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Thu 21 Oct 2004, 16:53 CAUTIONARY ANNOUNCEMENT
AVASA - Cautionary Announcement                                                 
AVASA Holdings Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/013637/06)                                            
Share code: AVA ISIN: ZAE000040622                                              
(`AVASA` or `the company`)                                                      
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that AVASA is involved in discussions with certain of  
its key shareholders regarding a proposed recapitalisation of the company and   
its future strategy.                                                            
If successfully concluded, these discussions may have a material effect on the  
price of the company`s shares.  Accordingly, shareholders are advised to        
exercise caution when dealing in the company`s shares.                          
A detailed announcement will be made shortly.                                   
Johannesburg                                                                    
21 October 2004                                                                 
Corporate advisor and transaction sponsor: Bridge Capital Services (Pty) Limited
Sponsor: Java Capital (Pty) Limited                                             
Date: 21/10/2004 04:38:01 PM                  
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