#1IHS NETHERLANDS HOLDCO B.V. Q2 2017 UNAUDITED COMBINED RESULTS IHS Towers of strength 23 August 2017#2DISCLAIMER IHS Towers of strength 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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These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards. Although the Company believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this presentation. Q2 2017 Results 2#3INDEX IHS Towers of strength I. EXECUTIVE SUMMARY II. OPERATIONAL & FINANCIAL REVIEW P4 III. GLOSSARY OF TERMS O Q2 2017 Results P6 P13 3#4Q2 2017 Results IHS Towers of strength EXECUTIVE SUMMARY 4#5RESULTS SNAPSHOT Q2'16 Q2'17 Y/Y change In US$m, unless stated Owned towers (#) 5,983 5,927 (0.9%) Tenants (#) 11,372 12,273 7.9% LUR 1.90x 2.07x 8.9% Revenue 95.8 97.3 1.5% EBITDA 50.0 63.0 26.1% EBITDA margin 52.1% 64.8% L2QA EBITDA 204.6 253.8 24.1% Capex 49.4 15.0 n.m. Gross Debt 808.6 920.8 n.m. Gross Debt / L2QA EBITDA 4.0x 3.6x n.m. Average FX(1) 204.9 305.3 (32.9%) Note: Operational KPIs are unaudited combined KPIs for IHS Nigeria Limited and IHS Towers NG Limited. Financials are unaudited pro forma combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. (1) Y/Y change is calculated as the devaluation in the NGN rate between the periods. Q2 2017 Results IHS Towers of strength 5#6Q2 2017 Results IHS Towers of strength OPERATIONAL & FINANCIAL REVIEW 6#7TOWERS & TENANTS TOWERS (#) 5,983 5,927 Q2'16 Q2'17 LUR: 1.90x TENANTS (#) 2.07x 12,273 11,372 Q2'16 Q2'17 Q2 2017 operational performance: ■ 53 new sites and 34 consolidated, with a net increase of 19 sites in the quarter ■ 114 new tenants added, resulting in a combined LUR of 2.07x Note: Operational KPIs are unaudited combined KPIs for IHS Nigeria Limited and IHS Towers NG Limited. Q2 2017 Results IHS Towers of strength 7#8REVENUE QUARTERLY REVENUE(1) (US$m) YTD REVENUE(1,2) (US$m) 95.8 97.3 Q2'16 Q2'17 194.3 Jun'16 199.1 Jun'17 Year on year revenue growth of 1.5% in Q2 2017, with headwinds that continue ■ Fewer new towers and upgrades in H1 2017 ■ Terminated SWAP Technologies Agreement (1) Financials are unaudited pro forma combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. (2) YTD financials are for the 6 months to June of 2016 and 2017. Q2 2017 Results IHS Towers of strength 8#9EBITDA QUARTERLY EBITDA (1) (US$m) Margin: 52% YTD EBITDA (1,2) (US$m) 65% Margin: 53% 63.0 50.0 Q2'16 Q2'17 64% 126.9 102.3 Jun'16 Jun'17 Year on year EBITDA growth of 26% driven by increased tenancy, lower per tower power expense and focus on cost controls ■ Q2 2017 saw margins improve while operating conditions have been challenging ■ Termination of SWAP Technologies Agreement ■ Lower diesel price, consumption per tenant and administrative expenses ■ Site and customer optimization is helping strengthen existing portfolio and customer mix (1) Financials are unaudited pro forma combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. (2) YTD financials are for the 6 months to June of 2016 and 2017. Q2 2017 Results IHS Towers of strength 6#10CAPEX IHS Towers of strength QUARTERLY CAPEX(1) (US$m) YTD CAPEX (1,2) (US$m) Q2'17 CAPEX BREAKDOWN (%) 49.4 15.0 Q2'16 Q2'17 80.8 3% Build-to-Suit 31% Maintenance 6% 60% 27.8 ■ Refurbishment & Augmentation ■ Other Jun'16 Jun'17 Discretionary capex remains lower due to slower roll-out from operators ■ More stability in US$/NGN rates ■ Access to USD$ better, but still a challenge (1) Financials are unaudited pro forma combined financials for IHS Netherlands Holdco B.V. and its subsidiaries. (2) YTD financials are for the 6 months to June of 2016 and 2017. Q2 2017 Results 10#11DEBT DEBT OVERVIEW(1) (US$m) 2021 Senior Notes NGN Credit Facility (2) 2019 Senior Notes Gross Debt L2QA EBITDA Gross L2QA Leverage L2QA GROSS LEVERAGE (x) Q2'17 6.3x 800.0 5.0x 107.7 4.7x 3.6x 13.1 920.8 253.8 3.6x Q3'16 (3) As Adj. Q4'16 Q1'17 Q2'17 Gross leverage reduces to 3.6x ■ Gross leverage reduction following two quarters of EBITDA benefitting from FX resets and escalations ■ Decreased gross leverage by 2.7x from peak in Q4 2016 €23 (1) Summary information sets forth certain non-IFRS measures for IHS Netherlands Holdco B.V. and its subsidiaries. (2) Converted from Naira at 305.4 NGN/USD. (3) Gives effect to the completion of the issuance of US$800m bonds on 27 October 2016, as well as the refinancing of existing IHS Nigeria debt and the tender of US$237m of IHS Towers Netherlands FinCo NG B.V. bonds. Q2 2017 Results IHS Towers of strength 11#12Q2 2017 Results Q&A IHS Towers of strength 12#13GLOSSARY OF TERMS IHS Towers of strength EBITDA, EBITDA margin and other non-IFRS financial measures are used by Group management to monitor the underlying performance of the business and the operations. EBITDA, 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 EBITDA, EBITDA margin and other non-IFRS financial measures as reported by us to EBITDA, EBITDA margin and other non-IFRS financial measures as reported by other companies. EBITDA, EBITDA margin and the other non-IFRS financial measures described in this document 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 any regulatory authority and will not be subject to review by aby regulatory authority; compliance with such requirements may require us to make changes to the presentation of this information. Capital expenditure ("Capex"): Any expenditure which would be treated as capital expenditure in the financial statements in accordance with applicable accounting principles including advance payments for capital expenditure and excluding any non-cash expenditure. EBITDA: Profit or loss for the period excluding the impact of finance income, finance cost, fair value through profit or loss, depreciation and amortisation, and provision for or benefit from taxes, less other income, plus other expenditures that are sufficiently large and unusual as to distort comparisons from one period to the next. EBITDA is an indicator of the financial performance of our core business. EBITDA is a component of the calculation that has been used by our lenders to determine compliance with certain covenants under our debt facilities. EBITDA is not intended to be an alternative measure of operating income or gross profit margin as determined in accordance with IFRS. EBITDA margin: EBITDA margin as EBITDA divided by revenue, expressed as a percentage. Group: IHS Netherlands Holdco B.V. and each of its direct and indirect subsidiaries. Gross debt: Borrowings as stated on the balance sheet less related party loans and finance leases. L2QA EBITDA: EBITDA for the last two quarters on an annualised basis. LUR (lease-up-rate): Number of a certain type of tenancy (PoP Tenancy or Technology Tenancy) per tower that we own across our portfolio at a point in time. PoP Tenants (Point of Presence): Number of distinct customers who have leased space on each tower that we own across our portfolio. For example, if one customer had leased tower space on five of our towers, we would have five PoP Tenants. POP LUR: Number of PoP Tenants per tower owned across our portfolio at a point in time. We calculate the PoP tenancy ratio by dividing the total number of PoP Tenants across our portfolio by the total number of owned live towers in our portfolio at a given time. Technology Tenants: Number of distinct technologies deployed on each tower that we own across our portfolio by a customer that is an existing PoP Tenant. For example, if an existing PoP Tenant deployed an additional technology such as 3G or 4G/LTE technology at the same site, that tower would have one PoP Tenant and one Technology Tenant. Technology LUR: Number of total Technology Tenants per tower that we own (managed towers are excluded for purposes of LUR presentation) across our portfolio at a point in time. We calculate the Technology LUR by dividing the total number of PoP Tenants and Technology Tenants across our portfolio by the total number of owned live towers in our portfolio at a given time. Q2 2017 Results 13#14© 2017 IHS Towers IHS Towers of strength www.ihstowers.com 14