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Wed 28 Jan 2004, 8:57 FURTHER CAUTIONARY ANNOUNCEMENT
AFRICAN LIFE ASSURANCE COMPANY LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT        
African Life Assurance Company Limited                                          
(Incorporated in the Republic of South Africa)                                  
Registration number: 1911/003818/06                                             
Share Code: AFI  ISIN Code: ZAE000000246                                        
("African Life")                                                                
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 17 December 2003, shareholders are 
advised that discussions with regard to the introduction of Empowerment         
Shareholders at the African Life level are still in progress which, if          
successfully concluded, may have an effect on the price at which African Life   
shares trade on the JSE Securities Exchange South Africa.  Accordingly,         
shareholders are advised to exercise caution when trading in African Life"s     
shares until a further announcement is made.                                    
Johannesburg                                                                    
28 January 2004                                                                 
Financial adviser                                                               
Absa Corporate & Merchant Bank                                                  
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 28/01/2004 07:00:07 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department
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