#1Accelerating Nigeria 1 MTN#2MTN Nigeria at a glance A solid foundation and track record of market leadership and growth Growing subscribers ing M Financial performance 58.2 Total (m) 14.6%¹ 76.5 64.3 32.6 25.2 Data users (m) 18.7 O 2018 2019 2020 Technology investment Capex intensity 17.7% 17.8% 17.8% 240 208 Capex³ (Nbn) 184 #Largest market share² and leading NPS ooo 00 Network sites 50.4% market share Population coverage 84.1% 87.8% Total # of sites 13.8%1 1 346 Total revenue 1 170 1 039 (Nbn) ☆ 50.9% EBITDA margins 53.4% 43.4% #1 88.9% 42 062 40 282 32 183 2018 2019 2020 2018 2019 2020 1 CAGR (2018-2020) 2Group bi-directional methodology for calculating market share as at Q1 2021; ³ROU excluded from capex 2 2018 2019 2020 Digital & fintech subscribers ayoba Enjoy free chats all day everyday 1.4m ayoba users MoMo Agent Safe Fast 4.7m MoMo subscribers MTN#3How we manage the business CEO Karl Toriola Executive Director/CFO Modupe Kadri Chief Human Resources Officer Esther Akinnukawe Chief Risk and Compliance Officer Cyril Ilok COO Mazen Mroue Chief Corporate Services Officer Tobechukwu Okigbo General Manager, Internal Audit and Fraud Management Ibe Etea Chief Technical Officer Mohammed Rufai Chief Information Officer Randy Bikraj Chief Sales and Distribution Officer Adekunle Adebiyi Strong, experienced and local management team Ag. Chief Marketing Officer Anthony Obi Chief Enterprise Business Officer Lynda Saint-Nwafor Chief Customer Relations Officer Ugonwa Nwoye Chief Digital Officer Srinivas Rao General Manager, Customer Experience Kolawole Oyeyemi Chief Transformation Officer Olubayo Adekanmbi General Manager, Mobile Financial Services Usoro Usoro 3 MTN#4Macro context | Long runway for growth underpinned by data 4G penetration Smartphone penetration GDP Growth rate Inflation rate 86% 82% 78% 4,0% 73% 64% 20,0% 2,0% 0,0% 49% 15,0% 10,0% 39% -2,0% 5,0% 0,0% Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 31% -4,0% 26% 24% 65% 62% 53% 46% 34% 21% 12% 7% 3% 0% -6,0% -8,0% Q1-20 Q3-20 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Key macro highlights • • Stronger oil price supports economic recovery, growth outlook sustained by the non-oil sector Rising oil prices also ease pressure on foreign reserves and FX liquidity challenges Accommodative monetary policy stance aimed at bolstering economic recovery amid tight liquidity • . • • Key industry highlights Huge demographic opportunity with population of >200m Stable voice tariff (price floor) supports voice revenue, from subscriber and usage growth Low data & smartphone penetration | Opportunity for sustained data revenue growth National roaming guidelines provide wholesale opportunities to monetise network assets New SIM registration requirements ensure quality of subscriber records and sustainability of the industry Source: World Bank, National Bureau of Statistics, Central Bank of Nigeria, Nigerian Communications Commission, Bloomberg *5-year average 4 MTN#5Industry and regulatory context Proactively/constructively engaged with key regulators & stakeholders to ensure sustainability of the business & sector Regulators NOC nesrea Enforcement Agency NIGERIAN COMMUNICATIONS COMMISSION National Environmental Standards & Regulations coc Consumer Protection Council NBC NNGX National Broadcasting Nigerian Exchange Group NATIONAL LOTTERY REGULATORY COMMISSION CENTRAL BANK OF NIGERIA SEC NIGERIA Commission New SIM registration policy • Key regulatory updates • . Industry-wide impact | KYC protects industry from further fines ~ 500 devices deployed to support NIN enrolment exercise, at end of May 50% of MTN Nigeria base have submitted their NINs, at end of May. Resumed SIM sales and activations on 19 April 2021 Network resource sharing | Monetisation of assets Operating expense optimisation | Capex efficiencies Successful 3-month trial with 9Mobile Stakeholder management Reposition MTN Nigeria as best partner for government, preferred brand for customers and the company to do business with. Alignment of activities with national priorities Promote high-impact projects that reinforce MTN's commitment to the socio-economic development of Nigeria National roaming . • PSB licence • Ongoing engagement with the CBN on PSB licence Focus on building MoMo business | Super agent licence with c.450k registered agents Strategic partnership/acquisition to further unlock value Full compliance with extant regulations Deeper stakeholder relationships 5 MTN#6Competitor landscape MTN remains the leading player in the market with sustained advantage over competitors Market share by mobile subscribers (%) Competitive context 11,2% 8.4% 6.0% 13,9% 14.5% 17.5% 4.5% 15.6% 4.4% 15.1% • 25,8% 27.1% 27.9% 30.6% 30,2% Nigeria is a value-seeking market • Stable voice tariff due to price floor • 49.1% 50.0% 48.5% 49.3% 50.4% . • Competition shifted to data Market is predominantly pre-paid, over 90% Competition from VOIP services via OTT platforms 2017 2018 2019 2020 Q1 2021 MTN Airtel ☐ Glo 9Mobile Leadership position on 4G with accelerated 4G rollout 20 10 10 4/1/2019 30 40 50 60 70 5/1/2019 6/1/2019 7/1/2019 8/1/2019 4G Market Share (%) - FACEBOOK INSIGHTS 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 5/1/2020 6/1/2020 4/1/2020 Airtel Globacom 9mobile Based on Group bi-directional methodology for calculating market share 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 6 Our approach to market Enhanced network quality and speeds with additional 800MHz spectrum Aggressive LTE rollout & rural telephony deployment Broad range of spectrum holdings (5G ready) Integrated bundle offerings | Smartphone penetration drive NPS leadership - #1 MTN#7Our Q1 2021 performance highlights Momentum of recent growth has continued into 2021 (Q1), confident of continuing to drive that growth forward +17.2% Service revenue N385.1bn +28.5% Fintech revenue N14.3bn +42.6% Data revenue N105.7bn 7 +0.9pp EBITDA margin 53.1% +8.0% Voice revenue N244.6bn MTN#8Positioned for accelerated growth Exciting growth opportunities to sustain growth in connectivity and platforms Largest telecoms market in Africa • Voice • Rural telephony deployment - 1 200 sites in 2021 Integrated bundle offers • Compelling value propositions Rapid population growth estimated at 206m Predominantly youthful- 82.7% below the age of 40 Low but increasing data and smartphone penetration Large unbanked population - 38.6% & limited traditional bank footprint Underserved large SME market with low ICT adoption Data Fintech Digital Enterprise • • . Accelerated LTE rollout - 70% 4G coverage in 2021 Smartphone acceleration programme OEM partnership Home broadband programme • • • • - Pursue PSB licence and strategic partnerships to accelerate fintech Continued deployment of MoMo agents Open up new fintech verticals Developing digital content ecosystems and platforms • Partnership with local and global content companies Significant demand for local content • • Value chain driven solutions for key verticals Bundling core offers with cloud and application-based services Efficient partnerships for market penetration/coverage 8 MTN#9Fintech progress Firm advances in scaling fintech ecosystem and positioning for exponential growth We have launched super agent licence and applied for PSB • • While we unlock the core PSB licence, we are scaling the fintech ecosystem Obtained "super agent licence" OTC counter money transfers, payments, bank deposits and withdrawals Current status • 100k active monthly agents • 5 million monthly customers Current plan & focus Ambition 2025 • Applied for payment service bank (PSB) license • Pursue PSB licence • Roll out full wallet capabilities & continue growing agent network Launch new fintech verticals 40 million users 9 MoMoPay (Offline, Card, online Payment) aYo (Insurance) B2B (Services) MoMo Wallet MoMo Agent Over the counter Payment (C2C, C2B, B2C, B2B) + CiCo B2B (MoMo Market) B2C (MoMo Market) Primary PSB licence Unregulated Secondary licences MTN#10MTN Nigeria | Ambition 2025 Targets Priorities Build the largest & most valuable platforms 2020 Actuals - Nigeria • 1.4m ayoba users • 4.7m MoMo users • c.450k MoMo agents 2025 Ambition - Nigeria • 36m ayoba users • 40m MoMo users • NaaS platform & API marketplace 2025 MTN Group - • 100m MoMo users • 100m ayoba users • #1 NaaS platform in Africa Drive industry-leading connectivity operations • 32.6m active data users • 500k home broadband users • #1 in customer & network NPS • 80m active data users • 5m home broadband users • #1 in NPS • +200m active data users • +10m home broadband users • +$500m investment over medium-term ⚫ >R5bn of expense savings | #1 NPS Create shared value Accelerate portfolio transformation Reputation Index ≥ 75% • 10 • Top quartile ESG ratings Reputation Index ≥ 75% • Top quartile ESG ratings • Broad-based ownership and . inclusivity achieved •Reputation Index ≥ 75% • Structural separation of FinCo • Structural separation of FibreCo • ARP proceeds >R25bn • Holdco leverage between ≤ 1,5x • Structural separation of infrastructure assets and platforms MTN#11Financial framework in place to sustain/accelerate growth and support Ambition 2025 Service revenue growth + Margin expansion + Value-based capital Attractive FCF allocation Mid-to-high teen growth | Growth ahead of inflation Sustain EBITDA margin of 53-55% • Grow consumer voice . Accelerate mobile data • Scale platforms Organic growth . LTE coverage Capacity upgrade Reduced capital intensity Operating leverage • Efficiency at all costs Accelerated digitalisation • • Scale advantage Network & IT optimisation • Disciplined capital prioritisation Capital allocation priorities Dividend to shareholders • Minimum of 80% net Strategic partnership/ acquisition distributable income • Avenues to unlock fintech value • 11 • • Improve cash flow Well-managed leverage Accelerate free cash flow Working capital efficiencies Capital structure Optimise leverage and capital structure Increased focus on local currency funding - 82% Well diversified funding sources Moderate leverage with strong cashflow generation net debt/EBITDA of 0.4x MTN#12Investment case | A compelling Nigerian growth story G Nigeria's leading mobile operator and provider of communication services # 1 subscriber market share Leader with a strong competitive advantage across all segments with significant lead over competitors Platforms accelerating growth Fintech ayoba Exciting demographic opportunity Largest telco market in Africa Fast-growing youthful population Low data, fintech and digital adoption Partner in socioeconomic development of our economy Well positioned for the long term Largest fibre network in Nigeria Wide range of spectrum holding Best coverage in Nigeria with #1 network NPS Leading brand and commercial proposition 28 API marketplace NaaS Enterprise Attractive return profile Double-digit revenue growth Strong cash flow generation Consistent dividend payment Moderate leverage Enhanced risk and regulatory framework Disciplined capital allocation 12 12 MTN#13Medium-term guidance Continued commercial momentum, with an eye on efficiencies KPI Service revenue 99,9° EBITDA margin Capex intensity Dividend pay-out B Target Mid teens growth 53-55% Reducing intensity Minimum 80% of distributable income 13 ههه Revenue evolution 2020 Voice Rest 40% 60% 2025 Voice Rest 35% 65% Data, fintech and digital to drive revenue growth MTN#14Conclusion | Driving sustained growth & shared value for all stakeholders Key take-aways 1 Strong position to drive continued service revenue growth ahead of inflation 2 Underpinned by a solid connectivity business and unlock of fintech opportunity 3 Efficiency at all costs approach drives margin and cash flow growth 4 Culture change across the organisation to enhance productivity and further improve performance 5 6 Focus on deeper, proactive and inclusive engagements to drive shared value for all stakeholders Balanced structure and seasoned leadership team with deep local and international expertise 14 MTN