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Fri 13 Aug 2004, 10:10 FURTHER TRADING UPDATE
INDEPENDENT FINANCIAL SERVICES LIMITED - FURTHER TRADING UPDATE                 
  INDEPENDENT FINANCIAL SERVICES LIMITED                                          
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1950/037061/06)                                            
  Share code: IND     ISIN code: ZAE000025300                                     
  (`IFS` or `the company`)                                                        
  FURTHER TRADING UPDATE                                                          
  The trading statement issued by the company on 10 June 2004 indicated an        
  expected material increase in headline earnings per share. Further thereto,     
  shareholders are now advised that IFS`s headline earnings per share for the year
  ended 30 June 2004 is expected to be substantially higher than the audited      
  results for the year ended 30 June 2003.                                        
  As defined in the Listings Requirements of the JSE Securities Exchange South    
  Africa, the term `substantially` as used above refers to an increase equal to or
  greater than 30%, and `material` means an increase of between 10% and 30%. The  
  information contained herein has not been reviewed or reported on by IFS`s      
  auditors.                                                                       
  Johannesburg                                                                    
  12 August 2004                                                                  
  Sponsor                                                                         
  Merchant Sponsors (Proprietary) Limited                                         
  Corporate advisor                                                               
  Corporate and Merchant Advisors Limited                                         
  Date: 13/08/2004 10:03:28 AM Produced by the JSE SENS Department
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