Note

SENS Note - 29 May 2012

MTN -- business prospects

At the AGM the following was said concerning MTN's prospects:

MTN bought back shares to the value of R1.36 billion between 8 March 2012 and 28 May 2012. This distribution to shareholders is in addition to the 70% dividend payout ratio announced previously. The MTN board will continue to implement share buybacks on an opportunistic basis.
MTN is working with the US authorities to manage its compliance with US sanctions against Iran.
As disclosed on 29 March 2012, Turkcell served its complaint against MTN in the US Courts on 28 March 2012. MTN believes there is no legal merit to Turkcell's claim and no basis for such claim to be brought before a US court and will accordingly oppose the claim.
The group continues to focus on maintaining and improving its market position and in particular strengthening its position in non-voice services in all markets. Evolving its business model to support ICT, upgrading our networks and cost optimisation initiatives are a priority.