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BONATLA PROPERTY HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                     
BONATLA PROPERTY HOLDINGS LIMITED                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/014533/06)                                            
Share code: BNT         ISIN: ZAE000013694                                      
(`Bonatla` or `the company`)                                                    
CAUTIONARY ANNOUNCEMENT                                                         
The board of directors of Bonatla has received notification from a third party  
of its intention to acquire a holding in Bonatla that may result in a change of 
control.                                                                        
Shareholders are accordingly informed that they should exercise caution in their
dealings in Bonatla shares until a further announcement is made.                
Sponsor                                                                         
Imara Corporate Finance South Africa (Pty) Limited                              
3 November 2004

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