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Fri 2 Jul 2004, 17:07 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
EXCELLERATE HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT    
  EXCELLERATE HOLDINGS LIMITED                                                    
  (Registration number 1997/009884/06)                                            
  Share code: EXL    ISIN: ZAE000026092                                           
  Share code: EXLD   ISIN: ZAE000044145                                           
  (`Excellerate`)                                                                 
  TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
  Excellerate shareholders are advised that earnings per share and headline       
  earnings per share for the year ended 30 June 2004 will be substantially and    
  materially lower, respectively, than that of the prior comparative period.      
  In this announcement the word `substantially` refers to a decrease equal to or  
  greater than 30% and the word `materially` refers to a decrease of between 10%  
  and 30%, both as defined in the JSE Securities Exchange South Africa Listings   
  Requirements                                                                    
  Further details of the above will be provided when Excellerate`s results for the
  year ended 30 June 2004 are published in September 2004.                        
  As the results for the year ended 30 June have not been reviewed and reported on
  by Excellerate`s auditors, shareholders are advised to exercise caution when    
  dealing in Excellerate`s shares until the aforementioned year end results are   
  published.                                                                      
  Johannesburg                                                                    
  2 July 2004                                                                     
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 02/07/2004 04:56:56 PM Produced by the JSE SENS Department
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