SENS Note - 11 April 2003

MTN issues announcement regarding Newshelf 664

Shareholders are referred to the announcement dated 20 Dec 02 regarding the acquisition by Newshelf 664 of approximately 18.7% of the issued share capital of MTN from Transnet. Newshelf is a company whose ordinary shares will be held by a trust to be formed of which the beneficiaries will be eligible employees of MTN. In order to fund this acquisition, Newshelf issued various classes of preference shares, inter alia 'B' preference shares to the Public Investment Commissioners for an aggregate issue consideration of approximately R2.1bn. The directors have exercised the option and have accordingly acquired an economic interest in the B prefs and as a result of the rights attaching to the B participating pref, the economic interest extends to the participation in any surplus that may be available on the winding up of Newshelf. The directors will not acquire any direct or indirect, beneficial or non- beneficial interest in the MTN shares acquired by Newshelf as a result of exercising the option. However shareholders are advised that the executive directors are included among the eligible employees who will be beneficiaries of the trust to be formed. Further disclosure, to the extent required, will be made once the trust has been registered.

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