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Tue 20 Jan 2004, 17:08 FORIM HOLDINGS LIMITED/ALLIANCE PHARMACEUTICALS LI
FORIM HOLDINGS LIMITED/ALLIANCE PHARMACEUTICALS LIMITED - FURTHER CAUTIONARY    
                                                            ANNOUNCEMENT        
FORIM HOLDINGS LIMITED                ALLIANCE PHARMACEUTICALS LIMITED          
(Incorporated in the Republic of      (Incorporated in the Republic of South    
South Africa)                         Africa)                                   
(Registration number 1986/004111/06)  (Registration number 1981/006145/06)      
 Share Code: FOM                      Share code ALN    ISIN  ZAE000011110      
ISIN Number: ZAE000002689             Share code ACN    ISIN  ZAE000011847      
("the companies")                                                               
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Shareholders are referred to the further cautionary announcement published      
by the companies on SENS on 3 November 2003 and in the press on 4 November      
2003.                                                                           
Shareholders are advised that the companies are still involved in               
negotiations. Accordingly, shareholders are advised to continue to exercise     
caution when dealing in the companies" securities until a further               
announcement is made.                                                           
20 January 2004                                                                 
Johannesburg                                                                    
SPONSOR TO THE COMPANIES                                                        
SASFIN CORPORATE FINANCE                                                        
A DIVISION OF SASFIN BANK LIMITED
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