MTN Zakhele (RF) Limited

MTN Zakhele Share Trading PlatformInformation Booklet

Over the Counter Trading in MTN Zakhele Sharesstarts on 25 November 2013

November 2013

Contents

1. History of MTN Zakhele 02

2. MTN Zakhele Share Trading Platform 03 3. Register to Trade 03

4. Trading (Buying and Selling) In MTN Zakhele Shares 07

5. Understanding the MTN Zakhele �nancial statements 09

6. Frequently Asked Questions 11

7. MTN Zakhele Shareholder Services Contact details 16

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MTN Zakhele owns about 4% of MTN Group Limited (MTN).

1. History of MTN Zakhele

• MTNZakheleistodateSouthAfrica’slargestempowerment schemeinthetelecommunicationsindustry.• TheR8.1billionMTNZakheletransactionwasconcluded in2010aspartofMTN’songoingeffortstofurtheritsBBBEE objectivesinSouthAfrica.• MTNZakheleownsabout4%ofMTNGroupLimited.• In2010,aninvitationwasissuedtotheblackpublic (individualsandgroups)toparticipateinthegrowthofMTN throughsubscribingforMTNZakheleshares.• Over120000blackinvestorsbecameshareholdersof MTNZakhele

MTN Zakhele continues to grow

• TheMTNsharepricehasperformedstronglysince MTNZakhelefirstpurchasedMTNsharesinNovember2010. TheMTNsharepricehasincreasedfromR117toR196 betweenAugust2010andSeptember2013(68%increase).• MTNZakhelehasreceivedmeaningfuldividendsfrom MTN,whichhaveallowedtheschemetosettlesomeofits debtobligationssoonerthananticipated.• Thishasresultedinsubstantialgrowthinthevalueofthe MTNZakhelescheme.

2. MTN Zakhele Share Trading Platform

RestrictedTradinginMTNZakheleshareswillstarton 25November2013followingexpiryofthethreeyear MinimumInvestmentPeriod.MTNZakheleshareholders willfrom25NovemberbeabletoselltheirMTNZakhele sharestoeligiblebuyers,orbuymoreshares.Thesebuy andselltradescanbemadeusingtheMTNZakheleOver TheCounter(OTC)TradingPlatformestablishedspecifically forthepurposeoftradinginMTNZakheleshares.

3. Register to Trade

In order to sell or buy MTN Zakhele shares, using the MTN Zakhele Trading Platform you need to register. The MTN Zakhele Share Trading Platform is a facility to enable the buying and selling of MTN Zakhele shares between willing buyers and willing sellers. You should be cautious of buying or selling MTN Zakhele shares in any other way, as registration of such a trade may be declined.

3.1. Registration of Existing MTN Zakhele shareholders who are Black People

•Ifyouhaveaccesstotheinternet,pleasegoto www.mtnz.co.za,goto“REGISTER”andfollowthesimple registrationprocess. •Ifyoudon’thaveaccesstotheinternet,phonethe callcentreon0831236869andanagentwillassistyou.

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To complete the registration process, you need to have the following: •SouthAfricanIdentity(ID)number •YourCellphone •Youneedtoensureyourpersonaldetailsareuptodate

Once you have your valid South African ID number, cellphone number and all your details are up to date, you may follow the following process to register.

Call the Call Centre and ask to Register

Provide your ID number to the agent

A One Time Pin (OTP) will be sent to your cellphone, provide the OTP to the agent

Verify / confirm your details: Full name, cellphone number, address, bank details

If all your details are correct, set up a security question (you can choose out of a possible 6 questions) and answer

Confirm acceptance of the trading terms and conditions.

A system generated password will be sent to your cellphone.

Call Centre Website

You will need your password ONLY to access the trading platform on the website (www.mtnz.co.za).

You do not need a password to trade on the Call centre, you only need an OTP, which will be sent to you each time you trade.

DO NOT SHARE YOUR PASSWORD WITH ANYONE, INCLUDING A CALL CENTRE AGENT.

A trading account is now open for you to trade. Proceed to login.

Click Register

Enter your ID number

A One Time Pin (OTP) will be sent to your cellphone. Enter OTP

Verify /confirm details

If all your details are correct, set up a security question (you can choose out of a possible 6 questions) and answer

Confirm acceptance of trading terms and conditions.

Create a password on the website.

a) If your details have not changed, registration is simple. •VerifyyourdetailsandfollowtheRegistrationProcess outlinedabove

b) If your personal details (including your cellphone number) have changed or are incorrect •Ifanyofyourexistingpersonaldetailshavechangedorare incorrect,youwillneedtocompleteaChangeofDetails Form,whichcanbedownloadedfromthewebsitewww mtnz.co.za.YoumayalsocalltheCallCentreandaskan agenttoe-mail,postorfaxtheformtoyou. •TheChangeofDetailsFormmustbeaccompaniedby thefollowingsupportingdocumentsfordetailswhichhave changed: •CertifiedcopyofSouthAfricanIDDocument •Bankstatementnotolderthan3months(notinternet statements)stampedbyyourBankORasigned andstampedletterfromyourbankconfirmingyour bankingdetails •Originalorcertifiedcopyofproofofresidence •Onceyourupdatedinformationhasbeenreceivedand verified,youwillreceiveanSMSinvitingyoutoregisteron theMTNZakheleShareTradingPlatformthroughthe websiteorCallCentre.

c) Registration of minors •Theregistrationprocessforminorsisonlyavailable throughtheCallCentre;and •Minorsmustassistedbyaparentorguardianand additionaldocumentsarerequired.

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3.2 Registration of Existing MTN Zakhele shareholders that are Black Groups

•AllexistingMTNZakheleBlackGroupshareholdersare requiredtofirstupdatetheirdetails,beforeregisteringto tradeontheMTNZakheleShareTradingPlatform, bycompletingaPre-RegistrationForm. •Pre-RegistrationFormstoupdateyourdetailscanbe downloadedat:www.mtnz.co.za.BlackGroupsinclude companies,closecorporations,stokvelsetc.

3.3 New Applicants who want to become MTN Zakhele shareholders

If you are not currently an MTN Zakhele shareholder and you wish to buy MTN Zakhele shares: •YouneedtocompleteanApplicationFormtoapplyto becomeanewMTNZakheleshareholder. •TheApplicationFormmaybedownloadedonthewebsite, www.mtnz.co.zaoryoucancalltheCallCentreon 0831236869anditwillbeemailed,postedorfaxedtoyou. •Onceyourapplicationhasbeenapproved;youwillreceive anSMSnotifyingyouthatyoumayregisteronthe MTNZakheleShareTradingPlatformonthewebsiteor viathecallcentre. •Allsupportingdocumentationtobesubmittedasspecified ontherelevantApplicationForm.

4. Trading (Buying and Selling) in MTN Zakhele Shares

•Youneedtohavecompletedtheregistrationprocess outlinedabove,inordertostartsellingorbuying MTNZakheleSharesontheMTNZakheleShare TradingPlatform. •Youneedtohaveyourcellphone,yourIDnumber (individuals)andcellphoneandshareholdernumber (forgroups).

4.1. SELLING via the internet or the Call Centre

You can sell your shares using the internet www.mtnz.co.za or by calling the Call Centre 083 123 6869. •LoginusingyourIDnumber(individuals)orshareholder numberandauthorisedrepresentativeIDnumber(groups) orprovidesamedetailstotheCallCentreagent. •Indicatethenumberofsharesyouwanttosell. •Indicatethepriceatwhichyouwishtosellyourshares. •Howlongyouwantyourordertoselltobevalidfor (maximum90days).Thedefaultperiodis10daysunless youchangethiswhenyouplaceyourorder. •Onceyourshareshavebeensoldyouwillreceivean SMSconfirmation. •Thecashfromthesaleofyourshareswillbedepositedinto yourbankaccountwith5businessdaysfromthedateofsale.

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4.2. BUYING via the internet or the Call Centre

Before you can buy shares, you need to first deposit money into the MTN Zakhele (RF) Limited bank account. • DepositcashormakeanElectronicFundsTransfer(EFT) intotheMTNZakhelebankaccount. •Nochequesareallowed.Themaximumcashthatmaybe depositedisR24,999. •UseyourIDnumber(individuals)orshareholdernumber (groups)asthereferencenumberinorderforthefundsto becorrectlyallocatedtoyourtradingaccount. •Itcantakeupto3businessdaysforanyfundsdeposited intotheMTNZakhelebankaccounttoreflectinyour tradingaccount. •YouwillreceiveSMSconfirmationoncefundsreflectin yourtradingaccount.

You can now place your order to buy using the website www.mtnz.co.za or Call Centre as follows: •Indicatethenumberofsharesyouwishtobuy. •Thepricepershareyouarewillingtopayfortheshares. •Howlongyouwantyourordertobuytobevalidfor (maximumof90days).Thedefaultperiodis10daysunless youchangethiswhenyouplaceyourorder. •Onceyourordertobuyhasbeenfilledyouwillreceive anSMSconfirmation.

Summarised income statement(AstakenfromtheMTNZakheleauditedfinancialstatements)

5. Understanding MTN Zakhele Financial Statements

Unreviewed Audited Audited Six months Year ended Yearended 30 Jun 2012 31 Dec 2012 31Dec2012 R’000 R’000 R’000

Otherincome(1) 379 094 600 644 468759

Otherexpenses (5 651) (9 703) (8622)

Operating profit 373 443 590 941 460137

Financeincome 1797 3 490 4255

Financecost (2) (49 002) (116 694) (150090)

Gain on remeasurement ofthederivativefinancialassets 66 326 142 841 286030

Profit before tax 392 654 620 578 600332

Incometaxexpense (3) (13 067) (110 200) (41235)

Profit after tax 379 497 510 378 559097

1. Income DividendsreceivedfromMTN.

2. Finance cost Interestandotherfinancingcostspaidonthefundingreceived byMTNZakheleandwasusedinitiallytobuytheMTNshares.

3. Income tax ThisistheamountoftaxwhichwaspaidtotheSouthAfricanRevenue Service(SARS)byMTNZakhele.

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4. Total Assets Alltheassetsownedbyyourcompany,MTNZakhele.Themainassets ofMTNZakhelearethesharesitownsinMTN,whichequalstoabout4%ofMTN.

5. Total Liabilities ThesearetheloansandfundingarrangementsofMTNZakhele;ormoney borrowedbyorprovidedtoMTNZakheletobuysharesinMTN.

6. Equity (Net Asset Value) Theassetsminustheliabilitiesequalsthenetassetvalueorequityofacompany.

7. Net Asset Value per Share Net asset value (NAV) per Share is calculated as follows: NetAssetValuedivided bytheNumberofSharesofMTNZakhele Inthiscase,on30June2013MTNZakhele’sNetAssetValuepersharewas: R8 463 374 000 ÷ 80 888 207 MTN Zakhele shares = R104.63.

TheNAVperShareisnotthepriceatwhichMTNZakheleshareswillbeboughtorsoldat.TherearemanyfactorswhichwillaffectthepriceofMTNZakheleshares,includingthoselistedonpages4and5ofthisbooklet.TheinitialMTNZakhelesharepricewillbeknownonthedateonwhichtheMTNZakhelesharesstarttrading(beingboughtandsold)ontheMTNZakheleTradingPlatform.TheMTNZakhelesharepricewillchangeregularlyevenaftertheestablishmentoftheMTNZakheleTradingPlatform.ThisisbecausethepriceisdeterminedbywhatsellersandbuyersofMTNZakhelesharesarewillingtoselltheirsharesatandbuytheirMTNZakhelesharesfor.

Unreviewed Audited Audited Six months Year ended Yearended 30 Jun 2012 31 Dec 2012 31Dec2012 R’000 R’000 R’000

Total assets (4) 10 920 010 600 644 468759

Less: Total liabilities (5) 2 456 636 (9 703) (8622)

= Total equity(Net Asset Value) (6) 8 463 374 590 941 460137

Net Asset Value Per Share (R) (7) 104.63 96.69 75.45

Summarised statement of financial position(balance sheet)(AstakenfromtheMTNZakheleauditedfinancialstatements)

6. Frequently Asked Questions

I want to become a shareholder in MTN Zakhele.Who qualifies?• African,Coloured,ChineseorIndianpersonswhoarenatural personsandwhoareeither: (a)citizensoftheRepublicbybirthordescent; (b)citizensoftheRepublicbynaturalisationbefore 27April1994;or (c)citizensoftheRepubliconorafter27April1994who, butfortheApartheidpolicyinplacepriortothatdate, wouldhavebeenentitledtoacquirecitizenshipby naturalisationpriortothatdate.• BlackGroups(“BlackGroups”asdefinedintheprospectus issuedbyMTNZakheleinAugust2010)

How many more MTN Zakhele shares can I buy?

ThereisnolimitontheamountofMTNZakhelesharesyou canbuy.However,theBlackShareTransferCommittee(known astheBSTC)mayinvestigateorreviewanytrade,forexample tradesofsharesaboveacertainamountandmayrefuseto allowcertaintransfers.TheBSTCwillonlydowhatisallowedin termsoftheRelationshipAgreementbetweenMTNZakhele, MTNandeachshareholderofMTNZakhele,dated12July2010 andthememorandumofincorporationofMTNZakhele.

What are the fees charged and why do I have to pay fees?

Boththebuyerandthesellermustpayatransactionfee. Theminimumtransactionfee(smallestamountyoumay havetopay)isR60or0.75%ofthematchedvalue(whichever ishigher).Thefeeschargedareforthemanagement, maintenanceandsupportservicesrelatedtotheMTNZakhele ShareTradingPlatform.

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I want to become a shareholder in MTN Zakhele. Who qualifies?

• African,Coloured,ChineseorIndianpersonswhoarenatural personsandwhoareeither: (a)citizensoftheRepublicbybirthordescent; (b)citizensoftheRepublicbynaturalisationbefore 27April1994;or (c)citizensoftheRepubliconorafter27April1994who, butfortheApartheidpolicyinplacepriortothatdate, wouldhavebeenentitledtoacquirecitizenshipby naturalisationpriortothatdate.• BlackGroups(“BlackGroups”asdefinedintheprospectus issuedbyMTNZakheleinAugust2010)

How many more MTN Zakhele shares can I buy?

ThereisnolimitontheamountofMTNZakhelesharesyou canbuy.However,theBlackShareTransferCommittee(known astheBSTC)mayinvestigateorreviewanytrade,forexample tradesofsharesaboveacertainamountandmayrefuseto allowcertaintransfers.TheBSTCwillonlydowhatisallowedin termsoftheRelationshipAgreementbetweenMTNZakhele, MTNandeachshareholderofMTNZakhele,dated12July2010 andthememorandumofincorporationofMTNZakhele.

What are the fees charged and why do I have to pay fees?

Boththebuyerandthesellermustpayatransactionfee. Theminimumtransactionfee(smallestamountyoumay havetopay)isR60or0.75%ofthematchedvalue(whichever ishigher).Thefeeschargedareforthemanagement, maintenanceandsupportservicesrelatedtotheMTNZakhele ShareTradingPlatform.

What are the trading hours?

Tradinghoursareweekdaysbetween09h00and17h00 excludingpublicholidays.

Why is the current market price different from the net asset value per share?

Thisisanopenmarketandthemarketpriceisdetermined bywhatthesellersandbuyersinthemarketarewillingsell theirsharesatandbuysharefor,respectively.

What price should I trade my shares at?

MTNZakheleanditsagentsarenotregisteredbrokersand cannotprovideinvestmentadvice.Youshouldseek investmentadvicefromafinancialadvisororbrokerinthis regard.Wemerelyfacilitatethetradingprocess.However, shareholdershaveaccesstothefollowinginformationon theMTNZakhelewebsiteorviatheCallCentretohelp withpricesetting: • Ahistoryofthelast20tradesandthepricesatwhich thesharesweretraded. • The5lowestpricesthatsellersarepreparedtoselltheir sharesatandthenumberofshares. • The5highestpricesthatbuyersarepreparedtopayfor sharesandthenumberofshares.

How much Tax will I pay if I buy shares?

BuyerswillpaySecuritiesTransferTax(STT)at0.25%ofthe valueofthetradebeforethesharesaretransferredintoyour ownname,unlessthelawstatesthatnoSTTispayablefora particulartransaction.Thiswilloccurautomaticallyaspartof thebuyingprocess.

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What are the MTN Zakhele Bank Account details?

Accountname: MTNZAKHELE(RF)LIMITED Bank: ABSA BranchName: TowersNorth AccountNo: 4082224549 BranchCode: 632005

I made a deposit into the MTN Zakhele Bank Account. When can I go ahead and buy shares?

Depositstake2to3workingdaystoappearonyourtrading accountcashbalanceandyouwillbenotifiedassuchviaSMS. Oncethefundshavebeenallocatedtoyourtradingaccount youwillbeabletosubmityourordertobuyeitherviathe onlinetradingplatformatwww.mtnz.co.zaorviathe callcentreon0831236869.

If I want to donate or transfer my shares to my dependants, relatives and family; how do I do that?

ContacttheMTNZakhelecallcentreon0831236869, theserequestsarehandledbythetransfersecretaries, LinkMarketServices.

What happens if I die?

YourestatewillbepermittedtotransferyourMTNZakhele sharestoyourheir,providedthatyourheirisaneligibleBlack Person,ortosellyourMTNZakhelesharestoanothereligible BlackPersonorBlackGroup.

What will be the value of MTN Zakhele shares when trading starts?

Whentradingcommenceson25November2013,theprice ofthesharewillbedeterminedbythemarket.Amarket consistsofbothbuyersandsellerswhohavetheirown opinionsonthefuturevalueoftheshares.However, MTNZakhelehasaskedindependentstockmarketanalysts topublishtheiropinionsonthevalueofMTNZakheleshares. ThesevaluationreportsareavailableontheMTNZakhele tradingwebsitewww.mtnz.co.za.

Please note that:• thesevaluationsarenottheactualshareprice;• thesevaluationsarenottheopinionofMTN,MTNZakhele, theirdirectors,anyoftheirstaff,advisersorserviceproviders;• thepriceatwhichtheshareswilltrademaybeloweror higher than the valuations. They may even be much lower ormuchhigher;• onlyeligibleBlackPeopleandBlackGroupsareallowedto buy and sell the shares. Because there is a small group of buyers and sellers, this could mean that the price at which thesharestrademayalsobemuchlowerthanthevaluations;• ifyourelyonthesevaluations,youdothisatyourownrisk. MTN, MTN Zakhele, their directors, staff, advisers and service providers will not be legally responsible (liable) for any harm or loss or damage that you or others may suffer because of this. This means that you will have no claim against MTN, MTN Zakhele, their directors, their staff, their advisers and their service providers if you make decisions based on the valuations or if the price of the shares is higher or lower than the valuations. This applies only as far as the law allows.

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7. MTN Zakhele Shareholder Services Contact details

Call Centre: 083 123 6869Fax: 086 674 3260Shareholder Enquiries Email Address: zakhele@linkmarketservices co.zaTrade Support Email Address: support@mtnz.co.zaMTN Zakhele Online Trading: www.mtnz.co.za

MTN Zakhele Shareholder Services:Link Market Services South Africa Proprietary Limited

Physical address:13th Floor Rennie House

Braamfontein, 2001South Africa

Postal address:PO Box 4844, Johannesburg, 2000

MTN Zakhele (RF) Limited

MTN Zakhele Share Trading PlatformInformation Booklet

Over the Counter Trading in MTN Zakhele Sharesstarts on 25 November 2013

November 2013