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Thu 29 Apr 2004, 17:03 CAUTIONARY ANNOUNCEMENT
iFOUR PROPERTIES LIMITED - CAUTIONARY ANNOUNCEMENT                              
  iFOUR PROPERTIES LIMITED                                                        
  Incorporated in the Republic of South Africa                                    
  (Registration number 2001/016118/06                                             
  Share code:IFR                                                                  
  ISIN: ZAE 000039236                                                             
  ("iFour" or "the Company")                                                      
  CAUTIONARY ANNOUNCEMENT                                                         
  iFour linked unit holders are advised that iFour has entered into negotiations, 
  which if successfully concluded may have a material effect on the price of the  
  Company"s securities. Accordingly, iFour linked unit holders are advised to     
  exercise caution when dealing in the Company"s securities until a further       
  announcement is made.                                                           
  Johannesburg                                                                    
  29 April 2004                                                                   
  Sponsor                                                                         
  PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
  (Registration number 1970/003711/07)                                            
  Date: 29/04/2004 04:40:09 PM Produced by the JSE SENS Department                
                                                                                  
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