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SPECTRUM SHIPPING LIMITED - CAUTIONARY ANNOUNCEMENT                             
Spectrum Shipping                                                               
   (Incorporated in the Republic of South Africa)                               
(Registration number 1998/018118/06)                                         
   Share code SUM   ISIN ZAE000037446                                           
   ("Spectrum Shipping")                                                        
Further Cautionary announcement                                                 
Shareholders are advised that the negotiations, referred to in the further      
cautionary announcement published on 21 August 2002, are continuing.            
Shareholders are accordingly advised to continue to exercise caution in dealing 
in their Spectrum Shipping shares until a further announcement in this regard is
made.                                                                           
Mount Edgecombe                                                                 
3 October 2002                                                                  
Corporate adviser                                                               
Radagast Capital (Pty) Ltd                                                   
   (Registration number 2000/030942/07)                                         
Sponsor                                                                         
   LPC Manhattan Sponsors (Pty) Ltd                                             
(Registration number 1999/024792/07)                                         
Date: 02/10/2002 10:57:00 AM Produced by the JSE SENS Department

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