SENS Note - 31 May 2005

MTN expects HEPS to increase by 40% to 50%

MTN is currently finalising its financial results for the financial year ended 31 March 2005, expected to be released after close of business on 9 June 2005. MTN would like to advise that it expects an increase of between 40% to 50% in basic headline earnings per share as well as an increase of between 40% and 50% in adjusted headline earnings per share for the financial year ended 31 March 2005 against the prior financial year. Attributable earnings per share for the financial year ended 31 March 2005 are expected to increase by between 70% and 80% against the attributable earnings per share for the prior financial year. It should, however, be noted that the MTN has changed its accounting policy in relation to goodwill amortisation, in line with International Financial Reporting Standards (IFRS3). Taking this change into account, attributable earnings per share are expected to increase by between 40% and 50% year-on-year on the re-stated MTN attributable earnings per share for 2004, which excludes the amortisation of goodwill. This trading statement has neither been reviewed nor reported on by MTN`s external auditors. The information provided in this announcement does not contain and should not be construed as containing any forward look statements or projections of any nature whatsoever for periods beyond 31 March 2005.

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