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GLENRAND M.I.B. LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                       
GLENRAND MIB LIMITED                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/008001/06)                                            
JSE code: GMB                                                                   
ISIN: ZAE000018529                                                              
("Glenrand MIB" or "the company")                                               
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 3 September 2003, shareholders are 
advised that discussions continue to be in progress regarding Glenrand MIB"s    
equity interest in Protector Group Holdings (Proprietary) Limited.  A successful
conclusion to the discussions may have a material effect on the price of the    
company"s shares.  Shareholders are accordingly advised to continue exercising  
caution when dealing in the company"s shares until a further announcement is    
made.                                                                           
Johannesburg

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