MTN GROUP COMBINED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

MTN GROUP COMBINED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                
MTN Group Limited                                                               
("MTN Group" or "the Company")                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1994/009584/06)                                            
Share code: MTN                                                                 
ISIN ZAE000042164                                                               
MTN GROUP COMBINED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                
Section 3.4 (b) (Trading Statements) of the JSE Securities Exchange South Africa
("JSE") Listings Requirements ("the Listings Requirements"), requires listed    
companies to publish a trading statement as soon as they become aware that the  
financial results for the period to be next reported upon will be materially    
different from one or more of the following:                                    
(1) the financial results for the previous corresponding period;                
(2) forecast projections and indications previously provided to the market in   
relation to such period; and                                                    
(3) shareholders expectations of the financial results for such period arising  
from guidance previously provided by the issuer, trend analysis expectations,   
consensus analysts" forecasts which the issuer is satisfied were materially     
accurate, where available, or a combination of all of the above.                
In terms of the Listings Requirements, "materially" in this context has been    
defined as an increase or decrease of between 10% and 30%, while changes below  
10% are defined as "significant" and changes above 30% are defined as           
"substantial".                                                                  
The Company accordingly advises that it expects the adjusted1 headline earnings 
per share (the "Adjusted Headline EPS") for the 6 month period ending 30        
September 2003 to be substantially above the headline earnings per share for the
prior 6 month period to 30 September 2002.                                      
In addition, a mean analysts" consensus headline earnings per share forecast for
the Company"s headline earnings per share for the year to March 2004 appears on 
Bloomberg. Such consensus forecast is for the full financial year and no        
indication of the expected interim or half year headline earnings per share is  
given.  However, a consensus forecast for the 6 month period ending 30 September
2003 can be derived by taking 50% of the full year mean consensus forecast of   
headline earnings per share ("the Derived Interim Consensus Forecast").         
The full year mean consensus forecast of headline earnings per share to March   
2004 for the MTN Group published on 25 September 2003 was 203,4 cents.  The     
Derived Interim Consensus Forecast earnings per share for the 6 months to 30    
September 2003 is therefore 101,7 cents.  It is assumed that this Derived       
Interim Consensus Forecast of headline earnings per share equates to the        
Company"s Adjusted1 Headline EPS prior to taking into account the raising of the
deferred tax asset related to the Company"s Nigerian operations which is set-out
in more detail in the footnote below.  The Company expects the interim Adjusted1
Headline EPS for the 6 month period ending 30 September 2003 to be materially   
above the Derived Interim Consensus Forecast per share.                         
It is stressed that, although the Derived Interim Consensus Forecast was        
calculated by taking 50% of the full year analysts" mean consensus headline     
earnings per share forecast published on Bloomberg, no reliance of any nature   
whatsoever should be placed on the premise that such percentage will in fact    
prevail for the current financial year or any other future period. The reason   
for this is that various once off earnings streams have occurred in the 6 month 
period to 30 September 2003 which may not recur in the second half of the year. 
In addition, MTN Group"s earnings could be negatively or positively affected    
amongst others by pricing changes that could occur in the various countries in  
which the MTN Group operates due to potential changes in the competitive        
environment, or by volatility in exchange rates.                                
The information provided in this announcement does not contain and should not be
construed as containing any forward looking statements or projections of any    
nature whatsoever for periods after 30 September 2003.                          
Cautionary Announcement                                                         
This trading statement has not been reviewed or reported on by the Company"s    
auditors. Shareholders are therefore advised to exercise caution when dealing in
the Company"s securities until publication of the Company"s interim results on  
or about 2 December 2003. As result of this cautionary announcement, the Company
has now entered a closed period that will end on publication of the Company"s   
interim results.                                                                
1  In the year to March 2003, a deferred tax asset was raised resulting in      
headline earnings being increased by R 128 million.  This deferred tax asset was
raised in accordance with South African Statements of Generally Accepted        
Accounting Practice AC102 as a result of deductible temporary differences       
arising within MTN Nigeria Communications Limited ("MTN Nigeria") which became  
profitable during the financial year to 31 March 2003. The Board of the Company 
considers that full recognition of deferred tax assets undermines fair          
presentation of the financial results because the actual economic benefit to be 
derived from the asset is not certain as it will only be realized once MTN      
Nigeria emerges from the 5 year tax holiday granted to it under Pioneer Status  
legislation.  For this reason, the MTN Group focuses on the adjusted headline   
earnings figure which negates the effect of raising the deferred tax asset.  A  
full explanation of this is included in the MTN Group"s annual financial        
statements for the financial year to March 2003 under the Group Finance         
Director"s Report under paragraph 3.3.                                          
Johanesburg                                                                     
29 September 2003                                                               
Sponsor                                                                         
Merrill Lynch South Africa                                                      
Date: 29/09/2003 08:30:04 AM Supplied by www.sharenet.co.za                     
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