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IMR - Renewal Of Cautionary Announcement                                        
IMR Investments Limited                                                         
t/a Conduit Capital                                                             
Incorporated in the Republic of South Africa                                    
(Registration number 1998/017351/06)                                            
Share code: IMR     ISIN: ZAE000044004                                          
(`IMR` or `the company`)                                                        
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Further to the cautionary announcement dated 31 May 2005, IMR shareholders are  
advised that the company is involved in negotiations, which, if successfully    
concluded, may have a material effect on the price at which the company`s shares
trade. Accordingly, IMR shareholders are advised to continue to exercise caution
when trading in shares of the company on JSE until a further announcement is    
made.                                                                           
Johannesburg                                                                    
15 July 2005                                                                    
Sponsor                                                                         
Merchant Sponsors (Proprietary) Limited                                         
Date: 15/07/2005 12:54:02 PM                
Produced by the JSE SENS Department

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