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Mon 31 May 2004, 16:11 FURTHER CAUTIONARY
FORIM HOLDINGS LIMITED -FURTHER CAUTIONARY ANNOUNCEMENT                    
  Forim Holdings Limited                                                          
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1986/004111/06)                                            
  JSE Share code: FOM                                                             
  ISIN: ZAE000002689                                                              
  (`Forim`, `the company` or `the group`)                                         
  FURTHER CAUTIONARY 
 Further Cautionary Announcement                                                 
  Shareholders are referred to the further cautionary announcement published on   
  SENS on 16 April 2004. The negotiations referred to in the further cautionary   
  announcement are continuing and may result in a change in control in the        
  company, an offer to minority shareholders and/or an affected transaction in    
  terms of the Securities Regulation Code on Take-overs and Mergers. As these     
  negotiations may have an effect on the price at which the company`s securities  
  trade on the JSE, shareholders of Forim are advised to continue to exercise     
  caution when dealing in their shares until a further announcement is made.      
  By order of the Board                                                           
  H R Levin                M Gelbart                                              
  Chairman                 Chief Executive Officer                                
  28 May 2004                                                                     
  Directors:                                                                      
  H R Levin* (Chairman), M Gelbart (Chief Executive Officer),                     
  Y Bhayat*, J E Forman (*non-executive)                                          
  Transfer secretaries:                                                           
  Computershare Investor Services 2004 (Pty) Ltd                                  
  PO Box 1053, Johannesburg, 2000                                                 
  Company secretary:                                                              
  Executive Secretarial Services CC                                               
  PO Box 261269, Excom, 2023                                                      
  Sponsor:                                                                        
  Sasfin Corporate Finance,                                                       
  a division of Sasfin Bank Limited
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