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Steers - Cautionary Announcement                                                
Steers Holdings Limited                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1969/004875/06)                                            
ISIN Code: ZAE000008330                                                         
Share Code: STE                                                               
("Steers" or "the company")                                                     
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that the Company has entered into negotiations, which  
if successfully concluded 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.     
Johannesburg                                                                    
28 March 2003                                                                   
Sponsor                                 Legal advisers                          
HSBC                                    H R Levin                               

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