SENS Note - 20 August 2008

MTN expects higher earnings

Shareholders are advised that MTN expects an increase of between 9.0% and 14.0% in basic headline earnings per share ("HEPS") as well as an increase of between 23.3% and 28.3% in adjusted headline earnings per share ("adjusted HEPS") for the six month period ended 30 June 2008 against the previously reported corresponding period. Attributable earnings per share for the six month period ended 30 June 2008 are expected to increase by between 9.5% and 14.5% against the attributable earnings per share reported in the previous corresponding period. As reported on in previous periods, the major adjustments between HEPS and adjusted HEPS are the reversal of the impact of the unwind of deferred tax asset previously raised in Nigeria and the reversal of the impact of the put option that a shareholder has on Nigeria. 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 beyond 30 June 2008.

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