MTN Group Limited - MTN Group Trading Statement                                 
MTN Group Limited                                                               
(`MTN Group`)                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1994/009584/06)                                            
Share code: MTN                                                                 
ISIN ZAE000042164                                                               
MTN GROUP TRADING STATEMENT                                                     
In terms of Section 3.4 (b) (Trading Statements) of the Listings Requirements of
the JSE Securities Exchange South Africa (`the JSE Listings Requirements`),     
issuers are required to publish a trading statement as soon as they are         
satisfied that a reasonable degree of certainty exists that the earnings for the
period to be reported upon next will differ by at least 20% from those of the   
previous corresponding period.                                                  
MTN Group is currently finalizing its financial results for the six month period
ended 30 September 2004, expected to be released after close of business on 18  
November 2004. In accordance with the JSE Listings Requirements, MTN Group would
like to advise that it expects an increase of between 30% and 45% of Basic      
Headline Earnings per Share as well as an increase of between 30% and 45% of    
Adjusted(1) Headline Earnings per Share for the six month period ended 30       
September 2004 against the previous corresponding period.                       
This trading statement has neither been reviewed nor reported on by MTN Group`s 
external auditors.                                                              
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 beyond 30 September 2004.                         
(1)Adjusted Headline Earnings                                                   
Starting in the year to March 2003 a deferred tax asset was raised and continues
to be raised in accordance with South African Statement of Generally Accepted   
Accounting Practice AC102 as a result of deductible temporary differences       
arising within MTN Nigeria Communications Limited (`MTN Nigeria`) which became  
profitable during that year.  The Board considers that basic headline earnings  
may not adequately reflect MTN Group`s underlying economic performance, given   
the inherent uncertainties over the valuation of a deferred tax asset which will
only be realized once MTN Nigeria emerges from the 5 year tax holiday granted to
it under Pioneer Status Legislation.  For this reason the MTN Group focuses on  
the adjusted headline earnings figure which negates the effect of the raising of
the deferred tax asset.                                                         
Johannesburg                                                                    
28 October 2004                                                                 
Sponsor                                                                         
Merrill Lynch South Africa (Proprietary) Limited                                
Date: 28/10/2004 04:40:05 PM                    
Produced by the JSE SENS Department