SENS Note - 11 February 2008

MTN -- sale of stake in MTN Nigeria

Nigerian individuals and key institutions have acquired a 9.45% interest in MTN Nigeria from MTN, acting through its wholly-owned subsidiary, MTN International (Mauritius) Ltd, and other shareholders in MTN Nigeria, pursuant to a private placement. The main rationale for the transaction is to achieve MTN's stated intention of broadening the ownership of MTN Nigeria among Nigerian citizens and institutions and to reaffirm MTN's commitment of enabling greater Nigerian representation in MTN Nigeria. MTN disposed of an overall equity interest of 5.96% in MTN Nigeria as part of the private placement for a consideration of USD594.50 million, thereby reducing its interest in MTN Nigeria to 76.08%. The allocation date for the private placement was 8 February 2008 and share transfers are anticipated to be effected on 18 February 2008.