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Thu 23 Sep 2004, 16:01 CAUTIONARY ANNOUNCEMENT
MGX HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                                  
MGX Holdings Limited                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1983/012697/06)                                            
Share code: MGX                                                                 
ISIN: ZAE000009262                                                              
(`MGX`)                                                                         
CAUTIONARY ANNOUNCEMENT                                                         
MGX shareholders are referred to the cautionary announcements dated 12 August   
2004 relating to the proposed delisting of MGX from the JSE Securities Exchange 
South Africa (`the delisting`).                                                 
Shareholders are advised that the delisting has been postponed and will be      
revisited by the board of directors after:                                      
- the publication of MGX`s financial results for the financial year ended 30    
June 2004;                                                                      
- the conclusion of a Black Economic Empowerment transaction relating to        
Metrofile (Proprietary) Limited, which envisaged transaction is at an advanced  
stage of negotiation; and                                                       
- the conclusion of a transaction with directors and management which envisaged 
transaction is at an advanced stage of negotiation.                             
Shareholders are further advised to continue exercising caution when dealing in 
their MGX shares.                                                               
Sandton                                                                         
23 September 2004                                                               
Sponsor                                                                         
Standard Bank
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