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Wed 7 May 2003, 17:58 Further Cautionary Announcement
Primegro Properties Limited - Further Cautionary Announcement                   
Primegro Properties Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/018436/06)                                            
Share code PMG   ISIN ZAE000022620                                              
("Primegro")                                                                    
                                          
Primegro linked unitholders are advised that the initiatives referred to in the 
cautionary announcement published on 3 February, 2003 and the further cautionary
published on 14 March 2003 are still underway.  These initiatives could,        
individually or collectively, have an impact on the Primegro linked unit price. 
Linked unitholders are accordingly advised to continue to exercise caution when 
dealing in their linked units.                                                  
Sandton                                                                         
7 May 2003                                                                      
Investment bank                                                                 
and sponsor                                                                     
NEDBANK CORPORATE                                                               

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