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Thu 13 Nov 2003, 17:29 CAUTIONARY ANNOUNCEMENT
PEPKOR LIMITED - CAUTIONARY ANNOUNCEMENT                                        
Pepkor Limited                                                                  
   (Incorporated in the Republic of South Africa)                               
(Registration number 1965/007765/06)                                         
   Ordinary share code: PEP   ISIN: ZAE000005344                                
   ("Pepkor" or "the Company")                                                  
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are referred to the announcement dated 23 October 2003          
setting out details of a firm intention to make an offer to acquire the         
entire issued share capital of Pepkor by way of a scheme of arrangement         
in terms of section 311 of the Companies Act ("the offer").                     
The Company has become aware that the daily volume of trade in Pepkor           
ordinary shares on the JSE Securities Exchange South Africa ("JSE") has         
increased substantially since the announcement of the offer.  In                
addition, the Company notes that the share price has risen on occasion          
to above the price per ordinary share set out in the offer.                     
The attention of shareholders is drawn to the terms and conditions of           
the offer set out in the announcement of 23 October 2003 and                    
shareholders are advised to exercise caution in trading their Pepkor            
ordinary shares on the JSE until the Company is in a position to make a         
further announcement.                                                           
   Johannesburg                                                                 
   14 November 2003                                                             
Corporate advisor                                                               
   JAVELIN CAPITAL LIMITED                                                      
  (Registration number 2000/010500/06)                                          
Sponsor                                                                         
BARNARD JACOBS MELLET                                                        
   Corporate Finance                                                            
Date: 13/11/2003 05:28:01 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department
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