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Thu 3 Jul 2003, 10:39 CAUTIONARY ANNOUNCEMENT
ILIAD AFRICA LIMITED - CAUTIONARY ANNOUNCEMENT                                  
Iliad Africa Limited                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/011938/06)                                            
Share code: ILA                                                                 
ISIN      : ZAE000015038                                                        
("Iliad" or "the Company")                                                      
                                                    
Shareholders are advised that ILIAD AFRICA LIMITED 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 with the company"s securities until a further     
announcement is made.                                                           
Johannesburg                                                                    
3 July 2003                                                                     
Date: 03/07/2003 10:25:10 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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