MTN Significant Progress in MTN’s Asset Realisation Programme MTN Group Limited (Incorporated in the Republic of South Africa) Registration Number 1994/009584/06 Share code: MTN ISIN: ZAE000042164 ("MTN”) Significant Progress in MTN’s Asset Realisation Programme MTN announced its Asset Realisation Programme (“ARP”) in March 2019 which aims to reduce debt, simplify its portfolio, reduce risk, improve returns and realise capital of at least R15 billion over three years (excluding the IHS investment). MTN is pleased to announce the conclusion of two important transactions reflecting the ongoing progress of this programme. Firstly, and further to MTN’s quarterly update for the period ended 30 September 2019 announcement released on 31 October 2019, MTN has concluded an agreement to dispose of its 49% equity holdings in Ghana Tower Interco B.V. (“Ghana Interco”) and Uganda Tower Interco B.V. (“Uganda Interco”) to AT Sher Netherlands Coöperatief U.A. (“ATC”) for $523 million, approximately R7.3 billion, in cash. The sale is conditional on customary regulatory approvals and is expected to close in Q1 2020. On closing MTN will record a profit on disposal of approximately R6 billion. Secondly, as part of the ARP, the redemption of MTN Nigeria preference shares was envisaged as a necessary part of the simplification of its capital structure. MTN hereby confirms that the necessary processes have been finalised for the redemption of MTN Nigeria preference shares for a consideration to MTN of US$315 million (approximately R4,4 billion), which was received on 31 December 2019. Following the completion of these transactions, MTN will have realised approximately R14 billion within the first 12 months of its guided three-year ARP. MTN intends to use the proceeds to pay down US$ debt and for general corporate purposes. We remain focused on continuing to execute on the important strategic priorities of reducing debt, simplifying the portfolio and reducing risk. Note: Assuming FX rate of R13.98:US$ About Ghana Interco and Uganda Interco Ghana Interco and Uganda Interco were formed when MTN sold its towers in Ghana and Uganda to its joint ventures with ATC in 2011 and 2012 respectively. MTN holds 49% in Ghana Interco and Uganda Interco, and each of these companies hold 100% in ATC Ghana Limited and ATC Uganda Limited respectively, which in turn own and lease tower assets in their respective countries. Fairland 2 January 2020 Lead sponsor Tamela Holdings Proprietary Limited Joint sponsor J.P. Morgan Equities Proprietary Limited Date: 02-01-2020 03:35:00 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.