#1MTN MTN Group Capital Markets Day 4 June 2021#2MTN Business and strategy overview Leading digital solutions for Africa's progress 2#3MTN is the leading telecoms operator on the African continent Focused on connectivity and platforms Belief statement: Everyone deserves the benefits of a modern connected life Vision: Leading digital solutions for Africa's progress Service revenue of R170 billion 278 million subscribers 116 million active data users 19k employees South Africa Nigeria SEA WECA MENA 45,3% EBITDA margin +31,0% Data revenue 47 million active MoMo users Across 21 markets Most valuable African brand +23,9% Fintech revenue Non-financial numbers at 31 March 2021 Financial numbers at December 2020 3 MTN#4Subsidiaries' contribution to subscribers and EBITDA Subscribers 16% 32% 28% 14% 12% EBITDA 24% 39% 24% 11% 5% MTN South Africa MTN WECA SEA^ MENA^^ Nigeria Non-financial numbers at 31 March 2021 Financial numbers at December 2020 MTN Ghana MTN Guinea-Conakry MTN Uganda MTN MTN Sudan Syria MTN Cameroon MTN Guinea-Bissau MTN Rwanda MTN MTN Cote d'Ivoire MTN Congo- Brazzaville MTN Benin Lonestar Cell MTN Liberia 4 MTN Zambia MTN South Sudan Yemen MTN Afghanistan Orderly exit over the medium-term ^Botswana & eSwatini held as a JV, equity accounted ^^Irancell held as a JV, equity accounted MTN#5How we manage the business Group President & CEO Ralph Mupita Group CFO Tsholofelo Molefe Group COO Jens Schulte-Bockum VP: SEA Yolanda Cuba VP: WECA Ebenezer Asante VP: MENA Ismail Jaroudi CEO: MTN South Africa Godfrey Motsa CEO: MTN Nigeria Karl Toriola Group Chief Digital and Fintech Officer Serigne Dioum Strong and experienced management team Group Chief Human Resources Officer Paul Norman Group Chief Regulatory & Corporate Affairs Officer Felleng Sekha Group Chief Legal Counsel Lele Modise Group Chief M&A and Business Development Officer Kholekile Ndamase Group Chief Technology and Information Officer Charles Molapisi Group Chief Risk Officer Ferdi Moolman 5 MTN#6The journey of progress over the last four years A foundation of commercial and operational excellence Growing subscribers Improving NPS: #1 in 251m 233m 217m 280m 114m Total 95m 79m 46m Data subs 69m 35m 9 markets 27m 2018 MoMo users 22m 3 markets 2017 2018 2019 2020 2017 Financial performance 12 markets 2019 15 markets Expanding data coverage 2020 504m 481m 436m 375m #1 2017 2018 2019 2020 Holdco leverage progression ROE progression R57,5bn 11,9% 17,0% 10,7% 9,8% R55,3bn R51,7bn 42,7% 51,6% 12,7% 13,0% Service revenue growth* 11,5% 7,2% 50,0% 35,3% USD/EUR 54,4% 35,2% R43,3bn 48,0% EBITDA margins 33,5% ZAR 45,6% 48,4% 50,0% 52,0% 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 *Constant currency, ^constant currency on IAS 17 basis for 2017-2019 Leverage 2,7x 2,3x 2,2x 2,2x 6 MTN#7Ambition 2025 7 MTN#8Global shifts in our operating environment Global & African industry MTN starting point • • • • Developed market telcos missed the opportunity to scale in consumer digital services - mostly focused on delivering connectivity more efficiently and on enterprise services Emerging market telcos competing directly with big tech for the consumer In Africa the data and financial services uptake is still at an early stage Infrastructure and enterprise businesses in Africa are also nascent . • • . • Large, connected, registered customer base Unparalleled service, registration and cash distribution network One of the strongest brands in Africa Strong core operations Largest fixed and mobile network in Africa Built an API platform and analytics engine Strong position in fintech and a foothold in messaging - MoMo and ayoba 8 MTN#9Strategic repositioning The case for change Challenges: Reducing the Group's risk profile • US dollar debt level at Holdco Opportunities: . • Take advantage of the short window of opportunity to win in digital services as customers come online for the first time • The global operating environment is shifting in the wake of COVID-19 – de-globalisation and digital acceleration • MTN is well positioned to partner with nation states in socioeconomic progress • Reveal and crystallise value Ambition 2025 Belief statement: Everybody deserves the benefits of a modern connected life Strategic intent: Leading digital solutions for Africa's progress 9 MTN#10Five growth platforms, underpinned by Africa's largest connectivity network • • GHO MoMo ayoba Fintech solutions Digital services Enterprise services Network as a service (NaaS) CHENOSIS API marketplace Payments Lending Insurance Saving m-commerce One network. One API layer. One data lake. Messaging Social media O Unified Comms IoT Cloud • Open mobile • Aggregate • Fixed as a service • Exchange Edge and DC Monetise ⚫ SD-WAN • Cloud User-generated content Advertising communication 10 MTN#11Ambition 2025 | Framing our strategic priorities Belief statement "Everybody deserves the benefits of a modern connected life" Ambition 2025: "Leading digital solutions for Africa's progress" Strategic intent 20 25 strategic priorities Build the largest & most valuable platforms Vital enablers Leading customer experience Drive industry- leading connectivity operations Accelerate Create shared value portfolio transformation Best talent, culture & future skills Values Leadership Integrity 11 Value-based capital allocation ESG at the core Technology platforms second to none Relationships Innovation Can-Do MTN#12Strategic priorities | driving growth and value unlock Priorities Build the largest and most valuable platforms Drive industry-leading connectivity operations Create shared value Accelerate portfolio transformation Objectives • Pivot from a 'product' to 'platform' play • • • Selective partnerships to accelerate growth Fintech Digital | Enterprise | NaaS | API marketplace Doubling of consumer mobile data • 'Own the home' • Leading FibreCo in Africa . Digital transformation | Step-change in efficiencies and service levels • Step-change in ESG positioning of the Group • Broad-based ownership and inclusion across markets Sentiment shift through stakeholder management efforts Ambition 2025 • Execute on ARP & reduction of leverage • Middle East exit | Selective expansion in SSA • Reveal and crystallise value of infrastructure assets and platforms • 12 • 100m MoMo users • 100m ayoba users . #1 NaaS platform in Africa • +200m active data users • +10m home broadband users • +$500m investment over medium term • >R5bn of expense savings | #1 NPS • Top quartile ESG ratings • Broad-based ownership and inclusivity achieved • Reputation Index ≥ 75% • ARP proceeds >R25bn • Holdco leverage between ≤ 1,5x Structural separation of infrastructure assets and platforms MTN#13Key value pools | Sizeable opportunities to capture growth → Connectivity Voice R200 billion R375 billion R120 billion >R14 billion " Platforms Data Home broadband FibreCo R350 billion R118 billion R110 billion R198 billion GMV 7 > Fintech Digital API marketplace Enterprise Source: GSMA, Statista, Delta Partners analysis Opportunity to 2025 13 MTN#14Operationalise & enhance fintech & fibre assets through structural separation Ensuring operational independence and flexibility mi Enable acceleration at scale อ Separation mandatory in some opcos Highlight intrinsic value held within MTN Group Focus Optimise resource and share-of-mind allocation to accelerate growth Adaptability . Creates operational independence and financial flexibility . Leveraging existing asset base MTN holds the customer, the brand and the local market insight • MTN's agent network creates deep moat against competitors Value-adding partnerships • • Partnerships that facilitate accelerated strategy through knowledge and financial capital Operational excellence and access to best-in-class technology design Value creation • Highlight intrinsic value held within MTN Group while maintaining control . Maximising MTN's share of value creation over time 14 MTN#15Structural separation of fintech business to deliver ambitions & reveal value Q1 2022 • Rationale • Enabling operating model • Attract strategic partners • Comply with local regulations • Reveal value Ongoing assessment of key considerations Engagement with potential strategic partners Country specific most efficient consolidation path 15 MTN Mobile Money Q1 2022 Local Opco set up • Local opco licenses • Companies set up • People and process separation . Customer ownership . Accounting separation TopCo set up • • TopCo company set up Technology separation • Central operation and service set up • People and process set up Fintech consolidation • Transfer of ownership • Accounting consolidation Transaction . • Strategic partnership Investment MTN#16Structural separation roadmap of the fibre business Rationale Enabling operating model & drive utilisation Attract strategic partners Comply with local regulations • Reveal value GlobalConnect Ongoing assessment of key considerations c.2 years Regulation and licensing 16 Physical separation People • • Business & technical operations • Asset transfers Accounting separation FibreCo's setup • Neutral vehicle . Priority countries Potential partnerships • . Equity Business & technical operations MTN#17Conclusion 17 MTN#18Investment case | A compelling Africa growth story Africa's leading and scale connectivity and infrastructure business #1 or #2 subscriber share in all our markets 'Second to none' and well-invested networks Enterprise, wholesale and infrastructure sharing opportunities Platforms accelerating growth Fintech ayoba Exciting demographic opportunity Fast-growing, youthful population Low data, fintech and digital adoption Partner in socioeconomic development of our regions Well positioned for the long term API marketplace NaaS Digital acceleration of Africa Portfolio optimisation to enhance risk/return profile Exposing value infrastructure assets and platforms 888 Enterprise Attractive return profile Enhanced risk and regulatory framework Disciplined capital allocation 18 Platforms accelerating growth Attractive cash flow and ROE profile Accelerated deleveraging of Holdco balance sheet G MTN#19Key take-aways for the day 1 Ambition 2025 provides a compelling and unique growth opportunity in Africa 2 3 Clear near-term value unlock opportunities in fintech and fibre Faster deleveraging of Holdco balance sheet in progress 4 Risk and regulatory management framework in place 5 Strong, diverse and experienced management team to execute and deliver 19 MTN