RE: Shift in focus affecting Tigo's performance - Fouad Chalaby

Our attention has been drawn to an analysis made by a renowned Telecom industry watcher Mr. Fouad Chalaby and published in the media Monday, March 31, 2014.

We wish to reassure our customers, partners and the general public of the following;

• Tigo's 'increased' focus on Tigo Cash is not a shift in business focus but rather part of a broader business strategy to position ourselves as a digital lifestyle brand and lead in the race to convert our society into a cashless one.

o In positioning ourselves as a digital lifestyle brand, Tigo Ghana has and is going beyond positioning Tigo Cash as a convenient enabler in business and social transaction to introducing other services that help consumers with their digital lifestyle. e.g. Tigo self- care App and a subscription information menu which allows customers to view the status of the products they have subscribed to with an option to deactivate them and many more.

• Loss of data subscribers and slow growth of voice customers (NCA subscriber report):

o Tigo has in the past 8 months, experienced stable and steady growth in both voice and data customers. Between August and February, Tigo’s voice subscriber base has grown by 8%, well above the industry average of 4% within the same period.

o The recent dip in data customers was an abnormality due to specific challenges experienced in December, which have since been fixed. This reflects positively in the 12% growth in data subscription in February, as an industry average of 3% growth. We project this growth to be sustained through March and April subscriber reports of the NCA.

• We wish to state emphatically that Tigo is still focused on the fundamentals which have underpinned the success of our business operations in Ghana over the past 20years.

I. Provisioning of high quality, reliable mobile communication services, evidently displayed by our recent network upgrades and ongoing network expansion projects.

II. Offering attractive and competitive products and services to consumers; evident in the introduction of the trend setting Tigo Free Bonto which offers consumers the freedom to use their bonus however they want, without any restrictions.

III. We intend to take these initiatives further by introducing enhanced packages for the benefit of the Ghanaian consumer.