SENS Note - 09 December 2011

MTN establishes joint Ugandan initiative

MTN and American Tower Corporation ("ATC") announced that they have entered into an agreement for the establishment of a joint initiative in Uganda ("TowerCo Uganda"). This transaction follows MTN's announcement on 6th December 2010, relating to the establishment of the joint venture agreement with ATC in Ghana and its strategy to pursue more extensive passive infrastructure sharing in its key markets. TowerCo Uganda, managed by ATC, will be majority owned by a holding company of which a wholly-owned ATC subsidiary will hold a 51% share and a wholly-owned MTN subsidiary a 49% share. ATC is a leading owner, operator and developer of wireless and broadcast communications sites and currently owns and operates approximately 40 000 communications sites in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru, and South Africa. The transaction involves the sale of approximately 1 000 of MTN Uganda's existing sites to TowerCo Uganda for an agreed purchase price of USD175 million. This requires ATC to pay up to approximately USD89 million for its 51% stake in the holding company. MTN Uganda will be the anchor tenant, on commercial terms, on each of the towers being purchased. In addition, TowerCo Uganda is expected to build at least 280 more sites for MTN Uganda over the next three years and pursue opportunities to build tower sites for other wireless operators in Uganda. MTN, ATC and MTN Uganda expect to close the transaction during the first half of 2012, subject to customary closing conditions. MTN continues to view infrastructure sharing as one of its key strategies in driving operational efficiencies in its operations across Africa and the Middle East and will continue to pursue appropriate initiatives in that regard.

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