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Fri 20 Feb 2004, 7:53 Iliad Africa Limited - Trading update and cautiona
Iliad Africa Limited - Trading update and cautionary announcement               
Iliad Africa Limited                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/011938/06)                                            
Share code: ILA ISIN: ZAE000015038                                              
("Iliad" or "the company")                                                      
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders are hereby notified that Iliad"s headline earnings per share for   
the year-ended 31 December 2003 are expected to be materially higher than the   
audited headline earnings per share for the year-ended 31 December 2002         
("materially" being an increase of between 10% and 30% as defined by the        
Listings Requirements of the JSE Securities Exchange South Africa).  The results
for the year-ended 31 December 2003 have not been reviewed and reported on by   
Iliad"s auditors, and therefore shareholders are advised to exercise caution    
when dealing in the company"s shares until the publication of the year-end      
results on or about 10 March 2004.
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