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Wed 17 Mar 2004, 11:22 Further Cautionary Announcement
African Life - 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 announcements dated 17 December 2003 and 28 January   
  2004, 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                                                                    
  17 March 2004                                                                   
  Financial adviser             Sponsor                                           
  Absa Corporate & Merchant     Merrill Lynch                                     
  Bank                                                                            
  Date: 17/03/2004 10:51:37 AM Produced by the JSE SENS Department                
                                                                                  
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