MTN Ghana unaudited results for the nine-month period ended 30 September 2019 MTN Group Limited (Incorporated in the Republic of South Africa) (Registration number 1994/009584/06) (Share code MTN) (ISIN: ZAE000042164) ( “ MTN Group ” ) Salient features - Subscribers (QoQ) - Subscribers increased by 1.1% to 21.6 million (+1.6% to 19.2 * million ). - Data subscribers decreased by 2.6% to 17.7 million (active data # subscribers up by 0.1% to 7.4 million ). - Registered Mobile Money users increased by 5.0% to 14.9 million * (active MoMo users up by 2.2% to 8.7 million ). - Service revenue increased by 22.7% to GH¢ 3,723 million. - EBITDA up by 63.0% to GH¢ 1,875 million (up by 35.1% to GH¢ 1,553 million under IAS 17). - EBITDA margin up by 12.4 percentage points (pp) to 50.0% (up by 3.9 pp to 41.5% under IAS 17). - Profit after tax increased by 14.8% to GH¢ 689 million (up by 24.6% to GH¢ 748 million under IAS 17). - Capex for the period was GH¢ 862 million 1 (GH¢ 808 million under IAS 17). IFRS 16 and IAS 17 comparison IFRS 16 IAS 17 IAS 17 Period ended Period ended Period ended 30 September 30 September 30 September 2019 2019 2018 GH¢m GH¢m GH¢m EBITDA 1,875 1,553 1,150 EBITDA margin % 50.0% 1 41.5% 37.6% Capex 862 808 611 Profit before 989 1,068 848 tax Profit after 689 748 600 tax 1 Capex under IFRS 16 is made up of Capex spend (GH¢808m) and ROU assets (GH¢54m) for the period. * Aligned with the MTN Group definition. Out of bracket numbers conform to the respective regulator subscriber definition. # Active data subscribers as per MTN Group definition and respective regulator definition. Unless otherwise stated, financial growth rates are year-on-year (YoY) (the nine-month period ended 30 September 2019 versus the nine-month period ended 30 September 2018). Non-financial growth rates are presented quarter-on-quarter (QoQ), or 3Q19 vs 2Q19. MTN Ghana unaudited results for the nine-month period ended 30 September 2019 Commentary MTN Ghana delivered a solid performance for the period. Service revenue increased by 22.7% YoY, supported by resilient growth in voice, data and mobile financial services. Voice revenue increased by * 19.0% mainly attributable to good growth in subscribers , customer value management and continued improvements made to our network. These also contributed to a strong data revenue growth (+32.6%). Mobile financial services revenue grew by 45.0% driven by innovations in service delivery and deepening the ecosystem. An increase in active * mobile money users (+2.2%) also contributed to growth and benefited from an increase in regional activations. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 63.0% with an EBITDA margin expansion of 12.4 percentage points (pp) to 50.0%. Under IAS 17 and adjusting for the management fee, the like-for-like EBITDA margin expanded by 5.3 pp to 42.9% mainly as a result of increased distribution efficiencies. We continued to invest in our network and rolled out 350 2G, 627 3G, ^ 900 4G and 100 rural telephony sites. 2019 is our ‘year of the customer’ and MTN Ghana will continue to pursue its BRIGHT strategy through the fourth quarter with the prime focus on customer experience and creating value for shareholders. * Aligned with the MTN Group definition. Out of bracket numbers conform to the respective regulator subscriber definition. # Active data subscribers as per MTN Group definition and respective regulator definition. ^ 900 4G sites consists of 329 new sites and 571 upgraded sites. Unless otherwise stated, financial growth rates are year-on-year (YoY) (the nine-month period ended 30 September 2019 versus the nine-month period ended 30 September 2018). Non-financial growth rates are presented quarter-on-quarter (QoQ), or 3Q19 vs 2Q19. This announcement is only a summary of the information in the full announcement and does not contain full or complete details. Please visit https://mtn.com.gh/investors/annual-and-quarterly-financials for the unaudited results for the nine months ended 30 September 2019. Fairland 30 October 2019 Lead sponsor JP Morgan Equities (SA) Proprietary Limited Joint sponsor Tamela Holdings Proprietary Limited Date: 30/10/2019 02:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.