MTN Group Limited Integrated Report for the year ended 31 December 2017

Manufactured

Social and

relationship

Natural

The motivation, skills,

safety and diversity

of our employees,

contractors, partners

and suppliers

Our networks; 2G,

3G and 4G base

stations and fibre;

electronic devices;

public infrastructure

Debt and equity

financing; cash

generated from

operations and

investments

Human

Financial

Intellectual

Our culture;

our know-how; proprietary

and licensed technology,

procedures and

processes

Trusted relationships

with customers,

communities, governments

and regulators, suppliers,

trade unions, industry

bodies and civil rights

groups

Spectrum,

energy and land

How we create value using the six capitals

Inputs

SDGs

Our business model is informed by our

vision, purpose, values and governance, and

supports the delivery of our BRIGHT strategy:

Transforming the stocks of capital through our business activities

We create value by developing and distributing a range of innovative and reliable

communication products and services. We depend on various resources and

relationships, known as the six capitals, to do this.

How we do business

We ensure our agility by continuously

assessing our market context (page 4)

and our material matters (pages 16 and 17).

Best customer experience

• Lead market in NPS.

• Reduce monthly churn.

• Achieve best brands in

markets.

Returns and efficiency focus

• Improve ROIC.

• Report top-quartile TSR.

• Increase AFCF yield.

• Improve EBITDA margin.

Ignite commercial

performance

• Grow subscribers to

300 million.

• Grow market share.

• Ensure stable voice revenue.

• Grow enterprise and

wholesale revenue.

Growth through data

and digital

• Achieve 200 million

data subscribers.

• Achieve 100 million

digital subscriptions,

including 60 million for

MTN Mobile Money.

Hearts and minds

• Lead market in employee NPS.

• Improve employee engagement.

• Enhance reputation.

• Ensure effective risk and

compliance practices.

Technology excellence

• Lead market in network NPS.

• Increase efficiency of

customer-facing systems.

• Increase population coverage.

• Improve network quality.

MTN Group Limited

Integrated Report 2017