#1Welcome MTN Ghana's H1 2023 Investor Connect Event MTN 2 August 2023#2H1 2023 Investor Connect Presentation MTN 2 August 2023#3Disclaimer MTN The information contained in this document ("presentation") 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 herein 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 the 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 the statements from the presentation 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.#4Outline 1 Our executive team 2 Setting the operating context 3 Reflecting on H1 2023 performance 4 Creating shared value 5 Looking ahead MTN#5MTN Our executive team Selorm Adadevoh | CEO#6Our executive team, comprises of 15 executives with vast strategic and operational experience in the industry Chief Executive Officer Selorm Adadevoh Chief Finance Officer Antoinette Kwofie Chief Capital Projects Officer William Tetteh Chief Technical Officer Thomas Motlepa Chief Sales & Distribution Officer Samuel Addo Chief Risk & Compliance Officer Joseph Dogbe Chief Information Officer Bernard Acquah Chief Human Resource Officer Amma Benneh-Amponsah Chief Commercial Officer Noel Kojo-Ganson Ag. Chief Enterprise Business Officer Daniel Asare Chief Corporate & Sustainability Officer Adwoa Afriyie Wiafe 111111 MTN Strong and experienced management team, with a track record of execution CEO, MobileMoney Ltd. Shaibu Haruna GM, Internal Audit & Forensics Michael Gbewonyo Chief Customer Relations Officer Jemima Kotei Walsh Chief Digital Officer 6 Dario Bianchi#7Let's get personal with... Selorm Adadevoh Chief executive officer B.Sc. Civil Engineering & MBA Finance Tennis, music & watching Liverpool FC Antoinette Kwofie Chief finance officer B.Sc. Agricultural Economics, CA (GH), ACMA (UK) & CGMA Dancing, travelling, reading, music, movies & Formula 1 William Tetteh Chief capital projects officer B.Sc. Physics, MBA Project Mgt & MSc. Telecom Engineering Watching movies 111111 W Thomas Motlepa Chief technical officer B.Sc. Electrical Engineering Running, weightlifting & chess 7 MTN#8Let's get personal with... Samuel Addo Chief sales & distribution officer B.Sc. Biological Science & CIM (UK) Golf & swimming Amma Benneh-Amponsah Chief human resource officer B.Sc. Admin & MBA Reading & meditation Noel Kojo-Ganson Chief commercial officer MBA Strategic Marketing & CIM (UK) Football & watching movies Daniel Asare Ag. Chief enterprise business officer BA Social Science & MSc. Business and Econs, CIM (UK) Cycling MTN 8#9Let's get personal with... Bernard Acquah Chief information officer B.Sc. Computer Science & MBA DJing, football, Formula 1 & boxing Jemima Kotei Walsh Chief customer relations officer B.Sc. Admin & MA Human Resource Development Watching movies & dancing Joseph Dogbe Chief risk & compliance officer B.Sc. Admin (Accounting), ACCA, CISA, CRISC, CCO & GRCP Music & Chess Shaibu Haruna Chief executive officer, MobileMoney Ltd. B.Sc. Admin & MBA Finance Cooking, cycling & walking by the countryside MTN 9#10Let's get personal with... ח Dario Bianchi Chief digital officer M.Sc. Telecom Engineering & General Mgt. Program (GMP) Surfing Adwoa Afriyie Wiafe Chief corporate & sustainability officer LLB, QCL, BCL & LLM Reading & exercising Michael Gbewonyo General manager, internal audit and forensics B.Sc. Admin & ICAG (GH) Reading, Tennis & watching Barcelona MTN W 10#11MTN Setting the operating context Selorm Adadevoh | CEO#12Geo-political, social, macro-economic and regulatory context Our business is facing several challenges and we are navigating a tough operating environment MTN Geo-political and social • COVID-19 Ukraine-Russia war US-China relations Supply chain constraints Macro-economic • Rising inflation Higher interest rates FX pressures Rising utility costs Regulatory SIM re-registration New taxes and levies Spectrum and license renewals SMP compliance 12#13A challenging macro-economic environment in H1 2023 MTN USD/GHS 595 50 45 12 11 10 Inflation 9 40 8 35 7 30 6 25 5 20 4 15 3 10 2 5 1 O O 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 Rising inflation (down from 54.1% in December 2022 to 42.5% in June 2023) Depreciation of GHS against USD (28.2%) and other major trading currencies in H1 2023 Increased fuel cost Increased utility cost * Aligned with Bank of Ghana FX rates 13#14Regulatory updates Regulatory compliance remains a top priority for MTN Ghana Regulators MINISTRY OF COMMUNICATIONS AND DIGITALISATION SIM re-registration with Ghana card BANK EST. GHANA 1951 NATIONAL MUNIC NICATIONS COMMUN NCA AUTHORITY • NCA directive to disconnect 5.4 million SIMs as at 31 May 2023 • • 0.4 million re-registered leaving outstanding disconnections at 4.9 million SIMs as at end of June 2023 • SECURITIES AN EXCHANGE GHANA 88 GHANA STOCK EXCHANGE Localisation Localisation of Scancom PLC and MobileMoney Limited remains priority Localisation impacted by Scrip Dividend, moving us from 25.0% to 23.2% as at H1 2023 AXI GRA MTN 14#15• Focused business execution in a challenging context Navigating the business through current volatility in the context of Ambition 2025 • Commercial Supply chain Network Financial resilience MTN Customer Value Management (CVM) | Price optimisation Executing on our platform strategy Revamped product offerings to remain relevant • Early and aggressive capex commitment • • Leverage trade lines (letters of credit) to support capex • Continued reliance on local vendor landscape (~75% of total spend) Re-negotiating tower agreement to mitigate rising inflation and energy costs Expanding national roaming pilot to nationwide coverage • Accelerate expense efficiencies and working capital initiatives • Accelerate operational excellence plan to further bolster our cost performance 111111 15#16Reflecting on H1 2023 performance Selorm Adadevoh | CEO MTN#17H1 2023 YoY highlights: our growth strategy to sustain our growth momentum while priming new areas of growth continues +32.3% Service revenue GHS6.2 bn +48.8% MoMo revenue GHS1.3 bn -1.3pp EBITDA margin 56.1% +41.0% Data revenue GHS2.6 bn -22.1% Digital revenue GHS0.1 bn +14.4% Voice revenue GHS1.7 bn +29.4% EBITDA GHS3.5 bn +27.7% Earnings per share* GHS0.129p +54.2% Core capex GHS1.5 bn PAT +27.9% to GHS1.7 bn Interim dividend of 5.0 pesewas* per share for half-year 2023 # Core capex excluding spectrum license cost was GHS1.1 billion with a capex intensity of 17.1%. * Interim Dividend of 5 pesewas declared in 1H 2023. Number of outstanding shares increased from 12,290,474,360 to 13,236,175,050 due to Scrip dividends. MTN 17#18Strong voice growth continues Voice revenue +13.9% to GHS1.8 billion Quarterly subscriber net adds (000) Subscribers (m) 27.3m Net adds 2.4m H1 2022 Voice revenue growth (GHSM) 1,573 Voice subs -1.3m H1 2023 740 104 -145 Q3 2022 Q4 2022 -1,155 Q1 2023 Q2 2023 Quarterly voice revenue (GHSm) 1,792 904 887 906 793 YOY growth +21.3% +13.9% MTN H1 2022 H1 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 18#19Growth trajectory of data gathers momentum Data revenue +41.0% to GHS2.6 billion Active data subscriber (m) 14.1 13.1 Data subs GB per user/month 7.0 9.4 1,052 970 Quarterly subscriber net adds (000) 431 -638 H1 2022 H1 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Data revenue growth (GHSm) 2,556 1,813 YOY growth +49.3% +41.0% Quarterly data revenue (GHSM) 1,136 1,072 986 1,420 MTN H1 2022 H1 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 19#20MoMo growth encouraging, post e-Levy changes in Jan. 2023 $ Mobile Money revenue +48.8% to GHS1.3 billion Active users (m) MoMo Subs 14.2 11.7 Net adds 0.1m H1 2022 MoMo revenue growth (GHSm) 899 2.5m H1 2023 1,338 Cashout 47% 56% Advanced service Quarterly subscriber net adds (000) 127 YOY growth 11.0% Q2 2022 797 740 668 25.1% 16.3% 15.9% 308 15.0% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Quarterly MoMo revenue (GHSm) +81% 695 643 579 80.8% 457 384 24.8% 22.8% MTN P2P 28% 18% 25% 26% YOY growth 4.5% -8.1% H1 2022 H1 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 20#21Revamping digital, through enhanced digital channels and improved. content portfolio Digital revenue -22.1% to GHS 0.1 billion MTN Subscriptions (m) 3.9 3.5 1.3 1.7 2.6 Content subs Ayoba subs 1.8 H1 2022 H1 2023 • +46% YoY growth in Ayoba subs Ayoba Zigi Chatbot • • 35 local micro-apps and channels • • 50K monthly users 80% Customer Satisfaction (CSAT) ⚫ 1.7m active users (+21% YoY) Revenue (GHSM) 82.0 my MTN myMTN • 63.6 Started roll-out of new enhanced version YoY growth -15.8% -22.1% H1 2022 H1 2023 3 Entertainment • +23% YoY growth in video • revenues New partnership with Boomplay 21#22MTN Financial review Antoinette Kwofie | CFO#23Snapshot of income statement: strong revenue and EBITDA growth underpinned by commercial and operational excellence MTN (GHSM) H1 2023 H1 2022 % change reported Revenue 6,177 4,667 32.4 EBITDA 3,467 2,680 29.4 Depreciation, amortization and goodwill impairment (788) (577) 36.6 Net finance Cost / income (236) (164) (43.6) Profit before tax 2,443 1,938 26.0 Growth and sustainability levy 122 99 23.8 Income tax 610 502 21.4 Profit after tax Earnings per share (EPS) 1,711 1,338 27.9 0.232 0.163 42.3 1 Service revenue excludes device and sim card revenue 2 Net finance costs comprise net interest expense, forex losses # 100 pesewas = 1 Ghana Cedi#24Summary performance indicators: strong focus on cost efficiencies reflected in margins, and disciplined FCF management d Service revenue (GHSM) Expenses (GHSM) MTN EBITDA & Core capex (GHSM) +32.4% 6,178 +36.5% 2,712 57.4% 56.1% EBITDA margin 21.2% 4,667 2,556 Data +41.0% 1,987 1,280 Cost of sales +40.4% 1,813 1,573 300 1,792 Voice +13.9% 912 24.7% Core capex intensity^ +29.4% 3,467 2,680 1,527 Core capex +54.2% 991 1,432 Opex +33.2% 1,338 MoMo +48.8% 1,075 1,940 FCF +14.8% 1,689 899 H1 2022 Digital -22.0% 428 Other +42.9% H1 2023 H1 2022 H1 2023 H1 2022 ^Core capex: excludes capex attributable to right-of-use (ROU) assets. Core capex excluding spectrum license cost was GHS1.1 billion with a capex intensity of 17.1%. The intensity of 24.7% does not reflect the FY 2023 status. Capex intensity = Capex/ Total revenue | FCF = EBITDA - capex H1 2023 24#25Mobile Money recovery: continued growth following changes to e- Levy and commercial strategy implementation MoMo highlights (GHSm) H1 2022 Revenue 899 EBITDA 464 8.3 Float (GHSbn) +48.8% +14.6% H1 2023 824m YOY growth +54.7% 1,338 H1 2021 1,338m MoMo revenue (GHSM) 899m +9.1% H1 2022 +48.8% H1 2023 YTD MoMo transaction value (GHSbn) and ARPU 828 531 +54.2% 12.8 453 451 78 H1 2021 MoMo full transfer pricing and allocation to the business standalone P&L would be completed this year so these numbers do not represent the fully separate MoMo entity EBITDA and margin 79 H1 2022 99 H1 2023 MTN Transaction value ARPU 25#26Capex: strategic investment in network and IT systems to ensure future relevance MTN Capex breakdown · Core capex intensity Core capex (GHSM) 24.7% Other capex Core network Transmissions 3% 10% 3% 21.2% IT Systems 6% 991 1,527 H1 2022 H1 2023 79% Radio & Infrastructure 19.9% H1 2022 Core network Other Capex Transmissions 4% 5% 12% IT Systems 14% 65% H1 2023 Radio & Infrastructure 16.3% Technology 2G H1 2022 H1 2023 255 156 Site rollout 3G 255 159 1,972 4G 935 156 1,263 FY 2021 FY 2022 2G 99.3% Population 99.5% coverage 3G 97.0% 99.4% 4G 90.6% 99.3% Capex intensity = Capex/ Total revenue * Other Capex consists mainly of Facility projects, Maintenance and Operations. ^ Core Capex intensity of 24.7% represents core capex and excludes Intangibles and ROU additions Total capex consists of Core capex spend of GHS998 m, intangibles of CHS537.5 m and RoU assets of GHS704.2 m. Core capex excluding spectrum license cost was GHS1.1 billion with a capex intensity of 17.1%. 26#27Capex plans and managing currency risk • Funding capital projects 2023 capex plan of GHS2.4 billion • Prioritize access to foreign currency credit lines and medium- term loans • Managing currency risk Ramp up crucial equipment orders to hedge against devaluation or pricing risk Cash flow and local debt serve as natural hedge to currency risks Medium-term capex plan • 3G & 4G network and fibre infrastructure expansion • Rural telephony expansion Investment in platforms Reliance on operational cashflow and local debt 5G readiness MTN 27#28MTN Creating shared value Selorm Adadevoh | CEO#29Touching the lives of Ghanaians through the MTN Foundation ...... 166 social projects completed 怊 90 Education Projects ICT Centers & Libraries Classrooms & Dormitories - Scholarships GHS106.5m 12 invested in social impact projects 州 4.5m lives directly and indirectly impacted PROJECT APPROVED FOR IMPLEMENTATION: 1.One storey maternity block at Keta Hospital 2.Robotics Center at Menfe Girls SHS ་ 55 Health Care Projects - - - Hospitals & Health centers Blood bank construction Wards & Maternity Blocks Surgeries & Equipment 15 Economic Empowermen + Project 6 Community support initiatives - Micro enterprises Youth development initiatives (Suhum & Nsawam) Women empowerment in Shea butter & Oil Palm Innovations Fund; KNUST Telecoms Funding ICT incubation; Ghana Multimedia Incubator Support for "Trokosi" girls in vocational training Awarded scholarships to 100 students at various educational institutions. 25th December baby hamper distribution 29 MTN#30A significant contributor to Ghana's GDP growth: GHS3.0 billion contribution to Ghana's revenue mobilization in 2023 Corporate taxes GHS388 m % VAT, levies and duties GHS1.1 bn GHS3.0 bn PAID Communications service Withholding taxes GHS377 m tax GHS242 m Government agencies GHS228 m E E-Levy GHS363 m MTN Pay as you earn GHS61 m Growth and sustainability levy GHS190 m 30#31National roaming: contributing towards the long-term viability of the telecoms sector Partners / Stakeholders MINISTRY OF COMMUNICATIONS AND DIGITALISATION 18 National roaming plan Infrastructure sharing IONAL C CO UNICATIONS NCA AUTHORITY O t at vodafone telecel life is simple • Signed a one-year agreement with Vodafone to extend national roaming on 2G beyond Volta to other areas • Reached an agreement with AT Ghana (Airtel Tigo) for a four-month national roaming pilot, as a first step toward a longer-term commitment Various other rural telephony initiatives in partnership with the Government . Investment in infrastructure MTN 31#32MTN Looking ahead Selorm Adadevoh | CEO#33A reminder of our medium-term guidance KPI Target Service revenue growth EBITDA margins Core Capex intensity High-twenties (percentage terms) Maintaining margins Improving core capex intensity Dividend Payout ratio of 60% to 80% C MTN 33#34Key takeaways 1 We are well-positioned to capture a compelling and unique growth opportunity in Ghana 2 We are well arranged to navigate the near-term macro challenges 3 Clear near-term value unlock opportunities in Fintech and Data 4 A clear capital allocation framework and resilient balance sheet underpins our strategy 5 Strong, diverse and experienced management team to drive value creation MTN 34#35Thank you 35 56 MTN#36Ambition 2025 Strategy Presentation 2 August 2023 MTN#37MTN Ambition 2025 Selorm Adadevoh | CEO#38Disclaimer MTN The information contained in this document ("presentation") 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 herein 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 the 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 the statements from the presentation 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.#39MTN is a leading telecoms company in Ghana Focused on connectivity and platforms FY 22 Service revenue of GHS9.9bn 27.3m Subscribers 14.1m Active Data Subscribers 14.2m Active MoMo Users Upper West Upper East North East GHS3.9bn Data Revenue Savannah Northern Oti Brong Ahafo Bono East Ahafo Ashanti Eastern Volta Western North Greater Accra Central Western ~2k Employees "Investor in People Platinum" GHS1.9bn MoMo Revenue 56.1% EBITDA Margin MTN 39#40Structural demand for data & fintech offerings is high and growing MTN Ghana remains well positioned for sustained growth over the medium-term Data usage per active user 4.3GB 5.7GB 7.6GB Data traffic 2020 2021 2022 580 520 460 400 340 280 220 +185 160 Fintech transaction volume E-levy 326 Start of COVID-19 Start of COVID-19 +858 297 +387 100 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Average data traffic per quarter (Petabytes) 111111 267 238 208 179 149 +1.3 120 +1.9 E-levy +2.9 MTN 90 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Average transaction volume per quarter (billions) 40#41Ambition 2025 | Framing our strategic position Belief statement Strategic intent Everyone deserves the benefits of a modern connected life Leading digital solutions for Africa's progress MTN Strategic Priorities Build the largest & most valuable platforms Drive industry- leading connectivity operations Accelerate Create shared value portfolio transformation Vital enablers Leading customer experience Best talent, culture & future skills Value based capital allocation ESG at the core Values* Lead with Care Can-do with Integrity Collaborate with Agility *Refreshed values Technology platforms second to none Serve with Respect Act with Inclusion 41#42How we are driving sustained growth: leading connectivity operations Voice Data Own the Home • Growth in Active subscriber base. Active Data Subscriber growth • • Increased fiber-to-the-home deployment in key clusters • Revamped voice propositions CVM initiatives driving usage Rural coverage expansion • • Sustained increase in data traffic CVM initiatives Growing smartphone penetration Coverage and Capacity expansion Data Education Initiatives • Accelerate high-speed home broadband connections through FWA ⚫ Launch quad play in partnership with leading OTT players Lead customer experience | Reward program to drive retention • Bundle with content MTN 42#43How we are driving sustained growth: largest/valuable platforms MTN Fintech Digital Enterprise Chenosis Network as a Service Grow customer base & use case beyond transfers • Drive uptake of digital channels MoMo App • Gear up advanced services • contribution - • Payments, Remittance, BankTech & more Build an inclusive ecosystem with partnerships at the core - Fintech, Govt, CSOs • Drive growth of Ayoba and myMTN Accelerate the recovery for Digital through sustainable growth initiatives Launch of MTN Play, the new digital entertainment marketplace Launch new services in the E- health and EduTech areas • Co-create customer-specific solutions Enable digital transformation across verticals Enable SME- focused solutions Powering industries private & advanced connectivity solutions • Drive revenue growth across all verticals with focus on banking and fintech Development of new APIs to further expand the portfolio Deployment of specific initiatives to promote Chenosis as an enabler for the growth of startups together with MoMo and Ayoba • Open mobile Fixed as a service Edge and DC Cloud communication 43#44Platforms How we transition from an advanced telco in 2023 to a diversified platform player in 2025 Traditional Mobile · & ((1+1)) · Home . 2023: Advanced telecom operator Increase supply to tap latent demand Protect voice Develop content strategy Build the structure to address home opportunity . MTN 2025: diversified telco & platform player Mobile saturation stage in connectivity Growth higher up the value chain New content business to grow to 3% of revenues Drive aggressive home penetration Fintech A Digital Enterprise • NaaS • • • • Massive opportunity Build platform for advanced services Push growth of digital content services ⚫ Drive adoption of myMTN and ayoba • • Restructure to target market opportunity Focus on the SME space Build commercial proposition to scale Critical for industry viability Build structure to support Chenosis growth Assess market and technology readiness • • Revenue driven by new platform approach, reduced relevance of the retail business Leading content and e-verticals distribution platform Apps are the primary MTN engagement channels Increased relevance of converged services and Digital FiberCo operating as leading wholesale player in the country • Enabled other operators to an MVNO model • Leading player to support digital evolution for start-ups, small and medium enterprises O Chenosis CHENOSIS 44#45Evolving MTN Ghana revenue breakdown: adapting to platform operator status over the next 5 years, 2025 and beyond 2023: advanced telecom operator Fintech 21% Content 1% OTT Services 0% 4% 74% MTN 2025: diversified telco & platform player Beyond 2025: platform operator Fintech Content 1% 23% OTT Services 1% 3% Fintech 35% OTT Services 1% 1% 00 1% 72% Content Connectivity 55% Connectivity Connectivity 111111 45#46MoMo is well positioned for a successful platform play and a diversification strategy involving deepening advanced services MTN Mobile Money at a glance MTN Scale* 63% MoMo Transaction 96% • Good traction on key 51% GHS1.0 tn Value % of GDP MoMo users as % of Transaction value p.a. of total market • transaction value adult population Reach 14.2m MoMo active users Activity** ← ~3.2bn Remittance value p.a. 52% 293k 144k MoMo penetration Active agents Active merchants of GSM base ~6bn Loan value p.a. ~75bn Payment value p.a. #1 aYo policies • . • performance drivers - active users Accelerating advance service adoption is key to sustained growth Channel evolution towards digital (MoMo app) will deliver channel leadership / ownership Open platform play with leadership on Merchant and Agent interoperability Future opportunity: Float economics * Based on 2022 Bank of Ghana Data ** Based on 2022 operating performance 46#47MTN Financial and capital allocation framework Antoinette Kwofie | CFO#48Financial framework ... underpinning our Ambition 2025 strategy Service revenue growth + Margin expansion + Value based capital allocation FCF MTN High twenties % growth • Accelerate mobile data • Scale platforms • Protect consumer voice Network investment • 3G & 4G coverage Maintaining EBITDA margin • Operating leverage • Relentless focus on expense efficiencies Accelerated digitalisation Capital allocation priorities • Dividend to shareholders Reduced Capital intensity • Scale advantage • Network & IT optimisation • Disciplined capital prioritisation Operating free cashflow • Accelerating free cash flow • Working capital efficiencies Capital structure Optimise leverage and capital structure Platform investment 60%-80% pay-out ratio . Invest to grow wallets and • Optimize debt structure . • Capacity upgrade Rural telephony expansion • 5G readiness scale the fintech ecosystem • Scaling ayoba • Strategic partnerships 48#49MTN Conclusion Selorm Adadevoh | CEO#50The investment case to become a platform player: strong competitive advantage across business segments and large customer base Strong position in market #1 subscriber market share Leader with a strong competitive advantage across all segments: voice, data and mobile money Well-positioned for the long-term Increased data investment: fixed and mobile Best Network with excellent customer experience Accelerated growth in advanced services : Payments, S&L and insurance ayoba Fintech Platforms accelerating growth API marketplace Enterprise twork as a service Kil Disciplined capital allocation Enhanced risk and regulatory framework Committed to create shared value, with ESG at the core MTN Exciting demographic opportunity Fast-growing, youthful population Large opportunity in digital and financial services Partner in our socio-economic development of our regions Attractive return profile ➤ Accelerating growth outlook Attractive cash flow and ROE profile Consistent dividend payment Significant contribution sustainability 50#51Thank you MTN 51