SENS Note - 17 August 2011

MTN interim results 30 June 2011

Group revenue for the interim period increased by 1.0% to R56.5 billion (2010: R56 billion) mainly due to strong growth in MTN's South African and Iranian operations of 5.9% and 12.1% respectively. This was offset by negative growth in Ghana and Syria and no growth in Nigeria. EBITDA rose by 3.9% to R25.2 billion, while profit attributable to equity holders of the company grew to R9.5 billion (2010: R8.1 billion). Furthermore, headline earnings per share strengthened to 473.9cps (2010: 432.1cps). Dividends Shareholders were advised that an interim dividend of 273cps in respect of the period to 30 June 2011 has been declared. Prospects MTN is confident of the opportunities that exist within its footprint and of its ability to profitably maintain and grow its market share. The group will continue to evolve its business model to better support ICT convergence and cost optimisation through various initiatives. Operations in countries affected by local political tensions continued to operate satisfactorily with the group taking precautionary measures wherever necessary. Dividend policy increase The board has taken account of the group's strong financial position and considers that an increase in the dividend payment policy is appropriate. As a result, shareholders were advised that the dividend payment policy has been increased to 65% of annual adjusted headline EPS. The interim dividend is based on 30% of the prior year's adjusted headline EPS.

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