SENS Note - 04 March 2011

MTN expect slight decrease in earnings

MTN is currently finalising its financial results for the year ended 31 December 2010, expected to be announced on Wednesday 9 March 2011. Shareholders are advised that MTN expects an increase of between 18% and 23% in adjusted headline earnings per share ("adjusted HEPS") for the year ended 31 December 2010 when compared against the previously reported corresponding period. Attributable earnings per share is expected to differ by between a negative 5% and a positive 1% and Basic HEPS to decrease by between 3% and 8% for the same period against those reported for the previous corresponding period. The adjustments between Basic HEPS and Adjusted HEPS for the year ended 31 December 2010 are the reversal of the impact of the put options that shareholders have on the MTN Nigeria and MTN Afghanistan operations, as well as the impact of MTN Zakhele and the ESOP scheme ("the MTN Zakhele adjustment"). The MTN Zakehele adjustment includes a reversal of all of the costs incurred but does not include the reversal of the impact of the shares issued under the Notional Vendor Finance as these are already reversed in terms of IFRS.

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