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Thu 13 May 2004, 16:06 DEALING IN SECURITIES BY A DIRECTOR OF A MAJOR SUB
m Cubed Holdings Limited - Dealing In Securities By A Director Of A Major       
  Subsidiary                                                                      
  m Cubed Holdings Limited                                                        
  Incorporated in the Republic of South Africa                                    
  Registration number 1998/014568/06                                              
  Share Code     : MCU                                                            
  ISIN Code      : ZAE000033353                                                   
  DEALING IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY                       
  In compliance with sections 3.63 - 3.74 of the Listings Requirements of the JSE 
  Securities Exchange of South Africa, the following information is disclosed:    
  Name of Director    : Mr. V Chagan                                              
  Office held         : Director of major subsidiary of m Cubed Holdings Limited  
  Name of Subsidiary  : m Cubed Asset Management (Pty) Limited                    
  Date of Transaction : 12 May 2004                                               
  Number of shares    : 244,000                                                   
  Unit Price:                                                                     
                      : 141,240 @ 28 cents                                        
                      : 102,760 @ 33 cents                                        
  Value               : R 73,458.00                                               
  Class of Securities : Ordinary shares                                           
  Nature of                                                                       
  transaction         :Sale of shares                                             
  Extent of interest  :Direct beneficial                                          
  Clearance           :Clearance from transaction was obtained in compliance with 
                       paragraph 3.66 of the JSE Listings Requirements.           
  13 May 2004                                                                     
  Date: 13/05/2004 04:00:10 PM Produced by the JSE SENS Department
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