#1IHS Towers of strength IHS NETHERLANDS HOLDCO B.V. Q4 | FY 2019 Unaudited Results April 8, 2020#2Disclaimer IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document, and any question- and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. THIS INFORMATION AND ANY RELATED ORAL PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER FOR SALE OF, OR AN INVITATION OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY SECURITIES OR FINANCIAL INSTRUMENTS OF IHS NETHERLANDS HOLDCO B.V. OR ANY SUBSIDIARY OR AFFILIATE RELATED TO IHS NETHERLANDS HOLDCO B.V. 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Q4 FY 2019 Unaudited Results IHS Towers of strength 2#3Presenting Today Mohamad Darwish Co-founder, Senior Vice President Nigeria Chief Executive Officer Olivier Angot Nigeria Chief Financial Officer Adam Walker Executive Vice President Group Chief Financial Officer Q4 FY 2019 Unaudited Results IHS Towers of strength 3#4Executive Summary Macroeconomic Environment COVID-19 impact ■ 2019 Nigeria GDP growth of 2.3% (1) Capital importation: $24BN in FY'19 or +43% VPY(1) Inflation: 11.4% in 2019 (vs. 12.1% in 2018) (1) Foreign exchange reserves: $35BN as of 20 March 2020 (vs. $42BN as of 20 March 2019) (2) Nigeria Telecom Industry ■ Telecom accounted for 10.6% of the Nigerian GDP in Q4'19 compared with 9.9% in Q4'18 (3) ■ Total subscriptions as of Dec'19 were 184.7M which is a 11.8M increase compared with Dec'18 (3) GSM data subscribers as of Dec'19 were 125.7M which is a 14.1M increase compared with Dec'18 (3) ■ 3G/4G penetration of 38% in Dec 19, which is +6% compared with Dec'18 (3) IHS Highlights Strong performance through the year, with underlying and reported growth delivered Continued portfolio expansion through increase in towers, tenants, and lease amendments Well positioned at year-end and going into 2020 to address current macro and operational challenges (1) Source: Nigeria Bureau of Statistics (2) Source: Central Bank of Nigeria (3) Source: Nigeria Communications Commission Q4 FY 2019 Unaudited Results IHS Towers of strength#5Results Snapshot In US$M, unless stated Q4'18 Q4'19 VPY FY '18 FY'19 VPY Towers (#) Tenants (#) 16,390 16,499 0.7% 23,090 24,196 4.8% Colocation rate Lease Amendments (#) 1.41x 1.47x 4.1% 13,128 16,899 28.7% Revenue 238.7 241.8 1.3% 852.7 925.7 8.6% Adjusted EBITDA (1) 135.8 127.9 (5.8%) 490.6 561.8 14.5% Adjusted EBITDA margin 56.9% 52.9% (400 Bps) 57.5% 60.7% 320 Bps Capex 78.4 101.7 29.7% 280.9 206.7 (26.4%) Consolidated Net Leverage Consolidated Net Leverage Ratio (1) n.a. 1,695.2 n.a. 3.02x n.a. n.a. Average FX(2) 364.2 362.9 0.4% 361.9 361.9 0.0% Note: Operational KPIs are combined KPIs for IHS Netherlands Holdco B.V. and its subsidiaries. Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q4 FY 2019 results include impact of IFRS 16 adoption. (2) VPY change is calculated as the movement in the NGN rate between the periods. (1) Q4 FY 2019 Unaudited Results IHS Towers of strength 5#6Towers & Tenants TOWERS Colocation Rate 1.41x TENANTS 1.47x 24,196 23,090 16,390 16,499 LEASE AMENDMENTS 16,899 13,128 Q4'18 Q4'19 Q4'18 Q4'19 Q4'18 Q4'19 Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q4 FY 2019 Unaudited Results 1.47x Colocation Rate At End Q4'19 ■ Net increase of 109 towers, 1,106 tenants, and 3,771 lease amendments versus Q4 2018 ■ We constructed 14 new towers, added 221 tenants and 991 lease amendments during Q4 2019 IHS Towers of strength 6#7Revenue Underlying Growth Q4 REVENUE In US$M 0.9% 238.7 241.8 Q4'18 Q4'19 Underlying Growth In US$M Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Underlying growth is calculated as the growth in the underlying Naira financials. Q4 | FY 2019 Unaudited Results FY REVENUE 8.5% 925.7 852.7 FY '18 FY'19 IHS Towers of strength +8.6% FY 2019 Reported Growth Rate ■ FY 2019 underlying growth +8.5% VPY, being offset by FX effect (0.1%) ■ Growth driven by roll-out of new sites, colocation, higher leasing activity, and escalations Quarterly growth impacted by application of certain contractual terms in Q4'18 7#8Adjusted EBITDA Adjusted EBITDA Margin In US$M Q4 ADJUSTED EBITDA 56.9% FY ADJUSTED EBITDA 52.9% Adjusted EBITDA Margin 57.5% 135.8 127.9 Q4'18 Q4'19 In US$M Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q4 FY 2019 Unaudited Results 60.7% ☐ 561.8 490.6 FY '18 FY'19 IHS Towers of strength $562M FY 2019 Adjusted EBITDA Including IFRS 16 FY 2019 Adjusted EBITDA margin expansion VPY driven by the adoption of IFRS 16 ■ Q4 2019 and FY 2019 IFRS 16 impact $8.0M and $28.9M respectively ■ Q4 2019 Adjusted EBITDA and margin rate VPY impacted by application of certain contractual terms in Q4'18 8#9Capex Q4 CAPEX In US$M In US$M 78.4 101.7 Q4'18 Q4'19 Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q4 FY 2019 Unaudited Results 280.9 FY CAPEX 206.7 FY '18 FY'19 $207M FY 2019 Capex Spend IHS Towers of strength ■ FY 2019 capex lower than 2018 due to lower discretionary spend related to new sites, colocation, and lease amendments 9#10Debt & Other Matters US$M LEVERAGE OVERVIEW (1) Q3 2019 Q4 2019 2027 Notes 2025 Notes 800.0 800.0 500.0 500.0 Senior Credit Facilities 500.4 497.6 IFRS 16 Lease Liabilities 31.3 33.2 Unamortized issuance costs and accrued interest (21.0) 4.7 Total Indebtedness 1,810.7 1,835.5 Cash and Cash Equivalents 327.1 140.3 Consolidated Net Leverage 1,483.6 1,695.2 LTM Adjusted EBITDA 569.6 561.8 Consolidated Net Leverage Ratio 2.60x 3.02x (1) Consolidated Net Leverage and Consolidated Net Leverage Ratio calculated as per the 2025 Notes & 2027 Notes Indenture. Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q4 FY 2019 Unaudited Results 3.02x Q4'19 Leverage Ratio IHS Towers of strength $508M of subordinated shareholder loans were repaid during 2019 from refinancing proceeds and excess cash, of which $409M was repaid post refinancing 10#11APPENDIX IHS Towers of strength#12Glossary of Terms Adjusted EBITDA, Adjusted EBITDA margin and other non-IFRS financial measures are used by our management to monitor the underlying performance of the business and the operations. Adjusted EBITDA, Adjusted EBITDA margin and other non-IFRS financial measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted EBITDA, Adjusted EBITDA margin and other non-IFRS financial measures as reported by us to Adjusted EBITDA, Adjusted EBITDA margin and other non-IFRS financial measures as reported by other companies. Adjusted EBITDA, Adjusted EBITDA margin and the other non-IFRS financial measures described in this Offering Memorandum are unaudited and have not been prepared in accordance with IFRS or any other generally accepted accounting principles. In addition, the presentation of these measures is not intended to and does not comply with the reporting requirements of the SEC and will not be subject to review by the SEC; compliance with its requirements would require us to make changes to the presentation of this information. Adjusted EBITDA: Profit or loss for the period excluding the impact of finance income, finance cost, fair value through profit or loss, depreciation and amortization, impairments of fixed assets and land rent, profit or loss on disposal of assets, impairment of withholding taxes, share-based payment expense, and provision for or benefit from income taxes, less other income plus other expenditures that management considers sufficiently large and unusual as to distort comparisons from one period to the next. Adjusted EBITDA is a component of the calculation that has been used by our lenders to determine compliance with certain covenants under our debt facilities. Adjusted EBITDA is not intended to be an alternative measure of operating income or gross profit margin as determined in accordance with IFRS. Adjusted EBITDA margin: Adjusted EBITDA divided by revenue, expressed as a percentage. Capital expenditure ("Capex"): the additions of property, plant and equipment (including advance payments for such additions) and the purchase of software, as presented in the statement of cash flows. Colocation Rate: Refers to the average number of Tenants per Tower across our portfolio at a given point in time. Consolidated Net Leverage: Aggregate outstanding net indebtedness on a consolidated basis (excluding subordinated shareholder debt). Consolidated Net Leverage Ratio: Ratio of Consolidated Net Leverage to LTM EBITDA Group: IHS Netherlands Holdco B.V. and each of its direct and indirect subsidiaries. Lease Amendments: Refers to the installation of additional equipment on a site or the provision of ancillary services for an existing Tenant, for which we charge our customers. LTM Adjusted EBITDA: Adjusted EBITDA for the last twelve months. Towers: Refers to ground-based towers, rooftop and wall-mounted towers, in-building solutions and cells-on-wheels, each of which is deployed to support wireless transmission equipment. Tenants: Refers to the number of distinct customers who have leased space on each Tower across our portfolio VPY: Versus prior year Q4 FY 2019 Unaudited Results IHS Towers of strength 12#132020 IHS Towers IHS Towers of strength ihstowers.com