SENS Note - 18 February 2009

MTN - aquisition of Newshelf 664

Shareholders were advised that MTN and Public Investment Corporation Ltd had entered into a memorandum of understanding recording the salient terms and conditions for the acquisition of Newshelf 664 (Pty) Ltd by MTN from PIC and related matters and that MTN planned to implement a new Black Economic Empowerment transaction during the first half of 2009. MTN shareholders are advised that, in light of the severe constraints in current financial markets, the board of directors of MTN has determined that it is presently not in the best interests of the company, its shareholders and the BEE investors to implement the proposed BEE transaction during the first half of 2009 as originally planned. The board remains fully committed to implementing the BEE transaction at the appropriate time. The board believes that it remains in the best interests of MTN to implement the Newshelf acquisition and, subject to concluding the relevant agreements, will be tabling the transaction for shareholder approval as soon as practicable. The legal agreements necessary to implement the Newshelf acquisition are in the process of being finalised and a further announcement containing the final terms of the Newshelf acquisition will be made, and circular to shareholders posted, in due course.

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