MTN GROUP LIMITED - Further update on the fine imposed on MTN Nigeria and renewal of cautionary announcement

Further update on the fine imposed on MTN Nigeria and renewal of cautionary announcement

MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1994/009584/06
ISIN: ZAE000042164
Share code: MTN
(“MTN” or the “Company”)


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.


Fairland
17 December 2015

Sponsor
Deutsche Securities (SA) Proprietary Limited

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