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 ANNOUNCEMENT WHICH FORMED PART OF THE INTERIM RESULTS

ANNOUNCEMENT DATED 24 NOVEMBER 1999, M-CELL IS INVOLVED IN CONTINUING

NEGOTIATIONS TO ACQUIRE THE REMAINING 28% INTEREST IN MOBILE TELEPHONE NETWORKS
HOLDINGS (PROPRIETARY) LIMITED NOT ALREADY OWNED BY M-CELL IN EXCHANGE FOR THE
ISSUE OF NEW M-CELL ORDINARY SHARES.

ACCORDINGLY, M-CELL SHAREHOLDERS ARE ADVISED TO CONTINUE EXERCISING CAUTION
WHEN DEALING IN THEIR SHARES UNTIL A FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG
2 FEBRUARY 2000
MERCHANT BANK
SCMB
STANDARD CORPORATE AND MERCHANT BANK

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