#1MTN Group Results presentation for the year ended 31 December 2021 MTN 'Leading digital solutions for Africa's progress'#2MTN Disclaimer 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 MTN Group (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. The impacts of COVID-19 present material uncertainties in our operating environment and could pose additional risks to MTN's business, financial position and liquidity position. Details relating to these risks have been outlined in our trading updates, half year results as well as FY 20 results release and in this FY 21 results presentation. 2#3Agenda 01 Changes to guidance & dividend policy 02 Operational review 03 Financial review 04 Looking ahead#4MTN 01 Changes to guidance & dividend policy Ralph Mupita | Group President and CEO 4#5MTN MTN remains resilient & well-positioned for accelerating growth 5 Macro environment presents challenges & opportunities Ongoing socio-economic impacts of COVID-19 Weakening local currencies against the rand | Oil price Re-opening of economies Digital acceleration • • MTN is well-positioned in our markets Structurally sustained growth 'Second-to-none' networks and platforms Leading brand in Africa • Strong market positions Supporting communities through the pandemic, focusing on creating shared value#6MTN Structurally higher demand - data & fintech Data and fintech volume trends since Q1 19 in our markets 500 Data traffic Lockdowns easing across our markets 250 450 Start of COVID-19 400 350 300 250 200 150 +267 +556 Fintech transaction volume Lockdowns easing across our markets Start of COVID-19 230 +781 210 190 170 150 130 +1.3 110 +1.9 +2.5 100 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 90 Average data traffic per quarter (Petabytes) Average transaction volume per quarter (billions) The charts above denote each measure indexed to 100 in Q1 19 and illustrated how ensuing quarters have developed relative thereto The start date of lockdowns easing was determined using Google mobility trends of public transport movement across MTN markets which indicates the changes in the number of visitors to transit stations 6#7MTN Structurally higher demand underpins enhanced guidance from 2022 Enhanced medium-term guidance 7 Service revenue KPI Target MTN Group: Low to mid-teens South Africa: Mid-single-digit growth Nigeria: Mid-teens Accelerate fintech platform growth >20% service revenue contribution Holdco leverage Asset realisation Adjusted ROE <1.5x > R25 billion > 20% Enhanced target MTN Group: at least mid-teens South Africa: Mid-single-digit growth Nigeria: at least 20% >20% service revenue contribution < 1.5x, faster non-ZAR deleveraging > R25 billion Improvement towards 25%#8MTN Guided by our disciplined capital allocation framework 1 Organic growth Capital investment to grow networks and platforms | Licences/spectrum | Reducing capex intensity (between 18% to 15%) 2 Reduce leverage Maintain Holdco leverage within guidance levels | Focus on optimising debt, paying down non-ZAR debt 3 Return cash to shareholders through dividends Revised MT dividend policy | Annual dividend declaration 4 Selective mergers and acquisitions Opportunities aligned to the investment case, subject to strict risk and financial criteria 5 Share repurchases or special dividends Only considered when other capital allocation priorities have been met 8#9• MTN Revised dividend policy Dividend declared FY 21 Guided minimum ordinary dividend of 260cps for FY 21 Board decision to pay an ordinary DPS of 300cps Balances progress in: ARP - Cash upstreaming I Faster deleveraging Liquidity headroom for investment • Dividend policy Annual dividend declaration • Aligned with capital allocation priorities Enables accelerated investment into faster growth areas - Focus on paying down non-ZAR debt • Board anticipates paying a minimum ordinary DPS of 330cps for FY 22 9#10MTN 02 Operational review Ralph Mupita | Group President and CEO 10#11MTN Highlights Strong financial performance demonstrates resilience of the business and solid execution +18.3%* Service revenue R171.8bn +23.7%* EBITDA R80.8bn 18.0% (capex intensity) Capex R32.7bn +36.5%* Data revenue R56.5bn +2.2pp* EBITDA margin 44.5% Net debt/EBITDA Holdco 1.0x Group 0.4x +30.9%* Fintech revenue R15.9bn +26.6% Adjusted HEPS 1 110cps +35.2% Operating free cash flow^ R38.3bn ROE +2.6pp to 19.6% Final dividend declared of 300cps *Constant currency information after adjusting for the impact of pro forma adjustments ^Before licence renewals and spectrum acquisitions | Capex is based on IAS 17 11#12MTN South Africa Sustained commercial and operational execution yields solid growth across all business units Market context Key activities Solid results • . Challenging macro | Unemployment Re-opening of the economy • Pressure in prepaid market • • R9.1bn network investment | 5G acceleration • Lowered cost of data, 1GB reduced by 14.1% Market share gains | Telkom roaming deal No data. Return to MTN. Get free data. It's go time everywhere you go • • • All core businesses maintained solid growth Data traffic up 58.3% | Active users up 12.5% Network excellence - #1 network for 3rd year 12#13MTN Nigeria Commercial momentum drives continued voice and data growth | Fintech business gaining traction Market context • Macroeconomic pressures | Strong oil price • Challenging fx environment • SIM registration regulations Key activities Solid results • Accelerating SIM registrations • Subscribers back into growth in Q4, ~+1m . Capex of R11.1bn | 3.5Ghz spectrum • 70% 4G pop coverage | +85.3% data traffic • PSB AIP • +374k MoMo agents | +102.0% to 9.4m MoMo users Sports MTN, True Supporter of Nigerian Football Read More < 19 20 13#14MTN Regional operational review Strong performance across all regions underpinned by data and fintech growth SEA^ WECA^ MENA^^ +22.5%* +39.5%* +18.4%* +43.6%* +47.1%* +65.2%* service revenue data revenue service revenue data revenue service revenue data revenue • • MTN Uganda solid performance in challenging conditions Double-digit service revenue in MTN Rwanda supported fintech growth Disciplined cost containment measures led to positive operating leverage Fintech contributed 21.1% to SEA service revenue Double-digit service revenue ahead of 8.0% blended inflation in the region MTN Ghana performance boosted by data & fintech Solid growth trajectory MTN Côte d'Ivoire & MTN Cameroon Fintech contributed 18.2% to WECA service revenue • Strong growth sustained in challenging conditions • MTN Sudan service revenue growth aided by voice and data Healthy result from MTN Irancell JV, with service revenue up 33.2%* | Commercial momentum in Snapp ^ Effective 1 January 2021, MTN Ghana became part of the Group's WECA region. From that date, SEAGHA region became known as the Southern and East Africa (SEA) region | ^^MTN Syria results included in MENA for 2 months in 2021 and 2020; MTN Yemen results included in MENA for 10 months in 2021 and 2020 | MTN Irancell not included in MENA numbers 14#15MTN Scaling our fintech platform Building the largest and most valuable platforms in Africa Total fintech transactions 10 billion tx volume +41.1% YoY US$239.4bn tx value +56.8% YoY Wallet 56.8m MoMo users +22.6% YOY 974k MoMo Active agents +21.5% YoY MTN Mobile Money 24% of MTN airtime sales^ +77.8% YoY ^MTN airtime where we have MFS in the markets (MTN) Merchant payment & e-commerce Remittance 785k active merchants +78.3% YoY US$2.3 billion US$13.3bn GMV +66.5% YoY 6.4m active users +67.4% YoY +56.3% YoY Banktech US$1.1bn loan value 2.4m active users Insurtech 6.3m active aYo policies 16.1m registered customers Strategic partnerships delivered in 2021 mastercard VISA terrapay *Cellulant Sanlam thunes +47.4% YoY 5.6% YoY Flutterwave" 15 15#16MTN Fintech ecosystem expansion MoMo MAU (m) 57 46 100 2020 2021 2025 Merchants & agents ('000) Merchant Agents 801 785 974 440 2020 2021 Strategy • 70% GSM base penetration • Full offering in Nigeria (PSB) • Expand in new markets 2020 2021 • 40% GSM base penetration • MoMo Agent Banking in Nigeria • MoMo in 16 markets (+2 in FY 20) • 46% GSM base penetration • PSB AIP in Nigeria Ready to launch MoMo: Sudan & South Sudan • 3 000 Grow and leverage MTN distribution 2000 • Grow ecosystem & merchant network Digitise airtime sales • Accelerate informal merchant acquisition • Airtime distribution digitisation • 15% of MTN airtime sold through MoMo ⚫ Distribution transformation • Roll-out of merchant self onboarding 24% of MTN airtime sold through MoMo 2025 Transaction value (US$bn) 750 239 150 2020 2021 2025 % Penetration based on mature MFS markets • Grow advanced services & recurring usages • Partnership ecosystem growth • New products launched • Advanced services, 16% of MoMo revenue • 45m open API tx from partners • Launched MoMoBusiness Progressing with structural separation • Advanced services, 23% of MoMo revenue • 155m open API tx from over 1k partners • Launched MoMoAdvance 16#17Future focus Progress to date MTN Accelerate portfolio transformation Material progress in ARP delivery - R15.4bn^ since March 2020 E-commerce portfolio TowerCo investments IHS listed on NYSE SA tower transaction - - Digital group MEIH IIG • IHS - valued at R19.1bn Localisation & other Completed sale of BICS with cash proceeds of R1.8bn ⚫ Rwanda listing by introduction • Uganda sold down ~13%, proceeds of R2.3bn Nigeria -3% sell down ~R4.1bn proceeds • Pan-African Focus Progressed with Middle East exit: MTN Syria abandoned MTN Yemen ownership transferred Nigeria, further ~11% sell-down Ghana, further 12.5% sell-down Committed to further delivery of ARP >R25 billion targeted over the medium term *Includes net proceeds anticipated from SA Tower sales (~R5.2bn) and MTN Nigeria (~R3.6bn) | *At 31 December 2021 Middle East exit: Evaluating exit options Afghanistan Simplify the portfolio, reduce risk & expose value 17 17#18MTN Creating shared value Significant economic value added across our markets of ~R115bn, +10.7% Eco- responsibility "We are committed to protecting our planet and achieving Net Zero emissions by 2040" 08 Sustainable Societies "We are committed to driving digital and financial inclusion and diverse society" • GHG emissions reduction (vs. 2019 scope 1&2^^) -16% • Improve energy efficiency • Water management Ambitions ~47% average reduction target by 2030 & net zero by 2040 Economic value-added "We are committed to boosting inclusive economic growth on the continent" Salaries and wages • Rural broadband ~83%* 95%* coverage by 2025 Network and 10% IT investment • Reduce cost to communicate | Increase financial inclusion • Diversity & inclusion 39% 50% women representation by 2030 Taxes paid 10% 1,0% CSI^ ~R115bn 58% 22% Sound Governance • Enhance reputation and trust with stakeholders • Digital human rights "We are committed partners to stakeholders to create and protect value" . • Responsible procurement and supply chain 2022 Executive remuneration for LTI linked to ESG Focus on net zero, diversity & inclusion and rural broadband ^^Rebase-lining scope 3 - ambition to ~47% reduction by 2030 remains in place | *% of population covered by 3G Women representation in overall workforce | ^Includes ~US$32m in donations to AU and CACOVID Commercial procurement 18#19MTN Progress against our medium-term guidance FY 21 delivered ahead of our medium-term targets Service revenue ΚΡΙ Target Performance MTN Group: Low to mid teens 18.3%* South Africa: Mid-single-digit growth 6.5% Nigeria: Mid teens 23.2%* Accelerate fintech platform growth >20% service revenue contribution Holdco leverage Asset realisation Adjusted ROE ≤1.5x > R25 billion > 20% 9.3% 1.0x R4.1bn^ 19.6% ^Includes proceeds of R1.8bn from BICS exit and R2.3bn from Uganda localisation. Further net proceeds of R3.6bn from Nigeria localisation and net proceeds of R5.2bn anticipated from MTN SA tower sales, once concluded 19#20MTN 03 Financial review Tsholo Molefe | Group CFO 20#21MTN Items impacting reported results Currencies Average rand stronger than naira (+18.5%), Rand closed weaker against the dollar (-7.9%) Significant transactions Disposal of assets & extraordinary items Stronger average rand exchange rate Reported growth rates lower than constant currency rates - 17.3pp service revenue impact Depreciation of naira impacted Nigeria margins BICS: Non-taxable profit on disposal – R1.2bn MTN Syria: Loss on deconsolidation - R4.7bn MTN Yemen: Impairment of goodwill & non-current assets R1.2bn - Weaker closing rand exchange rate against dollar Impacting Holdco net debt & leverage Forex losses R2.6bn COVID-19 donations: Expenses of R486m Arbitration settlement: Multi-year arbitration R536m - Other IFRS 2 expenses and cash upstreaming IFRS 2 expenses arising from significant share price appreciation - R1.1bn • Cash of R18.4bn upstreamed in FY 21 Positive impact on Holdco leverage Significant items in 2020 • ATC tower companies: Non-taxable profit recognised on disposal - R6.1bn Remeasurement of disposal group: Classified as held for sale – R1.5bn loss - 21#22MTN Group income statement Strong overall Group results | Improvement in EBITDA margin % change % change (Rm) Revenue Service revenue EBITDA before once-off items Once-off items EBITDA Depreciation, amortisation and goodwill impairment 2021 2020 reported constant currency * 181 646 179 361 1.3 17.6 171 821 170 072 1.0 18.3 80 771 76 692 5.3 23.7 (4 613) 4 619 76 158 81 311 (6.3) 22.1 (35 223) (36 716) (4.1) 7.6 Net finance cost (14 448) (18 233) (20.8) (12.5) Hyperinflationary monetary gain 275 1 582 Share of results of associates and joint ventures after tax 2 054 Profit before tax 28 816 1 142 29 086 Improvement driven by MTN Irancell Income tax expense (11 822) (9 439) (0.9) 25.2 Impacted by non-deductible expenses & WHT Profit after tax Non-controlling interests Attributable profit EPS (cents) 16 994 19 647 (3 244) (2625) 13 750 17 022 (19.2) 763 946 (19.3) HEPS (cents) 987 749 31.8 Adjusted HEPS (cents) DPS (cents) 1 110 300 877 26.6 HEPS impacted by non- operational items totalling 123 cents per share *Constant currency view is shown at 2021 rates on an IFRS 16 basis and excludes the impact of hyperinflation and after the impact of adjusting for pro-forma adjustments 22#23MTN Group service revenue Pleasing growth across all revenue segments (Rm) 15 107 606 4 093 145 293 +18.3%* 3 756 2002 978 171 835 171 821 -14 2020 CC Voice Data Digital Fintech Wholesale SMS, ICT and Other 2021 CC Hyperinflation 2021 Reported +5.2%* +36.5%* +22.8%* +30.9%* +49.7%* +14.5%* 2020 CC and 2021 CC at constant currency 23 23#24MTN Fintech revenue (Rm) Contributes 9.3% to Group service revenue | Advanced services at 23% of MoMo revenue, +6pp Fintech highlights MoMo revenue contribution by services offered 2020 2021 Revenue 12 150 15 906 +30.9%* Remittances, Banktech & other Payments 17% EBITDA^ +31.5%* 5 648 7 428 EBITDA margin +0.2pp* 46.5% 46.7% Capex 81 200 +29.8% 5 567 7 228 AFCF ^Pro forma view based on direct attribution of costs 20% P2P transfers 6% 57% Withdrawals 24#25MTN South Africa (Rm) Solid growth in data & wholesale | Expenses impacted by handsets & network costs | EBITDA margin excl. IFRS2 share based payments was 41.4% Service revenue Expenses EBITDA and capex 37 024 +6.5% 39 446 14 074 Voice^ -5.2% 27 730 14 852 +7.5% 29 817 39.0% 38.9% EBITDA margin 16.6% 21.4% Capex intensity 17 742 16 673 Cost of sales +3.5% 16 109 16 479 Data +13.1% 14 565 +6.8% 18 956 EBITDA 10 409 Capex 7 542 1 340 1 118 1 089 Digital Fintech + 19.9% + 3.5% 1 052 10 200 3 859 Wholesale +36.0% 13 144 2 838 11 621 Opex +13.1% 8 547 AFCF 2 599 2 605 Other +0.2% 2020 2021 2020 2021 Capex intensity under IAS 17 is 18.8% (2020: 15.9%) | Outgoing voice revenue at -5.1% | EBITDA margin before IFRS 2 share based payment adj. is 41.4% 2020 2021 25#26MTN (Rm) South Africa service revenue Consumer, enterprise and wholesale business units all delivered healthy and sustained growth +6.5% 181 527 303 450 37 024 1 021 39 446 I -60 2020 Prepaid CBU Postpaid EBU Postpaid EBU Other Wholesale^ Other 2021 YOY growth +2.1% +4.5% +20.5% +11.0% +36.0% -3,9% +6.5% ^Recognised national roaming revenue of R2.7 million (up 33.9% YoY) from Cell C with a balance of R236 million national roaming revenue unrecognised as at 31 Dec 2021 26#27MTN Nigeria Voice and data drive growth | Expenses up due to network costs | Margin expansion Service revenue Expenses EBITDA and capex (Rm) constant currency +23.2% 59 943 +17.5% 28 197 48 650 35 258 Voice +8.0% 24 000 9 863 Cost of sales +10.3% 32 636 12 059 343 1 630 8 941 18 729 Data +55.3% 657 Digital +91.5% 18 334 Opex +21.7% 2 559 Fintech +57.0% 15 059 684 Wholesale +58.7% 431 2 056 Other +32.6% 1 551 2020 2021 Capex intensity under IAS 17 is 18.5% (2020: 17.3%) 2020 2021 51.0% 53.0% EBITDA margin 23.5% 24.8% Capex intensity +27.8% 31 852 EBITDA 24 929 14 905 Capex 11 492 16 947 AFCF 13 437 2020 2021 27#28MTN Expenses Expense efficiency programme delivered total savings of R3.7bn in FY 21 Group Expenses (Rm Constant currency) Expense efficiency programme 89 268 41 681 +13.1% 100 975 Savings realised by area 45 829 Cost of Sales General & administration functions 31% 37% Mobile network +10.0% 29% Interconnect 3% and roaming 55 146 Opex +15.9% Sales and efficiency 47 587 2020 2021 Savings realised by region MENA WECA 17% 15% SA 25% 5% SEA 38% Medium-term Group target: >R5bn in efficiencies (off 2020 base) Nigeria 28#29MTN Group EBITDA EBITDA (RM) Strong growth in revenue complemented by strict cost control measures drives margin expansion 29 29 +23.7%* 7 026 1 569 4 014 749 904 80 773 76 158 65 297 1 214 -4 615 2020 CC SA Nigeria SEA WECA MENA Head office 2021 CC Other^ 2021 Reported EBITDA margin (%) +2.2pp* 42.3% 0.8 0.1 0.3 0.0 1.0 44.5% 41.9% -2.6 0.0 2020 CC SA 2020 CC and 2021 CC at constant currency Nigeria SEA WECA MENA Head office 2021 CC Other^ 2021 Reported ^Other includes the impairment on remeasurement of disposal groups (R53m), loss on deconsolidation of Syria (R4.7bn), gain on disposal of BICS (R1.2bn), aYo profit (R526m), gain on disposal of Namibia (R38m), impairment of Yemen PPE and intangibles (R609m), profit of disposal of Yemen (R15m), hyperinflation and once off items (Vaccine donations (R486m) and arbitration settlement (R536m)#30MTN Adjusted HEPS Growth underpinned by strong operational performance (Rcents) Attributable earnings per share Impairment of goodwill, PPE and associates Loss on deconsolidation of subsidiary Reported 2021 Reported 2020 763 946 change % (19.3) 64 61 262 Impairment loss on remeasurement of disposal groups 2 84 Gain on dilution/disposal of investment in JV/associate/subsidiary and fair value gain on acquisition of subsidiary (99) (341) Other Basic headline earnings per share Hyperinflation (excluding impairments) Impact of foreign exchange (gains) and losses¹ (5) (1) 987 749 31.8 (42) (30) 111 168 Recognition of the time value loss recognised on the Iran receivable (10) Vaccine donations 24 Arbitration settlement 30 Adjusted headline earnings per share (excluding non-operational items) 1 110 877 26.6 Includes the impact of forex from Irancell operations 2021: 4c loss; (2020: 16c loss) 30#31MTN Capex Acceleration of investment to capture growth | FY 22 capex of ~R34bn Capex (Rm) Capex breakdown Capex per category 26 281 28 609 32 688 1% 4% 3% Radio Access 17.3% 16.0% 18.0% 27% 2019 2020 2021 Capex intensity Capex Capex per region 6% 9% ■IT Systems ■SA 28% 35% Site 21% ■Nigeria Infrastructure Transmission Core Network SEA WECA ■MENA 8% Other Capex 24% HO &Other 34% Sites rolled out • Capex guidance FY 22 of ~R34bn Ensuring widespread coverage | Rapid rural rollout programme High-speed data networks via innovative low-cost technologies 2021 2020 3G 3 566 3 242 • 4G network expansion • Fibre infrastructure expansion 4G 9158 8 267 Investment in platforms • Accelerating 5G 5G 849 115 Capex intensity reducing in the range of 18%-15% over the MT 31#32MTN Statement of cashflows Operating FCF increases 35.2% benefiting from positive operating leverage (Rm) 4 034 4 773 3 705 76 158 554 -10 954 10 894 +35.2% 38 295 -28 991 +13.2% 32 061 -6 234 -2 084 4 272 124 10 278 8 383 -1 895 -24 095 EBITDA Non-cash Syria Reported adjustments Working capital Tax paid Dividends received Net interest paid of PPE Acquisition Operating Spectrum Operating Dividends free cash and free cash paid flow before Licences flow Spectrum and licences Other Other financing investments activities Other Free cashflow FX Free cash flow before FX Syria - relates to the loss on deconsolidation of (R4.7bn) and impairment loss on remeasurement of disposal group (R53m) which is non-cash in nature and is included in reported EBITDA 32#33MTN Holdco net debt Faster deleveraging Holdco balance sheet | Progress in cash upstreaming supports Holdco leverage Holdco net debt R55.3bn R43.3bn USD 50.0% R30.1bn 48.0% 40.8% Maturity profile 11 955 7 970 ZAR 50.0% 52.0% 59.2% 7 874 6 871 4 822 2 890 3 772 1 394 1 323 0 2019 2020 2021 2021 2022 2023 2024 2025 2026 2027 2028 ZAR USD Group leverage 1.2x 0.8x 0.4x Holdco leverage 2.2x 2.2x 1.0x ZAR Bonds and CP's 30% Other key numbers (2021): Cash upstreaming: Holdco cash balances: Holdco net debt Holdco gross debt: Liquidity headroom: R18.4bn** R20.1bn R30.1bn R50.2bn R54.1bn ZAR term facilities 29% **Includes Nigeria upstreaming at R7.8bn USD Bonds ZAR Bonds and CP's USD Bonds 41% ZAR Term Facilities 333#34MTN Statement of financial position Stronger rand supports improved cash position | IHS valued at R19.1bn (Rm) Other property, plant and equipment Right of use asset Intangible assets and goodwill Other non-current assets Mobile Money deposits Bank and cash 2021 2020 % change 99 769 100 576 (0.8) 42 957 46 156 (6.9) 43 760 39 069 12.0 45 612 49 036 (7.0) 38 869 28 008 38.8 46 289 37 878 22.2 Other current assets 41 251 44 203 (6.7) Non-current assets for sale 7 291 4 016 81.5 Total assets 365 798 348 942 4.8 Total equity Interest-bearing liabilities Lease liabilities 114 982 106 225 8.2 80 902 96 249 (15.9) 47 914 49 481 (3.2) Mobile Money payables Other liabilities 38 869 28 008 38.8 78 729 67 895 16.0 Non-current liabilities held for sale 4 402 1 084 NM Total equity and liabilities 365 798 348 942 4.8 34#35MTN Improving returns ROE up 2.6pp YoY, driven by solid operational performance reflecting improved quality of earnings 17.0% ROE 2020 +2.6pp 1.9% 4.9% 0.2% 0.3% 19.6% -2.7% -0.7% -1.3% Group EBITDA Depreciation and Amortisation Finance Cost Taxation JV and Associates NCI Other# ROE 2021 ROE progression +8.1pp 19.6% 17.0% 13.0% 11.5% 2018 2019 2020 2021 # Includes non-operational items largely attributable to movements directly in equity (-1.5%) 35#36MTN 04 Looking ahead Ralph Mupita | Group President and CEO 36#37MTN Macro context into 2022 Economic outlook - GDP Nigeria SSA South Africa 3.7% 3.8% 5.0% 2.6% 2.2% COVID-19 • • Emerged from 4th wave of infections Economies currently open with greater mobility ~11% of Africa fully vaccinated at 28 Feb 2022 Africa needs to vaccinate 70% of population by end of 2022 • 2.7% 2021 2022F 2021 2022F 2021 2022F Currencies & commodities 2021 • Average rand/US$: R14.83/$ 2022F R14.60/$ Average naira/US$: Brent crude oil US$: N410.18/$ N422.91/$ $74.17/bbl >$100.00/bbl Source: IMF Source: Bloomberg, Dollar forecast, Trading economics Source: WHO, AU, Africa CDC Mobile & fintech acceleration • • 781m (72%) people in SSA still not connected to mobile internet SSA mobile internet users to grow to 474m by 2025 from 303m in 2020 9.3% CAGR • ~46% of Africa's population is unbanked • 95% of payments remain cash based with 90% of economies driven by small business 37 37 Source: GSMA, World Bank, Market sizing: internal desktop research, delta partners market sizing#38MTN 2022 priorities Leading digital solutions for Africa's progress through continued execution of Ambition 2025 Accelerate MTN South Africa and MTN Nigeria growth 38 Complete fintech structural separation; and secure strategic partners to support acceleration of Group Fintech Progress with ARP, cash upstreaming and portfolio transformation Maintain 'second to none' network position | ~R34.4bn capex planned for 2022 Resolve complex litigations Advance net zero initiative and other ESG objectives#39MTN Conclusion Committed to delivery of Ambition 2025 strategy 01 Solid FY 21 growth through strong operational execution and sustained commercial momentum 11m subscribers added (excl. MTN Nigeria) | Nigeria back into growth in Q4, ~+1m subs • ROE expanded 2.6pp YoY to 19.6% | Operating cashflow up 35.2% to R38.3bn 02 Increased financial flexibility to capture Ambition 2025 opportunities • Holdco leverage at 1.0x | Cash upstreaming of R18.4bn Focus on debt mix and paying down non-ZAR debt | Paid down US$800m of US$ debt 03 Material progress in ARP and portfolio transformation execution • IHS listing and SA tower transaction | Localisations · Middle East exit Yemen and Syria 04 Advanced in building the largest and most valuable platforms • • Strong growth in fintech drivers Structural separations 05 Creating shared value • • Economic value added (~R115bn) across our markets Strides in ESG work and ratings across the business 06 Enhanced guidance from FY 22 • • Enhanced growth guidance | 2022 capex of R34.4bn, reducing intensity Revised dividend policy and guidance | At least 330cps anticipated for FY 22 39#40MTN Investment case | A compelling Africa growth story Africa's leading and scale connectivity and infrastructure business > #1 or #2 subscriber in all our markets > "Second to non" and well-invested networks Enterprise, wholesale and infrastructure > sharing opportunities Well positioned for the long term > Digital acceleration of Africa > Portfolio optimisation to enhance risk/return profile > Exposing value in infrastructure assets and platforms Platforms accelerating growth NaaS Fintech API marketplace Enterprise ayoba Exciting demographic opportunity > Fast-growing, youthful population > Low data, fintech and digital adoption > Partner in socioeconomic development of our regions 000 Attractive return profile > Platforms accelerating growth > Attractive cashflow and ROE profile > Balance sheet flexibility, faster non-ZAR deleveraging Disciplined capital allocation Enhanced and regulatory framework Committed to create shared value, with ESG at the core 40#41Thank you Q&A Doing for tomorrow, everywhere you go TN M MTN 4 TN MTN TN M MTN TN M MTN today. 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