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Mon 2 Dec 2002, 12:07 Avasa Holdings Limited - Modified Audit Opinion On
Avasa Holdings Limited - Modified Audit Opinion On Annual Financial Statements  
AVASA HOLDINGS LIMITED ("AVASA")                                                
[ALPHA CODE:  AVA  ISIN: ZAE000040622]                                          
MODIFIED AUDIT OPINION ON ANNUAL FINANCIAL STATEMENTS                           
The JSE Securities Exchange South Africa ("the JSE") wishes to advise that the  
audit opinion on Avasa`s annual financial statements for the year ended 31      
August 2002 contains an emphasis of matter. Shareholders are advised to refer to
the annual financial statements to ascertain the exact nature of the            
modification.                                                                   
Accordingly, the company`s listing on the JSE SETS system will continue to be   
annotated with an "E" to indicate the emphasis of matter.  The company`s        
annotation will be removed when the company produces an unmodified audit        
opinion.                                                                        
This announcement has been placed by the JSE in the interest of shareholders.   
(3 December 2002)                                                               
Date: 02/12/2002 11:33:00 AM Produced by the JSE SENS Department                


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