SENS Note - 15 January 2003

MTN sells 18.7% shareholding

Shareholders are asked to refer to the cautionary announcement dated 18 Nov 02 and the subsequent announcements dated 26 Nov 02, 5 Dec 02 and 9 Dec 02. These announcements regard the proposed sale, by Transnet on behalf of Ice Finance, of approximately 18.7% of the issued share capital of the MTN Group to Newshelf. Shareholders were advised that a committee had been established consisting of independent, non-executive directors of the company. This committee was established to consider the impact of the sale on the MTN Group. Having reviewed the sale agreement, the committee has decided that the sale will not have a negative impact on the MTN Group. Now that all the conditions to the sale have been fulfilled, shareholders are advised that they no longer need to exercise caution when dealing in their MTN Group shares in respect of the transaction.