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JIGSAW HOLDINGS LIMITED - TRADING UPDATE                                        
JIGSAW HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Share code: JGS   ISIN: ZAE000018370)                                          
(Registration number 1987/000111/06)                                            
(`Jigsaw` or the `company`)                                                     
TRADING UPDATE                                                                  
Shareholders are advised that it is anticipated that the earnings and headline  
earnings per share for the six month period ending 31 August 2004 are likely to 
be up to 1.5 cents higher than those reported in the corresponding period of the
previous year.                                                                  
The above information has not been reviewed or reported on by the Company`s     
auditors.                                                                       
Johannesburg                                                                    
9 November 2004                                                                 
Sponsor                                                                         
Exchange Sponsors (Pty) Ltd

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