MTN Group Limited Results presentation for the year ended 31 December 2018

MTN Group Limited Results presentation for the year ended 31 December 2018

for the year ended 31 December 2018 MTN Group Limited Financial results for the year ended 31 December 2018 53 Data sheets Contents Results presentation Appendices Data sheets 01 Results presentaton 43 Appendices 53 Data sheets * Constant currency information after accounting for the impact of the pro forma adjustments as defined ** Reported ^ EBITDA excludes impairment of goodwill, net monetary gains and share of results of associates and joint ventures after tax Any forward looking financial information disclosed in this results announcement has not been reviewed or audited or otherwise reported on by our external joint auditors Service revenue excludes device and SIM card revenue Data revenue is mobile access data Fintech includes Mobile Money (MoMo), insurance, airtime lending and e-commerce All financial numbers are year-on-year (YoY) unless otherwise stated All subscriber numbers are compared to end-december 2017 unless otherwise stated 2017 comparatives are restated for the adoption of IFRS 15 and change in the presentation of cash flows Certain information presented in these results constitutes pro forma financial information. This 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, and results of operations or cash flows. The pro forma constant currency financial information contained in this announcement has been reviewed by the group s external auditors and their unmodified limited assurance report prepared in terms of ISAE 3420 is available for inspection at the company s registered office on weekdays from 09:00 to 16:00. 1. The financial information presented in these consolidated financial results has been prepared excluding the impact of hyperinflation and the goodwill and asset impairments, tower profits, the Nigerian regulatory fine (consisting of the re-measurement impact when the settlement was entered into and the finance costs recognised as a result of the unwind of the initial discounting of the liability), the profit from the sale of Cyprus, the CBN resolution and in addition to the above, profit on the exercise of IHS exchange right, Loss on the de-recognition of IHS Loan receivable and MTN Zakhele Futhi Share base payments, which relate to the 2017 year of assessment ( the pro forma adjustments ) and constitutes pro forma financial information to the extent that it is not extracted from the segment disclosure included in the audited summary group financial statements for the year ended 31 December 2018. This pro forma financial information has been presented to eliminate the impact of the pro forma adjustments from the consolidated financial results to achieve a comparable year-on-year analysis. The pro forma adjustments have been calculated in terms of the group accounting policies disclosed in the consolidated financial statements for the year ended 31 December 2017, except for the changes in accounting policies as a result of the adoption of the accounting pronouncements effective 1 January 2018, and the change in the presentation of cash flows. 2. Constant currency 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 average exchange rates determined as the average of the monthly exchange rates. The measurement has been performed for each of the group s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated based on the current year constant currency results compared to the prior year results. In addition, in respect of MTN Irancell, MTN Sudan, MTN South Sudan and MTN Syria, the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Syria were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. The joint independent auditors audit report by PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Grant Thornton Inc. does not report on all of the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the joint independent auditors engagement they should obtain a copy of the joint independent auditors audit report together with the accompanying financial information from MTN s registered office. The directors of MTN take full responsibility for the preparation of this abridged report and the financial information has been correctly extracted from the underlying audited financial statements. The group s results are presented in line with the group s operational structure. This is South Africa, Nigeria, the Southern and East Africa and Ghana (SEAGHA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations. The SEAGHA region includes Ghana, Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), eswatini (joint venture-equity accounted) and Business Group. The WECA region includes Cameroon, Ivory Coast, Benin, Congo Brazzaville, Liberia, Guinea Conakry and Guinea Bissau. The MENA region includes Iran (joint venture-equity accounted), Syria, Sudan, Yemen, and Afghanistan. Cyprus was disposed of and is no longer included in the results effective 4 September 2018. Although Iran, Botswana and eswatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the group.

Results presentation for the year ended 31 December 2018

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MTN Group Limited Financial results for the year ended 31 December 2018 31 Best customer experience Returns and efficiency focus Ignite commercial performance Growth through data and digital Hearts and minds Technology excellence

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Appendices

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52 MTN Group Limited Financial results for the year ended 31 December 2018

MTN Group Limited Results for the year ended 31 December 2018 Data sheets Data sheets 53

54 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited Results for the year ended 31 December 2018 ARPU (US dollar) Modernised Country 1Q17 (1) 2Q17 (1) 3Q17 (1) 4Q17 South Africa 6,34 6,51 6,69 7,12 Nigeria 3,60 3,61 4,31 4,24 SEAGHA Ghana 2,87 3,67 3,73 4,05 Uganda 2,11 2,06 2,14 2,32 Rwanda 1,74 2,03 2,45 2,46 Zambia 2,27 2,68 3,05 3,14 South Sudan 1,84 2,19 2,27 3,14 Botswana (joint venture) 6,17 6,70 6,50 7,60 eswatini (joint venture) 7,75 7,72 7,28 7,98 WECA Cameroon 2,98 3,17 3,40 4,32 Ivory Coast 4,33 4,35 3,99 4,17 Benin 5,30 5,09 4,99 4,68 Guinea-Conakry 2,16 2,24 2,21 2,12 Congo-Brazzaville 6,51 7,43 6,78 5,72 Liberia 2,44 2,59 2,44 3,88 Guinea-Bissau 3,48 4,62 3,90 3,78 MENA Iran (joint venture) 3,86 3,84 4,35 4,87 Syria 1,96 1,98 2,15 2,29 Sudan 3,59 3,76 3,92 2,79 Yemen 3,17 3,29 3,11 2,34 Afghanistan 1,52 1,72 1,84 1,73 (1) ARPU has not been restated for the impact of IFRS 15. 1Q17, 2Q17, 3Q17 not based on modernised subscribers.

MTN Group Limited Results for the year ended 31 December 2018 55 Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q18 8,06 7,45 7,06 7,08 4,14 4,13 4,12 4,22 4,50 4,60 4,02 4,70 2,17 2,12 2,25 2,36 2,32 2,13 2,35 2,54 2,82 2,87 2,90 2,63 3,60 4,93 4,67 4,70 7,60 7,60 7,24 7,10 7,78 7,12 7,17 8,02 4,66 4,60 4,28 3,79 4,19 4,10 3,65 4,01 5,45 4,88 4,88 4,88 2,05 1,93 1,89 1,93 5,94 5,99 6,69 6,38 3,47 3,14 2,67 3,17 3,99 4,21 3,52 2,59 4,32 4,05 2,52 1,98 2,37 2,58 2,84 2,54 1,45 1,37 1,45 1,12 2,38 2,58 2,68 2,72 1,69 1,90 1,90 1,70

56 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 ARPU (Local currency) Modernised Country 1Q17 (1) 2Q17 (1) 3Q17 (1) 4Q17 South Africa 84,79 85,24 88,12 96,80 Postpaid 147,05 148,97 149,70 160,42 Postpaid (excl telemetry) 264,52 268,57 272,40 296,90 Prepaid 72,06 72,32 75,87 82,84 Nigeria 1 131,00 1 171,00 1 407,73 1 483,52 SEAGHA Ghana 12,90 15,92 16,45 18,15 Uganda 7 635,00 7 399,00 7 699,00 8 455,00 Rwanda 1 413,31 1 696,89 2 061,66 2 085,71 Zambia 21,80 24,54 27,82 31,45 South Sudan 198,44 257,39 267,73 393,34 Botswana (joint venture) 64,65 69,00 69,00 76,26 eswatini (joint venture) 102,69 101,16 95,89 108,46 WECA Cameroon 1 844,00 1 850,00 1 884,00 2 440,00 Ivory Coast 2 683,85 2 530,85 2 236,02 2 355,54 Benin 3 283,25 2 962,55 2 793,69 2 643,54 Guinea-Conakry 19 926,34 20 093,59 19 890,34 19 091,33 Congo-Brazzaville 4 031,72 4 328,90 3 788,47 3 211,45 Liberia 2,44 2,59 2,44 3,88 Guinea-Bissau 2 157,54 2 691,26 2 182,31 2 133,76 MENA Iran (joint venture) 128 907,00 134 721,00 143 178,00 169 151,00 Syria 1 013,91 1 024,15 1 111,89 1 083,76 Sudan 24,00 25,13 26,18 29,91 Yemen 793,79 824,79 843,85 912,72 Afghanistan 102,76 117,50 126,09 118,75 (1) ARPU has not been restated for the impact of IFRS 15. 1Q17, 2Q17, 3Q17 not based on modernised subscribers.

MTN Group Limited Results for the year ended 31 December 2018 57 Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q18 96,14 94,23 98,33 101,32 141,80 140,23 142,78 146,60 262,43 256,26 271,14 281,10 77,19 74,64 77,52 80,50 1 493,09 1 491,28 1 492,25 1 534,73 20,13 21,08 19,38 23,00 7 914,00 8 010,00 8 463,00 8 775,00 1 960,18 1 971,52 2 031,64 1 914,06 27,57 28,66 30,05 30,23 477,84 678,47 678,63 710,00 76,26 76,26 75,21 73,00 92,83 90,01 99,85 113,74 2 518,35 2 534,53 2 408,00 2 178,00 2 261,27 2 260,85 2 053,72 2 307,00 2 941,08 2 690,45 2 745,06 2 809,19 18 426,75 17 371,94 16 995,08 17 524,00 3 263,37 3 356,65 3 789,47 3 673,47 3,47 3,14 2,67 3,17 2 153,93 2 316,82 1 979,81 1 489,93 159 303,00 167 793,00 175 049,22 181 284,00 1 032,71 1 129,02 1 244,15 1 114,48 35,25 39,88 42,35 49,79 921,59 982,79 1 020,19 1 034,72 116,92 134,77 139,39 128,45

58 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 MTN GROUP SUBSCRIBERS ( 000) Modernised Country 1Q17 2Q17 3Q17 4Q17 South Africa 30 231 31 216 30 908 29 516 Postpaid 5 161 5 194 5 227 5 357 Prepaid 25 070 26 022 25 681 24 159 Nigeria 60 523 53 094 50 308 52 273 SEAGHA 40 837 40 982 41 102 38 660 Ghana 16 789 17 304 17 590 15 667 Uganda 10 861 11 158 10 806 10 707 Rwanda 4 210 3 510 3 575 3 413 Zambia 5 505 5 575 5 695 5 485 South Sudan 708 685 691 663 Botswana (joint venture) 1 784 1 763 1 746 1 746 eswatini (joint venture) 981 987 999 979 WECA 31 354 31 929 32 953 29 134 Cameroon 9 749 9 541 9 447 7 052 Ivory Coast 10 399 11 018 11 619 10 922 Benin 4 162 4 273 4 280 4 358 Guinea-Conakry 2 493 2 550 2 696 2 648 Congo-Brazzaville 2 355 2 345 2 481 2 532 Liberia 1 495 1 412 1 635 881 Guinea-Bissau 700 789 795 742 MENA 73 454 74 111 74 509 67 227 Iran (joint venture)^ 48 118 49 041 49 539 43 257 Syria 5 915 5 915 5 915 5 617 Sudan 7 604 7 576 7 450 7 582 Yemen 5 221 5 110 5 089 4 371 Afghanistan 6 597 6 469 6 516 6 400 Total subscribers 236 399 231 332 229 781 216 810 ^ includes Wimax.

MTN Group Limited Results for the year ended 31 December 2018 59 Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q18 29 806 30 176 29 471 31 191 5 489 5 614 5 734 5 794 24 317 24 562 23 738 25 397 54 529 55 185 56 035 58 197 39 737 40 249 41 767 43 692 16 151 16 525 17 111 17 790 10 856 10 511 10 828 11 270 3 574 3 805 4 203 4 465 5 638 5 747 6 052 6 459 762 927 958 1 016 1 746 1 746 1 664 1 722 1 010 988 952 969 28 610 29 451 30 152 30 637 6 596 6 637 6 922 7 684 10 971 11 257 11 208 11 050 4 358 4 517 4 826 4 914 2 655 2 827 2 923 2 791 2 373 2 345 2 382 2 464 915 1 078 1 117 983 742 790 774 752 68 203 67 855 67 959 68 838 44 551 44 610 44 439 44 780 5 617 5 293 5 435 5 605 7 670 7 677 7 600 7 792 4 193 4 213 4 263 4 405 6 172 6 062 6 222 6 257 220 885 222 916 225 384 232 554

60 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE (Rm) Country 1H18 2H18 2018 South Africa 21 163 23 495 44 658 Nigeria 17 230 20 741 37 971 SEAGHA 10 342 12 271 22 613 Ghana 5 546 6 314 11 860 Uganda 2 440 2 983 5 423 Rwanda 686 902 1 588 Zambia 1 307 1 566 2 873 South Sudan 268 401 669 Business Group 95 105 200 WECA 9 617 10 606 20 223 Cameroon 2 384 2 575 4 959 Ivory Coast 3 487 3 671 7 158 Guinea-Bissau 239 221 460 Guinea-Conakry 434 493 927 Congo-Brazzaville 1 100 1 391 2 491 Liberia 250 267 517 Benin 1 723 1 988 3 711 MENA 4 396 4 449 8 845 Syria 1 025 1 273 2 298 Sudan 829 869 1 698 Yemen 781 989 1 770 Afghanistan 844 966 1 810 Cyprus 917 352 1 269 Joint ventures Iran 7 008 4 659 11 667 Botswana 438 488 926 eswatini 175 184 359 Equity accounting exclusion (7 621) (5 331) (12 952) Head office companies and eliminations (36) 112 76 Total 62 712 71 674 134 386 Hyperinflation 65 109 174 Total Including hyperinflation 62 777 71 783 134 560 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 61 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 20 511 21 986 42 497 5,1 5,1 18 071 17 996 36 067 5,3 17,1 9 495 10 692 20 187 12,0 20,5 4 880 5 553 10 433 13,7 22,7 2 506 2 687 5 193 4,4 8,7 661 698 1 359 16,9 21,6 1 223 1 493 2 716 5,8 17,6 122 157 279 139,8 194,6 103 104 207 (3,4) (3,9) 10 404 10 524 20 928 (3,4) (5,9) 2 609 2 764 5 373 (7,7) (9,7) 3 639 3 773 7 412 (3,4) (6,6) 246 243 489 (5,9) (9,0) 458 474 932 (0,5) (0,1) 1 367 1 248 2 615 (4,7) (6,8) 334 303 637 (18,8) (17,6) 1 751 1 719 3 470 6,9 3,3 6 294 6 428 12 722 (30,5) 18,3 947 1 054 2 001 14,8 0,3 2 272 2 268 4 540 (62,6) 64,3 1 343 1 091 2 434 (27,3) (0,9) 910 962 1 872 (3,3) 3,6 822 1 053 1 875 (32,3) (34,2) 7 832 8 608 16 440 (29,0) 14,0 538 518 1 056 (12,3) (12,4) 189 182 371 (3,2) (3,0) (8 559) (9 308) (17 867) (31) (5) (36) 64 744 67 621 132 365 1,5 10,2 71 433 504 64 815 68 054 132 869 1,3 7,3

62 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 SERVICE REVENUE (Rm) Country 1H18 2H18 2018 South Africa 17 491 18 778 36 269 Nigeria 17 184 20 709 37 893 SEAGHA 10 229 12 105 22 334 Ghana 5 509 6 280 11 789 Uganda 2 420 2 951 5 371 Rwanda 672 880 1 552 Zambia 1 266 1 488 2 754 South Sudan 267 401 668 Business Group 95 105 200 WECA 9 531 10 536 20 067 Cameroon 2 348 2 554 4 902 Ivory Coast 3 464 3 651 7 115 Bissau 232 217 449 Conakry 426 484 910 Congo B 1 095 1 381 2 476 Liberia 248 266 514 Benin 1 718 1 983 3 701 MENA 4 236 4 379 8 615 Syria 1 025 1 273 2 298 Sudan 826 866 1 692 Yemen 781 989 1 770 Afghanistan 831 951 1 782 Cyprus 773 300 1 073 Joint ventures Iran 6 916 4 583 11 499 Botswana 438 478 917 Swaziland 172 179 351 Equity accounting exclusion (7 527) (5 241) (12 767) Total head office (38) 115 77 Total 58 633 66 622 125 255 Hyperinflation 64 111 175 Total including hyperinflation 58 697 66 733 125 430 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 63 Data sheets 1H17 2H17 2017 1 % Reported Constant currency % 16 999 17 807 34 806 4,2 4,2 18 018 17 941 35 959 5,4 17,2 9 371 10 577 19 948 12,0 20,4 4 846 5 504 10 350 13,9 23,0 2 473 2 662 5 135 4,6 8,9 648 686 1 334 16,3 21,0 1 180 1 466 2 646 4,1 15,7 121 156 277 141,2 196,4 103 103 206 (2,9) (3,4) 10 175 10 385 20 560 (2,4) (5,0) 2 505 2 671 5 176 (5,3) (7,3) 3 611 3 753 7 364 (3,4) (6,6) 236 239 475 (5,5) (8,6) 451 470 921 (1,2) (0,8) 1 335 1 242 2 577 (3,9) (6,1) 309 297 606 (15,2) (13,9) 1 728 1 713 3 441 7,6 3,9 6 141 6 159 12 300 (30,0) 20,4 947 1 054 2 001 14,8 0,3 2 267 2 250 4 517 (62,5) 64,6 1 343 1 091 2 434 (27,3) (0,9) 887 940 1 827 (2,5) 4,5 697 824 1 521 (29,5) (31,4) 7 698 8 484 16 183 (28,9) 14,0 538 518 1 056 (13,2) (13,3) 186 178 364 (3,5) (3,5) (8 422) (9 180) (17 602) (30) (5) (35) 320,0 (28,6) 60 674 62 864 123 538 1,4 10,7 72 431 503 (65,2) (386,5) 60 746 63 295 124 041 1,1 9,1

64 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN (Rm) Country 1H18 2H18 2018 South Africa Outgoing voice 6 969 6 746 13 715 Incoming voice 912 965 1 877 Data 6 004 6 898 12 902 Digital 831 686 1 517 Fintech 416 502 918 SMS 574 555 1 129 Devices 3 672 4 717 8 389 Wholesale 620 1 327 1 947 Other 1 165 1 099 2 264 Revenue 21 163 23 495 44 658 Nigeria Outgoing voice 11 235 13 695 24 930 Incoming voice 1 648 2 051 3 699 Data 2 545 2 953 5 498 Digital 678 230 908 Fintech 463 571 1 034 SMS 237 286 523 Devices 46 32 78 Wholesale 211 314 525 Other (167) 609 776 Revenue 17 230 20 741 37 971 Ghana Outgoing voice 2 149 2 344 4 493 Incoming voice 455 503 958 Data 1 433 1 669 3 102 Digital 419 243 662 Fintech 849 1 434 2 283 SMS 40 53 93 Devices 37 34 70 Wholesale 23 13 36 Other 141 21 163 Revenue 5 546 6 314 11 860 (1) Not adjusted for postpaid carry-over rules.

MTN Group Limited Results for the year ended 31 December 2018 65 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 7 640 7 203 14 843 (7,6) (7,6) 808 885 1 693 10,9 10,9 5 289 6 160 11 449 12,7 12,7 874 899 1 773 (14,4) (14,4) 218 334 552 66,3 66,3 676 711 1 387 (18,6) (18,6) 3 512 4 179 7 691 9,1 9,1 424 546 970 100,7 100,7 1 070 1 069 2 139 5,8 5,8 20 511 21 986 42 497 5,1 5,1 11 349 11 456 22 805 9,3 21,5 2 126 1 886 4 012 (7,8) 2,4 1 904 2 472 4 376 25,6 40,1 1 544 1 057 2 601 (65,1) (58,3) 421 455 876 18,0 32,3 257 257 514 1,8 13,2 53 55 108 (27,8) (15,7) 178 151 329 59,6 76,0 239 207 446 74,0 77,1 18 071 17 996 36 067 5,3 17,1 1 903 2 244 4 147 8,3 17,2 526 492 1 018 (5,9) 1,7 1 180 1 389 2 569 20,7 30,2 432 446 878 (24,6) (17,8) 670 791 1 461 56,3 67,6 50 36 86 8,1 16,3 34 49 83 (15,7) (8,4) 25 26 51 (29,4) (21,6) 60 80 140 16,4 27,1 4 880 5 553 10 433 13,7 22,7

66 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Uganda Outgoing voice 1 268 1 600 2 868 Incoming voice 163 173 336 Data 226 384 610 Digital 19 (9) 10 Fintech 654 669 1 323 SMS 18 77 95 Devices 20 32 52 Wholesale 24 28 52 Other 48 29 77 Revenue 2 440 2 983 5 423 Ivory Coast Outgoing voice 1 793 1 753 3 546 Incoming voice 500 649 1 149 Data 401 490 891 Digital 218 135 353 Fintech 333 377 710 SMS 61 52 113 Devices 23 20 43 Wholesale 185 200 385 Other (27) (5) (32) Revenue 3 487 3 671 7 158 Cameroon Outgoing voice 1 330 1 448 2 778 Incoming voice 255 260 515 Data 402 478 880 Digital 79 (19) 60 Fintech 106 210 316 SMS 67 70 137 Devices 36 21 57 Wholesale Other 109 107 216 Revenue 2 384 2 575 4 959 (1) Not adjusted for postpaid carry-over rules.

MTN Group Limited Results for the year ended 31 December 2018 67 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 1 362 1 427 2 789 2,8 7,1 170 183 353 (4,8) (0,3) 213 283 496 23,0 26,0 64 50 114 (91,2) (87,7) 566 634 1 200 10,3 15,3 20 18 38 150,0 152,6 33 25 58 (10,3) (8,6) 31 22 53 (1,9) 1,9 47 45 92 (16,3) (13,0) 2 506 2 687 5 193 4,4 8,7 2 287 2 211 4 498 (21,2) (23,7) 410 493 903 27,2 22,8 338 378 716 24,4 20,3 177 202 378 (6,6) (10,3) 221 279 500 42,0 37,4 43 48 91 24,2 20,9 28 20 48 (10,4) (12,5) 131 138 269 43,1 37,9 4 4 9 (500,0) (487,5) 3 639 3 773 7 412 (3,4) (6,6) 1 524 1 502 3 026 (8,2) (10,1) 338 325 663 (22,3) (24,0) 347 451 798 10,3 7,9 76 106 182 (67,0) (67,6) 32 80 112 182,1 175,9 75 78 153 (10,5) (12,4) 104 93 197 (71,1) (71,6) 113 129 242 (10,7) (12,4) 2 609 2 764 5 373 (7,7) (9,7)

68 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Syria Outgoing voice 624 755 1 379 Incoming voice 20 25 45 Data 289 393 682 Digital 20 20 40 Fintech 18 27 45 SMS 42 42 84 Devices Wholesale Other 12 11 23 Revenue 1 025 1 273 2 298 Hyperinflation 9 9 Revenue including hyperinflation 1 025 1 282 2 307 Sudan Outgoing voice 328 318 646 Incoming voice 226 231 457 Data 208 251 459 Digital 42 47 89 Fintech SMS 10 10 20 Devices 3 3 6 Wholesale Other 12 9 21 Revenue 829 869 1 698 Hyperinflation (109) (109) Revenue including hyperinflation 829 760 1 589 Iran (49%) Outgoing voice 1 755 1 258 3 013 Incoming voice 514 365 879 Data 3 484 2 308 5 792 Digital 674 443 1 118 Fintech 3 8 11 SMS 269 177 446 Devices 92 76 168 Wholesale Other 217 25 240 Revenue 7 008 4 659 11 667 (1) Not adjusted for postpaid carry-over rules.

MTN Group Limited Results for the year ended 31 December 2018 69 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 583 646 1 229 12,2 (2,0) 26 28 54 (16,7) (27,8) 257 290 547 24,7 9,0 19 13 32 25,0 9,4 22 29 51 (11,8) (21,6) 38 45 83 1,2 (10,8) 2 3 5 360,0 300,0 947 1 054 2 001 14,8 0,3 40 344 384 987 1 398 2 385 (3,3) 140,7 1 098 1 055 2 153 (70,0) 31,3 349 338 687 (33,5) 194,3 620 669 1 289 (64,4) 56,9 132 130 262 (66,0) 47,7 35 30 65 (69,2) 36,9 5 18 23 (73,9) 4,3 33 28 61 (65,6) 45,9 2 272 2 268 4 540 (62,6) 64,3 2 272 2 268 4 540 (65,0) (31,9) 2 492 2 333 4 825 (37,6) 1,4 764 744 1 508 (41,7) (5,9) 3 039 3 868 6 907 (16,1) 34,6 926 1 066 1 968 (43,2) (13,9) 12 (6) 6 91,7 208,3 430 349 779 (42,7) (8,3) 133 124 257 (34,5) 10,1 36 130 190 26,8 117,4 7 832 8 608 16 440 (29,0) 14,0

70 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 EBITDA EXCLUDING HYPERINFLATION, TOWER PROFITS, PROFIT ON SALE OF CYPRUS AND CBN RESOLUTIONS (Rm) Country 1H18 2H18 2018 South Africa 7 450 8 210 15 660 Nigeria 7 426 9 148 16 574 SEAGHA 3 610 4 255 7 865 Ghana 2 166 2 286 4 452 Uganda 854 1 126 1 980 Rwanda 180 287 467 Zambia 411 481 892 South Sudan 6 82 88 Business Group (7) (7) (14) WECA 2 314 1 819 4 133 Cameroon 457 (2) 455 Ivory Coast 934 659 1 593 Guinea-Bissau 82 57 139 Guinea-Conakry 22 48 70 Congo-Brazzaville 371 659 1 030 Liberia 11 (66) (55) Benin 437 464 901 MENA 1 246 1 263 2 510 Syria 351 558 909 Sudan 255 335 590 Yemen 213 149 362 Afghanistan 125 106 232 Cyprus 302 115 417 Joint ventures Iran 2 554 1 677 4 231 Botswana 238 251 489 eswatini 78 76 154 Equity accounting exclusion (2 870) (2 004) (4 874) Head office companies and eliminations (30) (127) (158) Total 22 016 24 568 46 584 Zakhele Futhi share-based payment Hyperinflation 307 (36) 271 CBN resolution (744) (744) Tower profit 12 11 23 Cyprus sale 2 112 2 112 Total including tower profit, hyperinflation, regulatory fine and MTN Zakhele Futhi 22 335 25 911 48 246 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 71 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 7 047 7 588 14 635 7,0 7,0 6 915 7 155 14 070 17,8 30,7 3 016 3 892 6 908 13,9 22,1 1 815 2 374 4 189 6,3 15,2 830 964 1 794 10,4 14,4 56 69 125 273,6 285,6 346 532 878 1,6 13,0 (28) (36) (64) (3) (11) (14) 3 156 2 179 5 335 (22,5) (24,5) 810 495 1 305 (65,1) (65,3) 1 285 1 074 2 359 (32,5) (34,4) 86 75 161 (13,7) (16,1) (6) 45 39 79,5 74,4 550 326 876 17,6 14,5 (55) (5) (60) 486 169 655 37,6 32,8 1 843 1 967 3 810 (34,1) 20,0 245 352 597 52,3 32,8 750 842 1 592 (62,9) 61,9 454 326 780 (53,6) (29,6) 125 105 230 0,4 7,8 269 342 611 (31,8) (33,7) 2 832 3 049 5 881 (28,1) 15,7 232 304 536 (8,8) (8,8) 98 83 181 (15,2) 15,2 (3 162) (3 436) (6 598) (416) (33) (449) 21 561 22 748 44 309 5.1 15,9 (434) (2 810) (572) (2 948) 6 030 14 6 044 24 781 22 190 46 971 2,7 10,0

72 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE AND EBITDA *EXCLUDING TOWER PROFITS AND HYPERINFLATION Local currency (m) Revenue Country 2018 2017 1 % Change South Africa 44 658 42 497 5,1 Nigeria 1 039 118 887 180 17,1 SEAGHA Ghana 4 219 3 438 22,7 Uganda 1 527 000 1 404 043 8,8 Rwanda 102 815 84 576 21,6 Zambia 2 283 1 958 16,6 South Sudan 7 158 2 425 195,2 Business Group 200 206 (2,9) WECA Cameroon 212 027 234 651 (9,6) Ivory Coast 303 022 324 671 (6,7) Guinea-Bissau 19 547 21 450 (8,9) Guinea-Conakry 634 226 634 327 0,0 Congo-Brazzaville 105 966 114 502 (7,5) Liberia 39 48 (18,8) Benin 156 885 152 315 3,0 MENA Syria 76 048 75 877 0,2 Sudan 4 001 2 441 63,9 Yemen 51 026 51 269 (0,5) Afghanistan 9 912 9 562 3,7 Cyprus 84 124 (32,3) Joint ventures Iran (49%) 46 758 377 41 175 212 13,6 Botswana (53.1%) 718 821 (12,5) eswatini (30%) 359 371 (3,2) (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15. * EBITDA excludes hyperinflation, tower profits, CBN resolution and Zakhele Futhi.

MTN Group Limited Results for the year ended 31 December 2018 73 Data sheets EBITDA* 2018 2017 (1) % Change 15 660 14 635 7,0 433 894 346 395 30,8 1 588 1 377 15,3 555 926 484 750 14,7 30 055 7 701 290,3 707 644 9,8 930 (579) (260,6) (14) (14) 0,0 20 490 57 502 (64,4) 68 082 103 628 (34,3) 5 957 7 059 (15,6) 46 797 26 248 78,3 43 444 38 619 12,5 (4) (5) (20,0) 38 096 29 435 29,4 29 824 22 551 32,3 1 415 843 67,9 10 694 15 994 (33,1) 1 269 1 191 6,5 28 40 (30,0) 17 008 593 14 661 558 16,0 380 476 (20,3) 154 181 15,2

74 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST (Rm) Country 1H18 2H18 2018 South Africa 13 713 15 352 29 065 Nigeria 9 806 11 678 21 484 SEAGHA 6 743 8 056 14 799 Ghana 3 379 4 029 7 408 Uganda 1 586 1 857 3 443 Rwanda 506 615 1 121 Zambia 907 1 096 2 003 South Sudan 263 347 610 Business Group 102 112 214 WECA 7 338 8 939 16 277 Cameroon 1 949 2 604 4 553 Ivory Coast 2 565 3 022 5 587 Guinea-Bissau 157 164 321 Guinea-Conakry 412 482 894 Congo-Brazzaville 729 810 1 539 Liberia 240 333 573 Benin 1 286 1 524 2 810 MENA 3 171 3 237 6 408 Syria 674 734 1 408 Sudan 575 562 1 137 Yemen 568 839 1 407 Afghanistan 740 864 1 604 Cyprus 614 238 852 Joint ventures Iran 4 588 2 983 7 571 Botswana 205 232 437 eswatini 97 109 206 Equity accounting exclusion (4 890) (3 324) (8 214) Head office companies and eliminations 319 (65) 823 Total 41 090 47 197 88 856 Regulatory fine Zakhele Futhi share-based payment CBN resolution 744 744 Hyperinflation (242) 141 (101) Total reported 40 848 48 082 89 499 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 75 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 13 464 14 398 27 862 4,3 4,3 11 159 10 843 22 002 (2,4) 8,8 6 496 6 884 13 380 10,6 19,1 3 066 3 236 6 302 17,5 26,7 1 677 1 722 3 399 1,3 5,6 605 629 1 234 (9,2) (5,3) 891 990 1 881 6,5 18,4 151 193 344 77,3 119,2 106 114 220 (2,7) (3,2) 7 282 8 406 15 688 3,8 1,0 1 822 2 294 4 116 10,6 8,1 2 364 2 724 5 088 9,8 6,0 160 169 329 (2,4) (5,8) 464 428 892 0,2 0,4 817 923 1 740 (11,6) (13,4) 389 319 708 (19,1) (18,8) 1 266 1 549 2 815 (0,2) (3,6) 4 458 4 474 8 932 (28,3) 19,4 702 702 1 404 0,3 (12,4) 1 528 1 435 2 963 (61,6) 69,6 888 766 1 654 (14,9) 12,6 788 859 1 647 (2,6) 4,4 552 712 1 264 (32,6) (34,4) 5 000 5 561 10 561 (28,3) 14,6 312 214 526 (16,9) (17,1) 90 99 189 9,0 8,5 (5 402) (5 874) (11 276) 383 357 740 43 242 45 362 88 604 0,3 8,3 434 2 881 1 004 3 451 46 123 46 366 92 489 3,2 1,6

76 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN (Rm) Country 1H18 2H18 2018 South Africa Handsets and other accessories 4 353 5 774 10 127 Interconnect 1 028 1 058 2 086 Roaming 151 95 246 Commissions 1 223 1 142 2 365 Government and regulatory costs 113 111 224 VAS/Digital revenue share 325 278 603 Service provider discount 813 734 1 547 Network 2 166 2 242 4 408 Marketing 567 784 1 351 Staff costs 1 235 1 267 2 502 Other opex 1 739 1 867 3 606 Cost 13 713 15 352 29 065 Nigeria Handsets and other accessories 150 142 292 Interconnect 1 593 1 900 3 493 Roaming 86 63 149 Commissions 811 974 1 785 Government and regulatory costs 446 591 1 037 VAS/Digital revenue share 353 342 695 Service provider disc Network 4 900 5 809 10 709 Marketing 272 311 583 Staff costs 489 645 1 134 Other opex 706 1 645 1 607 Cost 9 806 12 422 21 484 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 77 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 4 137 4 611 8 748 15,8 15,8 1 232 1 219 2 451 (14,9) (14,9) 160 119 279 (11,8) (11,8) 1 111 1 263 2 374 (0,4) (0,4) 74 121 195 14,9 14,9 339 249 588 2,6 2,6 854 925 1 779 (13,0) (13,0) 2 107 2 144 4 251 3,7 3,7 506 599 1 105 22,3 22,3 1 004 1 176 2 180 14,8 14,8 1 940 1 972 3 912 (7,8) 7,8 13 464 14 398 27 862 4,3 4,3 167 13 180 62,2 76,1 1 749 1 676 3 425 2,0 13,5 58 52 110 35,5 55,5 914 946 1 860 (4,0) 6,8 473 474 947 9,5 15,3 667 498 1 165 (40,3) (31,8) 5 412 5 155 10 567 1,3 12,9 298 321 619 (5,8) 4,8 543 546 1 089 4,1 15,3 878 1 162 2 040 (21,2) (10,1) 11 159 10 843 22 002 1,0 11,9

78 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Ghana Handsets and other accessories 121 124 245 Interconnect 470 530 1 000 Roaming 53 18 71 Commissions 657 795 1 452 Government and regulatory costs 126 153 279 VAS/Digital revenue share 165 299 464 Service provider discount Network 1 098 1 118 2 216 Marketing 142 192 334 Staff costs 273 258 531 Other opex 274 542 816 Cost 3 379 4 029 7 408 Uganda Handsets and other accessories 44 40 84 Interconnect 115 111 226 Roaming 22 18 40 Commissions 439 462 901 Government and regulatory costs 34 43 77 VAS/Digital revenue share 17 25 42 Service provider discount Network 519 615 1 134 Marketing 68 62 130 Staff costs 130 180 310 Other opex 198 301 499 Cost 1 586 1 857 3 443 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 79 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 111 181 292 (16,1) (6,4) 469 482 951 5,2 13,6 28 36 64 10,9 21,9 563 642 1 205 20,5 30,2 125 161 286 (2,4) 5,2 205 185 390 19,0 23,3 1 036 971 2 007 10,4 19,6 93 135 228 46,5 54,4 240 246 486 9,3 17,9 196 197 393 107,6 121,9 3 066 3 236 6 302 17,5 26,7 85 36 121 (30,6) (27,3) 142 140 282 (19,9) (16,0) 15 7 22 81,8 90,9 457 482 939 (4,0) 0,7 72 72 6,9 8,1 24 23 47 (10,6) (6,4) 495 531 1 026 10,5 15,4 34 81 115 13,0 18,3 139 153 292 6,2 10,6 286 197 483 3,3 6,2 1 677 1 722 3 399 1,3 5,6

80 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Ivory Coast Handsets and other accessories 106 57 163 Interconnect 511 610 1 121 Roaming 21 16 37 Commissions 294 338 632 Government and regulatory costs 314 487 801 VAS/Digital revenue share 113 167 280 Service provider discount Network 535 442 977 Marketing 108 96 204 Staff costs 268 302 570 Other opex 295 507 802 Cost 2 565 3 022 5 587 Cameroon Handsets and other accessories 87 33 120 Interconnect 269 194 463 Roaming 11 15 26 Commissions 208 245 453 Government and regulatory costs 155 365 520 VAS/Digital revenue share 31 48 79 Service provider discount 26 26 Network 582 711 1 293 Marketing 57 94 151 Staff costs 258 380 638 Other opex 291 493 784 Cost 1 949 2 604 4 553 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 81 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 67 107 174 6,3 (8,6) 366 495 861 30,2 25,8 17 22 39 (5,1) (7,7) 308 293 601 5,2 1,3 347 357 704 13,8 9,8 85 81 166 68,7 63,9 499 498 997 (2,0) (5,1) 102 139 241 (15,4) (17,8) 270 362 632 (9,8) (12,7) 303 370 673 19,2 13,8 2 364 2 724 5 088 9,8 6,0 172 190 362 (64,1) (67,4) 226 252 478 (3,1) (5,0) 9 10 19 36,8 36,8 175 211 386 17,4 14,8 168 207 375 38,7 35,5 31 41 72 (21,0) 6,9 1 4 5 420,0 400,0 540 607 1 147 12,7 10,3 66 116 182 (17,0) (19,2) 237 334 571 11,7 9,3 197 322 519 51,1 46,8 1 822 2 294 4 116 10,6 8,1

82 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Iran (49%) Handsets and other accessories 148 94 242 Interconnect 413 277 690 Roaming 16 32 48 Commissions 37 22 59 Government and regulatory costs 2 006 1 328 3 334 VAS/Digital revenue share 148 69 217 Service provider discount 208 135 343 Network 1 109 734 1 843 Marketing 144 84 228 Staff costs 185 130 315 Other opex 174 77 252 Cost 4 588 2 982 7 571 Hyperinflation Cost including hyperinflation 4 588 2 982 7 571 Syria Handsets and other accessories 4 8 12 Interconnect 14 16 30 Roaming 5 6 11 Commissions 18 19 37 Government and regulatory costs 217 254 471 VAS/Digital revenue share 14 28 42 Service provider discount Network 221 217 438 Marketing 13 17 30 Staff costs 65 63 128 Other opex 103 106 209 Cost 674 734 1 408 Hyperinflation (4) 7 3 Cost including hyperinflation 670 741 1 411 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 83 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 161 243 404 (40,2) (1,6) 569 554 1 123 (38,5) (1,3) 24 34 58 (16,9) 59,3 21 32 53 12 78,7 2 239 2 419 4 658 (28,4) 14,9 196 213 409 (46,9) (19,4) 235 256 491 (30,1) 11,1 1 114 1 287 2 401 (23,2) 22,8 140 181 321 (29,0) 11,7 202 231 433 (27,2) 17,9 99 111 210 19,6 73,8 5 000 5 561 10 561 (28,3) 14,6 (68) (2) (70) 4 932 5 559 10 491 (27,8) 15,4 3 4 7 71,4 42,9 22 19 41 (26,8) (36,6) 6 7 13 (15,4) (23,1) 17 20 37 (13,5) 290 325 615 (23,4) (33,2) 9 9 18 133,3 105,6 181 154 335 30,7 14,3 10 10 20 50,0 25,0 48 56 104 23,1 7,7 116 98 214 (2,3) (14,0) 702 702 1 404 0,3 (12,4) 1 150 466 1 616 1 852 1 168 3 020 (53,3) (51,8)

84 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H18 2018 Sudan Handsets and other accessories 28 39 67 Interconnect 115 77 192 Roaming 6 13 19 Commissions 59 58 117 Government and regulatory costs 14 55 69 VAS/Digital revenue share 1 1 Service provider disc Network 178 167 345 Marketing 13 18 31 Staff costs 40 40 80 Other opex 122 94 216 Cost 575 562 1 137 Hyperinflation (306) (90) (396) Cost including hyperinflation 269 472 741 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.

MTN Group Limited Results for the year ended 31 December 2018 85 Data sheets 1H17 2H17 2017 (1) % Reported Constant currency % 73 75 148 (54,7) 99,3 207 223 430 (55,3) 95,3 7 6 13 46,2 661,5 183 196 379 (69,1) 35,1 43 42 85 (98,8) (96,5) 513 439 952 (63,8) 61,3 65 56 121 (74,4) 8,3 129 122 251 (68,1) 38,2 308 276 584 (63,0) 64,6 1 528 1 435 2 963 (61,6) 69,6 1 691 1 691 3 219 1 435 4 654 (84,1) (66,9)

86 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 MTN shareholding (%)* Population (m) Market Outgoing share minutes (%) of use Mobile Market penetration No of position/ (%) operators Telemetry ( 000) South Africa 100 57,7 172 2/4 28,40 70 2 927 Nigeria 79 194,4 60 1/4 50,04 137 SEAGHA Ghana 85 29,6 117 1/9 51,27 298 Uganda 96 44,3 54 1/8 53,87 136 Rwanda 80 12,3 77 2/2 47,19 178 Zambia 86 16,9 81 1/3 47,00 81 South Sudan 100 13,1 13 1/2 60,33 159 Botswana (joint venture) 53 2,3 145 1/3 51,46 112 eswatini (joint venture) 30 1,2 95 1/2 87,64 189 WECA Cameroon 70 25,1 65 1/4 47,20 97 Ivory Coast 59 25,5 130 2/3 33,40 76 Benin 75 12,1 76 1/2 53,53 68 Guinea-Conakry 75 12,1 96 2/4 23,97 32 Congo-Brazzaville 100 5,1 89 1/3 54,53 164 Liberia 60 4,3 64 1/3 35,14 145 Guinea-Bissau 100 1,9 65 1/2 60,65 46 MENA Iran (joint venture) 49 83,5 125 2/4 42,97 100 Syria 75 17,9 87 2/2 36,04 74 Sudan 85 40,2 56 2/3 34,64 177 Yemen 85 28,0 42 1/4 37,76 131 Afghanistan 100 34,5 41 1/5 44,09 97 For details on our licences, please see annual financial statements. * Shareholding disclosed based on MTN s Group legal shareholding, historic view was based on effective accounting.

MTN Group Limited Results for the year ended 31 December 2018 87 Data sheets Data users ( 000) Active data users ( 000) Smartphones ( 000) MB/ active user Rolledout Q4 2G Sites Rolledout Q4 3G Sites Rolledout Q4 4G Sites Yearly cumulative 2G Sites Yearly cumulative 3G Sites Yearly cumulative 4G Sites 19 991 13 571 17 066 1 382 241 236 784 1 054 1 134 2 821 43 900 18 672 21 601 1 177 262 608 472 519 2 342 1 338 13 522 6 435 6 714 1 819 600 1 100 250 5 411 2 236 2 166 1 162 40 38 31 164 414 36 3 446 947 1 003 1 597 42 97 121 325 5 187 1 856 1 761 1 294 56 11 68 91 91 96 402 176 178 554 6 1 24 16 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 598 502 440 255 15 10 1 60 51 56 5 802 2 553 2 543 1 065 28 111 10 46 134 22 8 585 3 294 3 901 1 351 135 175 15 222 312 180 4 036 1 587 1 438 1 825 14 20 49 29 93 54 1 210 503 923 1 074 40 52 51 61 1 554 545 909 1 225 12 6 30 30 3 500 208 322 1 927 4 18 70 5 30 70 556 179 189 797 5 5 10 15 20 17 32 226 19 889 33 216 5 709 237 314 236 815 1449 1753 2 779 1 664 4 081 821 257 220 215 228 449 503 5 156 2 259 2 783 1 839 1 1 6 13 14 8 984 682 1 903 194 2 9 2 081 991 1 841 2 018 40 107 45 110 230 50

88 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 Financial review Headline earnings reconciliation (Rm) IFRS reported 2018 Impairment PPE and intangible assets 1 Goodwill 2 Profit on exercise of exchange right 3 Gain on dilution of investments 4 Profit on sale of Cyprus 5 Other 6 2018 Revenue 134 560 Other income 3 186 (569) (2 112) (3) EBITDA 48 246 (206) (569) (2 112) (3) Depreciation, amortisation and impairment of goodwill 24 670 (312) Profit from operations 23 576 (206) 312 (569) (2 112) (3) Net finance cost 8 331 Hyperinflationary monetary gain 290 Share of results of associates and joint ventures after tax (527) (134) Profit before tax 15 008 (206) 312 (703) (2 112) (3) Income tax expense 5 430 6 Profit after tax 9 578 (206) 312 (703) (2 112) 3 Non-controlling interests 859 (42) Attributable profit 8 719 (164) 312 (703) (2 112) 3 EBITDA margin 35,9% Effective tax rate 36,2% 2017 Revenue 132 869 Other income 6 591 (6 017) (28) (42) EBITDA 46 971 (6 017) (28) (42) Depreciation, amortisation and impairment of goodwill 26 398 (3 045) (2 631) Profit from operations 20 573 3 045 2 631 (6 017) (28) (42) Net finance cost 9 267 Hyperinflationary monetary gain 264 Share of results of associates and joint ventures after tax 840 Profit before tax 9 570 3 045 2 631 (6 017) (28) (42) Income tax expense 5 020 189 Profit after tax 4 550 2 856 2 631 (6 017) (28) (42) Non-controlling interests 134 537 Attributable profit 4 416 2 319 2 631 (6 017) (28) (42) EBITDA margin 35,4% Effective tax rate 52,5%

MTN Group Limited Results for the year ended 31 December 2018 89 Data sheets Nigeria fine interest 7 Hyperinflation (excluding impairments) 8 Forex losses 9 Forex losses Iran 9 MTN Zakhele Futhi 10 Loss on derecognition of loan (IHS) 11 Nigeria CBN resolution 12 Adjusted 2018 % movement 174 134 734 1,8 (4) 498 (46,9) 35 744 46 136 11,9 (261) 24 097 22,1 296 744 22 039 2,6 (812) (3) (1 945) 5 571 44,0 (290) 0 0,0 873 1 034 1 246 (44,6) 812 882 1 945 1 034 744 17 713 (10,9) 38 503 258 6 236 (2,9) 812 844 1 442 775 744 11 489 (14,5) 172 38 172 0 158 1 356 (5,2) 640 806 1 270 775 586 10 132 (15,7) 34,2% 35,2% (504) 132 365 434 938 (91) 434 41 227 (984) 19 738 893 434 21 489 (1 047) 3 (4 355) 3 868 (264) 1 328 80 2 248 1 047 1 954 4 355 80 434 2 840 19 869 69 1 127 20 6 425 1 047 1 885 3 228 60 434 2 840 13 444 222 153 385 0 1 430 825 1 732 2 843 60 434 2 840 12 014

90 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 1. 2018: Reversal of the hyperinflation-related asset impairment in MTN Sudan (R306 million) and exclusion of the impact of other asset impairments. 2017: Exclusion of the impact of impairments of assets previously written up for the impact of hyperinflation for MTN Syria (R1 348 million) and MTN Sudan (R1 690 million), partly offset by a reversal of assets previously impaired. 2. Represents the exclusion of the impact of goodwill impairment recognised. 2018: In relation to MTN Yemen (R312 million). 2017: In relation to MTN Yemen (R807 million), MTN Afghanistan (R841 million) and MTN Sudan (R983 million). An amount of R192 million of the goodwill impairment on MTN Sudan relates to the carrying value of goodwill previously written up for the impact of hyperinflation. 3. The financial impact relating to R6 017 million profit realised on the exercise of the exchange right where the interest in the Nigeria tower company was exchanged for an increased shareholding in IHS Holdings is excluded. 4. Represents the gain on dilution of the group s investments in International Digital Services Middle East Limited following the entry of a new investor into that business. 5. The profit on sale of Cyprus (R2 112 million) is excluded 6. The sale of tower assets during the financial period. 2018: release of a deferred gain of R23 million (2017: R27 million) in Ghana and offset by losses incurred on the disposal of items of property, plant and equipment are excluded. 7. Exclusion of finance cost recognised as a result of the unwind of the discounting of the financial liability created on conclusion of the Nigeria regulatory fine. 8. The impact of hyperinflation is excluded for the operations that are currently accounted for on a hyperinflationary basis (MTN Syria, MTN Sudan and MTN South Sudan) as well as those that have previously been accounted for on a hyperinflationary basis. The economy of MTN Sudan was assessed to be hyperinflationary effective 1 July 2018 and hyperinflation accounting was applied for the six months ended 31 December 2018. The economy of Iran was assessed to no longer be hyperinflationary effective 1 July 2015 and hyperinflation accounting was discontinued from this date onwards. For this operation the impact of hyperinflation unwind over time mainly through depreciation, amortisation or subsequent asset impairments. 9. Adjustment for the net forex losses impacting earnings for the respective periods. 10. Represents the IFRS 2 Share-based payment impact of MTN Zakhele Futhi. MTN made an offer of ordinary shares to qualifying BEE investors in 2016. During 2017, the group issued a portion of the shares previously underwritten resulting in the recognition of a IFRS 2 Share-based payment expense of R434 million. 11. Represents the impact of the loss on the derecognition of the long-term loan receivable from IHS amounting to R2 840 million 12. Represents the impact of the Nigeria CBN resolution (R744 million).

Administration MTN GROUP LIMITED Incorporated in the Republic of South Africa Registration number: 1994/009584/06 ISIN: ZAE000042164 Share code: MTN Board of directors PF Nhleko² RA Shuter¹ # RT Mupita¹ PB Hanratty³ $ AP Harper³ # MH Jonas³ (appointed 1 June 2018) KP Kalyan³ S Kheradpir³ NP Mageza³ MLD Marole³ AT Mikati² SP Miller³ˆ KD Mokhele³ (appointed 1 July 2018) KC Ramon³ NL Sowazi³ BS Tshabalala³ (appointed 1 June 2018) J van Rooyen³ ¹ Executive ² Non-executive ³ Independent non-executive director American Lebanese # British $ Irish ˆ Belgian Group secretary SB Mtshali Private Bag X9955, Cresta, 2118 Registered office 216 14th Avenue, Fairland, 2195 American depository receipt (ADR) programme Cusip No. 62474M108 ADR to ordinary share 1:1 Depository The Bank of New York 101 Barclay Street, New York NY. 10286, USA MTN Group sharecare line Toll free: 0800 202 360 or +27 11 870 8206 if phoning from outside South Africa Transfer secretaries Computershare Investor Services Proprietary Limited Registration number 2004/003647/07 Rosebank Towers, 15 Biermann Avenue Rosebank, 2196 PO Box 61051, Marshalltown, 2107 Joint auditors PricewaterhouseCoopers Inc. 4 Lisbon Lane, Waterfall City, Jukskei View, 2090 SizweNtsalubaGobodo Grant Thornton Inc. 20 Morris Street East Woodmead, 2157 PO Box 2939, Saxonwold, 2132 Lead sponsor JP Morgan Equities (SA) Proprietary Limited 1 Fricker Road, cnr Hurlingham Road, Illovo, 2196 Joint sponsor Tamela Holdings Proprietary Limited Ground Floor, Golden Oak House, Ballyoaks Office Park 35 Ballyclare Drive, Bryanston, 2021 Attorneys Webber Wentzel 90 Rivonia Road, Sandton, 2196 PO Box 61771, Marshalltown, 2107 Contact details Telephone: National 083 912 3000 011 912 3000 International +27 83 912 3000 Facsimile: National 011 912 4093 International +27 11 912 4093 E-mail: investor.relations@mtn.com Website: http://www.mtn.com

Notes to the annual financial statements COPY TO FOLLOW www.mtn.com Tel: +27 83 912 3000 / +27 83 869 3000 Innovation Centre 216 14th Avenue Fairland, 2195 South Africa 4 MTN Group Limited Financial results for the year ended 31 December 2017