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Metropolitan Holdings Limited - Cautionary announcement                         
Metropolitan Holdings Limited                                                   
Registration number: 2000/031756/06                                             
JSE share code: MET                                                             
NSX share code: MTD                                                             
ISIN: ZAE000050456                                                              
(`Metropolitan` or `the company`)                                               
Cautionary announcement                                                         
Shareholders are advised that Metropolitan 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.                         
Cape Town                                                                       
4 August 2004                                                                   
Financial adviser and Transaction Sponsor to Metropolitan                       
N M Rothschild & Sons (South Africa) (Pty) Ltd                                  
Sponsor to Metropolitan                                                         
Merrill Lynch South Africa (Pty) Ltd

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