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ELB Group Limited - Cautionary Announcement                                     
  ELB Group Limited                                                               
  (Registration number 1930/002553/06)                                            
  Ordinary Shares:   Share code: ELR  ISIN: ZAE000035101                          
  Preference Shares: Share code: ELRP ISIN: ZAE000035333                          
  (`ELB` or `the company`)                                                        
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are advised that ELB has entered into negotiations which, if       
  successfully concluded may have a material effect on the price of the company`s 
  securities.                                                                     
  Accordingly, shareholders are advised to exercise caution when dealing in the   
  company`s securities until a full announcement is made.                         
  Hyde Park                                                                       
  15 July 2004                                                                    
  Merchant Bank and Sponsor                                                       
  RAND MERCHANT BANK, A division of FirstRand Bank Limited, CORPORATE FINANCE     
  Date: 15/07/2004 03:21:08 PM Produced by the JSE SENS Department

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