ANNUAL RESULTS PRESENTATION FOR YEAR ENDED 31 DECEMBER 2017

GOVERNANCE–POSTTHERE-CAPITALISATION

Jose Dos Santos Chief Executive Officer

Robert Pasley Chief Strategy Officer

Tyrone Soondarjee Chief Financial Officer

Kuben Pillay Independent Chairman

Laurence Nestadt Deputy Chairman

Mark Levy Nominated by: Blue Label Telecoms

Brett Levy Nominated by: Blue Label Telecoms

Herman Kotzé Nominated by: Net1

Chris Seabrooke

Joe Mthimunye Independent Director

Executive Directors

Non-Executive Directors

Non-Executive Directors - Shareholder Nominees

TOPMANAGEMENTSTRUCTURESTRENGTHENED

Jose Dos Santos Chief Executive Officer

Tyrone Soondarjee Chief Financial Officer

Surie Ramasary Chief Executive: Content

Dana Bakker Chief Technical Officer

Douglas Craigie Stevenson Chief Operations Officer

Björn Flormann Chief Executive: Wholesale Business

Graham Mackinnon Chief Legal Officer

Juliet Mhango Chief HR Officer

Joshua Moela Managing Executive for Government Relations

Sherhaad Kajee Chief Property & Procurement Officer

Robert Pasley Chief Strategy Officer

Michelle Beetar Chief Customer Experience Officer

Nihmal Marrie Chief Digital Officer

Key new appointments were made to strengthen top management team (CFO, CDO, COO, CHRO)

CELLC–ATURNAROUNDSTORYUNDERPINNEDBYSUSTAINABLEGROWTH

EBITDA R’bn

* 2013 reported EBITDA 0.8 vs operational EBITDA; 2017 Normalised ; 2017 forecast

63.2%

>100%

>100%

15.9%

Service Revenue R’bn

8,8 10,2 10,8

11,8 13.1

2013 2014 2015 2016 2017

>100%

5.9% 9.3%

12%

0,8 0,4

1,9 3,1

7.8

2013 2014 2015 2016 2017

Reported

Normalised

2017

Innova<on-drivenrevenuegrowth

Price-drivenrevenuegrowth

2012-13

2015-16

Recapitalisa3on:•  Newshareholders-equityR7.5billion•  Debtforequityconversion-R9billion•  Restructureddebt-R6billion

•  Innova<on•  Service•  Quality•  People

3.7

-0.7

2018 & beyond

HIGHLIGHTS–2017KEYPERFORMANCEINDICATORS

+12%YOYServiceRevenueR13.2billion

+151%YOYEBITDA

R7.8billion

+660%Netprofita\ertax

R4.1billion

+7%YOYRevenue

R15.7billion

+29%YOYEBITDAMargin

50%

8%ofrevenueCapitalExpenditure

R1.2billion

POSITIVERESULTS

Summary of reported financial informa?on

R’m 2017 2016 %Change

Servicerevenue 13147 11752 12

Non-servicerevenue 2568 2894 11

Totalrevenue 15715 14646 7

Gross margin 8 170 7 454 10

Grossmargin% 52% 51% 1

EBITDA 7 793 3 106 >100

EBITDAmargin% 50% 21% 29

Net profit aKer tax 4 114 541 >100

UNPACKINGOURSUBSCRIBERS

Million 2017 2016 %Change

Totalac3vesubscribers 16.3 15.3 6

MVNOsubscriberbase 1.5 1.4 8

Totalac<vedatasubscribers 12.6 12.5 1

Datarevenue(R’m) 5230 4057 29

Capitalexpenditure(R’m)NetworkInvestment

1198 2271 47

OTHER KEY PERFORMANCE INDICATORS

IncreaseinsmartphoneusersYOY 21

Smartphonesonournetwork(million) 9.2 7.6

Rand 2017 2016 %Change

TotalARPU 73 76 4

Prepaid 56 58 3

Contract 209 196 7

PRODUCTS&SERVICESATAGLANCE

DATA•  Datarevenueincreased by 29% whilst datausagehasincreasedby90%YOY;•  Data revenue now makes up 40%ofservicerevenuecompared to 34% a year

ago; and •  The effec3vepriceofdataperMB has decreased by more than 36% YOY. VOICE•  Voicerevenuedecreasedby4%YOYinlinewiththeeffec3vepriceofvoice

perminutedecreasingby4%YOY;and•  VoicetrafficcarriedbyothermeanssuchasWhatsAppCallingandotherVoIP

services. WHOLESALE•  Wholesalerevenue increased by R315 million (or 79%) to R717millionYOY

driven by the growth in the customer base; and •  Customer data usage in this area generated the bulk of the revenue growth.

FTTH•  Compe<<veproductsandpricing;and•  Excep<onalorganicgrowthaidedbyacquisi<onsgoingforward.

FIBRETOTHEHOME

•  LaunchedC-Fibrein2016withopenaccessFNOs–Vumatel,FrogFootandMitsol•  In2017welaunchedC-FibreonOpenserve,MetrofibreandOctotelonopenaccessFibreNetworks •  CellCoffersunlimited,unrestricted,unshapedsymmetricalandasymmetricalfibrepackages

•  C-Fibre subscribers benefit from value added services that include a FREE Wi-Fi Router, FREEinstalla3on, FREE connec3on, personalised device set-up and 1GB LTE mobile data p/m for 12months.

•  InQ22018,Cell Cwill launcha tripleplayoffer thatwill includemobile,fibreandentertainmentthroughtheblackplacorm

C-Fibre 2017 2016 Basegrowth% Revenuegrowth%

Newconnec<ons 13958 1795 >100 >100

black THE FUTURE OF ENTERTAINMNET NOW.

•  Market Disruptor - First to market, on demand, multi media interactive entertainment platform

•  Accessible on any network across multiple devices

•  Offering Movies, Series, Music, Sport, Games, Live TV and so much more (Local & International)

•  Flexible pricing from as little as R5 a day – Subscribe for a week, weekend or month

•  Simple payment options – first to introduce payment via Prepaid Airtime, in addition to cards and

vouchers

NETWORKPOPULATIONCOVERAGE

3G

LTE

PLANNEDLTEPOPULATIONCOVERAGE

LTE

FINANCIAL RESULTS

STRENGTHENEDBALANCESHEET

R’m Dec2017 Dec2016 %Change

Network assets 8 617 8 751 1.5

Intangible assets 1 341 796 69

Trade receivables and other assets 4 896 4 232 16

Deferred tax 4 094 1 983 >100

Totalassets 18948 15762 20

Loans and borrowings (6 824) (17 731) 62

Other liabili?es provisions (6 875) (8 074) 15

Finance leases (1 488) (1 645) 10

Totalliabili3es (15187) (27450) 45

Netequity 3760 (11687) >100

R’m 7months2017

Pre-recap

5months2017

Post-recap

Total2017Dec

2016Dec %Change

Totalrevenue 9013 6702 15715 14646 7

Onceoffitems - 4139 4139 214 >100

EBITDA 1960 5833 7793 3106 >100

EBIT

792 4935 5727 1335 >100

NetFinanceCosts -2661 -1064 -3725 -801 >100

Net(loss)/profitbeforetax -1869 3872 2003 541 >100

Tax - 2111 2111 - -

Net(loss)/profit

-1869 5983 4114 541 >100

2017RESULTSPRESENTATION

REPORTEDFINANCIALKEYPERFORMANCEINDICATORS

R’m 7months2017

Pre-recap

5months2017

Post-recap

Total2017Dec

2016Dec

%Change

Totalrevenue 9013 6702 15715 14646 7

NormalisedEBITDA 1960 1694 3654 2892 26

Normalised EBIT 792 796 1 588 1 121 42

Net finance costs -2 661 -1 064 -3 725 -801 >100

Normalisednet(loss)/profitbeforetax

-1869 -267 -2137 320 >100

Tax - 2 111 2 111 - -

Normalisednet(loss)/profit -1869

1844 -26 320 >100

2017RESULTSPRESENTATION

NORMALISEDFINANCIALKEYPERFORMANCEINDICATORS

REVENUEANALYSIS

4,9 4,8 4,6 5,0 4,8

1,2

2,1

3,0

4,1

5,2

-

1,0

2,0

3,0

4,0

5,0

6,0

2013 2014 2015 2016 2017

CAGR (0.4%)

•  Growthincustomerbase

•  Increasedcustomerspend

•  Datacentricproductofferings

•  Increasedsmartphoneusers

•  Improvednetworkquality

Voicevsdatarevenue

Voice

Data

IMPROVINGCOSTBASE

R’m 7months2017

Pre-recap

5months2017

Post-recap2017 2016

%Change

Directexpenditure 4350 3195 7545 7193 5

Opera<ngexpenditure

2872 2005 4877 4594 6

Deprecia?on and amor?sa?on

1 168 898 2 066 1 771 17

Totalexpenditure 8390 6098 14488 13558 7

R’m

2014

2015

2016

2017

Networkinvestments

2 044 2 095 2271 1198

•  Capitalexpenditurehasbeenstrategicallyfocusedtoenableustoprovidemobilevoice,dataservicesandcontentthroughacombina<onofourownLTE-AdvancednetworkthatoverlaysourLTE,3Gand2Gnetworks.

•  CellCcapitalexpenditurehasslowedinH12017duetothedelayedrecapitaliza<onbutpickedupagainpostrecapitaliza<on.Ourtotalcapitalexpenditurewas:

CapitalExpenditure

Opera3onalExpenditure

THANK YOU