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Thu 15 Jul 2004, 9:54 Liberty Holdings Limited - Cautionary Announcement
Liberty Group Limited / Liberty Holdings Limited - Cautionary Announcement      
  Liberty Group Limited                        Liberty Holdings Limited           
  (Incorporated in the Republic                (Incorporated in the               
  of South Africa)                             Republic of South Africa)          
  (Reg. number 1957/002788/06)                 (Reg. number 1969/002095/06)       
  Share code: LGL                              Share Code: LBH                    
  ISIN: ZAE000024543                           ISIN: ZAE000004032                 
  (`Liberty Life`)                             (`Liberty Holdings`)               
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that Liberty Life is in the process of concluding a    
  black economic empowerment transaction that, if successfully concluded, may have
  a material effect on the price of both the Liberty Life and Liberty Holdings    
  ordinary shares.  Accordingly, holders of these shares are advised to exercise  
  caution when dealing in their shares until a full announcement is made.         
  Johannesburg                                                                    
  15 July 2004                                                                    
  Investment bank and joint sponsor                                               
  Standard Bank                                                                   
  Independent lead sponsor                                                        
  Merrill Lynch                                                                   
  Date: 15/07/2004 08:52:03 AM Produced by the JSE SENS Department
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