M-CELL FURTHER CAUTIONARY ANNOUNCEMENT

M-CELL LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 94/09584/06)
("M-CELL")
FURTHER CAUTIONARY ANNOUNCEMENT

STANDARD CORPORATE AND MERCHANT BANK IS AUTHORISED TO ANNOUNCE THAT, FURTHER TO
THE CAUTIONARY ANNOUNCEMENTS DATED 30 APRIL 1999 AND 6 JULY 1999, M-CELL IS
STILL PART OF NEGOTIATIONS WHICH, IF SUCCESSFULLY CONCLUDED, MAY HAVE A
MATERIAL EFFECT ON THE PRICE AT WHICH M-CELL SHARES TRADE ON THE JOHANNESBURG
STOCK EXCHANGE.

ACCORDINGLY, M-CELL SHAREHOLDERS ARE ADVISED TO EXERCISE CAUTION WHEN DEALING
IN THEIR SHARES UNTIL A FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG
3 SEPTEMBER 1999
MERCHANT BANK
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 62/00738/06)
SPONSORING BROKER
MERRILL LYNCH
SMITH BORKUM HARE
MERRILL LYNCH SOUTH AFRICA (PTY) LTD
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NUMBER 95/01805/07
ATTORNEYS
WEBBER WENTZEL BOWENS