Update to Noteholders and Further Cautionary Announcement - MTN04 MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED Incorporated in the Republic of South Africa (Registration number 1993/001411/07) Instrument Code: MTN04 ISIN: ZAG000078619 (“MTNH”) or (“the Company”) UPDATE TO NOTEHOLDERS AND FURTHER CAUTIONARY ANNOUNCEMENT Further to the Stock Exchange News Service (“SENS”) announcement issued on 30 October 2015 by MTN Group Limited (“the Group”) as well as by the Company, where noteholders were advised of the current status of the matter and to exercise caution when trading in securities of the Group as well as the Company, noteholders are further advised as follows: As per our SENS announcement, the Company reiterates that engagements with the Nigerian authorities are continuing and any material developments in these engagements will be communicated to noteholders through SENS. Noteholders should specifically exercise caution when reacting to information on this matter which has not been released by the Group or the Company. Noteholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made. Fairland 2 November 2015 Debt Sponsor: The Standard Bank of South Africa Limited Date: 02/11/2015 02:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.