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Thu 11 Mar 2004, 16:29 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
MCUBED HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT         
  MCUBED HOLDINGS LIMITED                                                         
  Registration number: 1998/014568/06                                             
  Share code: MCU                                                                 
  ISIN: ZAE000033353                                                              
  ("m Cubed")                                                                     
  TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
  TRADING UPDATE                                                                  
  In terms of the Listings Requirements of the JSE Securities Exchange            
  South Africa ("JSE Listing Requirements"), companies are required to            
  publish a trading statement as soon as they become aware that the               
  financial results for the period to be reported on next will be                 
  materially different from that of the previous corresponding period.            
  m Cubed has a February year-end and results are expected to be                  
  published towards the end of April 2004.                                        
  It is expected that there will be a material increase in headline               
  earnings per share for the year ending 29 February 2004 in comparison           
  to the year ended 28 February 2003.  In terms of the JSE Listings               
  requirements, "material" is defined as an increase of between 10% and           
  30%.                                                                            
  2.CAUTIONARY ANNOUNCEMENT                                                       
  As the above information has not been reviewed or reported on by the            
  company"s auditors, shareholders are advised to exercise caution when           
  dealing in the company"s shares until publication of the financial              
  results for the year ended 29 February 2004.                                    
  Johannesburg                                                                    
  11 March 2004                                                                   
  Sponsor                                                                         
  PSG Capital                                                                     
  Date: 11/03/2004 04:18:37 PM Produced by the JSE SENS Department                
                                                                                  
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