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Thu 17 Mar 2005, 16:04 FURTHER CAUTIONARY ANNOUNCEMENT
South African Eagle Insurance Company Limited - Further Cautionary Announcement 
SOUTH AFRICAN EAGLE INSURANCE COMPANY LIMITED                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1965/006764/06)                                            
Share code: SAE ISIN: ZAE000006243                                              
(`SA Eagle` or `the Company`)                                                   
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement released on SENS on 3 February 2005,     
shareholders are advised that negotiations by Zurich Financial Services Group,  
the majority shareholder of SA Eagle, on a Black Economic Empowerment           
transaction are still in progress. If successfully concluded, this transaction  
may have a material effect on the price of SA Eagle`s securities.               
Accordingly, shareholders are advised to continue exercising caution when       
dealing in the Company`s securities until a full announcement is made.          
By order of the Board                                                           
Bryanston                                                                       
17 March 2005                                                                   
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 17/03/2005 04:00:05 PM                     
Produced by the JSE SENS Department                                             
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