MTN GROUP LIMITED - Update on Trading Statement for the year ended 31 December 2016

Update on Trading Statement for the year ended 31 December 2016

MTN Group Limited

(Incorporated in the Republic of South Africa)

(Registration number 1994/009584/06)

Share code: MTN

ISIN ZAE000042164

("MTN")


UPDATE ON TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2016

MTN is currently in the process of finalising its financial results for the year ended 31 December
2016 (“FY2016”) which will be announced on the Stock Exchange News Service of the JSE Limited on
Thursday, 2 March 2017.

Following the trading statement published on 8 February 2017, shareholders are further advised
that MTN expects to report for FY2016 a basic headline loss per share of between 74 cents and 81
cents and a basic loss per share of between 137 cents and 151 cents. In the prior year comparable
period MTN reported headline earnings per share of 746 cents and earnings per share of 1 109
cents.

The results for the year were impacted by the Nigerian regulatory fine, which had a 455 cents per
share (cps) negative impact. In addition, the results were negatively impacted by the following:

    -   Foreign exchange losses (324 cps);
    -   The ‘interest unwind’ related to the Nigerian regulatory fine (45 cps);
    -   The MTN Zakhele Futhi BBBBEE transaction charge (88 cps);
    -   Professional fees related to the settlement of the Nigerian regulatory fine(73 cps);
    -   Losses from our investments in Digital Group being mainly Africa Internet Holdings (AIH),
        Middle East Internet Holdings (MEIH) and Iran Internet Group (IIG) (39 cps);
    -   Hyperinflation impact(37 cps); and
    -   Losses from the Nigeria tower company mainly as a result of foreign exchange losses on US
        dollar denominated loans (122 cps); (following MTN exchanging its interest in the Nigeria
        Tower Company for the increased stake in IHS Holding this investment will be shown as “an
        asset available for sale”).

The financial information on which this trading statement is based has neither been reviewed and
reported on by MTN`s external auditors.

Fairland

27 February 2017


Sponsor

Deutsche Securities (SA) Proprietary Limited

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