mtn group limited · years in a full and final settlement. this was agreed in addition to complying...

MTN Group LimitedInterim Results

for the six months ended 30 June 2016

BASTION GRAPHICS

Contents

CONTENTSRESULTS OVERVIEW 01

Highlights 01Results overview 02Reviewed condensed consolidated interim financial statements 27Independent auditors’ report on condensed consolidated interim financial statements 28Condensed consolidated income statement 29Condensed consolidated statement of comprehensive income 30Condensed consolidated statement of financial position 31Condensed consolidated statement of changes in equity 32Condensed consolidated statement of cash flows 33Notes to the condensed consolidated interim financial statements 34Administration 42

RESULTS PRESENTATION 44

APPENDICES 78

DATA SHEETS 98

Note: Certain financial information presented in these interim financial results constitutes pro forma financial information. The pro forma financial information is the responsibility of the Group’s board of directors and is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present MTN’s financial position, changes in equity, results of operations or cash flows.1. Certain financial information presented in these interim financial results has been prepared excluding the impact of hyperinflation and the

relating goodwill impairment, tower profits and the Nigerian regulatory fine and constitutes pro forma financial information to the extent that it is not extracted from the segment disclosure included in the reviewed condensed consolidated interim financial results for the six months ended 30 June 2016. This pro forma financial information has been presented to eliminate the impact of hyperinflation and the relating goodwill impairment, tower profits and the Nigerian regulatory fine from the financial results in order to achieve a comparable analysis year on year. Hyperinflation adjustments and the relating goodwill impairment, tower profits and the Nigerian regulatory fine have been calculated in terms of the Group accounting policies disclosed in the previous consolidated financial statements for the year ended 31 December 2015. The pro forma financial information including the constant currency information (refer below) incorporated in these condensed consolidated interim financial results has not been audited or reviewed by our external auditors.

2. Constant currency (“organic”) information has been presented to illustrate the impact of changes in currency rates on the Group’s results. In determining the change in constant currency terms, the current financial reporting period’s results have been adjusted to the prior period’s average exchange rates determined as the average of the monthly exchange rates which can be found on www.mtn.com/investors. The measurement has been performed for each of the Group’s currencies, materially being that of the US dollar and Nigerian naira. The organic growth percentage has been calculated based on the current period constant currency results compared to the prior period results. In addition, in respect of Irancell, MTN Sudan and MTN Syria, the constant currency information has been prepared excluding the impact of hyperinflation. In 2015, the Iranian economy was assessed to no longer be a hyperinflationary environment. MTN therefore discontinued hyperinflation accounting in that operation effective 1 July 2015.

* Constant currency (“organic”) information.** Reported – includes hyperinflation and the relating goodwill impairment, tower profits and the Nigerian regulatory fine.

The Group’s results are presented on a regional basis in line with the Group’s new operational structure. This is comprised of South and East Africa (SEA), West and Central Africa (WECA) and Middle East and North Africa (MENA).The SEA region includes: South Africa, Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture – equity accounted) and Swaziland (joint venture – equity accounted). The WECA region includes: Nigeria, Ghana, Cameroon, Ivory Coast, Benin, Congo Brazzaville, Liberia, Guinea Conakry and Guinea Bissau. The MENA region includes: Iran (joint venture– equity accounted), Syria, Sudan, Yemen, Afghanistan and Cyprus. Although Iran, Botswana and Swaziland form part of their respective regions geographically and operationally, they are excluded from their respective regional results due to being equity accounted for by the Group.

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Results overview for the six months ended 30 June 2016

1MTN Group Limited

Group subscribers reported

232,6million

Data revenue increased by

32,2% to R19 849 million

EBITDA margin decreased

6,6 percentage points

to 37,1%

Headline loss per share of

271**cents per share

Interim dividend of

250cents per share

Revenue increased by


Data traffic increased by

135,3%

EBITDA decreased by


* Constant currency (“organic”) information.** Reported – includes hyperinflation and the relating goodwill impairment, tower profits and the Nigerian regulatory fine.

Capex increased by

26,9%to R13 772 million

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Results overview

OVERVIEWMTN continued to operate in a challenging environment for the six months ended 30 June 2016. The financial performance for the period reflects the confluence of a number of material issues, which created the “perfect storm”. The Group has made strides towards resolving these challenges although many of these factors fall outside of its control.

The Group’s reported results were significantly impacted by the Nigerian regulatory fine. On 10 June MTN Nigeria resolved this matter with the Federal Government of Nigeria (FGN) and agreed to pay the FGN a total cash amount of 330 billion Nigerian naira (US$1,671 billion, using the exchange rate prevailing at the time) over three years in a full and final settlement. This was agreed in addition to complying with certain other regulatory conditions imposed as part of the settlement reached. The 50 billion naira (US$250 million) paid in good faith and without prejudice by MTN Nigeria on 24 February 2016 forms part of the monetary component of the settlement, leaving a balance of 280 billion naira (US$1,418 billion, using the exchange rate prevailing at the time) outstanding. In June 2016 the first scheduled payment of 30 billion naira (US$124 million) was made. The remaining cash payable at 30 June 2016 amounted to 250 billion naira (US$882 million).

The Group has accrued the present value of 280 billion naira (US$1,418 billion, using the exchange rate prevailing at the time), which in total had a negative impact of R10 499 million on reported earnings before interest, tax, depreciation and amortisation and impairment of goodwill (EBITDA) and a R8 632 million negative impact on the Group’s reported headline losses, or 474 cents on reported headline losses per share. The reported impact on the Group’s statement of cash flow for the period amounted to R5 870 million, which equates to the 80 billion naira paid during the period.

During the period, R1 324 million costs were incurred on a range of professional services relating to the negotiations that led to a reduction of R34 billion in the Nigerian regulatory fine to 330 billion naira (US$1,671 billion, using the exchange rate prevailing at the time). The board has exercised its judgement and approved the quantum of the professional fees incurred taking into account global benchmarks and the value delivered culminating in the final settlement of the Nigerian fine.

Apart from the Nigerian regulatory fine, the depreciation of local currencies against the US dollar had a substantial impact on the Group’s results. This resulted in foreign exchange losses amounting to R3 606 million during the period. MTN South Sudan reported an impairment on property, plant and equipment (PPE) of R259 million** (using a rand/sudanese pound exchange rate of 0,376). When the impairment write-off is presented on an organic basis the impairment amounts to R2 632 million* (using a rand/sudanese pound exchange rate of 3,837). This organic impairment write-off had a significant negative impact on organic EBITDA.

The Group’s underlying performance was impacted by weak macro-economic conditions affecting consumer spending, the withdrawal of regulatory services in MTN Nigeria from July 2015 until May 2016 and disconnections of subscribers related to subscriber registration requirements, mainly in Nigeria. MTN Nigeria disconnected the last batch of 4,5 million subscribers in February 2016. MTN Uganda and MTN Cameroon were also impacted by subscriber registration requirements. This resulted in significant free minutes provided for subscriber re-registration campaigns, contributing to a 12,2%* decline in the effective voice tariff. The Group’s performance was further impacted by aggressive price competition and under-performance of MTN South Africa.

MTN Irancell (joint venture – equity accounted), MTN Ghana and MTN Cyprus delivered strong operational and financial performances for the period.

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Results overview (continued)

EBITDA RECONCILIATION

EBITDA (ZAR ‘million) H1 16 Change %

Reported 18 882 (38,4)Nigeria regulatory fine 10 499 Hyperinflation (90) Towers (18) Operational 29 273 (3,3)Organic 22 434 (25,9)Impairment of PPE in South Sudan 2 632 Professional fees relating to Nigerian regulatory fine 1 324 Organic excluding above costs 26 390 (12,8)

EBITDA, excluding the impact of the Nigerian regulatory fine (R10 499 million), hyperinflation (R90 million) and the realisation of the deferred profit from the sale of towers in Ghana (R18 million), declined 3,3%. This was positively impacted by foreign exchange movements (23%). Organic EBITDA declined 25,9%*, negatively impacted by R1 324 million in costs incurred on a range of professional services relating to the negotiations that led to a reduction of R34 billion in the Nigerian regulatory fine and the impairment of PPE in South Sudan of R2 632 million*. The impairment for PPE of South Sudan impacted organic EBITDA by 8,7%*. MTN South Sudan’s full results impacted organic EBITDA by 9,8%*. Excluding the impact of professional fees relating to the Nigerian regulatory fine negotiations and the MTN South Sudan impairment, EBITDA declined 12,8%*.

The Group EBITDA margin declined 6,6 percentage points (pp) to 37,1%. This excludes the impact of the Nigerian regulatory fine, hyperinflation and the realisation of the deferred profit from the sale of towers in Ghana.

Losses from joint ventures and associates amounted to R1 692 million**. This included a charge of R1 039 million** incurred by MTN Irancell, mainly relating to the depreciation and amortisation of hyper-inflated assets that were historically written up under hyperinflation reporting. Upon the discontinuation of hyperinflation accounting in Iran, effective 1 July 2015, hyperinflation adjustments are limited to the depreciation and amortisation charges on previously hyper-inflated assets until 2033. The Group reported losses of R2 463 million in relation to MTN’s share of Nigerian TowerCo losses, which were mainly as a result of foreign exchange losses incurred on US dollar-denominated loans. In addition, the Group also reported short-term losses on MTN’s share in Africa Internet Holdings (AIH), Middle East Internet Holdings (MEIH) and Iran Internet Group (IIG) (R494 million).

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HEPS RECONCILIATION

ZAR (cents) H1 16 Change %

Reported attributable earnings/(loss) per share (301) (146)Profit on disposal of non-current assets (including tower profits) (2) (100)Profit on dilution of investment in joint venture (15) (100)Impairment of goodwill, PPE and non-current assets 47 NMReported basic headline earnings/(loss) per share (271) (141)Nigeria regulatory fine 474Basic headline earnings/(loss) per share excluding Nigeria regulatory fine 203 (69)Hyperinflation 20 150Operational basic headline earnings/(loss) per share excluding Nigeria regulatory fine, hyperinflation and tower profits 223 (63)Losses from AIH, MEIH, IIG 27 50Losses from tower companies 136 NMNet forex losses 135 160Professional fees related to the Nigerian regulatory fine negotiation 73 NMBasic headline earnings per share excluding Nigeria regulatory fine, hyperinflation, tower profits, losses from AIH, MEIH, IIG, tower companies, net forex losses and professional fees related to the Nigerian regulatory fine 594 (12)

The Group reported a headline loss per share of 271 cents**, which was mainly as a result of the Nigerian regulatory fine (474 cents**). Excluding the impact of the Nigerian fine, headline earnings per share (HEPS) declined 69% to 203 cents. In addition, the headline number was negatively impacted by losses from joint ventures and associates, which were negatively affected by hyperinflation of 20 cents** (positive impact of 40 cents** in 2015), losses from the TowerCo’s of 136 cents** (3,5 cents** in 2015), AIH, MEIH and IIG of 27 cents** (18 cents** in 2015) and net forex losses of 135 cents** (52 cents** in 2015). This was further negatively impacted by a range of professional services relating to the negotiations that led to the reduction in the Nigeria regulatory fine (73 cents**). Excluding the impact of the fine, hyperinflation, losses from the TowerCo’s, AIH, MEIH and IIG, forex losses and a range of professional fees relating to the fine negotiations, basic HEPS declined 11,7% to 594 cents.

FINANCIAL PERFORMANCE SUMMARY The Group continued to benefit from its significant scale and footprint, maintaining its leadership position in 15 markets. Group subscriber numbers remained flat at 232,6 million following 6,6 million subscriber disconnections over the six-month period in Nigeria, Uganda and Cameroon. Since October 2015 approximately 18 million subscribers across the Group were disconnected to ensure compliance with the subscriber registration processes. MTN South Africa reported a decline in subscriber numbers mainly as a result of strong competition and economic pressure in a highly penetrated market.

Group revenue increased by 14,0% to R78 878 million, benefiting from the average exchange rate movement of the rand against the naira. On an organic basis, Group revenue increased by 1,5%*, impacted by a decline in outgoing voice and data revenue in Nigeria following the withdrawal of regulatory services from MTN Nigeria until May 2016. This had a significant negative impact on MTN Nigeria’s revenue growth for the first four months of the period. This was partly offset by higher revenue growth by MTN South Africa, supported by strong device sales and an increase in data revenue during the period.

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The Group benefited from healthy double digit data revenue growth in the majority of the markets in which it operates. Group data revenue increased by 32,2% (19,7%*) and contributed 25,2% to total revenue despite a 46,9% decline in the effective data tariff (in constant currency US dollar terms). Digital revenue, including Mobile Financial Services revenue, contributed 32,1% to data revenue. This was supported by a 135% increase in data traffic and the increased take up of digital lifestyle services.

Outgoing voice revenue increased by 8,0% and decreased by 5,4%* on an organic basis. This was negatively impacted by a 12,2%* decline in the effective voice tariff (average price per minute, in constant currency US dollar terms) as a result of continued price competition, subscriber disconnections and free minutes used for subscriber re-registration campaigns. The use of multiple SIM cards, increased substitution for data services and increased pressure on consumer spending also negatively impacted outgoing voice revenue.

MTN Nigeria’s competitiveness was compromised by the mandatory disconnection of subscribers and the suspension of regulatory services until May 2016 when the operation attained the necessary approvals to introduce market-related pricing plans and promotions. In addition, the introduction of regulatory restrictions on “out-of-bundle” data tariffs impacted MTN Nigeria’s data revenue growth.

MTN South Africa’s revenue increased mainly as a result of higher device sales and data revenue. These were supported by our continued investment in our 3G and LTE network as well as attractive data and digital value propositions. Growth in outgoing voice revenue remained a challenge, impacted by a 48 hour network outage affecting approximately one million subscribers in February 2016 and higher churn in the post-paid segment.

Excluding the impact of the Nigerian regulatory fine, hyperinflation and tower profits, the Group EBITDA margin declined by 6,6 pp to 37,1%. This was a result of the lower EBITDA margins in Nigeria and South Africa. The EBITDA margin in Nigeria was impacted by the 4,8%* decline in revenue and an 11,3%* increase in costs mainly as a result of the transfer of the second tranche of the previously sold passive infrastructure into the TowerCo as well as US dollar-denominated expenses associated with the TowerCo and build-to-suit sites. Costs were further impacted by increased marketing and commission spend related to re-connecting subscribers affected by the subscriber registration process. MTN South Africa’s EBITDA margin was negatively impacted by lower handset margins following aggressive handset sales and increased network-related costs associated with the expansion of 3G and LTE sites.

Cash inflows generated by operations decreased by 9,2%** to R23 870 million** mainly as a result of the down payment of R5 870 million** relating to the Nigerian regulatory fine during the period.

The Group continued to increase investment in the network with a focus on increasing coverage, speed and quality of 3G and LTE in prime areas to support the increasing demand for data services. Capital expenditure (capex) increased by 26,9% (15,4%*) to R13 772 million. MTN South Africa’s capex amounted to R4 773 million, representing 34,7% of total capex. Capex in Nigeria amounted to R2 534 million and was impacted by delays in network re-planning. More recently, our capex in Nigeria was impacted by the limited availability of US dollars. During the period, the Group rolled out 873 2G sites, 3 660 co-located 3G sites and 2 691 LTE sites. The Group also rolled out 1 132 km of long-distance fibre and connected a total of 422 sites to fibre. Capex spend included the purchase of LTE spectrum and licences in various markets to enable better quality data networks across its operations.

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LEADERSHIP CHANGES During the period the Group announced the appointment of new executives and additional independent non-executive directors to the board with the objective of strengthening management, enhancing governance and aiding the strategy of the Group.

MANAGEMENT Following a widespread executive search, MTN announced the appointment of Rob Shuter as the new Group president and CEO. Rob will join MTN as soon as is practically possible in 2017 but no later than 1 July 2017. Rob has extensive experience in telecoms and banking across Africa and Europe, including holding the position of CEO, Vodafone Europe cluster. The Group also welcomes the newly appointed vice presidents (VPs):

■■ Stephen van Coller, VP for M&A and Strategy, effective 1 October 2016, who brings with him commercial and banking experience, and will help broaden MTN’s skill set as the Company evolves beyond telecommunications.

■■ Godfrey Motsa, VP for the South and East Africa region (excluding South Africa), who brings vast experience in telecoms and operating within sub-saharan Africa.

■■ Kholekile Ndamase was appointed as deputy head of mergers and acquisitions, with effect from 10 September 2016. Kholekile joins MTN from Rand Merchant Bank (RMB), where he led the equity-based financing business.

The Group appointed Babak Fouladi as Group chief technology and information officer, effective 1 June 2016. Babak will spend 12 months as chief and technology officer for the South African operation until the network is operating at an optimum level and higher quality before taking on the Group role. Babak brings with him global expertise and experience to build and lead strong teams to drive and implement on large-scale converged networks, complex systems and applications.

Brett Goschen, the Group chief financial officer (CFO), will be leaving MTN after 14 years of service to MTN, effective 30 September 2016. At the same time he will be stepping down from the board of directors of the Group. The board of directors and management would like to thank Brett for his valuable contribution to the Group. Gunter Engling, currently CEO of MTN Rwanda and previously Group finance executive, will assume the position of Acting Group CFO on Brett’s departure until a permanent CFO is appointed. The Group hopes to appoint a new CFO before the year-end.

After completing his two key mandates of settling the Nigerian fine and appointing the new Group CEO, Phuthuma Nhleko will revert to his role as non-executive chairman as soon as Rob Shuter assumes his position as Group president and CEO. In the interim, Phuthuma will hand over more operational responsibility to Stephen van Coller and Gunter Engling and will continue to provide the necessary leadership as non-executive chairman for a maximum period of two years (until no later than December 2018) when he plans to step down from this position.

Board of directors (appointments and resignations)The Group also refreshed the composition of the board of directors for MTN Group and MTN South Africa, providing more in-depth commercial, risk and governance skills and experience.

Specifically, the following individuals have been appointed to the Group board of directors as independent non-executive directors effective 1 August 2016:

■■ Stan Miller has global experience in expanding businesses into new markets, exposure to convergence, as well as strong business and operational acumen. His telecoms experience ranges from co-founding subscription television channel M-Net to leading the growth of Dutch telecoms company KPN in the Netherlands. He is the

7MTN Group Limited


executive chairman of AINMT A.B. Sweden and non-executive member of the board of MTS JSC. Russia, a telecommunications operator in Russia.

■■ Paul Hanratty brings a wealth of experience in financial services in the UK, US, Africa, Asia and Latin America. He has worked at Old Mutual for over 30 years and has sat on the boards of various other financial services companies. Paul has extensive M&A experience and has devised and implemented growth strategies for businesses in many countries.

■■ Nkululeko “Nkunku” Sowazi is the chairman of Kagiso Tiso Holdings, a leading South African investment holding company, with significant interests in the media, financial and industrial sectors. Nkunku was the executive chairman and co-founder of the Tiso Group and is currently a director of Grindrod Limited, a JSE listed company, and a non-executive director of listed and unlisted organisations spanning Ghana, the UK, the US and South Africa. Nkunku has had significant exposure to listed and non-listed boards and has extensive experience in M&A and management transformation. He sat on the Nominations Committee, Audit & Risk Committees at Exxaro and Aveng.

MJN Njeke and JHN Strydom, who served on the board of directors of the Group as independent non-executive directors for an aggregate period in excess of nine years, retired as directors of the Group at the Annual General Meeting held on 25 May 2016. The board of directors of the Group thanks them for their valuable contribution over the years.

Mike Harper, Mike Bosman, Lerato Phalatse and Trudi Makhaya have been appointed as independent non-executive directors to the board of directors of MTN South Africa, effective 1 July 2016. The commercial experience of these additional directors will greatly benefit MTN South Africa. These directors collectively have extensive experience in the media, insurance, retail banking and FMCG sectors as well as in-depth knowledge of stakeholder engagement.

PROSPECTS The MTN Group continues to work towards achieving its vision of “leading the delivery of a bold, new Digital World to our customers”. The Group is in the process of undertaking, with external assistance, a deep and fundamental strategic review of its operations and processes to ensure it is operating far more optimally given the pressure on voice revenues, evolving customer needs for high quality data and more complex and competitive market environments. This will reset and position the business for future growth in a rapidly evolving sector.

As part of the review, the following key areas will be addressed:

■■ An advanced analytics unit will be established to support the business to drive network quality and high-speed data connectivity especially in key locations with high demand, provide compelling segmented offerings to consumers and enterprises, improve customer service and increase targeted smartphone uptake.

■■ Operating efficiencies and improving customer service remain a priority with a focus on the service channels productivity through digitisation and leveraging Mobile Money as a distribution channel. Continued network optimisation and improved opex management, including the implementation of zero-based budgeting, will also contribute to improving efficiencies.

■■ The Group will continue to explore opportunities to create value through leveraging its extensive infrastructure across Africa and the Middle East.

■■ Improving the way of work through increased coordination between different parts of the business is key to the success of this strategy.

■■ The Group will embark on a process of housing new revenue streams, particularly Digital Services, outside the core business. This will allow for more agility and greater flexibility to accelerate growth in these areas. New revenue streams are expected to increase their contribution to revenue over the next 12 to 18 months.

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The Group will also continue to seek value-accretive expansion opportunities in selected geographies across Africa and the Middle East.

MTN’s investments in towers with IHS Holding Limited are evidenced by our substantial ownership interest in INT Towers Limited and our direct investment in IHS. IHS continues to grow and develop its business with leading market positions in five markets and has recently led in-market consolidation in Africa through its acquisition of Helios Towers Nigeria. IHS is now the largest independent tower operator in EMEA by tower count and the tenth largest independent tower company in the world, with more than 24 000 towers. IHS is extremely well positioned for future growth and build-out from 3G upgrades and the move to LTE across its key markets. MTN will benefit from IHS’ strong growth, IHS will also help us accelerate our network expansion in markets such as Nigeria further improving the benefits and services for our customers.

MTN aims to list MTN Nigeria on The Nigerian Stock Exchange during 2017 and has established a management task team with the responsibility to guide the company towards such a listing. The proposed listing is subject to suitable market prevailing circumstances and conditions and the appropriate approvals from relevant regulators and other stakeholders.

MTN Ghana will proceed with the localisation of 35% of its shares during the course of 2016. This is a requirement of winning the auction for a 4G/LTE licence earlier this year.

We are confident that by year-end we would have successfully completed our proposed management changes. In 2017, we will have a permanent and refreshed senior management team to take the Group forward.

In Nigeria, following the reinstatement of regulatory services, we expect to improve our competitiveness in this market and anticipate an improved performance for the remainder of the year. Data growth will also benefit from the increased investment in 3G and LTE networks in key cities and the utilisation of the recently acquired spectrum.

We anticipate a positive growth trend in South Africa, supported by a strong focus on customer service and improving the network quality, capacity and speed. Data growth will continue to be underpinned by our ongoing significant investment in 3G and LTE.

The continued easing of sanctions in Iran and its related economic uplift offers significant opportunities to expand services particularly in the digital space, benefiting from MTN’s strong position and a youthful population. MTN continues to work towards remitting some of its cash amounting to approximately R15,4 billion from MTN Irancell, although this a complex process.

In November 2016, MTN’s Broad-Based Black Economic Empowerment (BBBEE) vehicle, MTN Zakhele will unwind. Upon unwinding, MTN Zakhele shareholders will be given the option to receive cash, MTN shares or potentially reinvest into a new scheme. MTN is currently reviewing various options to create a new scheme to maintain its BBBEE ownership credentials in line with the BBBEE codes.

The Group has declared an interim dividend of 250 cps. The FY 2016 minimum dividend, as previously noted at the Group’s FY2015 results, is anticipated to be 700 cps. This takes into consideration the impact of the Nigerian regulatory fine and the limited US dollar liquidity in Nigeria. The minimum dividend remains at the discretion of the board. Should operating conditions improve materially, we would look to declare a higher dividend than advised.

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NET SUBSCRIBER ADDITIONS AND CAPEX GUIDANCE 2016NET SUBSCRIBER ADDITIONS

Country

Guidance provided

March 2016

Updatedguidance

Actual

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 500Iran 1 100 1 500 Syria – (100)Sudan 350 400Other 160 (300)

Total 11 950 8 075

CAPEX

Authorised CapitalisedZAR (million) (Rm) June 2016 June 2015SEA 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 SyriaΔ 1 543 191 56 SudanΔ 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%)Δ 3 518 2 313 1 854 Δ Excluding hyperinflation

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TO LEAD THE DELIVERY OF A BOLD, NEW DIGITAL WORLD TO OUR CUSTOMERSThe Group continues to focus on growing non-voice revenue given the rapid evolution of telecommunications into a data-led industry. Revenue is no longer driven by subscriber numbers but rather by consumer spending patterns towards data and digital services. MTN is more agile and innovative and has a deeper understanding of customer needs, enabling it to compete effectively.

GROUP CONSUMERThe Group Consumer division’s focus for the period was to integrate customer analytics across the operations to meet customers’ changing needs. Improving analytics is a key priority for the Group with substantial room for improvement and will form part of the strategic review the Group is currently undergoing.

During the period a number of global value propositions were introduced. “MTN Go”, a bundle plan focusing on driving the transition to data, was launched in six markets and “MTN Hello World”, a global roaming proposition, was launched in ten markets.

The Group’s net promoter score (NPS) improved from 24% in December 2015 to 27% in June 2016, closing the gap with its competitors. This was mainly driven by improvement on the network, value offerings and brand image. Improving NPS remains a key focus.

GROUP DIGITAL SERVICES Group Digital Services continued to expand its e-commerce, digital media and mobile financial services across Africa and the Middle East, leveraging MTN’s core competencies of a strong brand, knowledge of and access to customers, scale and distribution. MTN recorded strong growth in digital services revenue, supported by lifestyle and Mobile Financial Services. MTN recently launched Games Club, our premium gaming proposition and continued to gain strong momentum on its music offerings as one of the major distributors of digital music in Africa.

MTN Mobile Money registered customers increased by 5,0% to 36,5 million across 15 countries and increased revenue by 40,8%* to R1 289 million when compared to June 2015. Active customers increased by 18,0%, supported by a strong performance from MTN Uganda, MTN Ghana, MTN Rwanda and MTN Benin. Revenue growth was supported by focused customer engagement and a common, more agile platform enabling converged campaigns and incentives. MTN continues to focus on advanced financial services such as remittance services, micro-lending and saving offerings and recorded 160 000 agents.

AIH and MEIH, MTN’s e-commerce joint ventures, continue to deliver good growth. While performance in the AIH business was negatively impacted by the macro-economic slowdown in Nigeria, MEIH continued to gain strong momentum. Unit economics in both businesses continued to improve. AIH recorded approximately three million customers, and approximately 2,5 million transactions and 1,3 million leads on its classified business in the six-month period. In addition, MEIH comprises seven companies in the Middle East, with approximately 600 000 customers and 3,3 million transactions during the period. IIG, our Iranian e-commerce business, gained strong momentum, supported by its taxi-hailing business benefiting from a youthful population and high smartphone penetration.

The TravelStart business, in which MTN acquired a 37,3% indirect interest through Amadeus, recorded 259 000 bookings during the period.

ENTERPRISE BUSINESS UNIT (EBU)In the six-month period, EBU continued to align operations to become the ICT partner of choice for corporate, multinational, SME and public sector customers. While there is a clear opportunity in this market, the EBU function

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continues to operate in a competitive environment with little traction gained. The Group, as part of its strategic review, will embark on a process aimed at accelerating growth in this area.

We continued to focus on the MTN Business Cloud, a hybrid platform using Windows Azure Pack, which is available across all MTN operating companies offering infrastructure, platforms and databases as services. MTN Business has also extended its Cloud Delivery Platform to provide various independent software vendor solutions, particularly to SMEs in four markets. MTN Business invested in the rollout of Global MPLS (multiple protocol label switching) across 27 points of presence together with centralised global monitoring and reporting services. In addition, MTN Business has launched dedicated internet services to its clients in 11 markets. It also extended its Pan African Internet of Things platform to Ghana and Cameroon during the period.

FINANCIAL REVIEWREVENUE

Table 1: Group revenue by country

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

Contribution to revenue

%

South and East Africa 25 156 24 456 2,9 7,6 31,8South Africa 19 841 18 882 5,1 5,1 25,2 Uganda 2 804 2 540 10,4 (2,3) 3,5 Other 2 511 3 034 (17,2) 31,9 3,1 West and Central Africa 46 347 38 296 21,0 (2,5) 58,8 Nigeria 28 941 24 649 17,4 (4,8) 36,7 Ghana 5 165 3 496 47,7 18,9 6,5 Cameroon 3 202 2 742 16,8 (8,7) 4,1 Ivory Coast 3 751 3 081 21,7 (3,9) 4,8 Other 5 288 4 328 22,2 (2,0) 6,7 Middle East and North Africa 7 402 6 569 12,7 1,9 9,4 Syria 1 068 1 329 (19,6) 10,5 1,3 Sudan 2 345 1 610 45,7 15,7 3,0 Other 3 989 3 630 9,9 (7,4) 5,1 Head office companies and eliminations (27) (111) – – –

Total 78 878 69 210 14,0 1,5 100,0

Hyperinflation 237 94 – – –

Total reported 79 115 69 304 14,2 1,7 100,0

Group revenue increased 14,0% to R78 878 million for the six-month period. This was positively impacted by the average exchange rate movement of the rand against the naira when compared to the previous corresponding period. Over the period, the average rand weakened against all our major revenue contributing currencies, declining 22,3% against the US dollar and 18,5% against the naira. In addition, the rand weakened 16,0% against

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the Iranian rial, 21,9% against the Ghanaian cedi, 21,8% against the Central African franc, 11,7% against the Ugandan shilling and 20,0% against the Sudanese pound. The rand strengthened 36,6% against the Syrian pound.

On an organic basis, Group revenue increased by 1,5%*. WECA revenue decreased by 2,5%* and remains the largest contributor to total Group revenue at 59% at the end of June 2016. SEA grew revenue by 7,6%* and contributed 32% to total Group revenue while MENA increased revenue by 1,9%* and contributed 9% to total Group revenue.

The lower-than-expected revenue growth was negatively impacted by a decline in revenue growth in Nigeria (down 4,8%*), Cameroon (down 8,7%*), Ivory Coast (down 3,9%*) and Uganda (down 2,3%*). Regulatory challenges and aggressive competition negatively impacted revenue growth in these markets. This was partly offset by higher revenue growth in South Africa and Ghana, which increased by 5,1% and 18,9%* respectively. South Africa’s increase in revenue was driven by higher handset sales and data revenue growth during the period while Ghana’s healthy revenue growth was attributable to competitive voice and data offerings. Sudan and Syria also supported growth in total Group revenue and increased revenue by 15,7%* and 10,5%*, respectively.

Table 2: Group revenue analysis

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

Contributionto revenue

%

Outgoing voice 44 690 41 392 8,0 (5,4) 56,7Incoming voice 7 777 6 889 12,9 (2,7) 9,9Data 19 849 15 013 32,2 19,7 25,2SMS 1 735 2 042 (15,0) (22,0) 2,2Devices 3 885 2 905 33,7 36,5 4,9Other 942 969 (2,8) (12,1) 1,1

Total 78 878 69 210 14,0 1,5 100,0


Total reported 79 115 69 304 14,2 1,7 100,0

Total outgoing voice revenue declined by 5,4%* and contributed 57% to total Group revenue while data revenue increased by 19,7%* and contributed 25% to total Group revenue. Incoming voice revenue declined by 2,7%* and contributed 10% to total Group revenue. Device revenue increased 36,5%* and contributed 5% to total Group revenue. SMS and other revenue comprise the remaining 3% of total Group revenue. SMS revenue decreased 22,0%*.

Outgoing voice revenue was negatively impacted by a decline in Nigeria (down 5,6%*) and South Africa (down 6,1%). Nigeria was impacted by the subscriber disconnections related to the subscriber registration process and the withdrawal of regulatory services until the beginning of May 2016. The decline in South African revenue was negatively impacted by a 48 hour network outage in February 2016 and increased churn in the post-paid segment due to competition. While average voice traffic increased 7,9%, the Group US dollar effective voice tariff in constant currency terms declined 12,2%*. This was largely due to free minutes offered as an incentive to win back disconnected subscribers and price competition in the majority of the key markets.

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Table 3: Data revenue by country

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

South and East Africa 8 545 7 140 19,7 21,8 South Africa 6 766 5 677 19,2 19,2 Uganda 920 664 38,6 22,7 Other 859 799 7,5 39,8 West and Central Africa 9 708 6 869 41,3 13,8 Nigeria 5 587 4 661 19,9 (2,7)Ghana 1 991 952 109,1 68,0 Cameroon 603 315 91,4 49,5 Ivory Coast 642 447 43,6 13,4 Other 885 494 79,1 42,1 Middle East and North Africa 1 652 1 045 58,1 44,5 Syria 308 362 (14,9) 16,9 Sudan 649 290 123,8 78,3 Other 695 393 76,8 45,0 Head office companies and eliminations (56) (41) – –Total 19 849 15 013 32,2 19,7 Hyperinflation 66 20 – –Total reported 19 915 15 033 32,5 20,0

Data revenue growth was supported by healthy double-digit growth in the majority of operations despite a continued reduction in data pricing as a result of competition. Data traffic increased 135,3% while the effective data tariff declined 46,9%* (in constant currency US dollar terms). This was partly offset by a decline in data revenue in Nigeria (down 2,7%*) as a result of stringent regulatory restrictions when charging “out-of-bundle” data rates.

Digital revenue contributed 32,1% to total Group data revenue, supported by healthy growth in Mobile Financial Services and an increased uptake of content services. These include entertainment, religious and educational services.

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COSTS Table 4: Cost analysis

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

%of revenue

Handsets 6 036 4 440 35,9 33,5 7,7 Interconnect 6 868 5 930 15,8 1,5 8,7 Roaming 476 394 20,8 14,7 0,6 Commissions 4 689 4 800 (2,3) (13,5) 5,9 Government and regulatory costs 2 955 2 834 4,3 (5,3) 3,7 VAS/Digital revenue share 2 143 1 091 96,4 66,3 2,7 Service provider discount 987 902 9,4 9,5 1,3 Network 12 257 8 314 47,4 33,3 15,5 Marketing 1 789 1 639 9,2 (2,1) 2,3 Staff costs 4 770 4 153 14,9 7,6 6,0 Other OPEX 6 635 4 439 49,5 93,9 8,4Total 49 605 38 936 27,4 22,8 62,9Regulatory fine 10 499 – – – – Hyperinflation 147 45 – – – Total reported 60 251 38 981 54,6 44,6 76,2

Group operating costs excluding the impact of the Nigerian regulatory fine, hyperinflation and tower profits increased by 27,4% to R49 605 million. This was impacted by average exchange rate movements of the rand against the operating currencies, which had a negative impact of R1,8 billion.

On an organic basis, total Group costs increased by 22,8%*. WECA increased its costs by 9,1%* and contributed 52% to total Group costs while SEA increased its costs by 37,2%* and contributed 36% to total Group costs. MENA increased costs by 1,9%* and contributed 10% to total Group costs. Head office costs contributed 2% to total Group costs.

Once-off costs included professional fees of R1 324 million and PPE impairment in South Sudan of R2 632 million*. Excluding these costs incurred, costs increased by 12,6%*. During the period R1 324 million* costs were incurred on a range of professional services relating to the negotiations that led to a reduction of R34 billion in the Nigerian regulatory fine.

The increase in total costs was mainly as a result of higher costs in Nigeria (up 11,3%*). This was largely impacted by US dollar-denominated exposure mainly associated with the previously concluded tower transactions, rent and utilities related to build-to-suit sites, as well as marketing and distribution costs related to the subscriber registration process. MTN South Africa costs were higher by 14,0%, impacted by the increase in network-related costs associated with the network expansion during the period. In South Sudan, the impairment on PPE of R259 million had a significant impact on SEA costs.

Total direct network operating costs increased 33,3%* and contributed 25% to total costs while device costs increased by 33,5%* and contributed 12% to total costs. Interconnect and roaming costs increased 2,3%* and contributed 15% to total costs while staff costs increased 7,6%* and contributed 10% to total Group costs. Selling, distribution and marketing costs increased marginally and contributed 19% to total Group costs. Government

15MTN Group Limited


and regulatory costs declined 5,3%* and contributed 6% to total Group costs while other operating costs increased 93,9%* and contributed 13% to total Group costs.

The increase in direct network operating costs was due to aggressive 3G and LTE network expansion in key markets, higher rent and utilities costs and foreign-denominated expenses mainly in Nigeria. The increase in device costs was mainly a result of higher volumes of smartphones sold in South Africa.

EBITDA Table 5: Group EBITDA by country

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

South and East Africa 7 213 8 555 (15,7) (47,3)South Africa 5 979 6 724 (11,1) (11,1)Uganda 842 915 (8,0) (18,6)Other 392 916 (57,2) (342,1)West and Central Africa 20 574 19 303 6,6 (14,0)Nigeria 14 421 14 132 2,0 (16,9)Ghana 2 004 1 387 44,5 16,3 Cameroon 1 218 1 036 17,6 (8,0)Ivory Coast 1 349 1 126 19,8 (5,2)Other 1 582 1 622 (2,5) (24,4)Middle East and North Africa 2 359 2 051 15,0 1,9 Syria 305 215 41,9 94,9 Sudan 829 539 53,8 23,0 Other 1 225 1 297 (5,6) (22,3)Head office companies and eliminations (873) 365 – –

Total 29 273 30 274 (3,3) (25,9)

Regulatory fine (10 499) – – – Hyperinflation 90 49 – – Tower profits 18 352 – –

Total reported 18 882 30 675 (38,4) (59,0)

Reported Group EBITDA decreased 38,4%** to R18 882 million**. This was negatively impacted by the accrual for the Nigerian regulatory fine (R10 499 million**) following the agreed settlement on 10 June 2016. The deferred profit from the sale of towers in Ghana (R18 million**) and an adjustment for hyperinflation (R90 million**) positively impacted Group EBITDA.

Excluding these, EBITDA decreased by 3,3% to R29 273 million. This was positively impacted by foreign exchange movements of 23% of which South Sudan made up 8,7%.

On an organic basis, EBITDA declined by 25,9%*. WECA EBITDA declined by 14,0%* and contributed 70% to total EBITDA. SEA’s EBITDA decreased by 47,3%* and contributed 25% to EBITDA while MENA increased EBITDA by 1,9%* and contributed 8% to total EBITDA. Head office negatively impacted EBITDA by 3%.

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Organic EBITDA was negatively impacted by once-off costs in the period. In addition, organic EBITDA was negatively impacted by a decline in Nigeria (down 16,9%*) and South Africa (down 11,1%). MTN Nigeria’s decline in EBITDA was as a result of the second tranche transfer of passive infrastructure into the TowerCo as well as US dollar-denominated expenses associated with the TowerCo and build-to-suit sites. MTN South Africa’s EBITDA was negatively impacted by higher device costs and an increase in network-related costs following aggressive expansion of its 3G and LTE rollout. MTN Ghana (up 16,3%*), MTN Syria (up 94,9%*) and MTN Sudan (up 23,0%*) supported total Group EBITDA. This was attributable to efficient cost control in Ghana, Cameroon and Sudan despite the depreciation of local currencies against the US dollar. The growth in MTN Syria’s EBITDA was mainly due to the decrease in revenue share to 30% from 50% following the conversion of the build-operate-transfer (BOT) licence into a full licence.

Excluding the impact of the Nigerian regulatory fine, tower profits and hyperinflation, the Group recorded a 6,6 pp decline in its EBITDA margin to 37,1%, largely impacted by lower margins in Nigeria and South Africa and the once-off costs reported in the period.

DEPRECIATION AND AMORTISATIONTable 6: Group depreciation and amortisation

Depreciation Amortisation

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

South and East Africa 3 230 2 637 22,5 26,6 616 533 15,6 15,4South Africa 2 667 2 016 32,3 32,3 467 424 10,1 10,1 Uganda 300 256 17,2 3,5 100 65 53,8 37,0 Other 263 365 (27,9) 11,2 49 44 11,4 34,1West and Central Africa 6 342 5 231 21,2 (2,0) 1 188 944 25,8 1,7Nigeria 4 284 3 775 13,5 (8,1) 768 477 61,0 30,6 Ghana 379 359 5,6 (15,6) 60 53 13,2 (9,4)Cameroon 508 233 118,0 70,4 72 180 (60,0) (68,9)Ivory Coast 403 281 43,4 13,2 107 80 33,8 5,0 Other 768 583 31,7 9,4 181 154 17,5 (3,2)Middle East and North Africa 1 083 859 26,1 13,4 198 199 (0,5) (6,0)Syria 137 110 24,5 70,9 38 63 (39,7) (17,5)Sudan 435 311 39,9 10,9 33 26 26,9 – Other 511 438 16,7 0,7 127 110 15,5 (0,9)Head office companies and eliminations 203 152 – – 150 160 – –

Total 10 858 8 879 22,3 8,1 2 152 1 836 17,2 3,9

Hyperinflation 55 26 – – 22 9 – –

Total reported 10 913 8 905 22,5 7,4 2 174 1 845 17,8 4,7

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Depreciation increased by 22,3% (8,1%*) to R10 858 million impacted by higher depreciation charges in South Africa as a result of higher capex in 2015. Amortisation costs increased by 17,2% (3,9%*) to R2 152 million, driven by higher spend on software in previous years and the goodwill impairments in Guinea Conakry (R402 million) and Afrihost (R202 million).

NET FINANCE COSTSTable 7: Net finance cost

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

%of revenue

Net interest paid 1 855 839 121,1 171,2 2,4 Net forex losses 3 606 1 481 143,5 304,9 4,6

Total 5 461 2 320 135,4 256,5 7,0

Nigeria regulatory fine 452 – – – –Hyperinflation 32 (1) – – –

Total reported 5 945 2 319 156,4 254,2 7,5

Net finance costs amounted to R5 461 million compared to R2 320 million recorded in the previous comparable period. This was due to an increase in net foreign exchange losses to R3 606 million from R1 481 million in the prior period, impacted by unfavourable exchange rates at the end of the period, in particular the depreciation of the Nigerian naira against the US dollar and the Iranian rial against the rand. An increase in net interest paid to R1 855 million from R839 million paid in the previous comparable period also contributed to the increase in net finance costs. The increase in the net interest expense is due to the higher net debt of R49 257 million** compared to R17 161 million** reported in the comparable period.

Net foreign exchange losses include:

■■ Forex losses in Mauritius of R1 078 million relating mainly to the Iran receivables;■■ Forex losses in Nigeria of R1 124 million incurred on US dollar-denominated intercompany loans and third

party payables (R2 034 million of the losses on third party US dollar loans have been deferred in equity following the application of net investment hedge accounting);

■■ Forex losses of R408 million in South Sudan on third party US dollar payables;■■ Forex losses of R395 million in Sudan mainly on settlement of third party trade payables; and■■ Forex losses of R178 million in South Africa on foreign exchange contracts relating to foreign payables in

respect of the purchase of handsets.

Following the significant depreciation of the Sudanese pound, MTN South Sudan’s foreign currency translation reserves included in equity amounted to approximately R3 billion at 30 June 2016. Should the Group decide to exit this operation, this amount will be recycled to the income statement as a loss.

SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES AFTER TAX Joint ventures and associates reported a loss of R1 692 million** compared to a gain of R2 027 million** in the previous comparable period. This included a charge of R1 039 million** incurred by Iran mainly relating to the subsequent depreciation and amortisation of previously hyper-inflated assets that were historically written up under hyperinflation reporting. Iran hyperinflation accounting was discontinued effective 1 July 2015. Losses of R2 463 million** from the Nigerian TowerCo were mainly as a result of foreign exchange losses (R2 282 million**) on US dollar-denominated loans and short-term losses from AIH, MEIH and IIG (R494 million**).

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TAXATIONTable 8: Taxation

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

Contributionto taxation

%

Normal tax 5 661 5 672 (0,2) (14,1) 120,6 Deferred tax (1 573) (472) 233,3 62,7 (33,5)Capital gains tax – – – – – Foreign income and withholding taxes 606 1 023 (40,8) (45,0) 12,9

Total 4 694 6 223 (24,6) (25,0) 100,0


Total reported 4 726 6 249 (24,4) (36,7) 100,0

The Group’s reported effective tax rate decreased to negative 309,5%** from 31,0%** in the previous comparable period, impacted by the Nigeria regulatory fine and hyperinflation. Excluding this impact, the effective tax rate increased to 49,2% from 32,9% in the previous comparable period. Lower profit before tax was due to the reported losses in joint ventures and associates, which impacted profit before tax, the higher ratio of withholding tax and denied assessed losses in Guinea Conakry and South Sudan as well as by a range of professional services relating to the negotiations that led to a reduction of R34 billion in the Nigerian regulatory fine. If the loss before tax is further analysed and adjusted for the effects of losses from joint ventures and associates, South Sudan unrealised forex losses, the Guinea Conakry goodwill impairment, the South Sudan PPE impairment and a range of professional fees relating to the Nigerian regulatory fine, the Group effective tax rate decreases to 33,0%.

The Group’s taxation charge decreased by 24,6% (25,0%*) to R4 694 million for the period. This was a result of lower profit before tax and a higher deferred tax credit due to increased unrealised foreign exchange losses on US dollar-denominated intercompany loans and third party payables in Nigeria.

EARNINGS/LOSSES The Group reported a basic headline loss per share of 271 cents** largely impacted by the Nigerian regulatory fine expense (474 cents**), hyperinflation (20 cents**), and losses incurred on the Group’s investments in Rocket (27 cents**) and tower companies (136 cents**). The headline figure was further impacted by forex losses (135 cents**) and by a range of professional services relating to the negotiations that led to a reduction in the Nigerian regulatory fine (73 cents**). Excluding these impacts, HEPS declined 11,7% to 594 cents. The attributable loss per share was 301 cents** from attributable earnings per share of 653 cents in the comparative period.

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CASH FLOW Cash inflows generated from operations decreased by 9,2%** to R23 870 million** mainly as a result of the Nigerian regulatory fine payments of R5,9 billion** during the period. Cash capex of R14 024 million** included the purchase of 4G spectrum in Ghana (R973 million**), Nigeria licence spectrum (R1 billion**) and the LTE and fibre licence in Congo Brazzaville (R289 million**).

CAPITAL EXPENDITURETable 9: Capital expenditure

Actual (Rm)

Prior(Rm)

Reported% change

Organic% change

South and East Africa 5 626 5 896 (4,6) (3,2)South Africa 4 773 4 678 2,0 2,0 Uganda 364 556 (34,5) (42,1)Other 489 662 (26,1) (6,9)West and Central Africa 6 975 3 652 90,9 57,2 Nigeria 2 534 1 172 116,2 78,9 Ghana 1 646 355 363,7 296,6 Cameroon 1 121 943 18,9 (6,9)Ivory Coast 842 422 99,5 57,1 Other 832 760 9,5 (8,6)Middle East and North Africa 1 064 732 45,4 33,9 Syria 191 56 241,1 360,7 Sudan 549 337 62,9 29,7 Other 324 339 (4,4) (15,9)Head office companies and eliminations 107 572 – –Total 13 772 10 852 26,9 15,4 Hyperinflation 78 17 – – Total reported 13 850 10 869 27,4 15,3

Capex increased 27,4%** to R13 850 million**, of which R1 241 million was related to foreign currency movements.

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FINANCIAL POSITIONTable 10: Net debt analysis (Rm)

Cash and cash

equivalents*

Interest-bearing

liabilitiesNet debt/

(cash)

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 and eliminations 7 000 52 065 45 065 29 916

Total reported 32 690 81 947 49 257 31 635

*includes restricted cash and current investments.

Net debt increased to R49 257 million** compared to net debt of R31 635 million** reported at the end of December 2015. The Group reported a net debt/EBITDA ratio of 0,83 excluding the Nigerian regulatory fine. The net debt position at the end of the period was mainly impacted by the following:

■■ Nigerian regulatory fine payment R5 870 million**;■■ Group dividend paid to shareholders of R15 212 million**;■■ Dividends paid to minority shareholders of R790 million**;■■ An increase in capital expenditure and licences to R16 112 million**;■■ Investments made in Amadeus (TravelStart), the Autopage acquisition and cash paid to AIH on capital calls of

R1 702 million**; ■■ Net interest of R2 313 million**; and■■ Lower cash generated from operations.

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OPERATIONAL REVIEW SEA ■■ Subscribers remained flat at 52,8 million■■ Revenue increased by 7,6%*■■ Data revenue increased by 21,8%*

SOUTH AFRICA ■■ Subscribers decreased by 2,6% to 29,8 million■■ Revenue increased by 5,1%■■ Service revenue increased by 0,7%■■ Data revenue increased by 19,2%■■ EBITDA margin declined by 5,5 pp to 30,1%

MTN South Africa reported a lower-than-expected performance, negatively impacted by network outages in some areas, competition and economic pressure impacting consumer spending. The result was supported by good growth in data usage benefiting from aggressive smartphone device sales and continued efforts to improve 3G and LTE network quality. The operation’s subscriber base declined 2,6% to 29,8 million. The pre-paid and post-paid segments declined by 2,7% to 24,7 million and 2,1% to 5,1 million, respectively.

Total revenue increased by 5,1% to R19 841 million mainly as a result of higher data and device revenue growth. This was partly offset by a 6,1% decline in outgoing voice revenue. Service revenue, which excludes device revenue, remained relatively flat. Data revenue increased by 19,2%, contributing 34,1% to total revenue. The number of smartphones on the network increased by 18,4% to 9,3 million (restated to align with the Group definition) while megabytes per user increased 53,8% for the period. Device sales in the previous comparable period were impacted by the industrial strike action and supply chain challenges.

Digital revenue gained momentum and contributed 13,5% to data revenue. This was attributable to additional services being offered, including international content. EBU continued to operate in a competitive environment. During the period the operation entered into a sales agreement to dispose of its 50,02% stake in Afrihost (Proprietary) Ltd.

The EBITDA margin declined by 5,5 pp to 30,1% mainly as a result of increased device costs relating to higher volumes sold and the impact of network-related costs as a result of the continued rollout of 3G and LTE sites.

Capex for the six months amounted to R4 773 million with the rollout of 369 co-located 3G sites and 284 LTE sites. The operation continued to improve quality and capacity of the network in key cities to cater for increased data traffic. In addition, 175 sites were connected to fibre. Fibre to the home connections remain a priority with approximately 10 000 homes passed, of which 40% were rolled out during the period.

On 15 July 2016, the national regulator, Independent Communications Authority of South Africa (ICASA) published an invitation to apply for high demand spectrum, in the 700MHz, 800Mhz and 2,6GHz spectrum bands. ICASA expects to conclude the licensing by the end of March 2017. There are four lots on offer with a reserve price of R3 billion. MTN has been analysing the invitation and is actively preparing documentation to meet the deadline for enquiries relating to the Invitation to Apply (ITA). MTN has noted, with interest, media reports that the Minister of Telecommunications and Postal Services intends to challenge ICASA regarding the abovementioned ITA and MTN will continue to monitor the developments.

Other SEA – across the rest of the region subscribers increased by 3,6% to 23,1 million for the period. This was mainly underpinned by good growth in Uganda.

MTN Uganda increased its subscriber base by 10,8% for the six months to 9,9 million following the disconnection of subscribers reported in the second half of 2015. This was supported by customer acquisitions through voice bundle propositions and the continued success of MTN Zone, resulting in market share growth to 52,7%.

22MTN Group Limited


Total revenue declined by 2,3%* mainly as a result of a decline in both outgoing and incoming voice revenue impacted by the implementation of the One Network Area, the decline in mobile termination rates and the impact of the disconnections in the second half of 2015. Data revenue increased by 22,7%* and contributed 32,8% to total revenue. This was supported by data bundles, including successful shorter-duration bundles.

Digital revenue contributed 70,5% to data revenue, supported by local content services including MTN Play. MTN Mobile Money customers decreased 24,4% to 7,2 million mainly as a result of the disconnections during the subscriber registration process in the second half of 2015.

MTN Uganda’s EBITDA margin decreased by 6,0 pp to 30,0%, impacted by higher network operating costs and associated US dollar-denominated expenses, as well as higher transmission costs following the rollout of a 3G and LTE network. Higher marketing and distribution costs were incurred mainly as a result of the launch of 3G and 4G services.

Capex decreased by 42,1%* to R364 million, impacted by a delay in the supply chain process. During the period, 195 co-located 3G and 100 LTE sites were rolled out.

WECA ■■ Subscribers decreased by 1,0% to 105,5 million■■ Revenue decreased by 2,5%*■■ Data revenue increased by 13,8%*

NIGERIA ■■ Subscribers decreased by 3,7% to 58,9 million■■ Revenue decreased by 4,8%*■■ Data revenue decreased by 2,7%*■■ EBITDA margin declined by 7,5 pp to 49,8%

MTN Nigeria continued to experience a challenging operating environment impacted by the disconnection of the final batch of subscribers in compliance with the subscriber registration process during the period. The operation was also impacted by the inability to offer competitive prices as a result of the suspension of regulatory services until May 2016, when the operation obtained the necessary approval to offer competitive pricing plans and promotions. Tough economic conditions further negatively impacted consumer spending. MTN Nigeria increased market share to 46,2%, despite the decline in its subscriber base by 3,7% to 58,9 million (including 568 000 Visafone subscribers).

Total revenue declined by 4,8%* as a result of lower outgoing voice revenue and lower data revenue. These were impacted by regulatory requirements to seek permission to charge “out-of-bundle” data rates, multi-SIMs and delays in competitive offerings. Data revenue declined by 2,7%* and contributed 19,3% to total revenue. The number of smartphones on the network increased by 11,2% to 16,0 million.

Digital revenue continued to gain momentum and contributed 51,7% to data revenue. This was supported by good growth in music and other lifestyle content services.

The number of registered accounts on MTN Nigeria’s Mobile Money offering, Diamond Yellow, increased by 5,0% to 6,5 million.

The EBITDA margin declined by 7,5 pp to 49,8%, impacted by the transfer of the second tranche of passive infrastructure into the TowerCo as well as US dollar-denominated expenses associated with the TowerCo and build-to-suit sites. This was further impacted by a 13,8%* increase in marketing costs relating to the subscriber registration process as well as a range of professional services fees incurred to the settlement of the regulatory fine.

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Over the six-month period, 428 3G sites and 507 LTE sites were rolled out. The operation experienced some delays in the network re-planning and a delay with equipment purchases as a result of foreign exchange limitations. Capex for the period increased by 78,9%* to R2 534 million. Improving the quality of the 3G co-located network and the rollout of LTE remains a priority. During the period, the operation purchased additional LTE spectrum for a consideration of R1 billion.

Other WECA – the remainder of the region increased its subscriber base by 2,8% to 46,6 million driven by solid growth in Ghana and satisfactory growth in Cameroon.

MTN Ghana delivered a strong performance and grew its subscriber base by 8,1% to 17,6 million. This was supported by the launch of LTE services, the first operator to do so, as well as attractive value propositions, which contributed to market share growth to 53,8%.

Total revenue increased by 18,9%*, supported by strong growth in data and outgoing voice revenue. Data revenue grew by 68,0%* and contributed 38,5% to total revenue supported by data bundles, including 4G data bundles, benefiting from superior data network quality and increased smartphone penetration. Smartphones on the network increased by 21,7% to 3,6 million.

Digital revenue showed healthy growth, underpinned by attractive lifestyle content bundles and good momentum gained in mobile financial services. Digital revenue contributed 47,9% to data revenue. MTN Mobile Money subscribers increased by 23,3% to 7,0 million, supported by international remittances.

The EBITDA margin declined 0,9 pp to 38,8% mainly as a result of higher transmission costs and the impact of foreign-denominated expenses following the depreciation of the cedi, as well as high inflation.

Capex increased by more than 100%* to R1 646 million with a key focus on the rollout of LTE sites. The operation added 110 co-located 3G and 435 LTE sites during the period. Capex includes the 4G licence acquired in H2 15.

MTN Cameroon increased its subscriber base by 5,0% to 9,6 million despite the subscriber registration process, which was relatively well managed and supported by aggressive subscriber registration campaigns. Market share grew to 57,4% as a result of improved network quality, expansion of the LTE footprint and increased smartphone penetration.

Total revenue declined by 8,7%* mainly as a result of a decline in outgoing voice revenue impacted by price competition and free minutes used in relation to the subscriber registration process. However, data revenue increased by 49,5%* and contributed 18,8% to total revenue. This was supported by increased 3G device penetration and the rollout of 3G and LTE networks. Smartphones on the network increased by 34,1% to 2,6 million.

Digital revenue contributed 21,7% to data revenue. MTN Mobile Money registered subscribers increased by 21,1% to 2,4 million while active subscribers increased by more than 100%, supported by a Mobile Money brand campaign to increase activity.

MTN Cameroon’s EBITDA margin increased by 0,2 pp to 38,0%. This was supported by strong cost optimisation and a substantial reduction in transmission costs due to the use of the WACS cable.

Capex decreased 6,9%* to R1 121 million with a focus on 3G and LTE network rollout and quality. During the period the operation rolled out 189 co-located 3G sites and 64 LTE sites.

MTN Ivory Coast reported a decline in its subscriber base of 1,3% to 8,2 million, negatively impacted by the subscriber registration requirements and aggressive competition.

Total revenue decreased by 3,9%* mainly due to lower outgoing voice revenue impacted by a decrease in minutes from a lower subscriber base. This was partially offset by a 13,4%* increase in data revenue, which contributed 17,1% to total revenue. This was supported by the introduction of new segmented data bundles and

24MTN Group Limited


an increase in 3G and LTE coverage. Growth in data revenue was also attributable to a switch from WiMax devices to LTE TDD devices.

Digital revenue contributed 50,2% to data revenue, driven by an increase in digital services offered. MTN Mobile Money continued to make good progress and increased registered subscribers by 10,4% to 3,2 million.

The EBITDA margin decreased by 0,6 pp to 36,0%.

Capex increased 57,1%* to R842 million with a strong focus on 3G and LTE network rollout. During the period, the operation rolled out 151 co-located 3G sites and 343 LTE sites.

MENA■■ Subscribers increased by 1,1% to 74,1 million■■ Revenue increased by 1,9%* (excluding Iran)■■ Data revenue increased 44,5%*(excluding Iran)

Other MENA – in the remainder of the region, the subscriber base declined marginally by 0,4% to 26,8 million.

MTN Sudan increased its subscriber base by 4,2% to 8,8 million driven by targeted marketing campaigns. Total revenue increased by 15,7%* mainly as a result of strong data revenue growth. Data revenue increased by 78,3%* and contributed 27,7% to total revenue as a result of increased data users. Data users increased 4,8% to 4,4 million. Digital revenue contributed 19,4% to data revenue. The EBITDA margin decreased by 1,9 pp to 35,4%. Capex amounted to R549 million for the six-month period.

MTN Syria reported a 2,4% decrease in its subscriber base to 5,8 million despite operating in a very challenging environment. Total revenue increased by 10,5%* mainly supported by outgoing voice and data revenue. Data revenue increased by 16,9%* and contributed 28,8% to total revenue. The EBITDA margin increased by 12,3 pp to 28,6% mainly supported by the decrease in revenue share to 30% from 50% following the conversion of the BOT licence and cost optimisation. Capex in the six-month period amounted to R191 million.

IRAN (JOINT VENTURE, EQUITY ACCOUNTED, 49%)■■ Subscribers increased by 2,0% to 47,3 million■■ Revenue increased by 8,7%* ■■ Data revenue increased 65,3%*■■ EBITDA margin decreased by 2,4 pp to 37,7%

MTN Irancell delivered a sound performance despite a highly competitive environment and regulatory pressure on data tariffs. Subscribers increased by 2,0% to 47,3 million mainly as a result of attractive segmented voice and data offerings, data bundles and a quality 3G and LTE network experience.

Total revenue increased by 8,7%* driven by increased data revenue growth partly offset by a decline in outgoing voice revenue of 4,6%*. Outgoing voice revenue was negatively impacted by the continuous substitution of data services. Data revenue increased by 65,3%* underpinned by increased smartphone penetration, a strong 3G and LTE network as well as improved customer experience. The number of smartphones on the network increased 25,8% to 25,8 million. At the end of the period, data revenue contributed 40,6% to total revenue while outgoing voice revenue contributed 38,5%.

Digital revenue contributed 32,6% to data revenue, supported by strong growth in local lifestyle content-based usage.

The EBITDA margin decreased by 2,4 pp to 37,7% as a result of increased transmission costs associated with the data network expansion, rent and utilities as well as marketing costs related to 3G and LTE campaigns.

The operation increased capex by 24,8% to R4 721 million. During the period it added 1 783 co-located 3G sites and 851 LTE sites.

25MTN Group Limited


ANNEXURE

ZAR (million)Actual H1-16

(1)Hyper-

inflation

(2) Tower

profit

(3)Nigeria regula-

tory fine

Actual 2016

adjustedActual H1-15

(1)Hyper-

inflation

(2)Tower

profit

Actual 2015

adjustedAdjusted

change %

Revenue 79 115 237 – – 78 878 69 304 94 – 69 210 14Other income 367 – 18 – 349 411 – 352 59 492EBITDA 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 27Profit 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 135Share of results of joint ventures and 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% 16,3 pp

(1) Represents the exclusion of the impact of hyperinflation and the relating goodwill impairment of certain of the Group’s subsidiaries (MTN Sudan and MTN Syria) and the Group’s joint venture in Iran, being accounted for on a hyperinflationary basis in accordance with International Financial Reporting Standards (IFRS) on the respective financial statement line items affected. During 2015, the Iranian economy was assessed to no longer be hyperinflationary and hyperinflation accounting was discontinued effective 1 July 2015.

(2) Represents the exclusion of the financial impact relating to the sale of tower assets during the financial period on the respective financial line items impacted, which include:

• Tower sales profits for the period related to the Ghana release of deferred profit of R18million (H1 15:The re-measurement of thecontingent consideration receivable from the Nigeria tower transaction (tranche 1) of R339 million and the Ghana release of deferred profit of R13 million).

(3) Represents the impact of the Nigerian regulatory fine subsequent to conclusion of the settlement agreement on the respective financial line items impacted, which include:

• There-measurementimpactwhenthesettlementagreementwasenteredintoon10June2016,constitutingthedifferencebetweenthe balance of the provision recorded on this date (after taking into account interest accrued from the beginning of the financial period up to 9 June 2016) and the present value of the financial liability arising on this date in accordance with IFRS (included in the EBITDA line);

• Theunwindingofthefinancecostsovertheperiodduetotherecognitionofprovision/financialliabilityatthepresentvalueofthefuturepayments (included on the finance cost line);

• Theminorityimpactontheitemsnotedabove.

As the Group will continue in its strategy to monetise its passive infrastructure, similar tower sale transactions may continue going forward. In addition, the impact of hyperinflation on the Group’s results will continue for as long as certain of Group’s operations are considered to be operating in hyperinflationary economies or the Group’s net assets include historic adjustments for hyperinflation that have not yet been fully depreciated or amortised through profit or loss. Going forward, the impact of the Nigerian regulatory fine will be limited to the unwinding of the finance cost element of the future payments over the settlement period, net of minority interests.

26MTN Group Limited


DECLARATION OF INTERIM ORDINARY DIVIDENDNotice is hereby given that a gross interim dividend of 250 cents per share for the period to 30 June 2016 has been declared payable to MTN shareholders. The number of ordinary shares in issue at the date of this declaration is 1 844 049 073 (including 10 206 255 treasury shares). The dividend will be subject to a maximum local dividend tax rate of 15% which will result in a net dividend of 212,50 cents per share to those shareholders who bear the maximum rate of dividend withholding tax of 37,50 cents per share. The net dividend per share for the respective categories of shareholders for the different dividend tax rates is as follows: 0% 250 cents per share 5% 237,50 cents per share 7,5% 231,25 cents per share 10% 225,00 cents per share 12,5% 218,75 cents per share 15% 212,50 cents per share

These different dividend tax rates are a result of the application of tax rates in various double taxation agreements as well as exemptions from dividend tax.

MTN Group Limited’s tax reference number is 9692/942/71/8. In compliance with the requirements of Strate, the electronic settlement and custody system used by the JSE Limited, the salient dates relating to the payment of the dividend are as follows:

Last day to trade cum dividend on the JSE Tuesday, 23 August 2016First trading day ex dividend on the JSE Wednesday, 24 August 2016Record date Friday, 26 August 2016Payment date Monday, 29 August 2016

No share certificates may be dematerialised or rematerialised between Wednesday, 24 August 2016, and Friday, 26 August 2016, both days inclusive. On Monday, 29 August 2016, the dividend will be transferred electronically to the bank accounts of certificated shareholders who make use of this facility.

In respect of those who do not use this facility, cheques dated Monday, 29 August 2016 will be posted on or about that date. Shareholders who hold dematerialised shares will have their accounts held by the Central Securities Depository Participant or broker credited on Monday, 29 August 2016.

The board of directors confirms that the Group will satisfy the solvency and liquidity test immediately after completion of the dividend distribution.

For and behalf of the Board

PF NhlekoExecutive ChairmanFairland4 August 2016

1MTN Group Limited

Reviewed condensed consolidated interim financial statements for the six months ended 30 June 2016

REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARD (IAS) 34 INTERIM FINANCIAL REPORTING

The Group’s reviewed condensed consolidated interim financial statements for the six months ended 30 June 2016 have been independently reviewed by the Group’s external auditors. The preparation of the condensed consolidated interim financial statements was supervised by the Group chief financial officer, BD Goschen, BCom, BCompt (Hons), CA(SA).

The results were made available on 5 August 2016.

28MTN Group Limited

Independent auditors’ review report on condensed consolidated interim financial statements

TO THE SHAREHOLDERS OF MTN GROUP LIMITEDWe have reviewed the condensed consolidated interim financial statements of MTN Group Limited in the accompanying interim report, which comprise the condensed consolidated statement of financial position as at 30 June 2016 and the related condensed consolidated income statement, statements of comprehensive income, changes in equity and cash flows for the six months then ended, and selected explanatory notes.

Directors’ responsibility for the interim financial statementsThe directors are responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibilityOur responsibility is to express a conclusion on these interim financial statements. We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity (ISRE 2410). ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate the evidence obtained.

The procedures in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these interim financial statements.

ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements of MTN Group Limited for the six months ended 30 June 2016 are not prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.

PricewaterhouseCoopers Inc. SizweNtsalubaGobodo Inc.Director: JR van Huyssteen Director: SY LockhatRegistered Auditor Registered AuditorSunninghill Woodmead4 August 2016 4 August 2016

29MTN Group Limited

for the

Condensed consolidated income statement

Note

Six monthsended

30 June2016

ReviewedRm

Six monthsended

30 June20151

ReviewedRm

Financial year ended

31 December2015

AuditedRm

Revenue 79 115 69 304 147 063Other income 367 411 8 409Direct network and technology operating costs2 (12 291) (8 327) (18 809)Costs of handsets and other accessories (6 065) (4 449) (10 829)Interconnect and roaming costs (7 358) (6 330) (13 102)Staff costs (4 777) (4 155) (8 587)Selling, distribution and marketing expenses (9 624) (8 439) (18 412)Government and regulatory costs (2 982) (2 835) (5 888)Other operating expenses3 (7 004) (4 505) (11 433)

EBITDA before Nigeria regulatory fine 29 381 30 675 68 412Nigeria regulatory fine 17 (10 499) – (9 287)

EBITDA 18 882 30 675 59 125Depreciation of property, plant and equipment (10 913) (8 905) (19 557)Amortisation of intangible assets (2 174) (1 845) (3 736)Impairment of goodwill 8 (604) – (504)

Operating profit 5 191 19 925 35 328Net finance costs (5 945) (2 319) (3 010)Net monetary gain 919 496 1 348 Share of results of joint ventures and associates after tax 9 (1 692) 2 027 1 226

(Loss)/profit before tax (1 527) 20 129 34 892Income tax expense (4 726) (6 249) (11 322)

(Loss)/profit after tax (6 253) 13 880 23 570

Attributable to:Equity holders of the Company (5 489) 11 900 20 204Non-controlling interests (764) 1 980 3 366

(6 253) 13 880 23 570

Basic (loss)/earnings per share (cents) 7 (301) 653 1 109

Diluted (loss)/earnings per share (cents) 7 (301) 650 1 106 1 Restated, refer note 16.2 The increase in direct network and technology operating costs was mainly due to aggressive 3G and LTE network expansion in key markets, higher rent and utilities cost and foreign denominated expenses mainly in Nigeria.3 Including costs amounting to R1 324 million incurred on professional services relating to the negotiations that led to a reduction of R34 billion in the Nigeria regulatory fine (note 17).

30MTN Group Limited

for the

Condensed consolidated statement of comprehensive income

Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

(Loss)/profit after tax (6 253) 13 880 23 570Other comprehensive (loss)/income after tax:Exchange differences on translating foreign operations including the effect of hyperinflation1 (12 499) (3 273) 22 203

Equity holders of the Company (11 866) (3 181) 21 033Non-controlling interests (633) (92) 1 170

Net change in fair value of available-for-sale investments1, 2 2 672 – –

Equity holders of the Company 2 672 – –

Non-controlling interests – – –

Total comprehensive (loss)/income (16 080) 10 607 45 773

Attributable to:Equity holders of the Company (14 683) 8 719 41 237Non-controlling interests (1 397) 1 888 4 536

(16 080) 10 607 45 7731 This component of other comprehensive income does not attract any tax and may subsequently be reclassified to profit or loss.2 The available-for-sale investment relates to the Group’s investment in IHS Holdings Limited (IHS).

31MTN Group Limited

as at

Note

30 June2016

ReviewedRm

30 June2015

ReviewedRm

31 December 2015

AuditedRm

Non-current assets 200 447 161 219 218 435 Property, plant and equipment 93 462 85 501 106 702 Intangible assets and goodwill 52 172 37 484 55 887 Investment in joint ventures and associates1 32 169 24 978 35 552 Deferred tax and other non-current assets2 22 644 13 256 20 294 Current assets 82 468 85 269 95 432

Non-current assets held for sale 18 466 3 959 10 82 002 81 310 95 422

Other current assets 12 940 12 292 15 940 Trade and other receivables 41 470 37 003 43 570 Restricted cash 637 1 001 1 735 Cash and cash equivalents 26 955 31 014 34 177

Total assets 282 915 246 488 313 867

Total equity 119 796 127 420 151 838 Attributable to equity holders of the Company 116 669 122 702 146 369 Non-controlling interests 3 127 4 718 5 469 Non-current liabilities 84 000 51 495 72 510 Interest-bearing liabilities 12 64 190 39 511 52 661 Deferred tax and other non-current liabilities 19 810 11 984 19 849 Current liabilities 79 119 67 573 89 519 Non-current liabilities held for sale 18 208 15 –

78 911 67 558 89 519Interest-bearing liabilities 12 17 757 16 548 22 510 Trade and other payables 43 602 31 896 40 484 Other current liabilities 17 552 19 114 26 525

Total equity and liabilities 282 915 246 488 313 8671 The decrease in investment in joint ventures and associates since 31 December 2015 is mainly due to the Group’s share of the attributable

loss, amounting to R2,5 billion (note 9) and foreign currency translation loss amounting to R3,1 billion from its investment in Nigeria Tower InterCo B.V., offset by its increase in investment of R2 312 million in Africa Internet Holding GmbH (AIH) (note 14) during the period.

2 Other non-current assets include the revaluation of the Group’s Investment in IHS amounting to R2,7 billion.

The strengthening of the rand, which is the presentation currency of the Group, against the functional currencies of the Group’s largest operations contributed significantly to the decrease in assets and liabilities since 31 December 2015 which are translated into the Group’s presentation currency at closing rates at the end of the reporting period.

Condensed consolidated statement of financial position

32MTN Group Limited

for the

Condensed consolidated statement of changes in equity

Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

Opening balance at 1 January 146 369 128 517 128 517 Total comprehensive (loss)/income (14 683) 8 719 41 237 (Loss)/profit after tax (5 489) 11 900 20 204 Other comprehensive (loss)/income after tax (9 194) (3 181) 21 033Transactions with shareholdersShares issued ^ ^ –Shares cancelled – (^) (^)Decrease in treasury shares (^) – 69 Share buy-back – (^) –Share-based payment transactions 130 140 532Settlement of vested equity rights – – (288)Dividends declared (15 231) (14 697) (23 506)Other movements 84 23 (192)

Attributable to equity holders of the Company 116 669 122 702 146 369 Non-controlling interests 3 127 4 718 5 469

Closing balance 119 796 127 420 151 838

Dividends declared during the period (cents per share) 830 800 1 280

Dividends declared after the period end (cents per share) 250 480 830 ^ Amount less than R1 million.

33MTN Group Limited

for the

Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 20151

ReviewedRm


31 December 2015

AuditedRm

Net cash (used in)/generated from operating activities (436) 1 432 13 122Cash generated from operations 23 870 26 289 57 598Dividends paid to equity holders of the Company (15 212) (14 697) (23 506)Dividends paid to non-controlling interests (790) (3 042) (5 777)Dividends received from associates and joint ventures 426 285 577Other operating activities (8 730) (7 403) (15 770)Net cash used in investing activities (14 209) (14 471) (34 290)Acquisition of property, plant and equipment (10 134) (7 636) (21 612)Acquisition of intangible assets (3 890) (4 194) (10 412)Movement in investments and other investing activities (185) (2 641) (2 266)Net cash from financing activities 13 608 1 558 8 101Proceeds from borrowings 23 967 9 711 23 384Repayment of borrowings (10 363) (8 100) (14 802)Other financing activities 4 (53) (481)

Net decrease in cash and cash equivalents (1 037) (11 481) (13 067)Cash and cash equivalents at beginning of the period 34 139 43 072 43 072Exchange (losses)/gains on cash and cash equivalents (6 272) (787) 3 860Net monetary gain on cash and cash equivalents 107 134 274

Net cash and cash equivalents at end of the period 26 937 30 938 34 1391 Restated, refer note 16.

Condensed consolidated statement of cash flows

34MTN Group Limited


Notes to the condensed consolidated interim financial statements

1. INDEPENDENT REVIEWThe directors of the Company take full responsibility for the preparation of the condensed consolidated interim financial statements.The condensed consolidated interim financial statements have been reviewed by our joint independent auditors, PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Inc., who have expressed an unmodified conclusion. The joint external auditors have performed their review in accordance with International Standard on Review Engagements (ISRE) 2410. Constant currency and other pro forma financial information disclosure have not been reviewed by our joint external auditors.

2. GENERAL INFORMATIONMTN Group Limited (the Company) carries on the business of investing in the telecommunications industry through its subsidiary companies, joint ventures and associates.

3. BASIS OF PREPARATIONThese condensed consolidated interim financial statements for the six months ended 30 June 2016 have been prepared in accordance with International Financial Reporting Standard (IAS 34) Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council (FRSC) and the requirements of the Companies Act of South Africa. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

4. PRINCIPAL ACCOUNTING POLICIESThe Group has adopted all the new, revised or amended accounting pronouncements as issued by the International Accounting Standards Board (IASB) which were effective for the Group from 1 January 2016, none of which had a material impact on the Group.

The accounting policies applied in the preparation of the condensed consolidated interim financial statements are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the consolidated financial statements for the year ended 31 December 2015.

5. FINANCIAL INSTRUMENTSThe Group has not disclosed the fair values of financial instruments measured at amortised cost except for its loans and borrowings set out below, as their carrying amounts closely approximate their fair values. Other than the equity investment in IHS, there were no financial instruments measured at fair value that were individually material at the end of the current reporting period.

Listed long-term borrowingsThe Group has listed long-term fixed interest rate senior unsecured notes in issue with a carrying amount of R11 031 million (June 2015: R9 178 million, December 2015: R11 633 million) and a fair value of R10 731 million (June 2015: R9 263 million, December 2015: R10 268 million) at 30 June 2016. The fair value of these instruments is determined by reference to published market values on the relevant exchange.

35MTN Group Limited


Notes to the condensed consolidated interim financial statements (continued)

5. FINANCIAL INSTRUMENTS (continued)

Loan to Nigeria Tower InterCo B.V.The Group has a loan to Nigeria Tower InterCo B.V. with a carrying amount of R2 877 million (June 2015: R1 092 million, December 2015: R2 704 million) and a fair value of R3 373 million as at 30 June 2016. The fair value of this instrument is determined using a discounted cash flow model. An external borrowing rate for funds advanced to the operating company, which has been adjusted for differences in risk, has been used as a proxy for a market rate.

Fair value measurement of investmentsThe Group holds an equity investment in IHS at fair value of R11 354 million at 30 June 2016 (June 2015: R7 259 million, December 2015: R9 250 million). The investment is classified as available for sale. The fair value of the investment at 30 June 2016 and 30 June 2015 was determined with reference to recent transactions between market participants and has consequently been transferred from level 3 to level 2 in the fair value hierarchy.

At 31 December 2015, the absence of transactions between market participants resulted in the fair value being determined using models considered to be appropriate by management. The fair value was calculated using an earnings multiple technique and was based on unobservable market inputs including average tower industry earnings multiples of between 10 – 14. Consequently, the investment was categorised within level 3 of the fair value hierarchy. An increase of one in the multiple would have resulted in an increase in the fair value of R792 million and a one decrease in the multiple would have resulted in a decrease in the fair value by R792 million as at 31 December 2015.

6. SEGMENT ANALYSISThe Group has identified reportable segments that are used by the Group executive committee (chief operating decision maker (CODM)) to make key operating decisions, allocate resources and assess performance. The reportable segments are grouped according to their geographic regions/locations.

The Group has changed the composition and presentation of its segment analysis following the announcement of a change in its operational structure subsequent to the 2015 year-end with a view to strengthen operational oversight, leadership, governance and regulatory compliance across the 22 operations in Africa and the Middle East.

The MTN Group is now clustered into the following three regions based on the decision taken: ■■ South and East Africa (SEA) ■■ West and Central Africa (WECA) ■■ Middle East and North Africa (MENA).

Comparative numbers for the segments have been restated accordingly.

Operating results are reported and reviewed regularly by the CODM and include items directly attributable to a segment as well as those that are attributable on a reasonable basis, whether from external transactions or from transactions with other Group segments.

EBITDA (earnings before interest, tax, depreciation, amortisation, goodwill impairment, tower sale profits and the Nigeria regulatory fine) is used as the measure of reporting profit or loss for each segment and has remained unchanged.

36MTN Group Limited



Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

6. SEGMENT ANALYSIS (continued)REVENUESEA 25 156 24 456 51 419South Africa 19 841 18 882 40 038Uganda 2 804 2 540 5 148Other SEA 2 511 3 034 6 233WECA 46 347 38 296 81 443 Nigeria 28 941 24 649 51 942 Ghana 5 165 3 496 7 903 Cameroon 3 202 2 742 5 806 Ivory Coast 3 751 3 081 6 424 Other WECA 5 288 4 328 9 368 MENA 7 402 6 569 13 766 Syria1 1 068 1 329 2 605 Sudan1 2 345 1 610 3 472 Other MENA 3 989 3 630 7 689 Major joint venture – Iran2 8 324 6 435 13 660Head office companies and eliminations (27) (111) (275)Hyperinflation impact 237 94 710Iran revenue exclusion2 (8 324) (6 435) (13 660)

79 115 69 304 147 0631 Excludes the increase in revenue resulting from hyperinflation accounting of: Syria R103 million (June 2015: R28 million,

December 2015: R391 million) and Sudan R134 million (June 2015: R66 million, December 2015: R319 million).2 Irancell Telecommunication Company Services (PJSC) proportionate revenue forms part of the MENA region but is reported

separately in the segment analysis as reviewed by the CODM and excluded from IFRS reported revenue due to equity accounting for joint ventures and excludes the increase in revenue resulting from hyperinflation accounting (June 2015: R271 million and December 2015: R287 million). In 2015, the Iranian economy was assessed to no longer be hyperinflationary and hyperinflation accounting was discontinued effective 1 July 2015.

37MTN Group Limited

for the


Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

6. SEGMENT ANALYSIS (continued)EBITDASEA 7 213 8 555 16 903 South Africa 5 979 6 724 13 370 Uganda 842 915 1 775 Other SEA 392 916 1 758 WECA 20 574 19 303 38 116 Nigeria 14 421 14 132 27 504 Ghana 2 004 1 387 3 197 Cameroon 1 218 1 036 2 101 Ivory Coast 1 349 1 126 2 195 Other WECA 1 582 1 622 3 119 MENA 2 359 2 051 4 324 Syria1 305 215 460 Sudan1 829 539 1 216 Other MENA 1 225 1 297 2 648 Major joint venture – Iran2 3 139 2 582 5 665 Head office companies and eliminations (873) 365 575 Hyperinflation impact 90 49 231 Nigeria regulatory fine3 (10 499) – (9 287)Tower sale profits3 18 352 8 263 Iran EBITDA exclusion2 (3 139) (2 582) (5 665)EBITDA 18 882 30 675 59 125Depreciation, amortisation and impairment of goodwill (13 691) (10 750) (23 797)Net finance cost (5 945) (2 319) (3 010)Net monetary gain 919 496 1 348 Share of results of joint ventures and associates after tax (1 692) 2 027 1 226(Loss)/profit before tax (1 527) 20 129 34 8921 Excludes the increase in EBITDA resulting from hyperinflation accounting of: Syria R41 million (June 2015: R25 million, December 2015:

R106 million) and Sudan R49 million (June 2015: R24 million, December 2015: R125 million).2 Irancell Telecommunication Company Services (PJSC) proportionate EBITDA forms part of the MENA region but is reported

separately in the segment analysis as reviewed by the CODM and excluded from IFRS reported EBITDA due to equity accounting for joint ventures and excludes the increase in EBITDA resulting from hyperinflation accounting (June 2015: R141 million and December 2015: R215 million). During 2015, the Iranian economy was assessed to no longer be hyperinflationary and hyperinflation accounting was discontinued effective 1 July 2015. The Group’s share of results from Irancell Telecommunication Company Services (PJSC) includes expenses resulting from discontinuation of hyperinflation accounting amounting to R1 039 million mainly relating to the subsequent depreciation and amortisation of previously hyper-inflated assets that were historically written up under hyperinflation reporting.

3 Tower sale profit and the expense relating to the regulatory fine imposed by the Nigerian Communications Commission (NCC) are excluded as the CODM reviews segment results on this basis.

38MTN Group Limited

for the


Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

7. (LOSS)/EARNINGS PER ORDINARY SHARENumber of ordinary shares in issueAt end of the period (excluding MTN Zakhele and treasury shares1) 1 822 711 720 1 822 473 178 1 822 517 914Weighted average number of sharesShares for (loss)/earnings per share 1 822 527 498 1 821 338 035 1 822 453 695Add: Dilutive shares2

– MTN Zakhele shares issued – 7 685 193 3 791 878– Share schemes – 1 333 429 965 612Shares for dilutive (loss)/earnings per share 1 822 527 498 1 830 356 657 1 827 211 185Reconciliation between (loss)/profit attributable to the equity holders of the Company and headline (loss)/earnings(Loss)/profit after tax (5 489) 11 900 20 204Net (profit)/loss on disposal of property, plant and equipment and intangible assets (IAS 16 and IAS 38) (15) 6 (2)Profit on dilution of investment in joint venture (IAS 28) (277) – –Net impairment loss on property, plant and equipment and intangible assets (IAS 36) 265 27 38Impairment of goodwill (IAS 36) 604 – 504Realisation of deferred gain on disposal of non-current assets held for sale (IFRS 5) (18) (13) (30)Profit on disposal of non-current assets held for sale (IFRS 5) – – (8 264)Total tax effect of adjustments 1 – (702)Total non-controlling interest effect of adjustments (2) (6) 1 852Basic headline (loss)/earnings3 (4 931) 11 914 13 600(Loss)/earnings per share (cents)– Basic (301) 653 1 109 – Basic headline (271) 654 746 Diluted (loss)/earnings per share (cents) – Diluted (301) 650 1 106 – Diluted headline (271) 651 744 1 Treasury shares of 10 206 255 (June 2015: 10 444 797 and December 2015: 11 844 233) are held by the Group and 11 131 098

(June 2015: 12 575 270; December 2015: 11 131 098) shares are held by MTN Zakhele. Due to the call option over notional vendor finance shares, the MTN Zakhele shares, although legally issued to MTN Zakhele, are not deemed to be issued from a Group perspective. These shares are therefore excluded from this reconciliation.

2 The share options and share rights issued in terms of the Group’s share schemes, performance share plan and the MTN Zakhele transaction would not have a dilutive effect on loss per share for the period ended 30 June 2016 and have therefore not been treated as dilutive.

3 Headline (loss)/earnings is calculated in accordance with circular 2/2015 Headline Earnings as issued by the South African Institute of Chartered Accountants, as required by the JSE Limited.

39MTN Group Limited



8. GOODWILL IMPAIRMENTAreeba Guinea S.A.Areeba Guinea S.A. (Conakry) experienced a decline in EBITDA since 2013 and Guinea-Conakry has experienced poor economic performance countrywide. Consequently, a review of the recoverable amount of Conakry was undertaken during the period ended 30 June 2016 subsequent to which an impairment loss amounting to R402 million (June 2015: Rnil, December 2015: R504 million) was recognised. As at 30 June 2016, the goodwill balance relating to Conakry is fully impaired.

Afrihost

Based on an agreement concluded by the Group to sell its 50,02% investment in Afrihost Proprietary Limited (Afrihost) for R320 million (note 18), a goodwill impairment loss of R202 million was recognised at 30 June 2016 on the remeasurement of the assets to fair value less cost to sell in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

Six monthsended

30 June 2016

ReviewedRm

Six monthsended

30 June 2015

ReviewedRm


31 December 2015

AuditedRm

9. SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES AFTER TAX (1 692) 2 027 1 226Irancell Telecommunication Company Services (PJSC) 936 2 099 1 903Nigeria Tower InterCo. B.V. (2 463) 63 (545)Others (165) (135) (132)

10. CAPITAL EXPENDITURE INCURRED 13 850 10 869 29 611

11. CONTINGENT LIABILITIES 1 308 287 875

12. INTEREST-BEARING LIABILITIESBank overdrafts 18 76 38 Current borrowings 17 739 16 472 22 472

Current liabilities 17 757 16 548 22 510Non-current borrowings 64 190 39 511 52 661

81 947 56 059 75 171

13. ISSUE AND REPAYMENT OF DEBT AND EQUITY SECURITIESDuring the period under review the following entities raised and repaid significant debt instruments:■■ MTN Nigeria repaid R3,2 billion (June 2015: R1,3 billion) relating to long-term borrowings.■■ MTN Mauritius raised R3,5 billion (June 2015: R5,9 billion) in debt.■■ MTN Mauritius repaid R837 million in debt.■■ MTN Holdings raised R9,7 billion additional debt relating to syndicated loan facilities, R2 billion

(June 2015: R3 billion) relating to general banking facilities and R2 billion in terms of the Domestic Medium Term Programme.

■■ MTN Holdings repaid R800 million (December 2015: R500 million) relating to the syndicated loan facility and R1,2 billion (December 2015: R4,2 billion) relating to general banking facilities.

■■ MTN Uganda raised R1,2 billion relating to the draw down on a syndicated loan facility.■■ Cameroon raised R775 million relating to the draw down on a syndicated loan facility.■■ MTN Côte d’Ivoire raised R2,8 billion relating to a syndicated loan facility (December 2015: R1,8 billion

relating to short-term borrowings).■■ MTN Côte d’Ivoire repaid R1,8 billion relating to short-term borrowings and R992 million relating to a

syndicated loan facility.

40MTN Group Limited



14. BUSINESS COMBINATIONS AND ACQUISITION OF JOINT VENTURES AND OTHER INVESTMENTS

Investment in Africa Internet Holding GmbH (AIH)The Group’s investment of R2 312 million in AIH became effective during March 2016. This investment increased the Group’s interest in the joint venture from 33,3% to 41,4%. AIH received additional investments from new investors which became effective during April, May and June 2016. These additional investments diluted the Group’s investment in AIH to 31,28% and resulted in a profit on dilution of R277 million recorded during the current reporting period. The Group retains joint control over AIH.

TravelstartOn 22 January 2016, the MTN Group made an investment in TravelLab Global AB (Travelstart) amounting to US$27 million. Travelstart is an online travel agency focused on emerging markets. MTN Group jointly controls Travelstart indirectly through funds managed by its venture capital fund manager, Amadeus Capital Partners.

Altech Autopage subscriber base In March 2016, the Group concluded the acquisition of its Altech Autopage subscriber base from Altron TMT Proprietary Limited for R678 million. The acquisition of the subscriber base will enable the Group to service and interact directly with its customers and will reduce future commission expenditure. The purchase price allocation has been finalised and the fair value of net identifiable assets acquired of R479 million resulted in goodwill of R199 million being recognised.

15. EVENTS AFTER REPORTING PERIODDividends declaredDividends declared at the board meeting held on 4 August 2016 amounted to 250 cents per share.

16. RESTATEMENTS16.1 Reclassification of expenses

Following the restatement of expenses disclosed in the income statement for the year ended 31 December 2015, the expense categories included below have also been disclosed separately or reclassified between expense categories for the June 2015 reporting period to present the expenses in more appropriate categories in accordance with the classification in the current period.

Government and regulatory costsGovernment and regulatory costs that had previously been included in direct network operating costs (R2 534 million) and other operating expenses (R301 million) have now been disclosed as a significant category of expense in the income statement.

Value-added services (VAS) costsVAS costs amounting to R1 091 million were previously included in the costs of handsets and other accessories. Based on the underlying nature of these costs, this has now been reclassified and included in selling, distribution and marketing expenses.

16.2 Reclassification of cash used in investing activitiesIn line with the current year presentation, cash used in acquiring intangible assets of R4 194 million has now been disclosed as a significant item separately from cash used in other investing activities.

41MTN Group Limited



17. NIGERIA REGULATORY FINEOn 10 June 2016, MTN Nigeria Communication Limited (MTN Nigeria) resolved the matter relating to the previously imposed regulatory fine with the Federal Government of Nigeria (FGN) after the completion of an extensive negotiation process. In terms of the settlement agreement reached on 10 June 2016, MTN Nigeria has agreed to pay a total cash amount of Naira 330 billion over three years (the equivalent of R25,1 billion1) to the FGN as full and final settlement of the matter.

In addition to the monetary settlement set out above:■■ MTN Nigeria subscribes to the voluntary observance of the Code of Corporate Governance for the

Telecommunications Industry in Nigeria and will ensure compulsory compliance when the said Code is made mandatory for the Telecommunications Industry.

■■ MTN Nigeria undertakes to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of the settlement agreement; and

■■ MTN Nigeria shall always ensure full compliance with its licence terms and conditions as issued by the NCC.

The Naira 50 billion in good faith payment which was paid without prejudice by MTN Nigeria on 24 February 2016 forms part of the monetary component of the settlement. A further payment of Naira 30 billion was made on 24 June 2016 resulting in a remaining cash balance of Naira 250 billion (the equivalent of R12,9 billion2) outstanding at period end.

On 10 June 2016 the nature of the fine changed from a provision under IAS 37 Provisions, Contingent Liabilities and Contingent Assets to that of a financial liability under IAS 39 Financial Instruments: Recognition and Measurement. As from this date onwards MTN Nigeria was contractually obliged to settle the fine in cash. Consequently, the outstanding balance ceased to be discounted at a pre-tax risk- free rate (in terms of IAS 37) and is instead discounted at MTN Nigeria’s incremental borrowing rate for a liability with similar cash flows (in terms of IAS 39), which approximated 14,71% at the re-measurement date.

Professional servicesDuring the period R1 324 million costs were incurred on professional services relating to the negotiations that led to a reduction of R34 billion in the Nigeria regulatory fine. The board has exercised its judgement and approved the quantum of the professional fees incurred taking into account global benchmarks and the value delivered culminating in the final settlement of the Nigeria fine.1 Amount translated at the 10 June 2016 rate of R1 = N13,15.2 Amount translated at the 30 June 2016 closing rate of R1 = N19,33.

18 . NON-CURRENT ASSETS HELD FOR SALEDuring the period under review, the Group concluded an agreement to sell its 50,02% investment in Afrihost for R325 million. The transaction is subject to the fulfillment of applicable conditions relevant to the transaction.

42MTN Group Limited

Registration number: 1994/009584/06ISIN: ZAE000042164Share code: MTN

Board of DirectorsPF Nhleko*BD Goschen*PB Hanratty≈***A Harper#***KP Kalyan***S Kheradpir††***NP Mageza***MLD Marole***AT Mikati†**SP Miller^***KC Ramon***NL Sowazi***AF Van Biljon***J Van Rooyen***

†† American† Lebanese# British≈ Irish^ Belgian* Executive** Non-executive*** Independent non-executive director

Group secretarySB MtshaliPrivate Bag X9955, Cresta, 2118

Registered office216 – 14th Avenue, Fairland, 2195

American Depository Receipt (ADR) programme:Cusip No. 62474M108 ADR to ordinary Share 1:1

DepositoryThe Bank of New York101 Barclay Street, New York NY. 10286, USA

MTN Group sharecare lineToll free: 0800 202 360 or +27 11 870 8206 if phoning from outside South Africa

Office of the Transfer SecretariesComputershare Investor Services Proprietary LimitedRegistration number 2004/003647/0770 Marshall Street, MarshalltownJohannesburg, 2001PO Box 61051, Marshalltown, 2107

Joint auditorsPricewaterhouseCoopers Inc.2 Eglin Road, Sunninghill, 2157Private Bag X36, Sunninghill, 2157

SizweNtsalubaGobodo Inc.20 Morris Street EastWoodmead, 2157PO Box 2939, Saxonwold, 2132

SponsorDeutsche Securities (SA) Proprietary Limited3 Exchange Square, 87 Maude Street, Sandton, 2196

AttorneysWebber Wentzel10 Fricker Road, Illovo Boulevard, Sandton, 2107PO Box 61771, Marshalltown, 2107

Contact detailsTelephone: National (011) 912 3000International +27 11 912 3000Facsimile: National (011) 912 4093International +27 11 912 4093

E-mail: [email protected]: http://www.mtn.com

Administration

2MTN Group Limitedresults presentation for the six months ended 30 June 2016

44MTN Group Limited

AGENDA

1 Strategic and operational update

2 Financial review

3 2016 Guidance

4 Key matters and immediate priorities

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

45MTN Group Limited

46MTN Group Limited

Strategic and operational update

4

Performance reflects a confluence of material issues which created a ‘perfect storm’

Group financial results

On 10 June MTN settled Nigerian regulatory fine with Federal Government of Nigeria

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- Headline earnings: R8 632 million- HEPS: 474 cents- Cash flow: R 5 870 million

Nigeria fine settlement; significant negative impact on results

STRATEGIC AND OPERATIONAL UPDATE

47MTN Group Limited

48MTN Group Limited

5

A challenging operating environment

Source of GDP growth: IMF

Slowing reliant economies, regulatory pressure and tough competition

1.3 2.7 0.0 3.5

5.9 8.6

5.0

0.1

-1.8

4.0 4.5 4.9 8.5

5.3 6.5

10.4 8.9

15.7

2.2 2.1

6.7

-4

0

4

8

12

16

20

South Africa Nigeria Iran Ghana Cameroon Ivory Coast Uganda

The economic landscape in key MTN markets (%)

2015 GDP 2016 GDP f/c Inflation 2016 f/c

Key challenges impacted growth

  Depreciation in local currencies resulted in higher US dollar expenses

  Forex losses of R3 606 million

  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)


6 Note: Results are presented based on operational performance (excluding hyperinflation, Nigerian regulatory fine and tower profits)

Despite challenges MTN declared an interim dividend of 250 cents for the period

Group financial results for the six months ended 30 June 16 STRATEGIC AND

OPERATIONAL UPDATE

  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

232.6 million Group subscribers flat

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

49MTN Group Limited

50MTN Group Limited

7

Group financial results for the six months ended 30 June 16

Excluding once-off costs organic EBITDA declined 12.8%

Excluding once-off costs headline earnings declined 11.7%


3.3%to R29.3 billion EBITDA (Organic decline of 25.9%)

271 cents Headline loss per share (Adjusted HEPS declined 11.7%)

NIG fine Professional fees

Operational AdjustedReported Fx H1-16 CR

South Sudan imp

18 882

10 499 108 29 737 6 839

22 434

2 632 1 324 26 390

NIG fine Digital Group losses

Adjusted H1-16

Reported H1-16

TowerCo losses

Fx losses

Professional fees

Hyperinflation

(271)

474 20 27 136

135 73 594

Hyp and TowerCo

8

To lead the delivery of a bold, new Digital World to our customers

Strategic update

Group Consumer

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%

Group Digital Services

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

Enterprise Business Unit

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


51MTN Group Limited

52MTN Group Limited

9

Operational performance

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 tranche 2 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

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

Nigeria

South Africa


10

Sound performance in Iran and Ghana; Cameroon well managed subscriber registration campaigns and Ivory Coast impacted by competition

Operational performance

Sound performance despite highly competitive environment and regulatory pressure on data tariffs

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

Iran

Ghana

Cameroon

Ivory Coast

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

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

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

53MTN Group Limited

54MTN Group Limited

Financial review

12Note: Results from slide 13 to 19 are presented based on operational performance (excluding hyperinflation, tower profits and Nigeria regulatory fine)

Group highlights

14%to R79 115m

38%to R18 882m

20.4ppto 23.9%

141ppto (271) cents

R237m R90m 0.1pp 20 cents

R18m

14%to R78 878m

3%to R29 273m

6.6ppto 37.1%

63ppto 223 cents

Revenue EBITDA EBITDA margin HEPS

Reported

Hyperinflation

Tower profit impact

Nigeriaregulatory fine

Operational

R10 499m 13.3pp 474 cents

Positive impact on reported results Negative impact on reported results

FINANCIAL REVIEW

55MTN Group Limited

56MTN Group Limited

13

* EBITDA less capex (approximates free cash flow)

Financial highlights

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

Reported revenue and EBITDA performance positively impacted by exchange rates

24 464 19 422 15 501

9 199 10 852 13 772

39 096 38 936

49 605

72 75969 210

78 878

33 66330 274 29 273

H1-14 H1-15 H1-16

46.3% 43.7% 37.1% EBITDA margin

12.6% 15.7% 17.5% Capex/Revenue

Rev

Opex

EBITDA

Capex

AFCF*

14%

27%

3%

27%

20%

1%

23%

26%

15%

49%

Reported15 - 16

Organic15 - 16

Group summary ZAR (million)

FINANCIAL REVIEW

14

H1-16 CR is at constant prior year FX rate HOE – Head office companies and eliminations

Revenue

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%) postpaid

641k (up 41%)

Incoming voice revenue up 13% (organic down 3%)• Decline in MTR• Group incoming minutes remained flat

Revenue breakdownZAR (million)

69 210

FINANCIAL REVIEW

RSA H1-16CR

NIG FX H1-16H1-15 Other WECA

MENA HOEOtherSEA

959

909 1 190

215 125 12 70 240

8 638 78 878

+13%

Revenue breakdown per category(%) Data

25% Incoming voice10%

Outgoing57%

SMS2%

Devices5%

Other1%

57MTN Group Limited

58MTN Group Limited

15


Revenue – data

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

Nigeria data revenue• Impacted by regulatory restrictions on “out of bundle” data

tariffs

Digital and MFS services revenue contributed 32% to data revenue• Increased up-take in lifestyle content • Continued growth in MFS

Data revenueZAR (million)

FINANCIAL REVIEW

15 0131 089

469 1251 071

465 12 17 970

1 879 19 849

RSA H1-16CR


MENA HOEOtherSEA

+12.5%

Access data58%

VAS4%

ICT6%

Digital26%

MFS6%

Data breakdown per category(%)

16* Organic growth

Opex

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

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

Opex driven by rent and utilities, maintenance and professional fees

4 439 6 635 2 834

2 955 8 432

9 608 4 153

4 770 6 324

7 344 4 440

6 036 8 314

12 257 38 936

49 605

H1-15 H1-16

Direct network and technology operating costs

Cost of handsets and other accessories

Interconnect and roaming

Staff costs

Selling, distribution and marketing expenses

Other operating expenses

+27%

OpexZAR (million)

Government and regulatory costs

FINANCIAL REVIEW

33%

34%

2%

8%

1%

5%

94%

Organic15 - 16

25%

12%

15%

10%

19%

6%

13%

% share Reported

opex

47%

36%

16%

15%

14%

4%

50%

Reported15 - 16

59MTN Group Limited

60MTN Group Limited

17

EBITDA margin


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%

Underlying EBITDA negatively impacted by• Higher device and network related costs in SA• Foreign denominated expenses mainly in Nigeria and

Uganda

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%

EBITDA margin declined 6.6pp to 37.1%• South Africa margin down 5.5pp to 30.1%• Nigeria margin down 7.5pp to 49.8%

EBITDAZAR (million)

FINANCIAL REVIEW

RSA H1-16CR


MENA HOEOtherSEA

30 274 745 3 305

2 388

312 38 1 12822 434

6 839 29 273

EBITDA margin reconciliation(%)

43.7 1.42.7

2.7

0.6 0.0 4.2 32.15.0 37.1

RSA H1-16CR


MENA HOEOtherSEA

-11.6pp

18

Finance cost

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 fxmovements• 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

Impacted by higher net interest paid and fx losses

H1-16 H1-15 H1-14Net interest paid 1 855 839 932Net forex losses 3 606 1 481 736Total 5 461 2 320 1 668

H1-16 H1-15 H1-14Nigeria 1 124 769 129Mauritius 1 078 253 104South Sudan 408 - 19Sudan 395 (83) (4)RSA 178 77 54Manco 141 (4) (3)Other 282 469 437Total 3 606 1 481 736

Net finance costZAR (million)

Net forex losses/(gains)ZAR (million)

FINANCIAL REVIEW

61MTN Group Limited

62MTN Group Limited

19

Taxation

(461) (472)(1 573)

6 6725 672 5 661

1 042

1 023 606

7 2536 223

4 694

H1-14 H1-15 H1-16

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

-14% -25%

TaxZAR (million)

Normal taxDef taxWHT31.5% 32.9% 49.2% Eff tax rate %

FINANCIAL REVIEW

Share ofresults JVsand assoc

ForexlossesS Sdn

Adj efftax rate

EffTax rate

Goodwillimpairment

PPEimpairment

S Sdn

Professionalfees NIG

49.2 9.6

3.41.3 1.2 0.7 33.0

-16.2pp

Group effective taxZAR (million)

20

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 156Share 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)

Income statement (IFRS)

Impacted by losses from JV’s and fx

FINANCIAL REVIEW

63MTN Group Limited

64MTN Group Limited

22

5 979 6 880 8 225 8 8084 585

9 362

12 302

14 694 15 2192 088

2 422

17 42919 182

25 34124 027

4 585

2012 2013 2014 2015 H1-16

H1 H2 Share buy back

Shareholder returns

Dividends• Interim dividend 250cps, 48% decline

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

Dividends and share buy-backsZAR (million)

FINANCIAL REVIEW

21

669 729 654

(271)

402

474

1 4111 536

1 148

203

742807

92

2013 2014 2015 H1-16

Headline (loss)/earnings per share

H1-16 H1-15 Change %

Reported attributable (loss)/earnings per share (301) 653 (146)

Profit on disposal of non-current assets (including tower profits) (2) - (100)

Profit of dilution of investment in joint venture (15) - (100)

Impairment of goodwill, PPE and non-current assets 47 1 NM

Reported basic headline (loss)/earnings per share (271) 654 (141)

Nigeria regulatory fine 474 - 100

Basic headline earnings per share excluding Nigeria regulatory fine 203 654 (69)

Hyperinflation 20 (40) 150

Contingent consideration included in tower sale profits - (15) 100

Operational basic headline earnings per share (excluding Nigeria regulatory fine, hyperinflation, tower profits)

223 599 (63)

Headline (loss)/earnings per shareZAR (cents) ZAR (cents)

FINANCIAL REVIEW

Impact of Nigeria regulatory fineH1 H2

65MTN Group Limited

66MTN Group Limited

23

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 867Total equity 119 796 151 838Interest-bearing liabilities 81 947 75 171Other liabilities 81 172 86 858Total liabilities 163 119 162 029Total equity and liabilities 282 915 313 867Net debt 49 257 31 635

Annualised net debt/EBITDA excluding Nigeria regulatory fine 0.83 0.46ZAR 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)

Statement of financial position (IFRS)

Total assets impacted by FCTR

FINANCIAL REVIEW

24

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 Nigeria payments on regulatory fine (R5.9bn)* Includes bank overdraft of R18m (H1-15: R76m)

Statement of cash flows (IFRS)

Impacted by R5.9bn payment made on Nigeria regulatory fine

FINANCIAL REVIEW

67MTN Group Limited

68MTN Group Limited

2016 Guidance

26

(‘000)

Guidanceprovided

March 2016

Updated guidance

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

Net additions guidance

Guidance 2016

2016 GUIDANCE

69MTN Group Limited

70MTN Group Limited

27

ZAR (million)Authorised

2016Capitalised June 2016

CapitalisedJune 2015

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

* Excluding hyperinflation

Capex guidance 2016

GUIDANCE

Key matters and immediate priorities

71MTN Group Limited

72MTN Group Limited

29

Appointment of the right CEO to take MTN forward into new growth phase

Key matters and immediate priorities

New VP’s to strengthen management structure, changes to be completed by year-end

More in-depth commercial, risk and governance skills and experience

KEY MATTERS AND IMMEDIATE PRIORITIES

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 telecoms and banking experience in Africa and Europe – previously CEO Vodafone Europe cluster

In the interim, Phuthuma to hand over operational responsibility to Stephen and Gunter

High calibreManagement team

Stephen van Coller, VP for M&A and strategy Godfrey Motsa, VP for SEA region 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

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

30

Deep and fundamental strategic review of operations and processes to ensure the Group is operating far more optimally

Prospects

Advanced analytics will support network quality, high speed data connectivity, improved customer service and segmented offerings

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

Areas to be addressed

KEY MATTERS AND IMMEDIATE PRIORITIES

Tower investments

Investments in towers with IHS evidenced by substantial ownership interest in INT and direct investments in IHS

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

73MTN Group Limited

74MTN Group Limited

31

Prospects KEY MATTERS AND

IMMEDIATE PRIORITIES

  Expect improved operating conditions supported by permanent and refreshed management team

  Strong operational oversight ensuring regulatory compliance across operations Operating conditions

Nigeria

South Africa

Iran

  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

  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

  Expect improvements in operating environment supported by a reduction in inflation and normalised exchange rate

  Working towards remittance of approximately R15.4 billion

Questions

75MTN Group Limited

76MTN Group Limited

thank you

3MTN Group Limitedappendices for the six months ended 30 June 2016

78MTN Group Limited

Appendices

35

South Africa

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

22 574 25 346 24 673

5 419 5 242 5 13227 993 30 588 29 805

Dec 14 Dec 15 Jun 16

Total subscribers ‘000

PostpaidPrepaid

19 157 18 882 19 841

19 765 21 156

38 922 40 038

19 841


Revenue ZAR (million)

H2H1

Launched Jun 1994 Market share 32.3% Population 55.7m Market size 2016 96m Penetration 162% Shareholding 100%

79MTN Group Limited

80MTN Group Limited

37

Nigeria

* Constant currency ('organic') information

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 000Visafone subscribers)

• Inability to offer competitive prices as a result of thesuspension of regulatory services until May 2016, whenapproval was received

Revenue declined 4.8%* • Lower outgoing voice and data revenue impacted by

regulatory requirements, multi-SIMs and tough economicconditions

• Data revenue declined 2.7%*, contributing19.3% 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

59 893

61 252

58 978


Total subscribers ‘000

413 611 408 999 389 345

411 195 398 450

824 806 807 449

389 345


Revenue NGN (million)

H2H1

Launched Aug 2001 Market share 46.2% Population 174.3 m Market size 2016 133m Penetration 72% Shareholding 78.8%

36

South Africa

Strong focus on network experience

EBITDA margin down 5.5pp• 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

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

13 638 14 510

26 413 26 668

13 862


Expenses ZAR (million)

H2H1

2 0004 678 4 773

3 676

6 2705 676

10 948

4 773


Capex ZAR (million)

H2H1

32.1% 33.4% 30.1% EBITDA margin

81MTN Group Limited

82MTN Group Limited

39

Iran

*Constant currency ('organic') information **In ZAR terms***Excluding hyperinflation

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

EBITDA down 2.4pp • 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

27 260 31 038 33 739

29 466 32 281

56 72663 319

33 739

Dec 14*** Dec 15*** Jun 16***

Revenue IRR (billion)(100%)

H2H1

8911 854 2 313

2 2212 326

3 1124 180

2 313

Dec 14*** Dec 15*** Jun 16***

Capex ZAR (million)(49%)

H2H1

42.8%** 41.5%** 37.7%** EBITDA margin

Launched Oct 2006 Market share 46.4% Population 80.6m Market size 2016 101m Penetration 126% Shareholding 49%

38

Nigeria

* Constant currency ('organic') information** In ZAR terms

Network quality and rollout of LTE remains a priority

EBITDA margin reduced 7.5pp impacted by• Transfer of 2nd 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

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 3G co-located sites and 507 LTE sites• Purchase of additional LTE spectrum

165 121 174 603 194 286

176 896 202 931

342 017377 534

194 286


Expenses NGN (million)

H2H1

3 1891 172

2 534

5 186

3 821

8 375

4 993

2 534


Capex ZAR (million)

H2H1

58.6%** 53.0%** 49.8%** EBITDA margin

83MTN Group Limited

84MTN Group Limited

40

Ghana

*Constant currency ('organic') information**In ZAR terms

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 0.9pp, 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

961 1 091 1 297

1 0321 224

1 9932 315

1 297


Revenue Cedi (million)

H2H1

597 355

1 646803 1 476

1 400

1 8311 646


Capex ZAR (million)

H2H1

37.4%** 40.5%** 38.8%** EBITDA margin

Launched Nov 1996 Market share 53.8% Population 27.8m Market size 2016 31.8m Penetration 117% Shareholding 97.7%

41

Cameroon


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

EBITDA margin up 0.2pp• 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

136 593 135 986 124 152

146 776 134 244

283 369 270 230

124 152


Revenue CFA (million)

H2H1

373943 1 121489

968862

1 911

1 121


Capex ZAR (million)

H2H1

42.8%** 36.2%** 38.0%** EBITDA margin

Launched Feb 2000 Market share 57.4% Population 23.6m Market size 2016 18.5m Penetration 71% Shareholding 70%

85MTN Group Limited

86MTN Group Limited

42

Ivory Coast


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 0.6pp • Supported by cost optimisation

Capex increased 57.1%* to R842 million• Added 151 co-located 3G sites and 343 LTE sites

144 830 152 856 146 905

148 801 146 828

293 631 299 684

146 905


Revenue CFA (million)

H2H1

584 422842

601411

1 185

833 842


Capex ZAR (million)

H2H1

38.6%** 34.2%** 36.0%** EBITDA margin

Launched Apr 1996 Market share 32.8% Population 23.9m Market size 2016 20.6m Penetration 105% Shareholding 58.8%

43

Uganda


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.

EBITDA margin down 6.0pp• 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

618 467 633 861 619 434

649 118 668 830

1 267 585 1 302 691

619 434


Revenue UGX (million)

H2H1

407 556364

260

395667

951

364


Capex ZAR (million)

H2H1

39.2%** 34.5%** 30.0%** EBITDA margin

Launched Oct 1998 Market share 52.7% Population 40.5m Market size 2016 20.3m Penetration 46% Shareholding 96%

87MTN Group Limited

88MTN Group Limited

44

Syria

*Constant currency ('organic') information**In ZAR terms***Excluding hyperinftation

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

EBITDA margin increased 12.3pp • 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

26 844 29 392

53 280 55 860

29 295

Dec 14*** Dec 15*** Jun 16***

Revenue SYP (million)

H2H1

38 56 191319

918357

974

191

Dec 14*** Dec 15*** Jun 16***

Capex ZAR (million)

H2H1

18.9%** 17.7%** 28.6%** EBITDA margin

Launched Jun 2002 Market share 40.9% Population 17.0m Market size 2016 14.8m Penetration 84% Shareholding 75%

45

Sudan

*Constant currency ('organic') information**In ZAR terms***Excluding hyperinflation

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 1.9pp

Capex up 62.9% to R549 million• Added 44 co-located 3G sites

692 811 938

738830

1 4301 641

938

Dec 14*** Dec 15*** Jun 16***

Revenue SDG (million)

H2H1

481 337 549

911

482

1 392

819549

Dec 14*** Dec 15*** Jun 16***

Capex ZAR (million)

H2H1

33.8%** 35.0%** 35.4%** EBITDA margin

Launched Sep 2005 Market share 33.8% Population 37.6m Market size 2016 30.3m Penetration 69% Shareholding 85%

89MTN Group Limited

90MTN Group Limited

46

ZAR (million)Actual H1-16

Hyper-inflation

Tower profit*

Nigeria regulatory

fine

Actual 2016

adjustedActual H1-15

Hyper-inflation

Tower profit*

Actual 2015

adjustedAdjusted

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 135Share 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)

Income statement

Hyperinflation, Nigeria regulatory fine and tower sales impact

47

ZAR (million)Cash and cash

equivalents*Net interest-bearing

liabilitiesNet debt/(cash)

H1-16Net 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

Net debt

91MTN Group Limited

92MTN Group Limited

48

Net debt composition

Nigeria and Head office

Naira denominated

USDdenominated

ZARdenominated

Eurodenominated

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

Nigeria borrowings(%)

USD33%(26%)

Naira67%(74%)

Head office borrowings(%)

Nigeria cash(%)

Head office cash(%)

USD49%(57%)

ZAR51%(43%)

USD13%(6%)

ZAR33%(44%)

USD57%(45%)

Euro10%(11%)

Naira87%(94%)

Net debt compositionZAR (million)

49

Revenue – data

South Africa and Nigeria

23 6 11

1 7062 407

2 877

419

370

404

237

192

177

213

448

5212 063

2 0291 597

4 661

5 452 5 587

H1-15 H2-15 H1-16

279 391 288 715 745 914 469 466 509

4 214

5 430 5 055

5 677

7 0326 766

H1-15 H2-15 H1-16

South AfricaZAR (million)

NigeriaZAR (million)

ISP DigitalAccess data Afrihost Internet VAS BlackberryLeased line/ICT Mobile moneyDigital

+24% -4% +17% +2%

93MTN Group Limited

94MTN Group Limited

50

ZAR (million) H1-16 H1-15 Change %Telco joint ventures 2 198 1 935 14Iran 1 975 1 737 14Swaziland 50 48 4Botswana 173 150 15

Tower companies (2 480) (64) NMGhana (17) 22 (177)Uganda - (149) (100)Nigeria * (2 463) 63 NM

BICS 123 118 4Share of results of telco joint ventures and associates after tax excluding hyperinflation (159) 1 989 (108)

Iran – Hyperinflation (H1-16: Mainly depreciation and amortisation of assets written up) (1 039) 362 NM

Share of results of telco joint ventures & associates after tax including hyperinflation (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

Share of results of joint ventures and associates after tax (IFRS)

51

USD: Local currency H1-16 H2-15 H1-15

H2-15 - H1-16LC 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 H1-15H2-15 - H1-16

ZAR strengtheningNaira 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

FX trends

Closing rate

95MTN Group Limited

96MTN Group Limited

52

USD: Local currency H1-16 H2-15 H1-15H1-15 - H1-16LC 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 - H1-16ZAR 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)

FX trends

Average rate

4MTN Group Limiteddata sheets for the six months ended 30 June 2016

98MTN Group Limited

Results for the six months ended 30 June 2016

MTN Group Limited

ARPU(US dollar)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEASouth Africa 5,32 5,51 7,45 7,46 7,22 6,40 Uganda 2,49 2,25 2,79 2,34 2,13 2,29 Rwanda 2,01 1,93 2,27 2,25 2,21 1,95 Zambia 2,45 2,63 4,23 3,83 3,65 2,84 South Sudan 2,06 1,50 8,26 8,33 7,75 4,71 Botswana (joint venture) 5,45 5,67 6,27 6,35 6,28 5,60 Swaziland (joint venture) 5,60 6,11 8,06 7,81 7,97 7,08

WECANigeria 5,40 5,09** 5,68 5,25 4,99 4,87 Ghana 3,13 3,19 3,57 3,15 3,29 3,09 Cameroon 3,37 3,29 3,83 3,43 3,68 3,60 Ivory Coast 4,55 4,63 5,07 4,70 4,59 4,69 Benin 5,94 5,95 6,05 5,78 6,09 5,80 Conakry 1,70 1,83 2,69 2,34 2,01 2,15 Congo B 8,22 8,66 9,14 9,02 9,48 9,00 Liberia 3,73 3,51 5,07 4,70 3,96 4,31 Bissau 3,24 4,11 3,79 4,16 3,58 3,15

MENAIran (joint venture) 3,73 3,99 4,01 4,03 3,91 3,61 Syria 2,09 1,80 3,31 3,04 2,95 3,91 Sudan 2,83 2,90 2,47 2,59 2,62 2,61 Yemen 4,10 3,71 4,51 3,66 4,06 4,10 Afghanistan 1,92 1,84 2,76 2,89 2,86 2,59 Cyprus 18,51 19,33 19,35 19,37 19,80 18,38

* WiMax now included in Cameroon, Conakry, Iran, Syria and Cyprus.** Visafone now included.

99MTN Group Limited

ARPU(US dollar)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEASouth Africa 5,32 5,51 7,45 7,46 7,22 6,40 Uganda 2,49 2,25 2,79 2,34 2,13 2,29 Rwanda 2,01 1,93 2,27 2,25 2,21 1,95 Zambia 2,45 2,63 4,23 3,83 3,65 2,84 South Sudan 2,06 1,50 8,26 8,33 7,75 4,71 Botswana (joint venture) 5,45 5,67 6,27 6,35 6,28 5,60 Swaziland (joint venture) 5,60 6,11 8,06 7,81 7,97 7,08

WECANigeria 5,40 5,09** 5,68 5,25 4,99 4,87 Ghana 3,13 3,19 3,57 3,15 3,29 3,09 Cameroon 3,37 3,29 3,83 3,43 3,68 3,60 Ivory Coast 4,55 4,63 5,07 4,70 4,59 4,69 Benin 5,94 5,95 6,05 5,78 6,09 5,80 Conakry 1,70 1,83 2,69 2,34 2,01 2,15 Congo B 8,22 8,66 9,14 9,02 9,48 9,00 Liberia 3,73 3,51 5,07 4,70 3,96 4,31 Bissau 3,24 4,11 3,79 4,16 3,58 3,15

MENAIran (joint venture) 3,73 3,99 4,01 4,03 3,91 3,61 Syria 2,09 1,80 3,31 3,04 2,95 3,91 Sudan 2,83 2,90 2,47 2,59 2,62 2,61 Yemen 4,10 3,71 4,51 3,66 4,06 4,10 Afghanistan 1,92 1,84 2,76 2,89 2,86 2,59 Cyprus 18,51 19,33 19,35 19,37 19,80 18,38


100MTN Group Limited


MTN Group Limited

ARPU(Local currency)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEASouth Africa 83,10 81,95 87,16 88,44 93,65 91,54

Postpaid 154,70 152,98 159,52 163,86 180,65 163,84 Prepaid 68,30 67,15 69,75 70,40 74,04 76,00

Uganda 8 462,00 7 528,18 7 998,46 7 148,75 7 512,37 7 358,68 Rwanda 1 487,72 1 486,82 1 538,99 1 562,92 1 565,57 1 444,71 Zambia 27,47 26,89 28,61 28,34 32,00 30,17 South Sudan 55,11 55,05 26,13 26,33 24,52 27,53 Botswana (joint venture) 61,00 63,00 61,04 63,21 68,24 64,00 Swaziland (joint venture) 88,00 91,00 94,26 93,73 103,30 101,31

WECANigeria 1 078,00 1 086,00** 1 102,59 1 046,45 994,44 963,42 Ghana 12,17 12,28 12,32 12,53 12,52 11,70 Cameroon 2 052,45 1 952,75 2 225,90 2 043,26 2 169,43 2 140,00 Ivory Coast 2 771,75 2 705,14 2 946,57 2 797,32 2 708,13 2 780,00 Benin 3 616,00 3 506,59 3 512,75 3 438,86 3 594,24 3 523,30 Conakry 14 791,78 16 409,98 19 190,61 17 043,90 14 874,41 16 508,47 Congo B 4 926,03 5 054,11 5 312,87 5 365,33 5 597,42 5 334,97 Liberia 3,73 3,51 5,07 4,70 3,96 4,31 Bissau 1 978,20 2 403,63 2 201,47 2 473,65 2 111,39 1 910,73

MENAIran (joint venture) 112 513,01 121 147,23 110 351,87 114 958,63 116 024,94 113 683,00 Syria 767,08 865,87 706,14 795,23 863,86 770,64 Sudan 17,23 17,69 14,77 15,46 15,89 15,90 Yemen 880,20 904,79 970,24 786,84 920,73 909,66 Afghanistan 131,93 126,34 159,27 170,64 180,09 170,51 Cyprus 16,93 17,15 17,15 17,57 17,81 17,27



ARPU(Local currency)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEASouth Africa 83,10 81,95 87,16 88,44 93,65 91,54

Postpaid 154,70 152,98 159,52 163,86 180,65 163,84 Prepaid 68,30 67,15 69,75 70,40 74,04 76,00

Uganda 8 462,00 7 528,18 7 998,46 7 148,75 7 512,37 7 358,68 Rwanda 1 487,72 1 486,82 1 538,99 1 562,92 1 565,57 1 444,71 Zambia 27,47 26,89 28,61 28,34 32,00 30,17 South Sudan 55,11 55,05 26,13 26,33 24,52 27,53 Botswana (joint venture) 61,00 63,00 61,04 63,21 68,24 64,00 Swaziland (joint venture) 88,00 91,00 94,26 93,73 103,30 101,31

WECANigeria 1 078,00 1 086,00** 1 102,59 1 046,45 994,44 963,42 Ghana 12,17 12,28 12,32 12,53 12,52 11,70 Cameroon 2 052,45 1 952,75 2 225,90 2 043,26 2 169,43 2 140,00 Ivory Coast 2 771,75 2 705,14 2 946,57 2 797,32 2 708,13 2 780,00 Benin 3 616,00 3 506,59 3 512,75 3 438,86 3 594,24 3 523,30 Conakry 14 791,78 16 409,98 19 190,61 17 043,90 14 874,41 16 508,47 Congo B 4 926,03 5 054,11 5 312,87 5 365,33 5 597,42 5 334,97 Liberia 3,73 3,51 5,07 4,70 3,96 4,31 Bissau 1 978,20 2 403,63 2 201,47 2 473,65 2 111,39 1 910,73

MENAIran (joint venture) 112 513,01 121 147,23 110 351,87 114 958,63 116 024,94 113 683,00 Syria 767,08 865,87 706,14 795,23 863,86 770,64 Sudan 17,23 17,69 14,77 15,46 15,89 15,90 Yemen 880,20 904,79 970,24 786,84 920,73 909,66 Afghanistan 131,93 126,34 159,27 170,64 180,09 170,51 Cyprus 16,93 17,15 17,15 17,57 17,81 17,27




MTN Group Limited

Subscribers(‘000)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEA 52 796 52 872 51 625 52 168 53 439 52 853 South Africa 30 077 29 805 27 958 28 504 29 077 30 588

Postpaid 5 198 5 132 5 402 5 328 5 190 5 242 Prepaid 24 879 24 673 22 555 23 176 23 888 25 346

Uganda 9 624 9 891 10 791 11 146 11 524 8 929 Rwanda 4 015 3 989 3 889 3 958 4 010 4 119 Zambia 5 197 5 417 5 386 4 901 5 026 5 264 South Sudan 1 126 1 055 904 982 1 084 1 200 Botswana (joint venture) 1 826 1 798 1 783 1 784 1 794 1 758 Swaziland (joint venture) 931 919 915 892 923 995

WECA 102 952 105 560 104 798 108 082 107 952 106 576 Nigeria 57 045 58 978** 61 149 62 813 62 494 61 252 Ghana 17 004 17 579 14 208 14 886 15 493 16 255 Cameroon 9 477 9 648 10 097 10 363 9 949 9 178 Ivory Coast 8 140 8 236 8 295 8 488 8 461 8 346 Benin 3 923 3 962 3 782 3 913 3 989 4 012 Conakry 3 075 2 748 3 272 3 485 3 362 3 244 Congo B 2 175 2 270 2 038 2 128 2 216 2 250 Liberia 1 409 1 443 1 319 1 300 1 300 1 357 Bissau 704 696 636 705 689 682

MENA 73 855 74 145 71 080 70 747 71 663 73 071 Iran (joint venture) 46 852 47 316 44 421 44 146 45 464 46 142 Syria 5 802 5 837 5 747 5 765 5 769 5 972 Sudan 8 800 8 814 8 595 8 757 8 315 8 462 Yemen 5 335 5 310 5 595 5 239 5 255 5 351 Afghanistan 6 702 6 482 6 390 6 487 6 503 6 785 Cyprus 363 386 331 354 356 359

Total subscribers 229 603 232 577 227 503 230 997 233 054 232 500



Subscribers(‘000)

Country 1Q16* 2Q16* 1Q15 2Q15 3Q15 4Q15

SEA 52 796 52 872 51 625 52 168 53 439 52 853 South Africa 30 077 29 805 27 958 28 504 29 077 30 588

Postpaid 5 198 5 132 5 402 5 328 5 190 5 242 Prepaid 24 879 24 673 22 555 23 176 23 888 25 346

Uganda 9 624 9 891 10 791 11 146 11 524 8 929 Rwanda 4 015 3 989 3 889 3 958 4 010 4 119 Zambia 5 197 5 417 5 386 4 901 5 026 5 264 South Sudan 1 126 1 055 904 982 1 084 1 200 Botswana (joint venture) 1 826 1 798 1 783 1 784 1 794 1 758 Swaziland (joint venture) 931 919 915 892 923 995

WECA 102 952 105 560 104 798 108 082 107 952 106 576 Nigeria 57 045 58 978** 61 149 62 813 62 494 61 252 Ghana 17 004 17 579 14 208 14 886 15 493 16 255 Cameroon 9 477 9 648 10 097 10 363 9 949 9 178 Ivory Coast 8 140 8 236 8 295 8 488 8 461 8 346 Benin 3 923 3 962 3 782 3 913 3 989 4 012 Conakry 3 075 2 748 3 272 3 485 3 362 3 244 Congo B 2 175 2 270 2 038 2 128 2 216 2 250 Liberia 1 409 1 443 1 319 1 300 1 300 1 357 Bissau 704 696 636 705 689 682

MENA 73 855 74 145 71 080 70 747 71 663 73 071 Iran (joint venture) 46 852 47 316 44 421 44 146 45 464 46 142 Syria 5 802 5 837 5 747 5 765 5 769 5 972 Sudan 8 800 8 814 8 595 8 757 8 315 8 462 Yemen 5 335 5 310 5 595 5 239 5 255 5 351 Afghanistan 6 702 6 482 6 390 6 487 6 503 6 785 Cyprus 363 386 331 354 356 359

Total subscribers 229 603 232 577 227 503 230 997 233 054 232 500




MTN Group Limited

Revenue(Rm)

Country 1H16 1H15 2H15 YTD15Reported

%Organic

%

South and East Africa 25 156 24 456 26 963 51 419 2,9 7,6 South Africa 19 841 18 882 21 156 40 038 5,1 5,1 Uganda 2 804 2 540 2 608 5 148 10,4 (2,3)Rwanda 775 712 787 1 499 8,8 (6,9)Zambia 1 408 1 632 1 499 3 131 (13,7) 1,7 South Sudan 210 591 798 1 389 (64,5) 166,3 Business Group 118 99 115 214 19,2 7,1

West and Central Africa 46 347 38 296 43 147 81 443 21,0 (2,5)Nigeria 28 941 24 649 27 293 51 942 17,4 (4,8)Ghana 5 165 3 496 4 407 7 903 47,7 18,9 Cameroon 3 202 2 742 3 064 5 806 16,8 (8,7)Ivory Coast 3 751 3 081 3 343 6 424 21,7 (3,9)Bissau 246 197 200 397 24,9 (1,0)Conakry 527 619 584 1 203 (14,9) (19,1)Congo B 1 815 1 393 1 728 3 121 30,3 1,9 Liberia 524 511 503 1 014 2,5 (20,4)Benin 2 176 1 608 2 025 3 633 35,3 6,9

Middle East and North Africa 7 402 6 569 7 197 13 766 12,7 1,9 Syria 1 068 1 329 1 276 2 605 (19,6) 10,5 Sudan 2 345 1 610 1 862 3 472 45,7 15,7 Yemen 1 905 1 633 1 738 3 371 16,7 (3,6)Afghanistan 1 204 1 340 1 484 2 824 (10,1) (17,9)Cyprus 880 657 837 1 494 33,9 4,7

Joint venturesIran 8 324 6 435 7 225 13 660 29,4 8,7 Botswana 518 457 488 945 13,3 – Swaziland 174 165 179 344 5,5 5,5 Equity accounting exclusion (9 016) (7 057) (7 892) (14 949) – –Head office companies and eliminations (27) (111) (164) (275) – –

Total 78 878 69 210 77 143 146 353 14,0 1,5

Hyperinflation 237 94 616 710 – –

Total including hyperinflation 79 115 69 304 77 759 147 063 14,2 1,7


Revenue(Rm)


%Organic

%

South and East Africa 25 156 24 456 26 963 51 419 2,9 7,6 South Africa 19 841 18 882 21 156 40 038 5,1 5,1 Uganda 2 804 2 540 2 608 5 148 10,4 (2,3)Rwanda 775 712 787 1 499 8,8 (6,9)Zambia 1 408 1 632 1 499 3 131 (13,7) 1,7 South Sudan 210 591 798 1 389 (64,5) 166,3 Business Group 118 99 115 214 19,2 7,1

West and Central Africa 46 347 38 296 43 147 81 443 21,0 (2,5)Nigeria 28 941 24 649 27 293 51 942 17,4 (4,8)Ghana 5 165 3 496 4 407 7 903 47,7 18,9 Cameroon 3 202 2 742 3 064 5 806 16,8 (8,7)Ivory Coast 3 751 3 081 3 343 6 424 21,7 (3,9)Bissau 246 197 200 397 24,9 (1,0)Conakry 527 619 584 1 203 (14,9) (19,1)Congo B 1 815 1 393 1 728 3 121 30,3 1,9 Liberia 524 511 503 1 014 2,5 (20,4)Benin 2 176 1 608 2 025 3 633 35,3 6,9

Middle East and North Africa 7 402 6 569 7 197 13 766 12,7 1,9 Syria 1 068 1 329 1 276 2 605 (19,6) 10,5 Sudan 2 345 1 610 1 862 3 472 45,7 15,7 Yemen 1 905 1 633 1 738 3 371 16,7 (3,6)Afghanistan 1 204 1 340 1 484 2 824 (10,1) (17,9)Cyprus 880 657 837 1 494 33,9 4,7

Joint venturesIran 8 324 6 435 7 225 13 660 29,4 8,7 Botswana 518 457 488 945 13,3 – Swaziland 174 165 179 344 5,5 5,5 Equity accounting exclusion (9 016) (7 057) (7 892) (14 949) – –Head office companies and eliminations (27) (111) (164) (275) – –

Total 78 878 69 210 77 143 146 353 14,0 1,5


Total including hyperinflation 79 115 69 304 77 759 147 063 14,2 1,7



MTN Group Limited

Revenue breakdown(Rm)


%Organic

%

South AfricaOutgoing voice 7 922 8 434 8 458 16 892 (6,1) (6,1)Incoming voice 753 951 896 1 847 (20,8) (20,8)Data 6 766 5 677 7 032 12 709 19,2 19,2 SMS 675 953 969 1 922 (29,2) (29,2)Devices 3 354 2 513 3 414 5 927 33,5 33,5 Other 371 354 387 741 4,8 4,8

Revenue 19 841 18 882 21 156 40 038 5,1 5,1

UgandaOutgoing voice 1 526 1 497 1 431 2 928 1,9 (9,9)Incoming voice 256 257 309 566 (0,4) (11,7)Data 920 663 792 1 455 38,8 22,7 SMS 29 30 32 62 (3,3) (13,3)Devices 71 38 102 140 86,8 65,8 Other 2 55 (58) (3) (96,4) (98,6)

Revenue 2 804 2 540 2 608 5 148 10,4 (2,3)

NigeriaOutgoing voice 19 600 16 824 18 256 35 080 16,5 (5,6)Incoming voice 3 321 2 592 3 173 5 765 28,1 3,8 Data 5 587 4 661 5 452 10 113 19,9 (2,7)SMS 377 427 413 840 (11,7) (28,3)Devices 17 8 6 14 112,5 75,0Other 39 137 (7) 130 (71,5) (76,6)

Revenue 28 941 24 649 27 293 51 942 17,4 (4,8)


Revenue breakdown(Rm)


%Organic

%

South AfricaOutgoing voice 7 922 8 434 8 458 16 892 (6,1) (6,1)Incoming voice 753 951 896 1 847 (20,8) (20,8)Data 6 766 5 677 7 032 12 709 19,2 19,2 SMS 675 953 969 1 922 (29,2) (29,2)Devices 3 354 2 513 3 414 5 927 33,5 33,5 Other 371 354 387 741 4,8 4,8

Revenue 19 841 18 882 21 156 40 038 5,1 5,1

UgandaOutgoing voice 1 526 1 497 1 431 2 928 1,9 (9,9)Incoming voice 256 257 309 566 (0,4) (11,7)Data 920 663 792 1 455 38,8 22,7 SMS 29 30 32 62 (3,3) (13,3)Devices 71 38 102 140 86,8 65,8 Other 2 55 (58) (3) (96,4) (98,6)

Revenue 2 804 2 540 2 608 5 148 10,4 (2,3)

NigeriaOutgoing voice 19 600 16 824 18 256 35 080 16,5 (5,6)Incoming voice 3 321 2 592 3 173 5 765 28,1 3,8 Data 5 587 4 661 5 452 10 113 19,9 (2,7)SMS 377 427 413 840 (11,7) (28,3)Devices 17 8 6 14 112,5 75,0Other 39 137 (7) 130 (71,5) (76,6)

Revenue 28 941 24 649 27 293 51 942 17,4 (4,8)



MTN Group Limited

Revenue breakdown (continued)(Rm)


%Organic

%

GhanaOutgoing voice 2 364 1 830 2 226 4 056 29,2 4,0 Incoming voice 713 622 658 1 280 14,6 (7,6)Data 1 991 952 1 466 2 418 109,1 68,0 SMS 49 40 38 78 22,5 (2,5)Devices 7 19 6 25 (63,2) (73,7)Other 41 33 13 46 24,2 (3,0)

Revenue 5 165 3 496 4 407 7 903 47,7 18,9

CameroonOutgoing voice 2 027 1 911 1 976 3 887 6,1 (17,1)Incoming voice 390 396 433 829 (1,5) (23,0)Data 603 315 508 823 91,4 49,5 SMS 90 87 95 182 3,4 (19,5)Devices 81 26 58 84 211,5 146,2 Other 11 7 (6) 1 57,1 14,3

Revenue 3 202 2 742 3 064 5 806 16,8 (8,7)

Ivory CoastOutgoing voice 2 447 2 029 2 186 4 215 20,6 (4,8)Incoming voice 555 507 527 1 034 9,5 (13,6)Data 642 447 556 1 003 43,6 13,4 SMS 52 57 50 107 (8,8) (28,1)Devices 31 15 9 24 106,7 66,7 Other 24 26 15 41 (7,7) (30,8)

Revenue 3 751 3 081 3 343 6 424 21,7 (3,9)

SyriaOutgoing voice 688 854 820 1 674 (19,4) 10,9Incoming voice 20 36 29 65 (44,4) (25,0)Data 308 361 360 721 14,7 16,9SMS 48 70 60 130 (31,4) (5,7)Devices 1 – 1 1 100,0 100,0Other 3 8 6 14 (62,5) (50,0)

Revenue 1 068 1 329 1 276 2 605 (19,6) 10,5


Revenue including hyperinflation 1 171 1 357 1 639 2 996 (13,7) 17,6




%Organic

%

GhanaOutgoing voice 2 364 1 830 2 226 4 056 29,2 4,0 Incoming voice 713 622 658 1 280 14,6 (7,6)Data 1 991 952 1 466 2 418 109,1 68,0 SMS 49 40 38 78 22,5 (2,5)Devices 7 19 6 25 (63,2) (73,7)Other 41 33 13 46 24,2 (3,0)

Revenue 5 165 3 496 4 407 7 903 47,7 18,9

CameroonOutgoing voice 2 027 1 911 1 976 3 887 6,1 (17,1)Incoming voice 390 396 433 829 (1,5) (23,0)Data 603 315 508 823 91,4 49,5 SMS 90 87 95 182 3,4 (19,5)Devices 81 26 58 84 211,5 146,2 Other 11 7 (6) 1 57,1 14,3

Revenue 3 202 2 742 3 064 5 806 16,8 (8,7)

Ivory CoastOutgoing voice 2 447 2 029 2 186 4 215 20,6 (4,8)Incoming voice 555 507 527 1 034 9,5 (13,6)Data 642 447 556 1 003 43,6 13,4 SMS 52 57 50 107 (8,8) (28,1)Devices 31 15 9 24 106,7 66,7 Other 24 26 15 41 (7,7) (30,8)

Revenue 3 751 3 081 3 343 6 424 21,7 (3,9)

SyriaOutgoing voice 688 854 820 1 674 (19,4) 10,9Incoming voice 20 36 29 65 (44,4) (25,0)Data 308 361 360 721 14,7 16,9SMS 48 70 60 130 (31,4) (5,7)Devices 1 – 1 1 100,0 100,0Other 3 8 6 14 (62,5) (50,0)

Revenue 1 068 1 329 1 276 2 605 (19,6) 10,5


Revenue including hyperinflation 1 171 1 357 1 639 2 996 (13,7) 17,6



MTN Group Limited



%Organic

%

SudanOutgoing voice 1 207 914 927 1 841 32,1 4,8 Incoming voice 407 347 378 725 17,3 (6,9)Data 649 290 472 762 123,8 78,3 SMS 41 32 32 64 28,1 3,1 Devices – 1 – 1 (100,0) (100,0)Other 41 26 53 79 57,7 23,1

Revenue 2 345 1 610 1 862 3 472 45,7 15,7


Revenue including hyperinflation 2 479 1 676 2 115 3 791 47,9 17,5

Iran (49%)Outgoing voice 3 206 2 824 2 916 5 740 13,5 (4,6)Incoming voice 963 985 954 1 939 (2,2) (17,9)Data 3 380 1 719 2 406 4 125 96,6 65,3 SMS 679 795 727 1 522 (14,6) (28,3)Devices 72 – – – 100,0 100,0Other 24 112 222 334 (78,6) (81,3)

Revenue 8 324 6 435 7 225 13 660 29,4 8,7

Hyperinflation – 271 16 287 – –





%Organic

%

SudanOutgoing voice 1 207 914 927 1 841 32,1 4,8 Incoming voice 407 347 378 725 17,3 (6,9)Data 649 290 472 762 123,8 78,3 SMS 41 32 32 64 28,1 3,1 Devices – 1 – 1 (100,0) (100,0)Other 41 26 53 79 57,7 23,1

Revenue 2 345 1 610 1 862 3 472 45,7 15,7



Iran (49%)Outgoing voice 3 206 2 824 2 916 5 740 13,5 (4,6)Incoming voice 963 985 954 1 939 (2,2) (17,9)Data 3 380 1 719 2 406 4 125 96,6 65,3 SMS 679 795 727 1 522 (14,6) (28,3)Devices 72 – – – 100,0 100,0Other 24 112 222 334 (78,6) (81,3)

Revenue 8 324 6 435 7 225 13 660 29,4 8,7

Hyperinflation – 271 16 287 – –




MTN Group Limited

Cost(Rm)


%Organic

%

South and East Africa 17 943 15 901 18 615 34 516 12,8 37,2 South Africa 13 862 12 158 14 510 26 668 14,0 14,0 Uganda 1 962 1 625 1 748 3 373 20,7 6,8 Rwanda 562 480 561 1 041 17,1 0,4 Zambia 952 989 963 1 952 (3,7) 13,7 South Sudan 506 558 755 1 313 (9,3) 711,1 Business Group 99 91 78 169 8,8 (4,4)

West and Central Africa 25 773 18 993 24 334 43 327 35,7 9,1Nigeria 14 520 10 517 13 921 24 438 38,1 11,3 Ghana 3 161 2 109 2 597 4 706 49,9 20,6 Cameroon 1 984 1 706 1 999 3 705 16,3 (9,1)Ivory Coast 2 402 1 955 2 274 4 229 22,9 (3,1)Bissau 176 125 143 268 40,8 11,2 Conakry 604 481 601 1 082 25,6 19,8 Congo B 973 782 982 1 764 24,4 (2,7)Liberia 401 362 420 782 10,8 (13,8)Benin 1 552 956 1 397 2 353 62,3 28,3

Middle East and North Africa 5 043 4 518 4 924 9 442 11,6 1,9Syria 763 1 114 1 031 2 145 (31,5) (5,7)Sudan 1 516 1 071 1 185 2 256 41,5 12,0 Yemen 1 230 887 1 160 2 047 38,7 16,3 Afghanistan 934 961 950 1 911 (2,8) (11,1)Cyprus 600 485 598 1 083 23,7 (3,3)

Joint venturesIran 5 185 3 853 4 142 7 995 34,6 13,1 Botswana 231 206 185 391 12,1 (1,5)Swaziland 80 76 86 162 5,3 5,3Equity accounting exclusion (5 496) (4 135) (4 413) (8 548) – –Head office companies and eliminations 846 (476) (374) (850) – –

Total 49 605 38 936 47 499 86 435 27,4 22,8

Regulatory fine 10 499 – 9 287 9 287 – – Hyperinflation 147 45 434 479 – –

Total reported 60 251 38 981 57 220 96 201 54,6 44,6


Cost(Rm)


%Organic

%

South and East Africa 17 943 15 901 18 615 34 516 12,8 37,2 South Africa 13 862 12 158 14 510 26 668 14,0 14,0 Uganda 1 962 1 625 1 748 3 373 20,7 6,8 Rwanda 562 480 561 1 041 17,1 0,4 Zambia 952 989 963 1 952 (3,7) 13,7 South Sudan 506 558 755 1 313 (9,3) 711,1 Business Group 99 91 78 169 8,8 (4,4)

West and Central Africa 25 773 18 993 24 334 43 327 35,7 9,1Nigeria 14 520 10 517 13 921 24 438 38,1 11,3 Ghana 3 161 2 109 2 597 4 706 49,9 20,6 Cameroon 1 984 1 706 1 999 3 705 16,3 (9,1)Ivory Coast 2 402 1 955 2 274 4 229 22,9 (3,1)Bissau 176 125 143 268 40,8 11,2 Conakry 604 481 601 1 082 25,6 19,8 Congo B 973 782 982 1 764 24,4 (2,7)Liberia 401 362 420 782 10,8 (13,8)Benin 1 552 956 1 397 2 353 62,3 28,3

Middle East and North Africa 5 043 4 518 4 924 9 442 11,6 1,9Syria 763 1 114 1 031 2 145 (31,5) (5,7)Sudan 1 516 1 071 1 185 2 256 41,5 12,0 Yemen 1 230 887 1 160 2 047 38,7 16,3 Afghanistan 934 961 950 1 911 (2,8) (11,1)Cyprus 600 485 598 1 083 23,7 (3,3)

Joint venturesIran 5 185 3 853 4 142 7 995 34,6 13,1 Botswana 231 206 185 391 12,1 (1,5)Swaziland 80 76 86 162 5,3 5,3Equity accounting exclusion (5 496) (4 135) (4 413) (8 548) – –Head office companies and eliminations 846 (476) (374) (850) – –

Total 49 605 38 936 47 499 86 435 27,4 22,8

Regulatory fine 10 499 – 9 287 9 287 – – Hyperinflation 147 45 434 479 – –

Total reported 60 251 38 981 57 220 96 201 54,6 44,6



MTN Group Limited

Cost breakdown(Rm)


%Organic

%

South AfricaHandsets 4 796 3 293 4 932 8 225 45,6 45,6 Interconnect 1 415 1 543 1 543 3 086 (8,3) (8,3)Roaming 177 147 138 285 20,4 20,4 Commissions 815 1 175 1 122 2 297 (30,6) (30,6)Government and regulatory costs 110 104 117 221 5,8 5,8 VAS/Digital revenue share 234 139 181 320 68,3 68,3 Service provider discount 984 876 975 1 851 12,3 12,3 Network 2 018 1 891 1 779 3 670 6,7 6,7 Marketing 344 408 427 835 (15,7) (15,7)Staff costs 1 192 1 005 943 1 948 18,6 18,6 Other OPEX 1 777 1 577 2 353 3 930 12,7 12,7

Cost 13 862 12 158 14 510 26 668 14,0 14,0

UgandaHandsets 114 88 143 231 29,5 15,9 Interconnect 197 175 179 354 12,6 (0,2)Roaming 22 26 16 42 (15,4) (23,1)Commissions 457 404 432 836 13,1 0,2 Government and regulatory costs 92 89 54 143 3,4 (9,0)VAS/Digital revenue share – – – – – – Service provider discount – – – – – – Network 565 368 433 801 53,5 35,6 Marketing 86 45 87 132 91,1 66,7 Staff costs 162 176 146 322 (8,0) (18,8)Other OPEX 267 254 258 512 5,1 (7,1)

Cost 1 962 1 625 1 748 3 373 20,7 6,8


Cost breakdown(Rm)


%Organic

%

South AfricaHandsets 4 796 3 293 4 932 8 225 45,6 45,6 Interconnect 1 415 1 543 1 543 3 086 (8,3) (8,3)Roaming 177 147 138 285 20,4 20,4 Commissions 815 1 175 1 122 2 297 (30,6) (30,6)Government and regulatory costs 110 104 117 221 5,8 5,8 VAS/Digital revenue share 234 139 181 320 68,3 68,3 Service provider discount 984 876 975 1 851 12,3 12,3 Network 2 018 1 891 1 779 3 670 6,7 6,7 Marketing 344 408 427 835 (15,7) (15,7)Staff costs 1 192 1 005 943 1 948 18,6 18,6 Other OPEX 1 777 1 577 2 353 3 930 12,7 12,7

Cost 13 862 12 158 14 510 26 668 14,0 14,0

UgandaHandsets 114 88 143 231 29,5 15,9 Interconnect 197 175 179 354 12,6 (0,2)Roaming 22 26 16 42 (15,4) (23,1)Commissions 457 404 432 836 13,1 0,2 Government and regulatory costs 92 89 54 143 3,4 (9,0)VAS/Digital revenue share – – – – – – Service provider discount – – – – – – Network 565 368 433 801 53,5 35,6 Marketing 86 45 87 132 91,1 66,7 Staff costs 162 176 146 322 (8,0) (18,8)Other OPEX 267 254 258 512 5,1 (7,1)

Cost 1 962 1 625 1 748 3 373 20,7 6,8



MTN Group Limited

Cost breakdown (continued)(Rm)


%Organic

%

NigeriaHandsets 272 400 361 761 (32,0) (45,3)Interconnect 2 659 1 852 2 027 3 879 43,6 16,6 Roaming 82 23 66 89 256,5 208,7 Commissions 1 507 1 570 1 625 3 195 (4,0) (22,3)Government and regulatory costs 682 848 831 1 679 (19,6) (38,2)VAS/Digital revenue share 1 119 623 979 1 602 79,6 44,9 Service provider discount – – – – – – Network 5 288 2 628 4 439 7 067 101,2 63,9 Marketing 685 487 757 1 244 40,7 13,8 Staff costs 832 792 966 1 758 5,1 (15,0)Other OPEX 1 394 1 294 1 870 3 164 7,7 (16,6)

Cost 14 520 10 517 13 921 24 438 38,1 11,3

GhanaHandsets 140 60 111 171 133,3 86,7 Interconnect 535 402 471 873 33,1 7,2 Roaming 40 42 13 55 (4,8) (23,8)Commissions 346 220 240 460 57,3 26,4 Government and regulatory costs 114 85 93 178 34,1 8,2 VAS/Digital revenue share 448 235 302 537 90,6 53,2 Service provider discount – – – – – – Network 1 000 643 819 1 462 55,5 25,5 Marketing 87 53 137 190 64,2 30,2 Staff costs 246 158 235 393 55,7 25,3 Other OPEX 205 211 176 387 (2,8) (21,8)

Cost 3 161 2 109 2 597 4 706 49,9 20,6




%Organic

%

NigeriaHandsets 272 400 361 761 (32,0) (45,3)Interconnect 2 659 1 852 2 027 3 879 43,6 16,6 Roaming 82 23 66 89 256,5 208,7 Commissions 1 507 1 570 1 625 3 195 (4,0) (22,3)Government and regulatory costs 682 848 831 1 679 (19,6) (38,2)VAS/Digital revenue share 1 119 623 979 1 602 79,6 44,9 Service provider discount – – – – – – Network 5 288 2 628 4 439 7 067 101,2 63,9 Marketing 685 487 757 1 244 40,7 13,8 Staff costs 832 792 966 1 758 5,1 (15,0)Other OPEX 1 394 1 294 1 870 3 164 7,7 (16,6)

Cost 14 520 10 517 13 921 24 438 38,1 11,3

GhanaHandsets 140 60 111 171 133,3 86,7 Interconnect 535 402 471 873 33,1 7,2 Roaming 40 42 13 55 (4,8) (23,8)Commissions 346 220 240 460 57,3 26,4 Government and regulatory costs 114 85 93 178 34,1 8,2 VAS/Digital revenue share 448 235 302 537 90,6 53,2 Service provider discount – – – – – – Network 1 000 643 819 1 462 55,5 25,5 Marketing 87 53 137 190 64,2 30,2 Staff costs 246 158 235 393 55,7 25,3 Other OPEX 205 211 176 387 (2,8) (21,8)

Cost 3 161 2 109 2 597 4 706 49,9 20,6



MTN Group Limited



%Organic

%

CameroonHandsets 104 69 92 161 50,7 17,4 Interconnect 215 211 247 458 1,9 (20,4)Roaming 13 39 4 43 (66,7) (71,8)Commissions 229 213 212 425 7,5 (16,0)Government and regulatory costs 167 168 205 373 (0,6) (22,6)VAS/Digital revenue share 42 – 78 78 100,0 100,0Service provider discount – – 5 5 – – Network 597 518 502 1 020 15,3 (9,8)Marketing 112 44 93 137 154,5 97,7 Staff costs 245 195 265 460 25,6 (1,5)Other OPEX 260 249 296 545 4,4 (18,9)

Cost 1 984 1 706 1 999 3 705 16,3 (9,1)

Ivory CoastHandsets 85 51 63 114 66,7 31,4 Interconnect 487 421 419 840 15,7 (8,6)Roaming 13 13 15 28 – (23,1)Commissions 292 264 334 598 10,6 (12,9)Government and regulatory costs 348 309 257 566 12,6 (11,0)VAS/Digital revenue share 75 5 82 87 NM NMService provider discount – – – – – –Network 440 332 391 723 32,5 4,5 Marketing 95 104 80 184 (8,7) (27,9)Staff costs 249 216 264 480 15,3 (9,3)Other OPEX 318 240 369 609 32,5 4,6

Cost 2 402 1 955 2 274 4 229 22,9 (3,1)




%Organic

%

CameroonHandsets 104 69 92 161 50,7 17,4 Interconnect 215 211 247 458 1,9 (20,4)Roaming 13 39 4 43 (66,7) (71,8)Commissions 229 213 212 425 7,5 (16,0)Government and regulatory costs 167 168 205 373 (0,6) (22,6)VAS/Digital revenue share 42 – 78 78 100,0 100,0Service provider discount – – 5 5 – – Network 597 518 502 1 020 15,3 (9,8)Marketing 112 44 93 137 154,5 97,7 Staff costs 245 195 265 460 25,6 (1,5)Other OPEX 260 249 296 545 4,4 (18,9)

Cost 1 984 1 706 1 999 3 705 16,3 (9,1)

Ivory CoastHandsets 85 51 63 114 66,7 31,4 Interconnect 487 421 419 840 15,7 (8,6)Roaming 13 13 15 28 – (23,1)Commissions 292 264 334 598 10,6 (12,9)Government and regulatory costs 348 309 257 566 12,6 (11,0)VAS/Digital revenue share 75 5 82 87 NM NMService provider discount – – – – – –Network 440 332 391 723 32,5 4,5 Marketing 95 104 80 184 (8,7) (27,9)Staff costs 249 216 264 480 15,3 (9,3)Other OPEX 318 240 369 609 32,5 4,6

Cost 2 402 1 955 2 274 4 229 22,9 (3,1)



MTN Group Limited



%Organic

%

Iran (49%)Handsets 99 56 76 132 76,8 50,0 Interconnect 718 717 698 1 415 0,1 (15,9)Roaming 41 14 29 43 192,9 157,1 Commissions 20 25 15 40 (20,0) (32,0)Government and regulatory costs 2 346 1 828 1 984 3 812 28,3 7,8 VAS/Digital revenue share 213 136 187 323 56,6 31,6 Service provider discount 240 172 196 368 39,5 16,9 Network 1 063 614 677 1 291 73,1 45,6 Marketing 170 88 135 223 93,2 62,5 Staff costs 138 89 140 229 55,1 31,5 Other OPEX 137 114 5 119 20,2 –

Cost 5 185 3 853 4 142 7 995 34,6 13,1


Cost including hyperinflation 5 471 3 984 4 513 8 497 37,3 15,6

SyriaHandsets 3 5 5 10 (40,0) (20,0)Interconnect 29 50 40 90 (42,0) (20,0)Roaming 14 13 1 14 7,7 46,2 Commissions 20 25 25 50 (20,0) 8,0 Government and regulatory costs 326 639 617 1 256 (49,0) (29,9)VAS/Digital revenue share 5 2 2 4 150,0 300,0 Service provider discount – – – – – – Network 175 176 157 333 (0,6) 37,5 Marketing 10 4 10 14 150,0 250,0 Staff costs 51 71 62 133 (28,2) (2,8)Other OPEX 130 129 112 241 0,8 37,2

Cost 763 1 114 1 031 2 145 (31,5) (5,7)


Cost including hyperinflation 825 1 116 1 314 2 430 (26,1) 0,7




%Organic

%

Iran (49%)Handsets 99 56 76 132 76,8 50,0 Interconnect 718 717 698 1 415 0,1 (15,9)Roaming 41 14 29 43 192,9 157,1 Commissions 20 25 15 40 (20,0) (32,0)Government and regulatory costs 2 346 1 828 1 984 3 812 28,3 7,8 VAS/Digital revenue share 213 136 187 323 56,6 31,6 Service provider discount 240 172 196 368 39,5 16,9 Network 1 063 614 677 1 291 73,1 45,6 Marketing 170 88 135 223 93,2 62,5 Staff costs 138 89 140 229 55,1 31,5 Other OPEX 137 114 5 119 20,2 –

Cost 5 185 3 853 4 142 7 995 34,6 13,1



SyriaHandsets 3 5 5 10 (40,0) (20,0)Interconnect 29 50 40 90 (42,0) (20,0)Roaming 14 13 1 14 7,7 46,2 Commissions 20 25 25 50 (20,0) 8,0 Government and regulatory costs 326 639 617 1 256 (49,0) (29,9)VAS/Digital revenue share 5 2 2 4 150,0 300,0 Service provider discount – – – – – – Network 175 176 157 333 (0,6) 37,5 Marketing 10 4 10 14 150,0 250,0 Staff costs 51 71 62 133 (28,2) (2,8)Other OPEX 130 129 112 241 0,8 37,2

Cost 763 1 114 1 031 2 145 (31,5) (5,7)


Cost including hyperinflation 825 1 116 1 314 2 430 (26,1) 0,7



MTN Group Limited



%Organic

%

SudanHandsets 93 55 57 112 69,1 34,5 Interconnect 253 191 210 401 32,5 4,7 Roaming 6 5 7 12 20,0 – Commissions 171 125 152 277 36,8 8,8 Government and regulatory costs 113 96 30 126 17,7 (6,3)VAS/Digital revenue share 36 – 63 63 100,0 100,0Service provider discount – – – – – – Network 470 335 365 700 40,3 11,0 Marketing 80 59 91 150 35,6 6,8 Staff costs 110 76 101 177 44,7 14,5 Other OPEX 184 129 109 238 42,6 11,6

Cost 1 516 1 071 1 185 2 256 41,5 12,0






%Organic

%

SudanHandsets 93 55 57 112 69,1 34,5 Interconnect 253 191 210 401 32,5 4,7 Roaming 6 5 7 12 20,0 – Commissions 171 125 152 277 36,8 8,8 Government and regulatory costs 113 96 30 126 17,7 (6,3)VAS/Digital revenue share 36 – 63 63 100,0 100,0Service provider discount – – – – – – Network 470 335 365 700 40,3 11,0 Marketing 80 59 91 150 35,6 6,8 Staff costs 110 76 101 177 44,7 14,5 Other OPEX 184 129 109 238 42,6 11,6

Cost 1 516 1 071 1 185 2 256 41,5 12,0





MTN Group Limited

EBITDA excluding tower profits, hyperinflation and regulatory fine(Rm)


%Organic

%

South and East Africa 7 213 8 555 8 348 16 903 (15,7) (47,3)South Africa 5 979 6 724 6 646 13 370 (11,1) (11,1)Uganda 842 915 860 1 775 (8,0) (18,6)Rwanda 213 232 226 458 (8,2) (22,0)Zambia 456 643 536 1 179 (29,1) (16,8)South Sudan (296) 33 43 76 NM NMBusiness Group 19 8 37 45 137,5 125,0

West and Central Africa 20 574 19 303 18 813 38 116 6,6 (14,0)Nigeria 14 421 14 132 13 372 27 504 2,0 (16,9)Ghana 2 004 1 387 1 810 3 197 44,5 16,3 Cameroon 1 218 1 036 1 065 2 101 17,6 (8,0)Ivory Coast 1 349 1 126 1 069 2 195 19,8 (5,2)Bissau 70 72 57 129 (2,8) (23,6)Conakry (77) 138 (17) 121 (155,8) (155,1)Congo B 842 611 746 1 357 37,8 7,9 Liberia 123 149 83 232 (17,4) (36,2)Benin 624 652 628 1 280 (4,3) (24,4)

Middle East and North Africa 2 359 2 051 2 273 4 324 15,0 1,9 Syria 305 215 245 460 41,9 94,9 Sudan 829 539 677 1 216 53,8 23,0 Yemen 675 746 578 1 324 (9,5) (27,3)Afghanistan 270 379 534 913 (28,8) (34,8)Cyprus 280 172 239 411 62,8 27,3

Joint venturesIran 3 139 2 582 3 083 5 665 21,6 2,1 Botswana 287 251 303 554 14,3 0,9 Swaziland 94 89 93 182 5,6 5,2 Equity accounting exclusion (3 520) (2 922) (3 479) (6 401) – –Head office companies and eliminations (873) 365 210 575 – –

Total 29 273 30 274 29 644 59 918 (3,3) (25,9)

Regulatory fine (10 499) – (9 287) (9 287) – – Hyperinflation 90 49 182 231 – – Tower profit 18 352 7 911 8 263 – –

Total including tower profit, hyperinflation and regulatory fine 18 882 30 675 28 450 59 125 (38,4) (59,0)


EBITDA excluding tower profits, hyperinflation and regulatory fine(Rm)


%Organic

%

South and East Africa 7 213 8 555 8 348 16 903 (15,7) (47,3)South Africa 5 979 6 724 6 646 13 370 (11,1) (11,1)Uganda 842 915 860 1 775 (8,0) (18,6)Rwanda 213 232 226 458 (8,2) (22,0)Zambia 456 643 536 1 179 (29,1) (16,8)South Sudan (296) 33 43 76 NM NMBusiness Group 19 8 37 45 137,5 125,0

West and Central Africa 20 574 19 303 18 813 38 116 6,6 (14,0)Nigeria 14 421 14 132 13 372 27 504 2,0 (16,9)Ghana 2 004 1 387 1 810 3 197 44,5 16,3 Cameroon 1 218 1 036 1 065 2 101 17,6 (8,0)Ivory Coast 1 349 1 126 1 069 2 195 19,8 (5,2)Bissau 70 72 57 129 (2,8) (23,6)Conakry (77) 138 (17) 121 (155,8) (155,1)Congo B 842 611 746 1 357 37,8 7,9 Liberia 123 149 83 232 (17,4) (36,2)Benin 624 652 628 1 280 (4,3) (24,4)

Middle East and North Africa 2 359 2 051 2 273 4 324 15,0 1,9 Syria 305 215 245 460 41,9 94,9 Sudan 829 539 677 1 216 53,8 23,0 Yemen 675 746 578 1 324 (9,5) (27,3)Afghanistan 270 379 534 913 (28,8) (34,8)Cyprus 280 172 239 411 62,8 27,3

Joint venturesIran 3 139 2 582 3 083 5 665 21,6 2,1 Botswana 287 251 303 554 14,3 0,9 Swaziland 94 89 93 182 5,6 5,2 Equity accounting exclusion (3 520) (2 922) (3 479) (6 401) – –Head office companies and eliminations (873) 365 210 575 – –

Total 29 273 30 274 29 644 59 918 (3,3) (25,9)

Regulatory fine (10 499) – (9 287) (9 287) – – Hyperinflation 90 49 182 231 – – Tower profit 18 352 7 911 8 263 – –

Total including tower profit, hyperinflation and regulatory fine 18 882 30 675 28 450 59 125 (38,4) (59,0)



MTN Group Limited

Operational information

Share-holding (%)

Licence period(years)

Popula-tion

(m)

Mobile pene-

tration (%)

Marketposition/

No ofoperators

Market share (%)

Outgoing MOU

(minutes)

Tele-metry

(m)

Data users

(m)

Smart-phones

(m) MB/user 2G sites

Co-located

3G sites LTE sites

SEASouth Africa 100 20 55,7 162 2/4 32,3 102 2 317 17 571 9 281 413 265 369 284Uganda 96 20 40,5 46 1/8 52,7 79 – 3 541 1 081 141 0 195 100Rwanda 80 15 11,5 67 1/3 51,8 70 – 1 510 501 243 8 16 0Zambia 86 15 15,5 69 1/3 50,3 64 – 2 633 1 019 213 0 66 99South Sudan 100 20 11,0 25 2/4 36,0 43 – 294 302 77 0 0 0Botswana (joint venture) 53 15 2,2 153 1/3 54,7 85 – n/a n/a n/a n/a n/a n/aSwaziland (joint venture) 30 10 1,1 81 1/1 100,0 51 – 519 310 76 13 13 0

WECANigeria 79 15 174,3 72 1/4 46,2 95 – 30 259 16 032 117 138 428 507Ghana 97,7 15 27,8 117 1/9 53,8 139 – 9 369 3 626 195 48 110 435Cameroon 70 15 23,6 71 1/3 57,4 73 – 3 176 2 578 221 27 189 64Ivory Coast 59 20 23,9 105 1/3 32,8 62 – 1 235 1 799 304 47 151 343Benin 75 20 11,1 71 1/5 50,4 52 – 1 348 1 060 421 15 15 5Conakry 75 18 11,0 102 2/4 24,5 38 – 1 097 552 120 18 60 0Congo B 100 15 4,7 88 1/3 54,7 79 – 699 699 341 4 2 0Liberia 60 15 4,1 50 1/4 70,7 116 – 450 313 107 11 0 0Bissau 100 10 1,8 66 1/3 58,6 37 – 330 190 34 3 3 0

MENAIran (joint venture) 49 15 80,6 126 2/6 46,4 73 – 24 732 25 837 932 207 1 783 851Syria 75 20 17,0 84 2/2 40,9 56 – 2 215 3 153 164 35 92 3Sudan 85 20 37,6 69 2/3 33,8 135 – 4 352 2 733 299 18 44 0Yemen 83 15 27,1 46 1/4 42,8 88 – 833 914 106 12 0 0Afghanistan 100 15 33,2 52 1/5 37,8 54 – 752 1 887 354 0 120 0Cyprus 100 20 0,8 109 2/4 38,9 233 – 190 237 2 593 4 4 0


Operational information

Share-holding (%)

Licence period(years)

Popula-tion

(m)

Mobile pene-

tration (%)

Marketposition/

No ofoperators

Market share (%)

Outgoing MOU

(minutes)

Tele-metry

(m)

Data users

(m)

Smart-phones

(m) MB/user 2G sites

Co-located

3G sites LTE sites

SEASouth Africa 100 20 55,7 162 2/4 32,3 102 2 317 17 571 9 281 413 265 369 284Uganda 96 20 40,5 46 1/8 52,7 79 – 3 541 1 081 141 0 195 100Rwanda 80 15 11,5 67 1/3 51,8 70 – 1 510 501 243 8 16 0Zambia 86 15 15,5 69 1/3 50,3 64 – 2 633 1 019 213 0 66 99South Sudan 100 20 11,0 25 2/4 36,0 43 – 294 302 77 0 0 0Botswana (joint venture) 53 15 2,2 153 1/3 54,7 85 – n/a n/a n/a n/a n/a n/aSwaziland (joint venture) 30 10 1,1 81 1/1 100,0 51 – 519 310 76 13 13 0

WECANigeria 79 15 174,3 72 1/4 46,2 95 – 30 259 16 032 117 138 428 507Ghana 97,7 15 27,8 117 1/9 53,8 139 – 9 369 3 626 195 48 110 435Cameroon 70 15 23,6 71 1/3 57,4 73 – 3 176 2 578 221 27 189 64Ivory Coast 59 20 23,9 105 1/3 32,8 62 – 1 235 1 799 304 47 151 343Benin 75 20 11,1 71 1/5 50,4 52 – 1 348 1 060 421 15 15 5Conakry 75 18 11,0 102 2/4 24,5 38 – 1 097 552 120 18 60 0Congo B 100 15 4,7 88 1/3 54,7 79 – 699 699 341 4 2 0Liberia 60 15 4,1 50 1/4 70,7 116 – 450 313 107 11 0 0Bissau 100 10 1,8 66 1/3 58,6 37 – 330 190 34 3 3 0

MENAIran (joint venture) 49 15 80,6 126 2/6 46,4 73 – 24 732 25 837 932 207 1 783 851Syria 75 20 17,0 84 2/2 40,9 56 – 2 215 3 153 164 35 92 3Sudan 85 20 37,6 69 2/3 33,8 135 – 4 352 2 733 299 18 44 0Yemen 83 15 27,1 46 1/4 42,8 88 – 833 914 106 12 0 0Afghanistan 100 15 33,2 52 1/5 37,8 54 – 752 1 887 354 0 120 0Cyprus 100 20 0,8 109 2/4 38,9 233 – 190 237 2 593 4 4 0



MTN Group Limited

NET SUBSCRIBER ADDITIONS

Country

Guidance provided

March 2016

Updatedguidance

Actual

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 500Iran 1 100 1 500 Syria – (100)Sudan 350 400Other 160 (300) Total 11 950 8 075

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MTN Integrated ReportPresentation: 4 December 2014

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