SENS Note - 09 March 2011

MTN final results for year ended 31 December 2010

Revenue for the year ended 31 December increased to R114.7 billion (2009: R111.9 billion), and profit before income tax rose to R28.1 billion (2009: R25.8 billion), while profit attributable to equity holders of the company decreased to R14.3 billion (2009: R14.7 billion). Furthermore, headline earnings per share fell to 760.6cps (2009: 803.2cps). Dividends Shareholders were advised that the MTN board has approved an increase in the payout ratio to 55%. Accordingly, a final cash dividend of 349cps in respect of the period to 31 December 2010 has been declared. This will bring the total dividend for the year to 500cps. Prospects MTN's vision is to be the leader in telecommunications in emerging markets. The board will continue to evaluate and consider value accretive opportunities going forward. However, due to the limited number of such opportunities, the board is confident that growth aspirations can be accommodated within the imperative of improved short term returns to shareholders. With a strong market position and penetration still at a weighted average of 50% in the markets in which it operates, MTN is well positioned to continue to deliver good organic growth. Increased voice penetration, intense competition, at times challenging regulatory environments and the evolution of industry and customer trends are likely to continue to place pressure on revenue growth and EBITDA margins. However, these are expected to be offset in part by growth in data and other value added services, increased voice usage and cost reduction strategies. The markets and economies in which MTN operates continue to evolve and MTN is responsive to the management of risks in these markets. Operations in countries affected by local tensions have continued to function with the group taking precautionary measures wherever necessary. Further to the announcement of 20 December 2010, the group continues to look for ways to optimise the management and structure of MTN's International operations and will make further announcements in due course in line with its strategy.

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