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Tue 2 Dec 2003, 15:27 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
SOUTH AFRICAN EAGLE INSURANCE COMPANY LIMITED - TRADING STATEMENT AND CAUTIONARY
ANNOUNCEMENT                                                                    
SOUTH AFRICAN EAGLE INSURANCE COMPANY LIMITED                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1965/06764/06)                                            
Share code: SAE ISIN: ZAE000006243                                              
("SA Eagle")                                                                    
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
In terms of the new Listings Requirements of the JSE Securities Exchange South  
Africa, listed companies are required to publish a trading statement as soon as 
they become aware that the financial results for the next period to be reported 
on will be materially different from those of the previous corresponding period.
Shareholders are advised that if the current underwriting experience as well as 
general market investment conditions continue,the results for the year ending 31
December 2003 will be substantially higher than those of last year.             
As the forecast financial information has not been reviewed or reported on by   
the company"s auditors, shareholders are advised to exercise caution when       
dealing in SA Eagle"s shares until the release of the preliminary  announcement 
of results for the year ending 31 December 2003, which are expected to be       
published on or about 12 February 2004.                                         
By order of the board                                                           
Sandton                                                                         
2 December 2003                                                                 
Sponsor                                                                         
RAND MERCHANT BANK                                                              
A division of FirstRand Bank Limited                                            
CORPORATE FINANCE                                                               
Date: 02/12/2003 03:20:11 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
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