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Independent Financial Services Limited - Cautionary Announcement                
Independent Financial Services Limited                                          
Incorporated in the Republic of South Africa                                    
Registration number 1950/037061/06                                              
Share code: IND                ISIN: ZAE000025300                               
(`the Company`)                                                                 
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that the Company has entered into negotiations which,  
if successfully concluded, may have a material effect on the price at which the 
Company`s shares trade.  Accordingly, shareholders are advised to exercise      
caution when dealing in the Company`s shares until a further announcement is    
made.                                                                           
Johannesburg                                                                    
2 July 2004                                                                     
Sponsor                                                                         
Bridge Capital Services (Pty) Limited                                           
Date: 02/07/2004 07:00:03 AM                 
Produced by the JSE SENS Department                                             

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