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FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 16 July 2003, shareholders are     
advised that negotiations are still in progress regarding a restructure of the  
funding requirements of Trematon"s main investments, Mican Limited and          
Gracefield Investments (Pty) Limited as well as in regard to Trematon"s own     
funding requirements. The outcome of these negotiations may have a material     
effect on the price of the company"s securities.                                
Accordingly, shareholders are advised to continue exercising caution when       
dealing in the company"s securities until a full announcement is made.          
Durban

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