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Wed 31 Mar 2004, 17:49 TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Value Group Limited - Trading Update And Cautionary Announcement                
  Value Group Limited                                                             
  (Incorporated in the Republic of South Africa)                                  
  (Registration number: 1997/002203/06)                                           
  Share Code: VLE   ISIN: ZAE 000016507                                           
  ("Value" or "the Company")                                                      
  TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                                      
  Shareholders are advised that earnings for the financial year, ended 29 February
  2004 will be materially higher ("materially" being an increase between 10% and  
  30% as defined in the revised JSE Securities Exchange South Africa Listings     
  Requirements) than those reported on in the prior comparative period.           
  These earnings have not been reviewed and reported on by the Company"s auditors.
  Accordingly, shareholders are advised to exercise caution when dealing in Value 
  securities until the publication of these results.                              
  Further details will be provided when the aforementioned results are published  
  on or about 12 May 2004.                                                        
  By Order of the Board                                                           
  Johannesburg                                                                    
  31March 2004                                                                    
  Sponsor                                                                         
  Investec Logo                                                                   
  Date: 31/03/2004 05:00:29 PM Produced by the JSE SENS Department
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