Middle East and North Africa RegionMENA

Jamal RamadanVice President

MTN global footprint

Now operating in 21 countries serving acombined population of over 500 million people

South and East West and Central Middle East and NorthAfrica Region Africa Region Africa RegionSouth Africa Nigeria Syria14 076 000 14 985 000 2 896 000

Uganda Ghana Iran2 094 000 3 872 000 3 720 000Botswana Côte d’Ivoire Sudan750 000 2 302 000 1 884 000Rwanda Cameroon Yemen576 000 2 238 000 1 426 000

Swaziland Benin Afghanistan356 000 562 000 877 000Zambia Guinea Republic Cyprus194 000 523 000 106 000

Congo-Brazzaville279 000Liberia

272 000Guinea Bissau

176 000

MTN Subscribers

2

3

MENA region

521

6

43

Syria (1)

Population 19.1 mLand Area 0.18 m km2

Governorates 14Capital DamascusGDP 2.9%GDP per Capita $ 1,614

Cyprus (6)

Population 0.9mLand Area 9,250 km2

Districts 6Capital NicosiaGDP 3.8%GDP per Capita $ 13,235

Sudan (3)

Population 37 mLand Area 2.5 m km2

States 26Capital KhartoumGDP 9.3%GDP per Capita $ 934

Afghanistan (5)

Population 31.3 mLand Area 0.6 m km2

Provinces 34Capital KabulGDP 8%GDP per Capita $ 319

Iran (2)

Population 71 mLand Area 1.6 m km2

Provinces 30Capital TehranGDP 6%GDP per Capita $ 3,446

Yemen (4)

Population 21.5 mLand Area 0.5 m km2

Governorates 21Capital Sana’aGDP 3.2%GDP per Capita $ 600

4

Group structure

MTN Network Solutions100%

MTNNetworkOperator100%

MTNAfghanistan100%

MTNSudan85%

MTNIrancell49%

MascomZambia100%

MTNCyprus99%

MTNYemen83%

MTNCôte d’Ivoire68%

MTNRwanda40%

MTNSyria75%

MTNLiberia60%

MTNNigeria82%

MascomBotswana51%

MTN GuineaBissau100%

MTNGhana98%

MTN Congo-Brazzavile100%

MTNUganda97%

MTNBenin75%

MTN GuineaRepublic75%

MTNCameroon70%

MTNSwaziland30%

Mednet100%

MTN Holdings100%

MTN Inernational100%

MTN Mauritius100%

Investcom LLC100%

MTNServiceProvider100%

South Africa

South and East Africa region

West and Central Africa region

Middle East and North Africa region

5

Shareholding

• Process of diversement of a portion of local company underway• 0%Cyprus

• Larrycom Company Limited• 15% Sudan

• Al Bashair• Sara Adhami• Zubair Corporation

• 17%Yemen

• Teleinvest• 25%Syria

• IFC has a right to 9.1% of closing funding• 0%Afghanistan

• 51% IEDC (Key shareholders : Iran Electronics Industrial and MastazafanFoundation)

• 51%Irancell

DetailsOutside ownership

6

Management structure

VPJamal Ramadan

CEOSyria

Ismail Jaroudi

CEOAfghanistan

Toufic Ramadan

CEOCyprus

Bassel Jamaleddine

CEOSudan

Imad Kreidieh

MDIran

Alireza Dezfouli

CEOYemen

Raed Ahmad

7

Regulations and licences

• 900 MHz• 1800 MHz• 3G

• 21m€• 20 Years

• Dec 2003• 20 Years• Renewable thereafter

Cyprus

• 900 MHz• 1800 MHz

• US$ 40m• 2.5% of net revenue to

Telecom. Development Fund

• Oct 2005• 15 Years• Renewable for additional 10

years

Afghanistan

• 900 MHz• E-900 MHz

• US$10m• 15 Years• No revenue share

• Jul 2000• 15 Years• Renewable thereafter

Yemen

• 900 MHz• 1800 MHz• 3G

• 150m€• 15 Years• Profit share 2.5% from PAT

• Oct 2004• 15 Years• Renewable thereafter

Sudan

• 900 MHz• 1800 MHz• 3G Trial

• Upfront US$20m• Revenue share:

Year 1 to 3 - 30% Year 4 to 6 - 40%Year 7 to 15 - 50%

• Jun 2002• 15 Years BoT contract• Renewable, 3 years at discretion

of licencee

Syria

• 900 MHz• 1800 MHz

• Initial fee 300m€• Each contractual year 28.1%

• Issued Nov 05, effective Jul 06• 15 Years• Renewable 2 periods of 5 years

Iran

SpectrumLicence fees(High level)

Period

8

-18134

320

279

32

679

Highlights

431

960

864

526184

2141

• Fastest growing contributor to group• Strong subscriber growth in Iran and Afghanistan• Speedy rollout in Iran, Sudan and Afghanistan• Yemen market leadership maintained in challenging environment• All successfully MTN branded (Afghanistan Nov 07)

-42

337

53

17

32

Revenue (Rm)15% Group

EBITDA (Rm)8% Group

EBITDA Margin25% Group

Iran Syria Afghanistan Yemen Sudan Others (inc Mednet)

9

4,912

8,025

10,908

6,297

Highlights

87%12.4%29%15.82%15.8%33.5%22.9%SeptJune

SeptJune 12%18%12%41%27%45%23%

24343218No. of operators

39111191421ARPU ($)

Penetration

Market share

Subs. (000)September 07

87%9%24%15%15%30%19%

14%22%19%42%30%45%26%

1068873,7201,4261,8842,89610,895

CyprusAfghanistanIranYemenSudanSyriaTotal

MENA Regional Subscribers Growth (000)

Dec-06 Mar-07 Jun-07 Sep-07

10

CAPEX Roll-out plan

36

75

64

353

206

2,149

Approved or committed

at30 Jun 2007

91

166

56

492

242

714

Actual6 months ended

Jun 2007

126Cyprus

288Afghanistan

82Yemen

839Sudan

451Syria

2,863Irancell

Approved or committed to31 Dec 2007

Rm

MTN Syria green field site

11

Funding

• Strong cash flow sufficient to cover CAPEX• Local capacity for additional funding120558Yemen

• Group bridge funding• 3rd party project finance to replace in due course

• Group funding• Impact of sale may result in change

• Strong cash flow sufficient to cover additional CAPEX• Purchase of forex a challenge• Limited local capacity• Group funding support

• Group bridge funding• 3rd party project finance to replace in due course

• Group and vendor funding• 3rd party funding continues to be explored

Commentary

24164Afghanistan

12710Cyprus

4481,358Syria

845640Sudan

2,863Iran

CAPEXEBITDA*Rm

* 6 months to Jun 07 x 2

12

Looking forward

• Regional synergies• Hub and cluster• Network planning• Leverage content relationships• Economies of scale• Traffic management• Reporting

• Innovation• Utilisation of complementary technologies

such as GPRS,3G• Introducing & developing new relevant

products (including non-traditional)

• Branding – MTN fast becoming leading brand

• Significant untapped telephony market potential driven by

• Stagnant fixed line growth & ongoing fixed/mobile substitution

• Unstructured and inconsistent regulatory bodies

• Roll-out challenges

• Political environment

• Increasing competition

ChallengesOpportunities

13

Looking forward

• Focus on increasing footprint

• Least cost operator initiatives

• Leverage synergies

• Enhance customer centricity to reach bottom of Pyramid customers

• Launching of innovative products, services and technologies

• Ongoing infrastructure roll-out

1414