ILLOVO SUGAR LIMITED - CAUTIONARY ANNOUNCEMENT

ILLOVO SUGAR LIMITED - CAUTIONARY ANNOUNCEMENT                                  
ILLOVO SUGAR LIMITED                                                            
(Incorporated in the Republic of South Africa)                                  
Company registration number 1906/000622/06                                      
Share Code: ILV                                                                 
ISIN: ZAE000003547                                                              
("Illovo Sugar" or "the company")                                               
Cautionary announcement                                                         
Further to the advice given to shareholders at the time of the release of the   
annual results of the company, shareholders are advised that the discussions    
relating to the disposal of Monitor Sugar have reached an advanced stage. It is 
expected that the company will be in a position to update shareholders in this  
regard shortly.                                                                 
Accordingly, shareholders are advised to exercise caution when dealing in the   
company"s securities until a further announcement is made.                      
Mount Edgecombe                                                                 
3 August 2004                                                                   
Sponsor                                                                         
Cazenove                                                                        
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