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Fri 31 Oct 2003, 14:17 CHANGES TO THE BOARD
ERM - ERM - CHANGES TO THE BOARD                                                      
  ENTERPRISE RISK MANAGEMENT LIMITED                                              
  (Incorporated in the Republic of South Africa)                                  
  (Registration number: 1995/001603/06)                                           
  (JSE Code: ERM & ISIN Code: ZAE000037701)                                       
  ("ERM or "the Company")                                                         
  ANNOUNCEMENT                                                                    
  In terms of section 3, paragraph 3.67 of the JSE Listings Requirements, ERM     
  wishes to advise shareholders that GT Magomola has resigned from the board with 
  effect from 20 October 2003.                                                    
  Johannesburg                                                                    
  31 October 2003                                                                 
  SPONSOR                                                                         
  EXCHANGE SPONSORS (PTY) LIMITED                                                 
  Date: 31/10/2003 01:53:41 PM Produced by the JSE SENS Department                
                                                                                                                           
  ENTERPRISE RISK MANAGEMENT LIMITED                                              
  (Incorporated in the Republic of South Africa)                                  
  (Registration number: 1995/001603/06)                                           
  (JSE Code: ERM & ISIN Code: ZAE000037701)                                       
  ("ERM or "the Company")                                                         
  ANNOUNCEMENT                                                                    
  In terms of section 3, paragraph 3.67 of the JSE Listings Requirements, ERM     
  wishes to advise shareholders that GT Magomola has resigned from the board with 
  effect from 20 October 2003.                                                    
  Johannesburg                                                                    
  31 October 2003                                                                 
  SPONSOR                                                                         
  EXCHANGE SPONSORS (PTY) LIMITED                                                 
  Date: 31/10/2003 01:53:41 PM Produced by the JSE SENS Department                
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