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AQUILA GROWTH LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                         
AQUILA GROWTH LIMITED                                                           
Incorporated in the Republic of South Africa                                    
(Registration number 1995/003158/06)                                            
JSE Share code: AQL                                                             
ISIN: ZAE000013959                                                              
("Aquila" or "the company")                                                     
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 28 November 2003, shareholders are 
advised that Aquila is in the process of finalising negotiations for the partial
sale of the company"s shares in Global Resorts (Pty) Limited.  Accordingly,     
shareholders are advised to continue exercising caution when dealing in their   
Aquila shares until a detailed announcement is made.                            
Johannesburg                                                                    
26 January 2004                                                                 
Sponsor:                                                                        
Bridge Capital Services (Pty) Limited                                           
Date: 26/01/2004 08:00:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department

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