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Thu 16 Oct 2003, 16:14 Value - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Value - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                              
Value Group Limited                                                             
 (Incorporated in the Republic of South Africa)                                 
(Registration number: 1997/002203/06)                                           
Share Code: VLE   ISIN: ZAE 000016507                                           
("Value" or "the Company")                                                      
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                                      
Shareholders are advised that earnings for the interim period, ended 31 August  
2003 will be materially higher ("materially" being an increase between 10% and  
30% as defined in the revised JSE Securities Exchange South Africa Listings     
Requirements) than those reported on in the prior comparative period.           
These interim earnings have not been reviewed and reported on by the Company"s  
auditors. Accordingly, shareholders are advised to exercise caution when dealing
in Value securities until the publication of the interim results.               
Further details will be provided when the aforementioned interim results are    
published on or about 29 October 2003.
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