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Thu 23 Oct 2003, 13:30 CAUTIONARY ANNOUNCEMENT
THE BIDVEST GROUP LIMITED - CAUTIONARY ANNOUNCEMENT                             
  THE BIDVEST GROUP LIMITED                                                       
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1946/021180/06)                                            
  ISIN: ZAE00008132                                                               
  Share code: BVT                                                                 
  ("the company")                                                                 
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that the company has entered into negotiations which,  
  if successfully concluded, may have an effect on the market price of the        
  company"s ordinary shares on the JSE Securities Exchange South Africa.          
  Shareholders are accordingly advised to exercise caution in dealing in their    
  ordinary shares until a further announcement is made.                           
  By order of the Board                                                           
  Johannesburg                                                                    
  23 October 2003                                                                 
  Merchant Bank and Lead Sponsor:                                                 
  Investec Bank Limited                                                           
  (Registration number 1969/004763/06)                                            
  Joint Sponsor:                                                                  
  Deutsche Securities                                                             
  Member of the Deutsche Bank Group                                               
  Deutsche Securities (SA) (Proprietary) Limited                                  
  (Registration number 1995/011798/07)                                            
  Date: 23/10/2003 12:40:02 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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