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Mon 1 Dec 2003, 18:28 M CUBED HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT
M CUBED HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                              
m Cubed Holdings Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/014568/06)                                            
Share code: MCU    ISIN: ZAE000033353                                           
("m Cubed")                                                                     
CAUTIONARY ANNOUNCEMENT                                                         
m Cubed shareholders are advised that negotiations are taking place which, if   
successfully concluded, may have an effect on the m Cubed share price.          
m Cubed shareholders are accordingly advised to exercise caution when dealing   
in their shares until a further announcement is made.                           
Johannesburg                                                                    
1 December 2003                                                                 
Sponsor                                                                         
PSG Capital
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