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Subject: Alexander Forbes Limited - Cautionary announcement                     
Alexander Forbes Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1958/001974/06)                                            
Share code: AFB    ISIN code: ZAE 000018230                                     
("the company")                                                                 
Cautionary announcement                                                         
Shareholders of the company are advised that the company has entered into       
discussions, which, if successfully concluded, may have a material effect on the
price at which the company"s securities trade on the JSE Securities Exchange    
South Africa. Accordingly, shareholders of the company are advised to exercise  
caution when dealing in the company"s securities until a further announcement is
made.                                                                           
Johannesburg                                                                    
12 March 2003                                                                   
Sponsor                                                                         
Investec Securities Limited                                                     

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