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Fri 20 Feb 2004, 16:54 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Marshalls Limited - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT               
Marshalls Limited                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/002656/06)                                            
Share code: MSS ISIN: ZAE000031225                                              
("Marshalls" or "the company")                                                  
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders are hereby advised that Marshalls" headline earnings per share for 
the year-end 31 December 2003 are expected to be materially lower than the      
audited headline earnings per share for the year-end 31 December 2002, and that 
earnings per share for the year-end 31 December 2003 are expected to be         
substantially lower than the audited earnings per share for the year-end 31     
December 2002, "materially" being a variance of between 10% and 30%, and        
"substantially" being a variance in excess of 30%, as defined by the Listings   
Requirements of the JSE Securities Exchange South Africa.                       
As at the date of this announcement, Marshalls" auditors have not finalised     
their review and report on the results for the year-ended 31 December 2003 and  
shareholders are advised to exercise caution when dealing in Marshalls" shares  
until the publication of the year-end results on or about 28 February 2004.     
Johannesburg                                                                    
20 February 2004                                                                
Sponsor                                                                         
Imara Corporate Finance South Africa (Pty) Limited                              
Date: 20/02/2004 04:53:02 PM Supplied by www.sharenet.co.za                     
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