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ANGLOVAAL INDUSTRIES LIMITED - WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT            
Anglovaal Industries Limited                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1944/017201/06)                                            
("the Company")                                                                 
Share code: AVI                                                                 
ISIN: ZAE000030102                                                              
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT                                           
Shareholders are referred to the cautionary announcement dated 25 February 2003,
and are advised that the negotiations referred to therein have been terminated. 
Accordingly, in relation to this matter, caution is no longer required when     
dealing in the Company"s shares.                                                
Sandton                                                                         
20 March 2003                                                                   
Merchant bank and sponsor                                                       
Standard Corporate and Merchant Bank                                            
(A division of the Standard Bank of South Africa Limited)                       
(Registration number 1962/000738/06)                                            

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