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Wed 6 Oct 2004, 17:47 EXCELLERATE - CAUTIONARY ANNOUNCEMENT
EXCELLERATE - CAUTIONARY ANNOUNCEMENT                                           
EXCELLERATE HOLDINGS LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/009884/06)                                            
Share code: EXL    ISIN: ZAE000026092                                           
Share code: EXLD   ISIN: ZAE000044145                                           
(`Excellerate` or `the company`)                                                
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that Excellerate has entered into discussions, which,  
if successfully concluded, may have a material effect on the price at which     
Excellerate`s securities trade on the JSE Securities Exchange South Africa.     
Accordingly, shareholders of Excellerate are advised to exercise caution when   
dealing in the company`s securities until a further announcement is made.       
Sandton                                                                         
6 October 2004                                                                  
Lead sponsor                                                                    
Nedbank Capital                                                                 
Transaction advisor and transaction sponsor                                     
Grant Thornton Corporate Finance (Proprietary) Limited
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