JOHNNIC / JOHNCOM / M-CELL - CAUTIONARY ANNOUNCEMENT

JOHNNIC HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1889/000429/06
("JOHNNIC")
JOHNNIC COMMUNICATIONS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1889/000352/06)
("JOHNCOM")
M-CELL LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1994/009584/06)
("M-CELL")
CAUTIONARY ANNOUNCEMENT

SHAREHOLDERS ARE ADVISED THAT JOHNNIC, JOHNCOM AND M-CELL ("THE JOHNNIC GROUP")
HAVE ENTERED INTO NEGOTIATIONS AND ARE CONSIDERING CERTAIN RESTRUCTURING
PROPOSALS, WHICH IF SUCCESSFULLY CONCLUDED AND IMPLEMENTED MAY HAVE A MATERIAL
EFFECT ON THE PRICE OF JOHNNIC GROUP'S SECURITIES.

ACCORDINGLY, SHAREHOLDERS IN THE JOHNNIC GROUP ARE ADVISED TO EXERCISE CAUTION
WHEN DEALING IN THEIR SECURITIES UNTIL A FULL ANNOUNCEMENT IS MADE.
JOHANNESBURG
6 DECEMBER 2000
MERCHANT BANK
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 1962/000738/06)