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Thu 17 Jun 2004, 13:46 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
SOUTH AFRICAN EAGLE INSURANCE COMPANY LTD - TRADING STATEMENT AND CAUTIONARY    
                                           ANNOUNCEMENT                         
South African Eagle Insurance Company Limited                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1965/006764/06)                                           
JSE Share code: SAE                                                             
ISIN: ZAE000006243                                                              
(`SA Eagle` or `the company`)                                                   
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders are advised that if the current underwriting experience as well as 
general market investment conditions continue, the results for the 6 months     
ended 30 June 2004 will be substantially higher than those of last year.        
As the forecast financial information has not been reviewed or reported on by   
the company`s auditors, shareholders are advised to exercise caution when       
dealing in SA Eagle`s shares until the release of the interim results           
announcement for the 6 months ended 30 June 2004, which are expected to be      
published on or about 30 July 2004.                                             
By order of the board                                                           
Bryanston                                                                       
17 June 2004                                                                    
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 17/06/2004 01:40:04 PM             
Produced by the JSE SENS Department
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