TRANSPACO LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

TRANSPACO LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT               
TRANSPACO LIMITED                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1951/000799/06)                                            
Share Code : TPC     ISIN : ZAE000007480                                        
("Transpaco")                                                                   
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
In terms of the Listings Requirements of the JSE Securities Exchange South      
Africa ("the JSE Listings Requirements") a listed company is required to publish
a trading statement as soon as it becomes aware that the financial results for  
the next period to be reported on will be materially different from those of the
previous corresponding period.                                                  
It is forecast that the increase in the consolidated income after taxation of   
the group for the six months ended 31 December 2003 ("the first six months")    
will not be materially higher than those of the corresponding period last year  
("the corresponding period").  However, due to the repurchase by the group of   
Transpaco shares, it is forecast that the earnings per share for the first six  
months will be materially higher than those of the corresponding period.  The   
JSE Listings Requirements defines materially as a difference of between 10% and 
30% increase or decrease.                                                       
As these forecasts have not been reviewed or audited, shareholders are advised  
to exercise caution when dealing in Transpaco"s shares until the release of the 
interim announcement of Transpaco"s results for the first six months which are  
expected to be published on or about 19 February 2004.                          
Sponsor                                                                         
Investec Bank Limited                                                           
Date: 30/01/2004 04:32:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department