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Alexander Forbes Limited - Cautionary Announcement 

Release Date: 06/07/2004 07:39:48      Code(s): AFB        
ALEXANDER FORBES LIMITED - CAUTIONARY ANNOUNCEMENT                              
Alexander Forbes Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1958/001974/06)                                            
ISIN: ZAE000018230 Share code: AFB                                              
(`the company`)                                                                 
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that the company is involved in negotiations which, if 
successfully concluded, may have a material effect on the price of the company`s
shares. Accordingly, shareholders are advised to exercise caution when dealing  
in the company`s shares until a further announcement is made.                   
Johannesburg                                                                    
6 July 2004                                                                     
Sponsor: Cazenove                                                               

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