MTN Group Limited

1 MTN Group Limited A growth strategy Phuthuma NhlekoGroup President and CEOThe emerging market opportunity Population Africa > 853 m Middle East >244m Significant untapped telephony market potential Stagnant fixed line growth Mobile technology able to leap frog fixed line as a solution Mobile becoming de facto means of communication Introduction of pre-paid rapidly drove mobile mass market communication service Most African countries 98-99% pre-paid markets enabling wider participation while mitigating credit risk in less sophisticated financial markets Data opportunityMobile penetration forecast in Africa and Middle EastSource: Subscribers WCIS PlusPopulation : Wikipedia2 MTN s opportunityIranMarket size 52,5mMarket share 32%Penetration 50%GDP/capita 5,247 Cote d IvoireMarket size share 40%Penetration 36%GDP/capita 1,250 UgandaMarket Size 14,9mMarket share 50%Penetration 19%GDP/capita 469 NigeriaMarket size 80mMarket share 43%Penetration 31%GDP/capita 1,490 CameroonMarket size share 60%Penetration 30%GDP/capita 1,290 South AfricaMarket Size 56mMarket share 36%Penetration 89%GDP/capita 6,170 GhanaMarket size 15,2mMarket share 52%Penetration 42%GDP/capita 786 MENAWECASEAS yriaMarket size 11,7mMarket share 46%Penetration 38%GDP/capita 2,238 SudanMarket size 18,3mMarket share 25%Penetration 22%GDP/capita 1,631 AfghanistanMarket size 13mMarket share 29%Penetration 18%GDP/capita 457 Date : Sep 08 Source GDP.

2 IMF 2008 estimateGroup subscribers80,736 Group ARPU$ key ops detailed4 Building blocks of the growth strategyTo be the leader in telecommunications in emerging marketsIncreased competitivenessExecution excellenceConsolidationLeverage existing footprintConvergenceBest practiceProcurement synergiesValue propositionHub and clusterDiversificationSkills optimisationBrand5 Consistent spending patternsAvg ARPU ( Group )$14 (Sep 08)Rising inflation has not had negative impact on quantum of disposable income to dateR145R147$9* All ARPUs YTDI nflation rate (%)$9$16 $17$14$13$12$12$11$11$9$9$19$20$7$7$6$6 ARPU6FX backdropExchange rates LC: USDWell positionedSouth AfricaUgandaNigeriaGhanaCameroonCote d lvoireIranSudanSyriaAfghani-stanNo of National GSM operators3546342324To launch-112--1-1-Market position2111112323 Market share (Jun 08)

3 36%50%43%52%60%40%32%25%46%29%OtherISP sWimax CDMA operatorCDMA operatorsFixed line & ISP sFixed line and CDMAF ixed line & ISP sStrong fixed lineCDMA operators-BOTCDMA operatorsWell positioned in an increasing competitive environment710,87710,877 Investing for growthInvesting to take advantage of the large market potential9,7649,7647,2127,2125,2535,253 Capex spend in period 8 Significant network infrastructure spend H1 spend represents 40% of ZAR25bn target for 2008 in line with 2007 H1 spend USD 3bn committed at Jun 08, including accelerated approvals for H1 2009 network capex 2006 marginal capex / subscriber impacted by Investcom acquisition 2008 capex spend in ZAR influenced by changes in fx rates (2008 target of ZAR25bn estimated at average fx rate of ) Capex 2009 still under reviewOperational structure support9 Integrated service provision South Africa Data as a % revenue 12% (Jun08) Improved data propositions Purchase of Verizon (subject to CC approval) Nigeria Data as a % of revenue -3% (Jun08) Renewed focus on leveraging VGC and XS Broadband Mobile TV Ghana Launch of Blackberry Extensive Edge deployment Iran Data as a % of revenue -8% SMS 93% of data revenue VAS launched10 Positioning ourselves as an integrated service providerData RevenueZAR (million)As % of risks 11 Portfolio managementMTN GroupTotal(Revenue ZAR million)

4 ** difference in HO companies* 9 months* 6 monthsIncreased diversification51 5951215%15%42%42%46 12816%16%46%46%38%38%43%43%7%7%41%41%51% 51%40%40%60%60%19 40523 73027 21266%66%34%34%32%32%70%70%73 417 MENAM argin managmentEBITDA Contribution %EBITDA Margin %Difference in HQ companiesComparatives June to June2007 SEA20072007 WECA20082007 MENA20082007*MTN considerations World recession Economic slowdown in Africa and ME Slowing GDP growth although still positive Impact of oil and commodity prices Access to funding Balance sheet structure Local funding No material re-financing Strong cash flows Governance JSE / King code Management stability14 Global backdropMTN15 Looking youQuestions 2008 Mobile Telephone Networks. All rights information contained in this document has not been verified independently.

5 No representation or warranty express or implied is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward looking statements expressed represent those of the Company at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that could cause actual results and Company plans and objectives to differ materially from those expressed or implied in the forward looking the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and do not undertake to publicly update or revise any of its opinions or forward looking statements whether to reflect new information or future events or circumstances presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.