MTN : updated salient dates and times

MTN shareholders ('MTN Shareholders') are referred to the announcement relating to MTN's proposed R9.9 billion broad-based empowerment transaction ('2016 MTN BEE Transaction'), as released by the company on SENS on 22 August 2016 ('Terms Announcement'). Unless defined in this announcement or if the context dictates otherwise, capitalised terms used in this announcement have the same meanings as given in the Terms Announcement.

As stated in the Terms Announcement, MTN intends to implement the proposed 2016 MTN BEE Transaction, through MTN Zakhele Futhi (RF) Ltd. ('MTN Zakhele Futhi'), by means of, inter alia, the following core elements: (i) a public offering in terms of which black participants will be invited to subscribe for and beneficially own MTN Zakhele Futhi Ordinary Shares, subject to the qualification criteria set out in the prospectus published on 12 September 2016 ('Prospectus') in respect of the offer ('MTN Zakhele Futhi Public Offer'); (ii) the MTN Zakhele Re-investment Offer, if the MTN Zakhele Unwinding Scheme proceeds; and (iii) the subscription for MTN Shares by MTN Zakhele Futhi using the funding raised through various sources. (The MTN Zakhele Futhi Public Offer and the MTN Zakhele Re-investment Offer are, together, the 'MTN Zakhele Futhi Offer').

The number of applications being received by MTN Zakhele and/or participating Nedbank branches) from (i) MTN Zakhele Shareholders wishing to make an election in terms of the election process afforded MTN Zakhele Shareholders; or (ii) investors wishing to participate in the MTN Zakhele Futhi Public Offer, has notably increased over the past week. As such, MTN and MTN Zakhele have agreed to extend the MTN Zakhele Futhi Offer by a week to Friday, 28 October 2016, largely to allow MTN Zakhele Shareholders, who wish to elect MTN Zakhele Futhi Ordinary Shares, additional time to complete their Re-Investment Offer election process, which includes completing their applications at a participating Nedbank branch.

Potential new investors (Cash Applicants) and MTN Zakhele Shareholders are thus being afforded an additional week to participate in the MTN Zakhele Futhi Offer and are encouraged to complete their applications and/or elections as soon as possible.

Revised closing date for the MTN Zakhele Futhi offer
Set out below are the revised salient dates and times pertaining to the implementation of the 2016 MTN BEE Transaction (assuming an MTN Zakhele Integrated Unwind):

• MTN Zakhele Futhi Offer closes at 16:00 on - Friday, 28 October 2016
• MTN Zakhele Futhi Ordinary Shares allocated - Wednesday, 23 November 2016

These dates and times are subject to amendment. Any such amendment will be released on SENS and published in the South African press.