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Tue 20 Jul 2004, 17:09 Directors" Dealings in shares
Alliance Pharmaceuticals Limited - Directors` Dealings in shares                
  ALLIANCE PHARMACEUTICALS LIMITED                                                
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1981/006145/06)                                            
  Share code ALN    ISIN  ZAE000011110                                            
  Share code ACN    ISIN  ZAE000011847                                            
  DIRECTORS` DEALINGS                                                             
  In compliance with 3.63 and 3.74 of the Listings Requirements of the JSE        
  Securities Exchange South Africa (`the Listings Requirements`), the following   
  Alliance share dealings should be noted:                                        
  Director of Alliance       M Gelbart                                            
  Date of transaction        20 July 2004                                         
  No of shares               950 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R 133 000                                            
  Nature                     Purchase - exercise and                              
                             delivery of share options                            
  Extent of interest         Direct beneficial                                    
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  Director of Alliance       HR Levin                                             
  Date of transaction        20 July 2004                                         
  No of shares               200 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R 28 000                                             
  Nature                     Purchase - exercise and                              
                             delivery of share options                            
  Extent of interest         Direct beneficial                                    
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  Member of cc that acts as  J E Forman                                           
  company secretary to                                                            
  Alliance                                                                        
  Date of transaction        20 July 2004                                         
  No of shares               300 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R 42 000                                             
  Nature                     Purchase - exercise and                              
                             delivery of share options                            
  Extent of interest         Direct beneficial                                    
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  Director of major          JL Hughes                                            
  subsidiary of Alliance                                                          
  Date of transaction        20 July 2004                                         
  No of shares               100 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R14 000                                              
  Nature                     Purchase - exercise and                              
  delivery of share options                            
  Extent of interest         Direct beneficial                                    
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  Director of major          WF Gelbart (Wife of M Gelbart -                      
  subsidiary of Alliance     director of Alliance)                                
  Date of transaction        20 July 2004                                         
  No of shares               100 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R14 000                                              
  Nature                     Purchase - exercise and                              
                             delivery of share options                            
  Extent of interest         Direct beneficial (Indirect non-                     
  beneficial for M Gelbart)                            
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  Director of major          TE Lauf                                              
  subsidiary of Alliance                                                          
  Date of transaction        20 July 2004                                         
  No of shares               250 000                                              
  Class                      Ordinary                                             
  Price                      14 cents                                             
  Total amount               R 35 000                                             
  Nature                     Purchase - exercise and                              
                             delivery of share options                            
  Extent of interest         Direct beneficial                                    
  Clearance obtained in      Yes                                                  
  accordance with section                                                         
  3.66 of the Listings                                                            
  Requirements                                                                    
  20 July 2004                                                                    
  Johannesburg                                                                    
  Date: 20/07/2004 05:03:03 PM Produced by the JSE SENS Department                
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