MTN Group Limited Results presentation for the six month period ended 30 June 2016

MTN Group Limited Results presentation for the six month period ended 30 June 2016

AGENDA 1 Strategic and operational update 2 Financial review 3 2016 Guidance 4 Key matters and immediate priorities

Strategic and operational update

STRATEGIC AND OPERATIONAL UPDATE Group financial results for the six months ended 30 June 16 Performance reflects a confluence of material issues which created a perfect storm On 10 June MTN settled Nigerian regulatory fine with Federal Government of Nigeria Nigeria fine settlement; significant negative impact on results MTN to pay 330 billion naira (USD 1.67 billion) over three years in full and final settlement, in addition to complying with certain other regulatory conditions 50 billion naira (USD 250 million) paid on 24 February 2016 forms part of the monetary component of the settlement June 2016, first schedule of 30 billion naira paid (USD 124 million) Accrued present value of remaining, 280 billion naira (USD 1.42 billion) Impact - EBITDA: negative re-measurement impact of R10 499 million (provision R9 287m made in H2 15) - Headline earnings: R8 632 million - HEPS: 474 cents - Cash flow: R 5 870 million 4

A challenging operating environment Slowing reliant economies, regulatory pressure and tough competition Key challenges impacted growth Depreciation in local currencies resulted in higher US dollar expenses Forex losses of R3 606 million STRATEGIC AND OPERATIONAL UPDATE Liquidity constraints impacting repatriation of funds from Nigeria Weak macro economic conditions in most markets resulted in lower consumer spending Negative GDP growth in South Africa and Nigeria expected in 2016, our two largest markets Regulatory pressure, notably withdrawal of regulatory services in Nigeria until May 2016 7.5 million disconnected of subscribers registration requirements in Nigeria, Uganda and Cameroon (approximately 18 million since October 15) The economic landscape in key MTN markets (%) 20 16 12 8 4 0-4 15.7 10.4 6.5 8.9 8.6 8.5 6.7 5.9 4.0 5.0 3.5 4.5 4.9 5.3 1.3 2.7 2.2 2.1 0.1 0.0-1.8 South Africa Nigeria Iran Ghana Cameroon Ivory Coast Uganda Source of GDP growth: IMF 2015 GDP 2016 GDP f/c Inflation 2016 f/c 5

STRATEGIC AND OPERATIONAL UPDATE Group financial results for the six months ended 30 June 16 Despite challenges MTN declared an interim dividend of 250 cents for the period 232.6 million Group subscribers flat 7.5 million subscriber disconnections in Nigeria, Uganda and Cameroon to ensure regulatory compliance, approximately 18 million since October 2015 Competition and economic pressure in South Africa, negatively impacted growth 14.0% to R78.9 billion Revenue (Organic growth of 1.5%) 32.2 % increase in data revenue despite 46.9% decline in effective data tariff Effective voice tariff declined 12.2% (USD), negatively impacted by free minutes offered in subscriber registration campaigns, approximately 1bn free minutes offered in Nigeria Nigeria: outgoing voice and data revenue impacted by withdrawal of regulatory services in Nigeria until May 2016 South Africa: revenue supported by strong device sales and increase in data revenue Note: Results are presented based on operational performance (excluding hyperinflation, Nigerian regulatory fine and tower profits) 6

STRATEGIC AND OPERATIONAL UPDATE Group financial results for the six months ended 30 June 16 Excluding once-off costs organic EBITDA declined 12.8% 10 499 108 29 737 6 839 3.3% 2 632 1 324 26 390 to R29.3 billion 22 434 EBITDA 18 882 (Organic decline of 25.9%) Reported NIG fine Hyp and Operational Fx H1-16 TowerCo CR Excluding once-off costs headline earnings declined 11.7% South Sudan imp Professional fees Adjusted 271 cents Headline loss per share 474 20 27 136 135 73 594 (Adjusted HEPS declined 11.7%) (271) Reported H1-16 NIG fine Hyperinflation Digital Group losses TowerCo losses Fx losses Professional fees Adjusted H1-16 7

Strategic update STRATEGIC AND OPERATIONAL UPDATE To lead the delivery of a bold, new Digital World to our customers Group Consumer Group Digital Services Enterprise Business Unit Improving customer analytics is a key priority forms part of strategic review Introduced Global Value Propositions to drive transition to data and enable global roaming Improved commission structure and retail experience Net promoter score improved from 24% to 27% Leveraging a strong brand, distribution, access to customer wallets and scale - Largest distributor of digital music in Africa and recently launched Games Club Good progress made by e-commerce ventures AIH and MEIH - AIH recorded 3 million customers and 2.5 million transactions impacted by macro-economic slow down in Nigeria - MEIH recorded 600 000 customers and 3.3 million transactions - IIG gained strong momentum benefiting from youthful population and high internet penetration MoMo customers increased 5.0% to 36.5 million, supported by Uganda, Ghana, Rwanda and Benin MoMo revenue up 40,8% to R1 289 million Aligned operations to become ICT Partner of Choice to corporates, public sector and SMEs The Group will embark on a process aimed to accelerate growth as part of the strategic group review Continued focus on MTN Business Cloud now providing independent software vendor solutions Expansion of MTN Global, multi protocol label switching (MPLS) bringing the footprint to 27 POPs Launched dedicated internet services to clients in 11 markets and Internet of Things platform to Ghana and Cameroon 8

Operational performance STRATEGIC AND OPERATIONAL UPDATE Nigeria Performance compromised by the disconnection of subscribers and the suspension of regulatory services until May 2016 Increased market share to 46.2% despite 3.7% decline in subscriber base Revenue impacted by lower data revenue given regulatory restrictions on out-of-bundle data tariffs; multi-sim s and delays in competitive offerings and free minutes offered EBITDA impacted by - Transfer of 2 nd tranche passive infrastructure into TowerCo and USD expenses - Increased marketing costs related to subscriber registration - Nigeria fine professional fees Capex increased by 78.9%* to R 2 534 million; rollout remains a priority South Africa Disappointing performance impacted by network outages, competition and lower consumer spending Subscriber base down 2.6%, negatively impacted by competition in highly penetrated market Increased revenue by 5% supported by handset sales and data usage Embarked on a deliberate project to drive 3G and LTE quality and high-speed data in key locations EBITDA margin impacted by higher volumes of devices and network related costs Capex of R 4 773 million; added 369 3G and 284 LTE sites; 175 sites connected to fibre LTE spectrum critical for high-speed data connectivity submitted application to ICASA Entered into sales agreement to dispose of 50.02% stake in Afrihost (Proprietary) Ltd 9

Operational performance STRATEGIC AND OPERATIONAL UPDATE Sound performance in Iran and Ghana; Cameroon well managed subscriber registration campaigns and Ivory Coast impacted by competition Sound performance despite highly competitive environment and regulatory pressure on data tariffs Iran Subscribers up 2.0% due to attractive offerings Revenue up 8.7%* supported by 65.3%* growth in data revenue contributing 40.6% to total revenue Smartphones increased 25,8% to 25,8 million with digital revenue contributing 32,6% to data revenue Ghana Strong subscriber growth of 8.1% due to uptake in value propositions Revenue increased by 18.9%* supported by strong growth in voice and data revenue Digital revenue underpinned by lifestyle and momentum gained in Mobile Financial Services Launch of LTE services Cameroon Subscribers increased 5.0% supported by aggressive subscriber registration campaigns Revenue declined 8.7%* while data revenue increased 49.5%* Strong focus on 3G and LTE network quality and coverage and smartphone penetration Ivory Coast Subscribers down 1.3% impacted by subscriber registration requirements and competition Revenue down 3.9%* impacted by lower outgoing voice revenue while data revenue up 13.4%* Digital revenue contributed 50.2% to data revenue, driven by increased digital services Constant currency ('organic') information 10

Financial review

Group highlights FINANCIAL REVIEW Revenue EBITDA EBITDA margin HEPS Reported 14% to R79 115m 38% to R18 882m 20.4pp to 23.9% 141pp to (271) cents Hyperinflation R237m R90m 0.1pp 20 cents Tower profit impact R18m Nigeria regulatory fine R10 499m 13.3pp 474 cents Operational 14% to R78 878m 3% to R29 273m 6.6pp to 37.1% 63pp to 223 cents Positive impact on reported results Negative impact on reported results Note: Results from slide 13 to 19 are presented based on operational performance (excluding hyperinflation, tower profits and Nigeria regulatory fine) 12

Financial highlights FINANCIAL REVIEW Reported revenue and EBITDA performance positively impacted by exchange rates Organic revenue up 1% Negatively impacted by Nigeria due to regulatory challenges Disappointing service revenue growth in RSA impacted by network outage in February 2016 Supported by healthy double digit data revenue growth Uganda and Cameroon also faced regulatory challenges Organic EBITDA down 26%, impacted by South Sudan impairment on PPE R2 632m Professional fees relating to fine settlement R1 324m Higher costs in Nigeria and RSA EBITDA margin declined 6.6pp to 37.1% Capex up 27% Aggressive rollout of 3G & LTE sites in Nigeria and RSA Group summary ZAR (million) 72 759 39 096 33 663 9 199 24 464 69 210 38 936 10 852 19 422 78 878 49 605 30 274 29 273 13 772 15 501 H1-14 H1-15 H1-16 Rev Opex EBITDA Capex AFCF* Reported 15-16 14% 27% 3% 27% 20% Organic 15-16 1% 23% 26% 15% 49% 46.3% 43.7% 37.1% EBITDA margin 12.6% 15.7% 17.5% Capex/Revenue * EBITDA less capex (approximates free cash flow) 13

Revenue FINANCIAL REVIEW Impacted by a decline in outgoing voice revenue growth Outgoing revenue up 8% (organic down 5%), negatively impacted by Muted subscriber growth to 232.6m disconnections in Nigeria, Cameroon and Uganda impacted by registration requirements Withdrawal of regulatory services in Nigeria until May Network outages and increased post-paid churn in RSA Effective tariff down 21.7% (organic down 12.2%), impacted by competition Billable MOU up 8% driven by free minutes Data revenue up 32% (organic up 20%) Healthy double digit growth in majority of the markets Nigeria impacted by restrictions on out-of-bundle rates Devices revenue up 34% (organic up 36%) RSA contributes 86%, handset revenue up 33% Number of prepaid handsets sold 3.2m (up 33%) post-paid 641k (up 41%) Incoming voice revenue up 13% (organic down 3%) Decline in MTR Group incoming minutes remained flat Revenue breakdown ZAR (million) 69 210 959 909 1 190 215 H1-15 RSA Other NIG Other MENA HOE H1-16 FX H1-16 SEA WECA CR H1-16 CR is at constant prior year FX rate HOE Head office companies and eliminations 125 12 70 240 8 638 78 878 Revenue breakdown per category (%) Data 25% Incoming voice 10% Other 1% Devices 5% SMS 2% Outgoing 57% 14 +13%

Revenue data FINANCIAL REVIEW Increased data revenue contribution at 25% Data revenue up 32% (organic up 20%) Strong data revenue growth despite 59% decline in data tariff (organic decline 47%) Continued improvements of 3G and LTE networks across operations (data traffic up 135%) Increased device penetration (no. of smartphones on network up 26%) Increased contribution from digital service revenue Data revenue ZAR (million) 1 089 15 013 469 125 1 071 465 12 17 970 1 879 19 849 +12.5% Nigeria data revenue Impacted by regulatory restrictions on out of bundle data tariffs H1-15 RSA Other NIG Other MENA HOE H1-16 FX H1-16 SEA WECA CR Digital and MFS services revenue contributed 32% to data revenue Increased up-take in lifestyle content Continued growth in MFS Data breakdown per category (%) Digital 26% ICT 6% MFS 6% Access data 58% VAS 4% H1-16 CR is at constant prior year FX rate HOE Head office companies and eliminations 15

Opex FINANCIAL REVIEW Opex driven by rent and utilities, maintenance and professional fees Direct network and operating costs up 33%* impacted by USD denominated exposure associated with the tower transaction and build-to-suit sites in Nigeria Increase in network costs related to the significant rollout of 3G and LTE sites in key markets Opex ZAR (million) +27% 49 605 Reported 15-16 Organic 15-16 % share Reported opex Cost of handset and other accessories up 34%* Mainly driven by SA, up 46% aggressive smartphone penetration drive, volumes 18% higher Other operating expenses up 94%* impacted by Impairment of property, plant and equipment in South Sudan Professional fees associated with the Nigeria regulatory fine Costs associated with subscriber registration in Nigeria 38 936 8 314 4 440 6 324 4 153 8 432 2 834 4 439 12 257 6 036 7 344 4 770 9 608 2 955 6 635 Direct network and technology operating costs Cost of handsets and other accessories Interconnect and roaming Staff costs Selling, distribution and marketing expenses Government and regulatory costs Other operating expenses 47% 36% 16% 15% 14% 4% 50% 33% 34% 2% 8% 1% 5% 94% 25% 12% 15% 10% 19% 6% 13% H1-15 H1-16 * Organic growth 16

EBITDA margin FINANCIAL REVIEW Impacted by lower margins in South Africa and Nigeria Organic EBITDA excluding South Sudan impairment of PPE and professional fees relating to the settlement of the Nigeria fine down 12.8% EBITDA ZAR (million) Underlying EBITDA negatively impacted by Higher device and network related costs in SA Foreign denominated expenses mainly in Nigeria and Uganda 30 274 745 3 305 2 388 312 38 1 128 22 434 6 839 29 273 EBITDA was supported by Efficient cost control in Ghana, Cameroon and Sudan, despite the depreciation of local currencies against the USD Lower revenue share in Syria from 50% to 30% H1-15 RSA Other NIG Other MENA HOE H1-16 FX H1-16 SEA WECA CR EBITDA margin reconciliation (%) EBITDA margin declined 6.6 pp to 37.1% South Africa margin down 5.5 pp to 30.1% Nigeria margin down 7.5 pp to 49.8% 43.7 1.4 2.7 2.7-11.6pp 0.6 0.0 4.2 32.1 5.0 37.1 H1-15 RSA Other NIG Other MENA HOE H1-16 FX H1-16 SEA WECA CR H1-16 CR is at constant prior year FX rate HOE Head office companies and eliminations 17

Finance cost FINANCIAL REVIEW Impacted by higher net interest paid and fx losses Net interest paid more than doubled to ZAR 1 855m Increase in net debt by 187%: ZAR 49.3bn (H1-15: ZAR 17.2bn) Forex loss ZAR 3 606m impacted by fx movements Nigeria losses mainly due to USD denominated intercompany loans and third party payables Mauritius forex losses mainly on Iran receivables South Sudan forex losses mainly on USD third party trade payables Sudan forex losses on settlement of USD denominated third party trade payables RSA forex losses on derivatives hedging foreign payables Net finance cost ZAR (million) H1-16 H1-15 H1-14 Net interest paid 1 855 839 932 Net forex losses 3 606 1 481 736 Total 5 461 2 320 1 668 Net forex losses/(gains) ZAR (million) H1-16 H1-15 H1-14 Nigeria 1 124 769 129 Mauritius 1 078 253 104 South Sudan 408-19 Sudan 395 (83) (4) RSA 178 77 54 Manco 141 (4) (3) Other 282 469 437 Total 3 606 1 481 736 18

Taxation FINANCIAL REVIEW Normalised Group effective tax rate of 49.2% (H1-15: 32.9%) Reported group effective tax rate impacted by the Nigeria regulatory fine and hyperinflation Normalised group effective tax rate impacted by lower PBT due to - Decrease in equity income from joint ventures and associates - Nigeria professional fees - South Sudan unrealised forex losses and PPE impairment and - Conakry goodwill impairment Normalised withholding tax 6.3% (prior year 5.4%) WHT is lower than prior year in absolute terms due to lower dividends up-streamed Current tax Current tax largely unchanged Deferred tax income statement Nigeria unrealised forex losses on USD denominated intercompany loans and third party payables Tax ZAR (million) 7 253 1 042 6 672-14% (461) (472) -25% 6 223 4 694 1 023 606 5 672 5 661 (1 573) H1-14 H1-15 H1-16 31.5% 32.9% 49.2% Eff tax rate % WHT Group effective tax ZAR (million) 49.2 9.6 Eff Tax rate Share of results JVs and assoc 3.4 Professional fees NIG -16.2pp Forex losses S Sdn Def tax Goodwill impairment PPE impairment S Sdn Normal tax 1.3 1.2 0.7 33.0 Adj eff tax rate 19

Income statement (IFRS) FINANCIAL REVIEW Impacted by losses from JV s and fx ZAR (million) H1-16 H1-15 Change % Revenue 79 115 69 304 14 Other income 367 411 (11) COS and operating expenses 50 101 39 040 28 EBITDA before Nigeria regulatory fine 29 381 30 675 (4) Nigeria regulatory fine 10 499-100 EBITDA 18 882 30 675 (38) Depreciation, amortisation and impairment of goodwill 13 691 10 750 27 Profit from operations 5 191 19 925 (74) Net finance cost 5 945 2 319 156 Share of results from joint ventures and associates after tax (1 692) 2 027 (184) Net monetary gain 919 496 85 (Loss)/profit before tax (1 527) 20 129 (108) Income tax expense 4 726 6 249 (24) (Loss)/profit after tax (6 253) 13 880 (145) Non-controlling interests (764) 1 980 (139) Attributable (loss)/profit (5 489) 11 900 (146) 20

Headline (loss)/earnings per share FINANCIAL REVIEW Headline (loss)/earnings per share ZAR (cents) ZAR (cents) H1-16 H1-15 Change % 1 411 1 536 Reported attributable (loss)/earnings per share Profit on disposal of non-current assets (including tower profits) (301) 653 (146) (2) - (100) 742 807 1 148 402 Profit of dilution of investment in joint venture Impairment of goodwill, PPE and noncurrent assets (15) - (100) 47 1 NM 92 669 729 654 203 474 (271) Reported basic headline (loss)/earnings per share (271) 654 (141) Nigerian regulatory fine 474-100 Basic headline (loss)/earnings per share excluding Nigerian regulatory fine 203 654 (69) Hyperinflation 20 (40) 150 2013 2014 2015 H1-16 H1 H2 Impact of Nigerian regulatory fine Contingent consideration included in tower sale profits Operational basic headline earnings per share (excluding Nigerian regulatory fine, hyperinflation, tower profits) - (15) 100 223 599 (63) 21

Shareholder returns FINANCIAL REVIEW Dividends Interim dividend 250cps, 48% decline Dividends and share buy-backs ZAR (million) Share buy-backs H2-11 repurchased 6.8m shares (ZAR 930m) H1-12 repurchased 15.6m shares (ZAR 2.1bn) H2-14 repurchased 10.7m shares (ZAR 2.4bn) Total repurchase of 1.8% of issued shares since 2011 17 429 19 182 25 341 2 422 24 027 2 088 14 694 15 219 12 302 9 362 5 979 6 880 8 225 8 808 4 585 4 585 2012 2013 2014 2015 H1-16 H1 H2 Share buy back 22

Statement of financial position (IFRS) FINANCIAL REVIEW Total assets impacted by FCTR ZAR (million) 2016 Dec 2015 Property, plant and equipment 93 462 106 702 Goodwill and other intangible assets 52 172 55 887 Other non-current assets 54 813 55 846 Cash 26 955 34 177 Current assets* 55 513 61 255 Total assets 282 915 313 867 Total equity 119 796 151 838 Interest-bearing liabilities 81 947 75 171 Other liabilities 81 172 86 858 Total liabilities 163 119 162 029 Total equity and liabilities 282 915 313 867 Net debt 49 257 31 635 Annualised net debt/ebitda excluding Nigerian regulatory fine 0.83 0.46 ZAR strengthened against most other African currencies (Naira 50%, Cedi 4%, Uganda Shilling 7% and Syrian Pound 52%) since Dec 2015 *Includes foreign currency deposits of ZAR 1 123m (Dec 2015 ZAR 428m), treasury bills and commercial papers of ZAR 3 926m (Dec 2015 ZAR 7 196m) and bonds of ZAR 49m (Dec 2015 ZARnil) 23

Statement of cash flows (IFRS) FINANCIAL REVIEW Impacted by R5.9bn payment made on Nigerian regulatory fine ZAR (million) H1-16 H1-15 Change % Cash generated from operations^ 23 870 26 289 (9) Dividends paid to equity holders of the Company (15 212) (14 697) (4) Dividends paid to non-controlling interests (790) (3 042) 74 Dividends received from associates and joint ventures 426 285 49 Net interest paid (2 143) (934) (129) Tax paid (6 587) (6 469) (2) Cash (used in)/generated from operating activities (436) 1 432 (130) Acquisition of property, plant and equipment and intangible assets (14 024) (11 830) (19) Movement in investments and other investing activities (185) (2 641) 93 Cash used in investing activities (14 209) (14 471) 2 Cash generated by financing activities 13 608 1 558 NM Cash and cash equivalents at the beginning of the year 34 139 43 072 (21) Effect of exchange rates on cash and equivalents (6 272) (787) NM Net monetary gain on cash and cash equivalents 107 134 (20) Cash and cash equivalents at the end of the year* 26 937 30 938 (13) ^Cash generated from operations decreased by R2.4bn mainly as a result of Nigerian payments on regulatory fine (R5.9bn) * Includes bank overdraft of R18m (H1-15: R76m) 24

2016 Guidance

Net additions guidance 2016 GUIDANCE Guidance 2016 ( 000) Guidance provided March 2016 Updated guidance June 2016 SEA 3 515 1 850 South Africa 1 100 1 100 Uganda 1 800 950 Other 615 (200) WECA 6 825 4 725 Nigeria 3 500 800 Ghana 1 100 1 800 Cameroon 1 000 1 000 Ivory Coast 400 475 Other 825 650 MENA 1 610 1 500 Iran 1 100 1 500 Syria - (100) Sudan 350 400 Other 160 (300) Total 11 950 8 075 26

Capex guidance 2016 GUIDANCE ZAR (million) Authorised 2016 Capitalised June 2016 Capitalised June 2015 SEA 13 548 5 626 5 896 South Africa 11 280 4 773 4 678 Uganda 807 364 556 Other 1 461 489 662 WECA 16 162 6 975 3 652 Nigeria 11 130 2 534 1 172 Ghana 1 258 1 646 355 Cameroon 1 157 1 121 943 Ivory Coast 815 842 422 Other 1 802 832 760 MENA 3 539 1 064 732 Syria # 1 543 191 56 Sudan # 1 280 549 337 Other 716 324 339 Head office companies and eliminations 1 865 107 572 Total 35 114 13 772 10 852 Hyperinflation - 78 17 Total reported 35 114 13 850 10 869 Iran (49%) # 3 518 2 313 1 854 # Excluding hyperinflation 27

Key matters and immediate priorities

Key matters and immediate priorities KEY MATTERS AND IMMEDIATE PRIORITIES Appointment of the right CEO to take MTN forward into new growth phase New Group CEO Appointment of Rob Shuter, new Group president and CEO, as soon as practically possible in 2017 (no later than July 2017) Brings extensive experience in Africa and Europe previously CEO Vodafone Europe cluster In the interim, Phuthuma to hand over more operational responsibility to key executives VP s to strengthen management team, further changes to be completed by year-end High calibre Management team Stephen van Coller, VP for M&A and strategy Godfrey Motsa, VP for SEA region (excluding South Africa) Gunter Engling to act as CFO, following the resignation of Brett Goschen Babak Fouladi, Group CTIO and CTO of South Africa for 12 months Phuthuma Nhleko to revert to non-executive Chairman role as soon as Rob Shuter joins the Group More in-depth commercial, risk and governance skills and experience Refreshed composition of the board Stan Miller, Paul Hanratty and Nkululeko Nkunku Sowazi appointed to Group board Mike Harper, Mike Bosman, Lerato Phalatse and Trudi Makhaya appointed to MTN South Africa board 29

Prospects KEY MATTERS AND IMMEDIATE PRIORITIES Deep and fundamental strategic review of operations and processes to ensure the Group is operating far more optimally Advanced analytics will support network quality, high speed data connectivity, improved customer service and segmented offerings Areas to be addressed Increased operating efficiencies and improving customer services focusing on improved service channels productivity and MoMo as a distribution channel Creating value through leveraging its extensive infrastructure Embark on a process of housing new revenue streams, particularly digital services, outside the core business enabling more agility and greater flexibility to accelerate growth New revenue streams expected to increase contribution in next 12-18 months Investments in towers with IHS evidenced by substantial ownership interest in INT and direct investments in IHS Tower investments IHS is well positioned for future growth and build-out from 3G upgrades and move to LTE across its key markets IHS is now the largest independent tower operator in EMEA by tower count and tenth largest independent tower company in the world with 24 000 towers Recently led in-country consolidation through its acquisition of Helios Towers Nigeria 30

Prospects KEY MATTERS AND IMMEDIATE PRIORITIES Operating conditions Expect improved operating conditions supported by permanent and refreshed management team Strong operational oversight ensuring regulatory compliance across operations Nigeria Aims to list MTN Nigeria on Nigeria Stock Exchange during 2017, subject to prevailing market conditions and appropriate regulatory approval Expect improved competitiveness and performance following reinstatement of regulatory services Data performance to benefit from increased investment in 3G and LTE and recently acquired spectrum South Africa Expect improved performance supported by strong focus on customer service and improving the network quality, capacity and speed Data growth will benefit from significant investment and deliberate focus in 3G and LTE Significant opportunities to expand digital services supported by easing of sanctions Iran Expect improvements in operating environment supported by a reduction in inflation and normalised exchange rate Working towards remittance of approximately R15.4 billion 31

Questions

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Appendices

South Africa Launched Jun 1994 Market share 32.3% Population 55.7m Market size 2016 96m Penetration 162% Shareholding 100% Revenue growth of 5.1% Subscribers down 2.6% to 29.8 million Negatively impacted by network outages in some areas, competition and economic pressure affecting consumer spending Pre-paid and post-paid segments declined by 2.7% to 24.7 million and 2.1% to 5.1 million respectively Strong data revenue growth, supported by smartphones Strong data revenue growth, up 19.2%, contributing 34.1% to total revenue attributable to - Smartphones up 18.4% to 9.3 million - Improved 3G and LTE network quality - Additional services being offered in digital, including international content Device sales in the previous comparable period were impacted by the industrial strike action and supply chain challenges Total subscribers 000 27 993 30 588 29 805 5 419 5 242 5 132 22 574 25 346 24 673 Dec 14 Dec 15 Jun 16 Revenue ZAR (million) 38 922 40 038 19 765 21 156 19 841 19 157 18 882 19 841 Dec 14 Dec 15 Jun 16 Postpaid Prepaid H2 H1 35

South Africa Strong focus on network experience EBITDA margin down 5.5 pp Mainly due to - Increased device costs relating to higher volumes sold - Impact of network related costs as a result of the rollout of 3G and LTE sites Expenses ZAR (million) 26 413 26 668 13 638 14 510 13 862 Focus on improving network quality and capacity Capex of R4 773 million Rollout of 369 co-located 3G sites and 284 LTE sites 175 sites were connect to fibre 10 000 homes passed with fibre to the home, 40% rolled out over the six month period Invitation to apply for high demand spectrum 700MHz, 800MHz and 2.6GHz bands 12 775 12 158 13 862 Dec 14 Dec 15 Jun 16 H2 H1 32.1% 33.4% 30.1% EBITDA margin Capex ZAR (million) 10 948 5 676 6 270 4 773 3 676 2 000 4 678 4 773 Dec 14 Dec 15 Jun 16 H2 H1 36

Nigeria Launched Aug 2001 Market share 46.2% Population 174.3 m Market size 2016 133m Penetration 72% Shareholding 78.8% Challenging operating environment Subscriber decline of 3.7% Market share increased by 46.2% despite the decline in subscriber base to 58.9 million (including 568 000 Visafone subscribers) Inability to offer competitive prices as a result of the suspension of regulatory services until May 2016, when approval was received Total subscribers 000 59 893 61 252 58 978 Revenue declined 4.8%* Lower outgoing voice and data revenue impacted by regulatory requirements, multi-sims and tough economic conditions Data revenue declined 2.7%*, contributing 19.3% to total revenue - 11.2% increase in smartphones to 16 million - Digital revenue continued to gain momentum music and lifestyle - Diamond Yellow increased to 6.5 million registered accounts Dec 14 Dec 15 Jun 16 Revenue NGN (million) 824 806 807 449 411 195 398 450 389 345 413 611 408 999 389 345 Dec 14 Dec 15 Jun 16 * Constant currency ('organic') information H2 H1 37

Nigeria Network quality and rollout of LTE remains a priority EBITDA margin reduced 7.5 pp impacted by Transfer of 2 nd tranche of passive infrastructure into TowerCo USD denominated expenses associated with TowerCo and build-to-suit suites Marketing costs relating to subscriber registration process Wide range of professional services in relation to the settlement of the regulatory fine Expenses NGN (million) 342 017 377 534 176 896 202 931 194 286 165 121 174 603 194 286 Dec 14 Dec 15 Jun 16 H2 H1 Improving network quality and customer experience Capex increased 78.9%* to R2 534 million Delays in network re-planning and equipment purchases Rolled out 428 co-located 3G sites and 507 LTE sites Purchase of additional LTE spectrum 58.6%** 53.0%** 49.8%** EBITDA margin Capex ZAR (million) 8 375 5 186 4 993 3 821 2 534 3 189 1 172 2 534 Dec 14 Dec 15 Jun 16 H2 H1 * Constant currency ('organic') information ** In ZAR terms 38

Iran Launched Oct 2006 Market share 46.4% Population 80.6m Market size 2016 101m Penetration 126% Shareholding 49% Revenue growth of 8.7%* supported by increased data revenue growth Subscriber growth of 2.0% to 47.3 million Attractive segmented offerings, data bundles and improved network experience Strong data revenue Data revenue increased 65.3%*, contributing 40.6% to total revenue despite regulatory pressure on data tariffs Smartphones increased 25.8% to 25.8 million Digital revenue contributed 32.6% to data revenue due to strong growth in local lifestyle content based usage Outgoing voice revenue negatively impacted by the continuous substitution of data services Revenue IRR (billion) (100%) 56 726 29 466 63 319 32 281 33 739 27 260 31 038 33 739 Dec 14*** Dec 15*** Jun 16*** H2 H1 42.8%** 41.5%** 37.7%** EBITDA margin EBITDA down 2.4 pp Mainly due to increased transmission costs associated with the data network expansion, as well as marketing costs related to 3G and LTE campaigns 3G and LTE networks expansion Added 1 783 co-located 3G sites and 851 LTE sites Capex ZAR (million) (49%) 3 112 2 221 891 4 180 2 326 *Constant currency ('organic') information **In ZAR terms ***Excluding hyperinflation 2 313 1 854 2 313 Dec 14*** Dec 15*** Jun 16*** H2 H1 39

Ghana Launched Nov 1996 Market share 53.8% Population 27.8m Market size 2016 31.8m Penetration 117% Shareholding 97.7% Voice and data delivered a strong performance Subscriber growth of 8.1% to 17.6 million Supported by the launch of LTE services and value propositions Revenue up 18.9%* supported by data and outgoing voice Data revenue up 68.0%* contributing 38.5% to total revenue supported by data bundles, including 4G data bundles Smartphones increased by 21.7% to 3.6 million Digital revenue underpinned by attractive lifestyle content bundles MoMo subscribers increased by 23.3% to 7.0 million supported by international remittances EBITDA margin declined 0.9 pp, attributable to Higher transmission costs Impact of foreign denominated expenses following the depreciation of the cedi as well as high inflation Superior data network quality Capex increased by more than 100% to R1 646 million Key focus on LTE rollout Added 110 co-located 3G sites and 435 LTE sites Capex includes the 4G licence acquired in H2 15 Revenue Cedi (million) 1 993 1 032 2 315 1 224 961 1 091 1 297 *Constant currency ('organic') information **In ZAR terms 1 297 Dec 14 Dec 15 Jun 16 Capex ZAR (million) 1 400 803 597 1 831 1 476 355 1 646 1 646 Dec 14 Dec 15 Jun 16 H2 H1 37.4%** 40.5%** 38.8%** EBITDA margin H2 H1 40

Cameroon Launched Feb 2000 Market share 57.4% Population 23.6m Market size 2016 18.5m Penetration 71% Shareholding 70% Aggressive subscriber registration campaigns Subscribers up 5.0% to 9.6 million Market share growth attributable to improved network quality, expansion of LTE footprint and increased smartphone penetration Revenue declined 8.7%* Decline in outgoing voice revenue impacted by price competition and free minutes used as part of subscriber registration process Data revenue increased 49.5%* and contributes 18.8% to total revenue, supported by increased 3G device penetration and network rollout Smartphones increased by 34.1% to 2.6 million Mobile Money brand campaign increased activity Revenue CFA (million) 283 369 270 230 146 776 134 244 124 152 136 593 135 986 124 152 Dec 14 Dec 15 Jun 16 H2 H1 42.8%** 36.2%** 38.0%** EBITDA margin Capex ZAR (million) EBITDA margin up 0.2 pp Supported by strong cost optimisation Reduction in transmission costs due to WACS cable Focus on 3G and LTE network rollout and quality 6.9%* increase in capex to R1 121 million 189 co-located 3G sites and 64 LTE sites rolled out 862 489 373 1 911 968 *Constant currency ('organic') information **In ZAR terms 1 121 943 1 121 Dec 14 Dec 15 Jun 16 H2 H1 41

Ivory Coast Launched Apr 1996 Market share 32.8% Population 23.9m Market size 2016 20.6m Penetration 105% Shareholding 58.8% Data growth supported by strong focus on 3G and LTE network rollout Subscribers down 1.3% to 8.2 million Negatively impacted by the subscriber registration requirements and aggressive competition Revenue down 3.9%* mainly due to lower outgoing voice revenue Data revenue up 13.4%* and now contributes 17.1% to total revenue Introduction of new segmented data bundles MoMo subscribers up 10.4% to 3.2 million EBITDA margin decreased marginally by 0.6 pp Supported by cost optimisation Capex increased 57.1%* to R842 million Added 151 co-located 3G sites and 343 LTE sites Revenue CFA (million) 293 631 299 684 148 801 146 828 146 905 144 830 152 856 146 905 Dec 14 Dec 15 Jun 16 H2 H1 38.6%** 34.2%** 36.0%** EBITDA margin Capex ZAR (million) 1 185 601 584 833 842 411 422 842 Dec 14 Dec 15 Jun 16 H2 H1 *Constant currency ('organic') information **In ZAR terms 42

Uganda Launched Oct 1998 Market share 52.7% Population 40.5m Market size 2016 20.3m Penetration 46% Shareholding 96% Gaining momentum post subscriber registration process Subscribers increased 10.8% to 9.9 million Supported by voice bundle propositions and continued success of MTN Zone MoMo decreased registered subscribers by 24.4% to 7.2 million mainly due to H2 2015 disconnections during the subscriber registration process Revenue decreased 2.3%* Voice revenue impacted by One Network Area, decline in mobile termination rates and disconnections Data revenue up 22.7%*, contributing 32.8% to total revenue supported by data bundles Digital revenue contributed 70.5% to data revenue supported by local content services including MTN Play. Revenue UGX (million) 1 267 585 1 302 691 649 118 668 830 619 434 618 467 633 861 619 434 Dec 14 Dec 15 Jun 16 H2 H1 39.2%** 34.5%** 30.0%** EBITDA margin Capex ZAR (million) 951 EBITDA margin down 6.0 pp Higher network operating costs and associated USD denominated expenses Higher transmission costs, marketing and distribution costs following the launch of 3G and 4G services. Capex spend down 42.1%* to R364 million Delay in supply chain process Added 195 co-located 3G sites and 100 LTE sites 667 260 407 395 556 *Constant currency ('organic') information **In ZAR terms 364 364 Dec 14 Dec 15 Jun 16 H2 H1 43

Syria Launched Jun 2002 Market share 40.9% Population 17.0m Market size 2016 14.8m Penetration 84% Shareholding 75% Operational growth despite a challenging environment Subscribers decreased by 2.4% Revenue increased 10.5%* Supported by 16.9%* increase in data revenue, contributing 28.8% to total revenue Revenue SYP (million) 53 280 55 860 26 844 29 392 29 295 EBITDA margin increased 12.3 pp Supported by the conversion of the BOT licence and cost optimisation Capex increased by 241.1% to R191 million Added 92 co-located 3G sites and 3 LTE sites 26 436 26 468 29 295 Dec 14*** Dec 15*** Jun 16*** H2 H1 18.9%** 17.7%** 28.6%** EBITDA margin Capex ZAR (million) 974 357 918 191 319 38 56 191 Dec 14*** Dec 15*** Jun 16*** H2 H1 *Constant currency ('organic') information **In ZAR terms ***Excluding hyperinflation 44

Sudan Launched Sep 2005 Market share 33.8% Population 37.6m Market size 2016 30.3m Penetration 69% Shareholding 85% Progress in tough conditions Subscribers increased 4.2% to 8.8 million Driven by targeted marketing campaigns Revenue increased by 15.7%* Data revenue increased 78.3%* and contributes 27.7% to total revenue as a result of increased data users EBITDA margin down 1.9 pp Capex up 62.9% to R549 million Added 44 co-located 3G sites Revenue SDG (million) 1 430 738 1 641 830 938 692 811 938 Dec 14*** Dec 15*** Jun 16*** H2 H1 33.8%** 35.0%** 35.4%** EBITDA margin Capex ZAR (million) 1 392 911 819 549 482 481 337 549 Dec 14*** Dec 15*** Jun 16*** H2 H1 *Constant currency ('organic') information **In ZAR terms ***Excluding hyperinflation 45

Income statement Hyperinflation, Nigeria regulatory fine and tower sales impact ZAR (million) Actual H1-16 Tower profit* Nigeria regulatory fine Actual 2016 adjusted Actual H1-15 Hyperinflation Hyperinflation Tower profit* Actual 2015 adjusted Adjusted change % Revenue 79 115 237 - - 78 878 69 304 94-69 210 14 Other income 367-18 - 349 411-352 59 492 EBITDA 18 882 90 18 (10 499) 29 273 30 675 49 352 30 274 (3) Depreciation, amortisation and impairment of goodwill 13 691 77 - - 13 614 10 750 35-10 715 27 Profit from operations 5 191 13 18 (10 499) 15 659 19 925 14 352 19 559 (20) Net finance cost 5 945 32-452 5 461 2 319 (1) - 2 320 135 Share of results of joint ventures & associates after tax (1 692) (1 039) - - (653) 2 027 362-1 665 (139) Net monetary gain 919 919 - - - 496 496 - - NM (Loss)/profit before tax (1 527) (139) 18 (10 951) 9 545 20 129 873 352 18 904 (50) Income tax expense 4 726 32 - - 4 694 6 249 26-6 223 (25) (Loss)/profit after tax (6 253) (171) 18 (10 951) 4 851 13 880 847 352 12 681 (62) Non-controlling interests (764) 204 - (2 319) 1 351 1 980 105 75 1 800 (25) Attributable (loss)/profit (5 489) (375) 18 (8 632) 3 500 11 900 742 277 10 881 (68) EBITDA margin 23.9% 37.1% 44.3% 43.7% (6.6)pp Effective tax rate (309.6%) 49.2% 31.0% 32.9% 16.3pp *Tower sale profits for the period relates to Ghana release of deferred profit of R18m (H1-15: The measurement of the contingent consideration receivable relating to Nigeria tower transaction tranche 1 of R339m and the Ghana release of deferred profit of R13m) 46

Net debt ZAR (million) Cash and cash equivalents* Net interest-bearing liabilities Net debt/(cash) H1-16 Net debt/(cash) Dec 2015 South and East Africa 4 161 2 107 (2 054) (1 652) South Africa 3 457 - (3 457) (1 507) Uganda 81 1 279 1 198 (86) Other 623 828 205 (59) West and Central Africa 18 548 24 587 6 039 3 956 Nigeria 14 785 16 922 2 137 1 695 Ghana 223 1 141 918 15 Cameroon 745 1 483 738 118 Ivory Coast 810 2 842 2 032 2 399 Other 1 985 2 199 214 (271) Middle East and North Africa 2 981 3 188 207 (585) Syria 736 - (736) (1 525) Sudan 323 2 131 1 808 1 889 Other 1 922 1 057 (865) (949) Head office companies & eliminations 7 000 52 065 45 065 29 916 Total 32 690 81 947 49 257 31 635 * Includes restricted cash and current investments 47

Net debt composition Nigeria and Head office Nigeria borrowings (%) USD 33% (26%) Naira 67% (74%) Head office borrowings (%) USD 49% (57%) ZAR 51% (43%) Nigeria cash (%) USD 13% (6%) Head office cash (%) Euro 10% (11%) ZAR 33% (44%) Net debt composition ZAR (million) Naira 87% (94%) Naira denominated USD denominated ZAR denominated Euro denominated Nigeria borrowings 11 331 5 591 - - Nigeria cash 12 832 1 941-12 Head office borrowings - 25 700 26 365 - Head office cash - 3 996 2 284 720 USD 57% (45%) 48

Revenue data South Africa and Nigeria South Africa ZAR (million) Nigeria ZAR (million) +24% -4% +17% +2% 7 032 6 766 5 452 5 587 5 677 4 661 2 029 1 597 4 214 5 430 5 055 469 466 509 715 745 914 279 391 288 H1-15 H2-15 H1-16 2 063 521 177 448 404 192 213 370 237 419 2 407 2 877 1 706 23 6 11 H1-15 H2-15 H1-16 Access data ISP Digital Afrihost Internet VAS Blackberry Leased line/ict Digital Mobile money 49

Share of results of joint ventures and associates after tax (IFRS) ZAR (million) H1-16 H1-15 Change % Telco joint ventures 2 198 1 935 14 Iran 1 975 1 737 14 Swaziland 50 48 4 Botswana 173 150 15 Tower companies (2 480) (64) NM Ghana (17) 22 (177) Uganda - (149) (100) Nigeria * (2 463) 63 NM BICS 123 118 4 Share of results of telco joint ventures and associates after tax excluding hyperinflation Iran Hyperinflation (H1-16: Mainly depreciation and amortisation of assets written up) Share of results of telco joint ventures & associates after tax including hyperinflation (159) 1 989 (108) (1 039) 362 NM (1 198) 2 351 (151) Digital Group (494) (324) (52) AIH (370) (249) (49) MEIH (69) (42) (64) IME (55) (33) (67) Share of results of joint ventures and associates after tax (1 692) 2 027 (183) * Includes forex losses of R2 282m resulting from the devaluation of the Naira 50

FX trends Closing rate USD: Local currency H1-16 H2-15 H1-15 H2-15 - H1-16 LC strengthening/ (weakening) ZAR 14.67 15.47 12.14 5 Naira 283.50 199.20 199.30 (30) Rial 30 527 30 118 29 160 (1) Cedi 3.77 3.79 4.35 1 Cameroon XAF 593.53 603.51 588.14 2 Ivory Coast CFA 593.53 615.87 588.14 4 Uganda shilling 3 405.00 3 367.00 3 295.00 (1) Syrian pound 485.00 336.65 276.36 (31) Sudanese pound 6.09 6.09 5.97 0 ZAR: Local currency H1-16 H2-15 H1-15 H2-15 - H1-16 ZAR strengthening Naira 19.33 12.88 16.42 50 Rial 2 081.00 1 947.05 2 402.17 7 Cedi 0.26 0.25 0.36 4 Cameroon XAF 40.46 39.02 48.45 4 Ivory Coast CFA 40.46 39.81 48.45 2 Uganda shilling 232.12 217.67 271.44 7 Syrian pound 33.06 21.76 22.77 52 Sudanese pound 0.42 0.39 0.49 7 51

FX trends Average rate H1-15 - H1-16 USD: Local currency H1-16 H2-15 H1-15 LC weakening ZAR 15.26 12.77 11.85 (22) Naira 205.83 199.34 196.49 (5) Rial 30 271 29 831 28 024 (7) Cedi 3.83 3.80 3.76 (2) Cameroon XAF 590.97 596.62 587.24 (1) Ivory Coast CFA 597.32 598.87 587.07 (2) Uganda shilling 3 371.57 3 508.93 2 956.18 (12) Syrian pound 418.97 312.76 237.91 (43) Sudanese pound 6.09 6.08 5.97 (2) ZAR: Local currency H1-16 H2-15 H1-15 H1-15 - H1-16 ZAR strengthening/ (weakening) Naira 13.52 14.62 16.59 (19) Rial 1 984.95 2 184.00 2 364.16 (16) Cedi 0.25 0.28 0.32 (22) Cameroon XAF 38.79 43.83 49.58 (22) Ivory Coast CFA 39.18 44.08 49.58 (21) Uganda shilling 220.40 257.64 249.48 (12) Syrian pound 27.41 23.02 20.07 37 Sudanese pound 0.40 0.45 0.50 (20) 52