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Thu 23 Dec 2004, 16:47 CAUTIONARY ANNOUNCEMENT
SAGE GROUP LIMITED - CAUTIONARY ANNOUNCEMENT                                    
SAGE GROUP LIMITED                                                              
(Incorporated in the Republic of South Africa)                                  
(Registration number 1970/010541/06)                                            
(Share code:SGG)                                                                
ISIN: ZAE000006623                                                              
(`Sage` or `the Company`)                                                       
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders of Sage are referred to the Company`s SENS announcement on 13th    
December, and are advised that the Company is in discussions to address its     
outstanding debt obligations, the outcome of which may have a material effect on
the price of the Company`s shares on the JSE Securities Exchange South Africa.  
Accordingly, until a further announcement is made, shareholders are advised to  
exercise caution when dealing in their shares.                                  
Johannesburg                                                                    
23 December 2004                                                                
Sponsor                                                                         
Grant Thornton Corporate Finance (Proprietary) Limited                          
Date: 23/12/2004 04:43:02 PM                   
Produced by the JSE SENS Department
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