#1IHS Towers of strength IHS NETHERLANDS HOLDCO B.V. Q1 2020 Unaudited Results May 13, 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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Q1 2020 Unaudited Results IHS Towers of strength 2#3Presenting Today Q1 2020 Unaudited Results 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 IHS Towers of strength 3#4Executive Summary Macroeconomic Environment COVID-19 impact 2020 projected real GDP (3.4%) (1) IMF approved $3.4BN COVID-19 emergency financing package for Nigeria (1) Inflation: 12.3% in March 2020 (vs. 11.3% in March 2019) (2) NAFEX at 387 (3) | CBN at 361 as | of 31 March 2020 (4) Brent crude at $27 as of 1 May 2020 which is (63%) VPY (5) Foreign exchange reserves: $33BN as of 30 April 2020 (vs. $44BN as of 30 April 2019) (4) Nigeria Telecom Industry ■ Telecom accounted for 10.6% of the Nigerian GDP in Q4'19 compared with 9.9% in Q4'18 (6) Total subscriptions as of Feb'20 were 187.4M which is a 13.8M increase compared with Feb'19 (6) GSM data subscribers as of Feb'20 were 131.6M which is a 16.9M increase compared with Feb'19 (6) ■ 3G/4G penetration of 40% in Feb'20, which is +7% compared with Feb'19 (6) IHS Highlights Partnership with UNICEF to co- finance the distribution of vital health supplies to support the fight against COVID-19 in Nigeria Strong start to the year with double digit underlying growth and adjusted EBITDA VPY Continued portfolio expansion through increase in tenants and lease amendments (1) Source: International Monetary Fund (4) Source: Central Bank of Nigeria (2) (3) Source: Nigeria Bureau of Statistics Source: FMDQ (5) Source: Financial Times (6) Source: Nigeria Communications Commission Q1 2020 Unaudited Results IHS Towers of strength#5Results Snapshot Q1'19 Q1'20 VPY In US$M, unless stated Towers (#) 16,444 16,491 0.3% Tenants (#) 23,272 24,407 4.9% Colocation rate 1.42x 1.48x 4.6% Lease Amendments (#) 13,747 18,900 37.5% Revenue 226.0 248.8 10.1% Adjusted EBITDA 142.6 164.4 15.3% Adjusted EBITDA margin 63.1% 66.1% 300 Bps Capex 16.1 45.3 181.4% Consolidated Net Leverage n.a. Consolidated Net Leverage Ratio n.a. 1,672.4 2.87x n.a. n.a. Average FX(1) 362.1 366.6 (1.2%) 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. VPY change is calculated as the movement in the NGN rate between the periods. (1) Q1 2020 Unaudited Results IHS Towers of strength 5#6Towers & Tenants TOWERS Colocation Rate 1.42x TENANTS 1.48x 24,407 23,272 16,444 16,491 LEASE AMENDMENTS 13,747 IHS Towers of strength 18,900 1.48x Colocation Rate At End Q1'20 ■ Versus Q1 2019 we had a net increase of 47 towers, 1,135 tenants, and 5,153 lease amendments ■ We constructed 6 new towers, added 211 tenants and 2,001 lease amendments during Q1 2020 Q1'19 Q1'20 Q1'19 Q1'20 Q1'19 Q1'20 Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q1 2020 Unaudited Results 6#7Revenue Underlying Growth In US$M 226.0 Q1'19 Q1 REVENUE Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Underlying growth is calculated as the growth in the underlying Naira financials. Q1 2020 Unaudited Results 11.5% +10.1% Q1 2020 Reported Growth Rate IHS Towers of strength 248.8 ■ Q1 2020 underlying growth +11.5% VPY, being offset by FX effect (1.4%) ■ Growth driven by roll-out of new sites, colocation, higher leasing activity, and escalations Q1'20 7#8Adjusted EBITDA Adjusted EBITDA Margin In US$M Q1 ADJUSTED EBITDA 63.1% 66.1% 164.4 142.6 Q1'19 Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q1 2020 Unaudited Results Q1'20 $164M Q1 2020 Adjusted EBITDA IHS Towers of strength ■ Q1 2020 Adjusted EBITDA margin rate expansion VPY driven by lower power costs and escalations 8#9Capex In US$M Q1 CAPEX 16.1 45.3 Q1'19 Q1'20 Financials are unaudited condensed combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q1 2020 Unaudited Results IHS Towers of strength $45M Q1 2020 Capex Spend ▪ Q1 2020 capex higher than 2019 due mainly to timing of maintenance cycles 9#10Debt & Other Matters US$M LEVERAGE OVERVIEW (1) Q4 2019 Q1 2020 2027 Notes 2025 Notes Senior Credit Facilities 800.0 800.0 500.0 500.0 497.6 470.4 IFRS 16 Lease Liabilities 33.2 31.0 Unamortized issuance costs and accrued interest 4.7 Total Indebtedness 1,835.5 (16.5) 1,784.9 Cash and Cash Equivalents 140.3 112.5 Consolidated Net Leverage 1,695.2 1,672.4 LTM Adjusted EBITDA 561.8 583.6 Consolidated Net Leverage Ratio 3.02x 2.87x (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. Q1 2020 Unaudited Results 2.87x Q1'20 Leverage Ratio IHS Towers of strength $31M net cash outflows from payments of margin deposits on NDF instruments in Q1'20 which are not included in the cash balance of $113M ■ NAFEX closing FX rate driving lower term loan value in USD 10#11APPENDIX IHS Towers of strength#12Glossary of Terms Q1 2020 Unaudited Results 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 IHS Towers of strength 12#132020 IHS Towers IHS Towers of strength ihstowers.com