SENS Note - 18 February 2016

MTN - trading statement

MTN is currently in the process of finalising its financial results for the year ended 31 December 2015 (“the financial results”) which will be announced on the JSE Limited Stock Exchange News Service on Thursday, 3 March 2016. Given the ongoing discussions taking place with the Nigerian authorities, there remains some uncertainty as to the final quantum of the Nigerian fine, should an out of court settlement be reached. Notwithstanding the uncertainty of the outcome of the various engagements relating to the fine, shareholders are advised that, excluding the fine, the company is expecting to report a decrease of at least 20% in basic headline earnings per share (“HEPS”), which equates to a reduction of at least 307 cents for the year ended 31 December 2015 when compared with the previously reported HEPS (FY2014) of 1 536 cents. The negative earnings performance has been impacted by a number of factors with the operational underperformance in Nigeria, resulting from the subscriber disconnections and the withholding of regulatory services, being a key contributor to this. Shareholders are advised that a further trading statement will be issued as soon as there is a reasonable degree of certainty as to the likely range within which the company’s HEPS is expected to decrease. The financial information on which this trading statement is based has neither been reviewed nor reported on by MTN`s external auditors. The information provided in this announcement does not contain and should not be construed as containing any forward-looking statements or projections of any nature whatsoever for the period ended 31 December 2015.

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