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Annual financial statements
	Statement of directors' responsibilities
	Certificate by the company secretary
	Directors' report
	Principal accounting policies
	Group income statement
	Group balance sheet
	Group statement of changes in equity
	Group cash flow statement
	Notes to the Group annual financial statements
	Company income statement
	Company balance sheet
	Company statement of changes in equity
	Company cash flow statement
	Notes to the Company annual financial statements
	Interest in major subsidiary companies
	Interest in associated companies
	Group's attributable interest in associated comapanies

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Annexure 2

Interests in associated companies
As at 31 December 2005

				Effective interest in issued ordinary share capital		Group book value of shares		Group loans		Group share of post acquisition reserves		Directors’ valuation
Name of associate	Principal activity	Place of incorporation	Financial yearend	Dec 2005 %	Mar 2005 %	Dec 2005 Rm	Mar 2005 Rm	Dec 2005 Rm	Mar 2005 Rm	Dec 2005 Rm	Mar 2005 Rm	Dec 2005 Rm	Mar 2005 Rm
Cellular Calls	Cellular
(Proprietary) Limited	dealership	South Africa	31 Mar	26	26	*	*	—	—	—	—	*	*
I-Talk Cellular	Service
(Proprietary) Limited	provider	South Africa	28 Feb	41	41	4	4	—	—	20	14	24	18
Leaf Wireless	Cellular
(Proprietary) Limited	dealership	South Africa	31 Mar	40	40	16	16	—	—	8	5	24	22
MTN Publicom	Payphone
Limited	services	Uganda	31 Dec	31	23	1	*	3	3	1	*	4	3
MTN Villagephone	Payphone
Limited	services	Uganda	31 Dec	26	26	*	*	—	—	*	*	2	*

Total book value of associated companies						21	20	3	3	29	19	54	43