Merchant Bank                                                              
Date: 06/08/2002 04:19:04 PM Produced by the JSE SENS Department
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