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Tue 20 Jul 2004, 10:34 CAUTIONARY ANNOUNCEMENT
CONAFEX HOLDINGS SOCIETE ANONYME - CAUTIONARY ANNOUNCEMENT                      
CONAFEX HOLDINGS SOCIETE ANONYME                                                
(Incorporated in Luxembourg                                                     
RC Luxembourg No. B 17789)                                                     
(`Conafex`)                                                                     
JSE CODE: CNX        ISIN: LU0167907293                                         
CAUTIONARY ANNOUNCEMENT                                                         
The Board of Directors of Conafex Holdings Societe Anonyme (`Conafex`) wishes to
advise shareholders that Conafex has received a proposal that may have an effect
on the price at which Conafex shares trade on the JSE Securities Exchange of    
South Africa. Accordingly, shareholders are advised to exercise caution in their
dealings in Conafex shares until a full announcement is made.                   
By order of the Conafex Board                                                   
20 July 2004                                                                    
Corporate Advisor and Sponsor                                                   
Imara Corporate Finance South Africa (Pty) Ltd                                  
Date: 20/07/2004 09:56:32 AM                 
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