M-CELL LTD - CAUTIONARY ANNOUNCEMENT                                            
(Incorporated in the Republic of South Africa)                                  
Registration number 1994/009584/06                                              
Share Code: MCE                                                                 
ISIN Code: ZAE000023115                                                         
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders will be aware of recent speculation relating to the M-Cell Group   
("the group")`s potential exposure to the CNA Group ("CNA") arising out of      
transactions between M-Tel, MTN and CNA.                                        
The group will have an exposure to CNA should CNA be placed in final            
liquidation.  The directors are taking legal advice, including the advice of    
senior counsel, on the group`s potential exposure to CNA and are and will       
continue to take appropriate steps to mitigate such exposure.                   
A further announcement will be made once the position of CNA has been cleared   
and the effect of the legal advice considered.                                  
Shareholders should exercise caution in their dealings in M-Cell shares until a 
further announcement is made.                                                   
Sandton                                                                         
31 July 2002                                                                    
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 31/07/2002 09:03:00 AM Produced by the JSE SENS Department