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Wed 1 Dec 2004, 18:09 LIBERTY HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT
LIBERTY HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                              
LIBERTY HOLDINGS LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1968/002095/06)                                           
Share code: LBH                                                                 
ISIN: ZAE000004032                                                              
(`Liberty Holdings`)                                                            
CAUTIONARY ANNOUNCEMENT                                                         
Further to the joint cautionary announcement released on SENS today by Liberty  
Group Limited (`Liberty Life`) and Capital Alliance Holdings Limited (`Capital  
Alliance`), shareholders are advised that Liberty Life has submitted to the     
board of directors of Capital Alliance a notice of its firm intention to acquire
all the shares in the issued ordinary share capital of Capital Alliance, other  
than those already held by Liberty Life and Capital Alliance Special Finance    
(Proprietary) Limited, a wholly-owned subsidiary of Capital Alliance (`the      
offer`).                                                                        
The offer may have a material effect on the price at which Liberty Holdings     
securities trade. Accordingly, until a further announcement is made,            
shareholders are advised to exercise caution when dealing in their Liberty      
Holdings securities.                                                            
Johannesburg                                                                    
1 December 2004                                                                 
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited
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