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Fri 20 Feb 2004, 8:36 Further Cautionary Announcement
Putco Limited - Further Cautionary Announcement 
Release Date: 20/02/2004 08:20:04      Code(s): PTC 
PUTCO LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                                 
PUTCO LIMITED                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1945/018672/06)                                            
JSE Share Code: PTC                                                             
ISIN: ZAE000005716                                                              
("the company")                                                                 
SAFIKA HOLDINGS (PTY) LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/001693/07)                                            
("Safika")                                                                      
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Shareholders are referred to the cautionary announcements previously published  
by the company, the latest of which was published on 9 January 2004.            
Negotiations with management and a Black Economic Empowerment Consortium, led by
Safika, are currently at an advanced stage. Such negotiations will, if          
successfully concluded, results in the company undergoing a significant         
restructure. Accordingly, shareholders are advised to continue to exercise      
caution when dealing in the company"s securities until a further announcement is
made.                                                                           
Johannesburg                                                                    
20 February 2004                                                                
Sponsor:                                                                        
Ernst & Young Sponsors (Pty) Ltd                                                
(Registration number 2000/031843/07)                                            
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