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Thu 28 Aug 2003, 13:27 MODIFIED AUDIT OPINION ON FINANCIAL STATEMENTS
JSE SECURITIES EXCHANGE SOUTH AFRICA - MODIFIED AUDIT OPINION ON ANNUAL         
FINANCIAL STATEMENTS                                                            
ENTERPRISE RISK MANAGEMENT LIMITED ("ERM")                                      
(ALPHA CODE:  ERM - ISIN ZAE000037701)                                          
The JSE Securities Exchange South Africa ("the JSE") wishes to advise that the  
audit opinion on ERM"s annual financial statements for the year ended 28        
February 2003 contains an emphasis of matter.  Shareholders are advised to refer
to the annual financial statements to ascertain the exact nature of the         
modification.                                                                   
Accordingly, the company"s listing on the JSE SETS system will be annotated with
an "E" to indicate the emphasis of matter.  The annotation will be removed once 
the company produces an unmodified audit opinion.                               
This announcement has been placed by the JSE in the interest of shareholders.   
(28 August 2003)                                                                
Date: 28/08/2003 01:09:36 PM                    
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
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