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Metje & Ziegler Limited - Cautionary Announcement                               
Metje & Ziegler Limited                                                         
   South African share code: MZG                                                
Namibian share code: MAZ   ISIN: ZAE000031274                                
   (Registration number: 196)                                                   
   ("the Company")                                                              
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that there are circumstances relating to the        
Company, the full impact of which is currently being determined and which may   
have a material effect on the price of the Company`s securities.  Accordingly,  
shareholders are advised to exercise caution when dealing in the Company`s      
securities until a full announcement is made.                                   
Windhoek                                                                        
   26 February 2003                                                             
Sponsor in South Africa                                                         
HSBC                                                                          
Sponsoring broker in Namibia                                                    
  HSBC Securities (Namibia) (Pty) Limited                                       
  Member of the NSX                                                             
Date: 26/02/2003 08:30:00 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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