MTN Group • Integrated Report • Business model

• The capitals

Key observations:

In describing how the organization creates value through the use of the six capitals, MTN concisely illustrates in its business model (pp. 12-13) the key inputs for each capital, the activities carried out as aligned to its vision, purpose, governance and strategy, the outputs and the outcomes achieved. Then (pp. 14-15), in a table, the key capital inputs and outcomes for each capital are quantified and compared to the numbers achieved in the previous year (2016). Finally, in the same table, a detailed description of the activities implemented and of the trade-offs that exist between the results achieved for each capital are presented, as aligned with para. 4.56 of the International <IR> Framework (“It is important, however, that an integrated report disclose the important trade-offs that influence value creation over time, including trade-offs between capitals or between components of a capital (e.g., creating employment through an activity that negatively affects the environment”).