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Wed 7 Apr 2004, 9:52 Cautionary Announcement
Brait S.a. - Cautionary Announcement 

Release Date: 07/04/2004 09:02:00      Code(s): BAT        
Brait S.A. - CAUTIONARY ANNOUNCEMENT                                            
Brait S.A.                                                                      
Societe Anonyme                                                                 
(Incorporated in Luxembourg)                                                    
(RC Luxembourg B-13861)                                                         
Share code:BAT                                                                  
ISIN: LU0011857645                                                              
("Brait" or "the company")                                                      
CAUTIONARY ANNOUNCEMENT                                                         
Brait shareholders are advised that negotiations are in progress concerning the 
acquisition of a portion of its South African operation by a black economic     
empowerment consortium, which, if successfully concluded, could affect the price
at which Brait shares are trading at on the Luxembourg and London Stock         
Exchanges and the JSE Securities Exchange South Africa.  Accordingly, Brait     
shareholders are advised to exercise caution when dealing in the shares of the  
companyon the Luxembourg and London Stock Exchanges and JSE Securities Exchange 
South Africa until a further announcement is made.                              
By order of the Board.                                                          
 Luxembourg                                                                     
7 April 2004                                                                    
Lead sponsor                                                                    
Deloitte & Touche Sponsor Services (Pty) Ltd                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/000034/07)                                            
Joint sponsor                                                                   
Brait Sponsors (Proprietary) Limited                                            
(Registration number 2000/031069/07)                                            
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