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Thu 2 Jan 2003, 16:19 Ninian & Lester Holdings Limited - Cautionary Anno
NINIAN & LESTER HOLDINGS LIMITED                                                
  (Registration number 1969/002769/06)                                          
(Incorporated in the Republic of South Africa)                                
  Share code: NIN   ISIN: ZAE000004917                                          
  ("Ninian and Lester" or "the company")                                        
Cautionary announcement                                                         
Shareholders are advised that the company has entered into negotiations which,  
if successfully concluded, may have an effect on the company`s share price on   
the JSE Securities Exchange South Africa. Shareholders are accordingly advised  
to exercise caution in dealing in their Ninian and Lester shares until a further
announcement is made.                                                           
By order of the Board                                                           
Durban                                                                          
2 January 2003                                                                  
Sponsor                                                                         
  Investec Securities Limited                                                   
  Member of the JSE                                                             
  (Registration number. 1972/008905/06)                                         
Date: 02/01/2003 09:00:00 AM Produced by the JSE SENS Department                           

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