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Mon 3 May 2004, 8:33 CAUTIONARY ANNOUNCEMENT
SAIL GROUP LIMITED - CAUTIONARY ANNOUNCEMENT                                    
  Sail Group Limited                                                              
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1941/014601/06)                                            
  ("SAIL" or "the Company")                                                       
  JSE Share code: SIR                                                             
  ISIN code: ZAE000039962                                                         
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that the Company is involved in discussions which may  
  have a material impact on the price at which SAIL shares trade on the JSE       
  Securities Exchange South Africa.                                               
  Shareholders are accordingly advised to exercise caution when dealing in their  
  SAIL shares until a further announcement is made.                               
  Midrand                                                                         
  3 May 2004                                                                      
  Investment Bank and Sponsor                                                     
  Nedbank Capital                                                                 
  Date: 03/05/2004 08:30:03 AM Produced by the JSE SENS Department                
                                                                                  
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