Herewith a further update on the fine imposed
on MTN Nigeria and renewal of cautionary
announcement: Further to the SENS announcement issued by the Company on 4 December 2015, shareholders are advised that all factors having a bearing on the matter have been thoroughly and carefully considered including a review of the circumstances leading to the fine and the subsequent letters received from the Nigerian Communications Commission (NCC).

MTN Nigeria acting on legal advice has resolved
that the manner of the imposition of the fine and
the quantum thereof is not in accordance with
the NCC’s powers under the Nigerian Communications Act and therefore there are
valid grounds upon which to challenge the fine.

Accordingly MTN has followed due process and
has instructed its lawyers to proceed with an
action in the Federal High Court in Lagos seeking
the appropriate reliefs. MTN is advised that in
the current circumstances in line with the lis
pendens rule (pending legal action) the parties
are enjoined to restrain from taking further action until the matter is finally determined.This is consistent with previous judicial decisions in Nigeria.

Notwithstanding this action, the Company will
continue to engage with the Nigerian Authorities
to try and ensure an amicable resolution in the
best interests of the Company, its stakeholders
and the Nigerian Authorities Shareholders are
therefore advised to continue to exercise caution
when dealing in the Company’s securities until a
further announcement is made. As advised previously, we will keep you updated as the matter unfolds. I encourage you to continue focusing on our customers and strive to keep our promise to provide the bold, new Digital World to them.

Regards, Phuthuma