ECONET WIRELESS HOLDINGS LIMITED Financial Results For The Six Month Period Ended 31 August 2008

FINANCIAL PERFORMANCE Historical Results FINANCE DIRECTOR – KRIS CHIRAIRO

Group Structure Econet Wireless Holdings Limited 100% 100% 84.3% 100% 100% Econet Wireless (Private) Limited Ecoweb (Private) Limited Transaction Processing Systems (Private) Limited Pentamed Investments (Pvt.) Ltd EW Capital Holdings (Private) Limited Kingdom Meikles Africa Limited. 21.8% Mutare Bottling Company (Pvt.) Ltd 66% 10.6% Africa First Renaissance Corporation (AFRE).

Key Performance Indicators (54%) EBITDA Margin 0.4% Debt Equity Ratio 19,307,301 Capex 3,323% Attributable earnings as % of turnover 4,164% PBT margin 20,221,926,625 Fair Value Gain 70,394,361 Equity Accounted Earnings 80% G.P Margin 483,049,774 Turnover (Z$) 910,047 Subscribers Aug-08 Indicator

Income Statement 16,053,373,819 Attributable earnings 114,118,557 Minority interest 16,167,492,376 Profit After Taxation (3,945,889,041) Taxation 20,113,381,417 Profit before taxation 20,387,645,230 Net Finance Income, Fair value Gain & Equity Accounted Earnings (15,390,747) Depreciation, Amortisation and Impairment (258,873,066) EBITDA 385,810,521 Gross profit 483,049,774 Revenue Aug-08 ZW$

Product Revenue Contribution Note: % contributions in red are for the comparative period to 31 August 2007.

Note: % contributions in red are for the comparative period to 31 August 2007.

Balance Sheet 190,790,951,354 TOTAL EQUITY AND LIABILITIES 1,751,411,164 Currect Liabilities 49,538,314,996 Non Current Liabilities 139,501,225,194 Total Shareholders Equity 190,790,951,354 TOTAL ASSETS 21,903,766,994 Current assets 168,887,184,360 Non current assets Aug-08 ZW$

Cashflow Statement 132,527,311 Cash and cash equivalents at period end 215 Cash and cash equivalents at year beginning 132,527,096 Net increase in cash and cash equivalents 329,450,898 Cash flow from financing activities 37,430,865 Cash flow from investing activities (234,354,667) Net cash flow from operations (60,617,371) Taxation paid (173,737,296) Cash flow from Operations Aug-08 ZW$

OPERATIONAL PERFORMANCE CEO – DOUGLAS MBOWENI

The Road to 1 200 000 Subscribers and Beyond

Next Generation Services GPRS EDGE 3G Technology Video Clip Downloads Live TV DSTV over DVB-H Full length Music Downloads Picture Messaging Customised Ring Back Tones Mono-tones Exec Brief Video Calls Corporate Connectivity (VPN) Java Games 2G Logos SMS Banking WAP Banking (Go Mula Plus ) Video & Audio Messaging MP3 Ringtones PC Data Cards for Internet Access SMS Alerts GPS Tracking fpr Fleet Management & Sales Force Tools Mobile email (Blackberry) SMS Voting SMS Gaming Directory Service Branded Content MMS Services Premium SMS Content Time 2G GPRS/EDGE 3G Mobile Internet access Movie Downloads Video Conference RICHER USER EXPERIENCE

Installation of 1.2 million subscribers capacity by Feb 2009 on course . Have been granted the license to sell goods & services in foreign currency by the RBZ. International Calling Card (ICC) already launched. Negotiations to fund raise for capacity in excess of 1.2 million subscribers already in progress. Key developments: (Mar 08–Aug 08)

Installation of 1.2 million subscribers capacity by Feb 2009 on course .

Have been granted the license to sell goods & services in foreign currency by the RBZ. International Calling Card (ICC) already launched.

Negotiations to fund raise for capacity in excess of 1.2 million subscribers already in progress.

Network Coverage

Subscriber Growth

Average MOU per Subscriber

EWH REVENUE International Traffic Prepaid Revenue Simple & Bulk SMS Local Interconnect Roaming Revenue Contract Revenue Payphones ECOWEB TPS Key Revenue Drivers Pentamed

KEY BUSINESS OBJECTIVES Grow an active & viable subscriber base and sustain economic Tariffs in real terms Innovative products based on Current and new infrastructure Cost efficiency + Staff productivity & retention Network Hardware & Software Upgrades and expansion Key Business Objectives

THANK YOU

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