MTN Group Limited - MTN Group Combined Trading Sta15 Mar 2004
MTN Group Limited - MTN Group Combined Trading Statement And Cautionary         
                    Announcement                                                
MTN Group Limited                                                               
("MTN Group" or "the Company")                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1994/009584/06)                                            
Share code: MTN                                                                 
ISIN ZAE000042164                                                               
MTN GROUP COMBINED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                
Section 3.4 (b) (Trading Statements) of the JSE Securities Exchange South Africa
Listings Requirements ("the Listings Requirements"), requires listed companies  
to publish a trading statement as soon as they become aware that the financial  
results for the period to be next reported upon will be materially different in 
one or more of the following aspects:                                           
     (1)  the financial results for the previous corresponding period;          
(2)  forecast projections and indications previously provided to the market
          in relation to such period;                                           
     (3)  shareholders expectations of the financial results for such period    
     arising from guidance previously provided by the issuer, trend analysis    
expectations, consensus analysts" forecasts which the issuer is satisfied  
     were materially accurate, where available, or a combination of all of the  
     above.                                                                     
In terms of the Listings Requirements, "materially" in this context has been    
defined as an increase or decrease of between 10% and 30%, while changes below  
10% are defined as "significant" and changes above 30% are defined as           
"substantial".                                                                  
The Company accordingly advises that it expects the adjusted* headline earnings 
per share as well as the headline earnings per share for the financial year     
ending 31 March 2004 to be substantially above the adjusted headline earnings   
per share and headline earnings per share, respectively, for the previous       
corresponding period.                                                           
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 after 31 March 2004.                              
*    The Company"s subsidiary in Nigeria has been granted a five-year tax       
holiday under "pioneer status" legislation. Capital allowances arising     
     during this period may be carried forward and claimed as deductions against
     taxable income from the sixth year of operations onwards. A deferred tax   
     credit relating to these deductible temporary differences has been         
recognized in the previous Company"s results in terms of the requirements  
     of the South African Statements of Generally Accepted Accounting Practice  
     AC102, which requires a deferred tax asset to be recognized for all        
     deductible temporary differences to the extent that it is probable that    
taxable profit will be available against which the deductible temporary    
     differences can be utilized. Although the Group has complied with the      
     requirements of AC 120, the Board of the Company has reservations about the
     appropriateness of this treatment in view of the fact that no cognizance   
may be taken in determining the value of such deferred tax assets of       
     uncertainties as a result of the effects of the time value of money or     
     future foreign exchange movements. As a result, the Board has decided to   
     report adjusted headline earnings per share, adjusted in order to negate   
the effects of the deferred tax asset credit in addition to headline       
     earnings per share.                                                        
Cautionary Announcement                                                         
This trading statement has not been reviewed or reported on by the Company"s    
auditors. Shareholders are therefore advised to exercise caution when dealing in
the Company"s securities until publication of the Company"s year-end results on 
or about 10 June 2004.                                                          
Johannesburg                                                                    
15 March 2004                                                                   
Sponsor                                                                         
Merrill Lynch South Africa