MTN GROUP LIMITED - CAUTIONARY ANNOUNCEMENT

MTN GROUP LIMITED - CAUTIONARY ANNOUNCEMENT                                     
MTN Group Limited                                                               
   (Formerly M-Cell Limited)                                                    
(Incorporated in the Republic of South Africa)                               
   (Registration Number 1994/009584/06)                                         
   Share code: MTN                                                              
   ISIN code: ZAE 000042164                                                     
("Company")                                                                  
Cautionary announcement                                                         
   Shareholders are advised that the Company is involved in discussions in      
relation to a potential transaction involving some of the Company`s non South   
African assets. Accordingly, shareholders are advised to exercise caution when  
dealing in their shares until a further announcement is made.                   
Shareholders are further advised that this cautionary announcement is unrelated 
to the cautionary announcement published by the Company on 19 November 2002.    
Sandton                                                                       
  22 November 2002                                                              
Financial adviser and transaction sponsor                                       
  ING Investment Bank                                                           
Legal adviser                                                                   
  Webber Wentzel Bowens                                                         
Date: 22/11/2002 03:30:55 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department