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Thu 5 Aug 2004, 13:34 Trading Statement And Cautionary Announcement
Marshalls Limited - Trading Statement And Cautionary Announcement               
Marshalls Limited                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/002656/06)                                            
JSE Share code: MSS           ISIN: ZAE000031225                                
JSE `N` share code:MRN        ISIN: ZAE000031233                                
(`Marshalls` or `the company`)                                                  
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
In terms of the Listings Requirements of the JSE Securities Exchange (`Listings 
Requirements`) shareholders are hereby advised that Marshalls` earnings and     
headline earnings per share for the six months ending 30 June 2004 are expected 
to be substantially (`substantially` as defined in the Listings Requirements,   
being an increase equal to or greater than 30%) higher than the earnings and    
headline earnings for the previous corresponding period.                        
As the earnings estimate has not been reviewed and reported on by the auditors  
of Marshalls, shareholders are advised to exercise caution when dealing in      
Marshalls shares until the aforementioned results are published on or about 10  
August 2004.                                                                    
Johannesburg                                                                    
5 August 2004                                                                   
Sponsor                                                                         
Imara Corporate Finance South Africa (Pty) Limited
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