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Hudaco Industries Limited - CAUTIONARY ANNOUNCEMENT                             
  Hudaco Industries Limited                                                       
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1985/004617/06)                                            
  ("Hudaco")                                                                      
  (ISIN Number: ZAE000003273 Share Code: HDC)                                     
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that Hudaco has entered into negotiations, which if    
  successfully concluded may have a material effect on the price of Hudaco"s      
  securities. Accordingly, shareholders are advised to exercise caution when      
  dealing in Hudaco"s securities until a further announcement is made.            
  Johannesburg                                                                    
  22 October 2003                                                                 
  Date: 22/10/2003 04:14:41 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



 
 

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