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Fri 12 Dec 2003, 16:34 CAUTIONARY ANNOUNCEMENT
GLODINA HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                              
  GLODINA HOLDINGS LIMITED                                                        
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1986/004150/06)                                            
  ("Glodina" or "the Company")                                                    
  Share code: GDA                                                                 
  ISIN code: ZAE000002937                                                         
  Cautionary Announcement                                                         
  Shareholders are advised that negotiations are taking place with Daun & Cie AG  
  ("the Daun Group") regarding the potential listing of certain of the Daun       
  Group"s investments through Glodina, which if successfully concluded, may have  
  an effect on the price of the Company"s shares.                                 
  Shareholders are therefore advised to exercise caution when dealing in their    
  Glodina shares until a further announcement is made.                            
  Hammarsdale                                                                     
  12 December 2003                                                                
  Transaction Sponsor                                                             
  PSG Capital                                                                     
  Date: 12/12/2003 04:00:03 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
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