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Tue 16 Sep 2003, 11:42 CAUTIONARY ANNOUNCEMENT
SPESCOM - CAUTIONARY ANNOUNCEMENT                                               
  SPESCOM LIMITED                                                                 
  (Registration number 1987/001083/06)                                            
  (Incorporated in the Republic of South Africa)                                  
  Share code: SPS         ISIN: ZAE000017919                                      
  ("Spescom" or "the company")                                                    
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are referred to the cautionary announcement published 4 August 2003
  and the unaudited interim results of the company for the six months ended 31    
  March 2003 where-in the directors of Spescom advised that initiatives with      
  regard to the reduction of the debt were of high priority and continuing.       
  Shareholders are advised that Spescom in still conducting discussions and       
  negotiations which, if successfully concluded, may have a material effect on the
  price of the company"s securities.  Accordingly, shareholders are advised to    
  continue to exercise caution when dealing in the company"s securities until a   
  further announcement is made.                                                   
  Sponsor                                                                         
  PricewaterhouseCoopers Corporate Finance                                        
  Corporate Attorney                                                              
  Fluxmans Inc                                                                    
  Date: 16/09/2003 11:12:31 AM Produced by the JSE SENS Department
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