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Wed 27 Aug 2003, 17:41 Further Cautionary Announcement
S A Retail Properties Limited - Further Cautionary Announcement                 
S A Retail Properties Limited                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1999/025764/06)                                           
(JSE Code: SRL & ISIN Code: ZAE000034328)                                       
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Unitholders are referred to the cautionary announcement published on 14 July    
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.                                                   
Durban                                                                          
27 August 2003                                                                  
MERCHANT BANK                      SPONSOR                                      
MARRIOTT MERCHANT BANK             EXCHANGE SPONSORS                            
Date: 27/08/2003 05:15:02 PM
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                


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