MTN IrancellIran Investor Site Visit:Presented 5 May 2008

2

MTN global footprint

South and East Africa RegionDec 07 Mar 08

South Africa 14,781 15,169Uganda 2,363 2,464Botswana 874 880Rwanda 652 754Swaziland 380 398Zambia 262 352

Now operating in 21 countries serving a combined population of over 500 million people.

West and Central Africa RegionDec 07 Mar 08

Nigeria 16,511 17,766Ghana 4,016 4,398Côte d’Ivoire 2,679 2,896Cameroon 2,559 2,855Conakry 727 870Benin 652 679Congo - Brazzaville 316 404Liberia 304 351Guinea Bissau 235 286

Middle East and North Africa RegionDec 07 Mar 08

Iran 6,006 9,025Syria 3,109 3,158Sudan 2,090 2,361Yemen 1,507 1,565Afghanistan 1,200 1,462Cyprus 113 120

Total (’000) MTN subscribers 68,213

3

DIVIDER: Country Overview

Country andtelecommunications overview

4

Iran – dynamics

Area 1,648,00 km2

Capital Tehran

No. of provinces 30

Languages Persian (Farsi), Turkish, Kurdish

Literacy rate 80%

Population 68.8 million (2004 UN estimate)70.5 million (2006 Economist estimate)Ranks 17th globallyMajor cities:Tehran 12.2mMashaad 2.4mIsfahan 1.6mTabriz 1.4m

Age distribution<35 years

70%

GDP: Per capita* $4,252

GDP: Growth* 4.3% (2007 est.)

Inflation rate 14% (2007 est.)

Currency (IRR) US$ = IRR 9,060 (average 2007)

Market sizing 52 million (2012)

Penetration 37% (Dec 2007)

Source: Pyramid Research * Source: CIA Factbook

5

Source: Pyramid Research

Rank CountryService Revenue

(US$bn)Share of Regional

Market1 South Africa 12.7 15.5%2 Turkey 12.7 15.4%3 Saudi Arbia 11.6 14.1%4 Nigeria 7.5 9.5%5 Iran 4.1 4.8%6 UAE 3.9 4.8%7 Egypt 3.7 4.5%8 Morocco 3.7 4.5%

Total 59.9 73.1%

Region's MAJOR MARKETS 2006

Rank CountryService Revenue

(US$bn)1 Iran 19%2 Egypt 14.5%3 UAE 9.4%4 Morocoo 8.6%5 Nigeria 8.4%6 Turkey 7.5%7 Saudi Arabia 5.7%8 South Africa 1.6%

Total 74.7%

Region's MAJOR MARKETS 2007-2012

Iranian mobile penetration – Regional context

6

Iran telecommunication – market overview

Sources: TCI, June 2007

0

5

10

15

20

25

2000 2001 2002 2003 2004 2005 2006

Mill

ions

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Growth in fixed lines in Iran, 2000-2006

Number of mainlines

Teledensity

Sources: Pyramid Research

0

2

4

6

8

10

12

14

16

2000 2001 2002 2003 2004 2005 2006

Mill

ions

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Growth in mobile subscribers, 2000-2006

Total mobile subscribers

Penetration

7

Iran overview – market players (20 April 08)

69%1%30%Market share*

State-ownedRafsanjanIndustrial Complex

MTN 49%IEDC 51%Shareholding

1993200421 Oct 2006Launch date

1,016 cities15 cities365 citiesCoverage*

Nokia-Siemens NetworksT-systems

HuaweiEricsson

Nokia-Siemens Networks

Nokia-Siemens NetworksEricssonHuawei

Suppliers

22.5m active450,00 active9,0m active*Subscribers

MTN Irancell Taliya (BOT) MCI

* Mar 08

8

Incumbent holding structure

• Prior to the entry of MTN Irancell, TCI / MCI had a effective monopoly

• Market characterised by:– High connection fees through periodic

auctions (US$350)– Long waiting lists / pent up demand– Congested network, poor quality– Lack of customer service– Limited marketing/ promotions– No interconnect– Only postpaid– Low tariffs (US$0.05 /minute)– Extensive network coverage

• Currently 1 fixed line operator and 2 national GSM licenced mobile operators in Iran

• Prepaid launched MCI• Market distribution dynamics are changing

Source: TCI, JUNE 2007

• Privatisation anticipate

TCI

• BOT providingpre-paid services

• Subs limited to 6m

Taliya

• Provider of fixed lineservices on behalfof TCI

• Rely on TCI licences

TCPs

• Provider of pre-paidand post-paid services

• Procures long linksfrom TCI and utilisesinternational gateways

MCI

• Infrastructure company• Long distance

transmission links andinternational gateways

TIC

9

Irancell

10

Licence conditions

Period

• Granted Nov 2005

• Effective July 2006

• 15 years

• Renewable 2 periods of 5 years

• Protection period: not to issue any new license for 2 years from the effective date

Fees

• Initial fee €300m

• Each contractual year 28.1% of revenue (min of 80% of B.P revenue)

• Universal service fee – 3% of revenue

• Regulation fee – 0.25% revenue

• Numbering fees

Spectrum• 900 MHz

• 1800 MHz

Coverage• Year 1 – 50% of population Year 2 – 56% of population Year 15 – 85% of population

– 248 towns – all provincial cities– 1,589km of road – 4,430km of road

Tariffs • Maximum premium of 20% on TCI (MCI) tariffs

11

Key business objectives and strategies

Drive mobile penetration

and market share

• Innovative product and services– Segmented pre- and postpaid packages– GPRS and MMS (first in market)– International SMS/ roaming

• Branding and promotions

Customer service

• Rapid online registration and activation within 15 minutes• Dedicated customer care centre (24 hours)

Distribution network

• Multi-tiered distributions strategy– MTN Irancell owned channels (service centres/B2B centres)– Independent channels (franchises, wholesalers, retailers, service sector)

World class network

• State of the art network that would support 3G services, with split between MSC servers andmedia gateways

• Over next 5 years, a network that covers more than 1,000 cities and comprise almost 6,000 BTSs

Operational efficiencies

• Aim to achieve EBITDA margin post Revenue share mid to high 20s in low tariff environment– Low dealer commissions and discounts (6% average)– Good power supply and site rental arrangements– Lower subscriber acquisition cost due to pent-up demand

12

Board of Directors

Managing Director

Operational structure

NetworkGroup

Human Resources Procurement

Chief Financial Officer

InternalAudit

CorporateServices

Legal andRegulatory Marketing

ChiefOperating

Officer

ChiefTechnology

and Information

Officer

Salesand

Distribution

Capital Program Group

Customer Relations

(CR)

IS

• Composed of 7 directors• 4 members elected by Ordinary

General Meeting –at least 50% elected by IEDC

• 3 members elected by MTN

Key positions:

IEDC: Chairman and MD

MTN: Chief operating officer and chief financial officer

13

Highlights

0

2

4

6

8

10

12

14

Cameroon GuineaBissau

Iran (Mar08)

Nigeria SouthAfrica

Sudan Syria Uganda Yemen

Mill

ions

No. of subscribers 26 months from launch

Budget 08

14

Subscriber growth trends

Subscriber growth net additions per month

1,194,0641,233,585

591,555

787,788699,945

798,111

580,361592,408564,128

381,705294,451

39,398

357,802459,310

237,517

98,752105,654

Nov06

Dec06

Jan07

Feb07

Mar07

Apr07

May07

Jun07

Jul07

Aug07

Sep07

Oct07

Nov07

Dec07

Jan08

Feb08

Mar08

Nov 06:Started with

golden numberpromotion on

postpaidMar 07:Nourooz

May 07:Engaged with regulator

regarding persecond billing

vs. per minute billing

Jul 07:New products

launched

Oct 07:Town “storms” and

Buy-One-Get-One-Free(BOGOF) promotions

Mar 08:BOGOF,

improved coverageand Nourooz

End Jan 07:Launchedprepaid

15

Date Event/milestones

21 Nov 2005 Payment of up-front license fee (Euro 300 million)

27 Nov 2005 Mobile license issued to MTN Irancell

6 Dec 2005 Release of tenders for equipment

3 Feb 2006 Award of NSS contract to Nokia

26 Feb 2006 Foreign Investment License for MTN was issued by FIPPA

18 Mar 2006 Award of BSS contract to GC/OEM

10 Jul 2006 Effective Date

28 Aug 2006 Test Launch

21 Oct 2006 Commercial Launch (postpaid only)

30 Jan 2007 Launch of prepaid

25 Mar 2007 Achieved 1 million total subscribers

6 Nov 2007 Achieved 5 million active subscribers

31 March 2008 Achieved 9 million active subscribers

MTN Irancell main events

16

Network coverage map

2,291BTS sites

365 cities

30 provincial capitals

3,356 km road coverage

53% of population

5% geographical

18 Mar 2008

Iran current coverage

17

• 6 Dec 2005: Release of tender

• 3 Feb 2006: Award of NSS

• 18 Mar 2006: Award of BSS

• NSS: Nokia

• BSS:Nokia Regions 1 & 3Huawei/ICI Regions 2 & 3Ericsson/Sataf Region 5Ericsson Region 6

115 days

Vendor allocation

59 days

18

TW

Mashhad

Isfahan

Shiraz

Hamedan

Babol

TE

Existing SwitchesPlanned Switches

Site location

1. Tehran West

2. Tehran East

3. Mashhad

4. Tabriz

5. Isfahan

6. Shiraz

7. Hamedan

8. Babol

9. Ahvaz

10. Karaj

Note: Land properties for the 2 new sites have been purchased.

Switch centres

• Five switch centres were launched in the H2: 2006 (Autumn and Winter).Three sites were launched in the first H1: 2007 (a record within MTN Group).

• Completion at an average rate of 180 days from the date of construction commencement to site launch.

• Expansion cost per sq. meter of technical space is much lower than the original MTN switch models.

Karaj

Ahwaz

19

Commercial Launch21 Oct 2006

Post paid SIM

SMS

Call Forwarding

Conference Calling

CLIP

Call Barring

Customer Service

Itemized Billing)

Distributors Portal

Nov 06

Prepaid Sim

Golden Numbers 0935

Online Registration

Recharge Services

E-Care

Balance Enquiry Services

GPRS

MMS

IVR USSD و

Please Call …

Golden Numbers 0936

Data Sim

Family and Friends

Who called

Voicemail

E-Charge

Vitrin Services

Booster plan- Red/ Gold/ Blue

Stop the Clock

Note: Services in BLUE are offered exclusively by MTN Irancell.

Products and services

Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07

20

Distribution

20,0006,500

13

5

Service centres Distributors Dealers Store outlets

Distribution channels

21

Funding

Current: (December 2007)

Share Capital 167

Shareholder’s Loans 660

Vendor Financing 325

Total 1,152

• 49% Share Capital of Euro 150m already paid in via cash injections into MTN Irancell by MTNI

– Provision of loan to IEDC via MTN Irancell from MTNI for 51% of Share Capital

• Current Shareholder’s Loan comprise of the following:

– Licence Fee (Euro 300m)– Bridge facilities (US$250 million)– Capitalised interest

• Further bridge facility of US$250 million is to be drawn down in 2008

22

Looking forward

US embargoMTN competitive and agile

ChallengesOpportunities

Entrenched competitorYouthful population

Demand for new innovations Underdeveloped legal / judicial environment

Large addressable market Reliance on third party transmission

Significant MTN experience Unpredictable and high profile political environment

23

DIVIDER

Thank youQuestions?

24

Notice

The information contained in this document has not been verified independently. No representation or warranty express or implied is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward looking statements expressed represent those of the Company at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that could cause actual results and Company plans and objectives to differ materially from those expressed or implied in the forward looking statements.

Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and do not undertake to publicly update or revise any of its opinions or forward looking statements whether to reflect new information or future events or circumstances otherwise.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

25

Income statement

(150,404)(47,194)Adjusted PAT (Excl. Forex loss/gain)

(189,785)(52,169)Profit after tax

47,57212,627Taxation

(237,357)(64,796)Profit before tax(107,378)(33,437)Finance costs including Forex losses

US$ ’000sFor the 2 months to

December 2006For the 12 months to

December 2007

Revenue 21,792 394,514Cost of sales (1,232) (84,708)Gross margin 20,560 309,806Gross Margin % 94% 79%Operating expenditure (excluding revenue share) (32,827) (201,230)EBITDA before revenue share (12,267) 108,576EBITDA before revenue share % -56% 28%Revenue share (9,394) (158,792)EBITDA after revenue share (21,661) (50,216)EBITDA % -99% -13%Depreciation and amortisation (9,698) (79,764)PBIT (31,359) (129,979)

26

Balance sheet

1,447,350768,712Total equity and liabilities1,523,158654,703Total liabilities

68,7066,721Revenue share liability

423,212100,254Other current liabilities

491,54557,847Overdrafts and short-term borrowings

539,695489,881Long-term borrowing and non current liabilities

US$ ’000sAs at

21 December 2006As at

21 December 2007

Non-current assets: 686,418 1,126,215Tangible 203,100 583,736Intangible 470,691 483,456Deferred taxes 12,627 59,023Current assets: 82,295 321,134Bank and deposits 34,529 59,142Other current assets 47,766 261,992Total assets 768,712 1,447,350Ordinary shareholders’ interest 114,010 (75,809)Minority interestsTotal equity 114,010 (75,809)