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Jse: Srl 

Release Date: 01/07/2004 11:53:01      Code(s): SRL        
S A Retail Properties Limited - Cautionary Announcement                         
S A RETAIL PROPERTIES LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1999/025764/06)                                           
(JSE Code: SRL & ISIN Code: ZAE000034328)                                       
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that S A Retail is involved in negotiations, which, if  
successfully concluded, may have an effect on the price at which units trade on 
the JSE Securities Exchange South Africa.  Unitholders are accordingly advised  
to exercise caution when dealing in S A Retail units until a further            
announcement is made.                                                           
Durban                                                                          
1 July 2004                                                                     
Sponsor                                                                         
Exchange Sponsors (Pty) Limited                                                 

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