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Wed 9 Jun 2004, 14:41 Cautionary Announcement
Excellerate - Cautionary Announcement 

Release Date: 09/06/2004 14:23:00      Code(s): EXL EXLD        
Excellerate - Cautionary Announcement                                           
EXCELLERATE HOLDINGS LIMITED                                                    
(Registration number 1997/009884/06)                                            
Share code: EXL    ISIN: ZAE000026092                                           
Share code: EXLD   ISIN: ZAE000044145                                           
(`Excellerate` or `the company`)                                                
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that Excellerate has entered into negotiations, which, 
if successfully concluded, may have a material effect on the price at which     
Excellerate`s securities trade on the JSE Securities Exchange South Africa.     
Accordingly, shareholders of Excellerate are advised to exercise caution when   
dealing in the company`s securities until a further announcement is made.       
Sandton                                                                         
9 June 2004                                                                     
Sponsor                                                                         
Nedbank Capital                                                                 
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