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Trematon Capital Investments Limited - Further Cautionary Announcement          
TREMATON CAPITAL INVESTMENTS LIMITED                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/008691/06)                                            
Share code:  TMT                                                                
ISIN:  ZAE000013991                                                             
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 26 November 2002, shareholders are 
advised that negotiations are still in progress regarding a restructure of the  
funding requirements of Trematon"s main investments, Mican Limited and          
Gracefield Investments (Pty) Limited as well as in regard to Trematon"s own     
funding requirements. The outcome of these negotiations may have a material     
effect on the price of the company"s securities.                                
Accordingly, shareholders are advised to continue exercising caution when       
dealing in the company"s securities until a full announcement is made.          
Durban                                                                          
17 March 2003                                                                   
Sponsor                                                                         
Merrill Lynch

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