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Tue 15 Jul 2003, 17:46 SA Retail further cautionary announcement
Unitholders are referred to the cautionary announcement published on 4 June 2003
and are advised that S A Retail is still involved in negotiations, which, if    
successfully concluded, may have an effect on the price at which units trade on 
the JSE Securities Exchange South Africa.  Unitholders are accordingly advised  
to continue exercising caution when dealing in S A Retail units until a further 
announcement is made.
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