#1IHS Towers of strength IHS NETHERLANDS HOLDCO B.V. Q2 | Jun YTD 2019 Unaudited Interim Consolidated Results July 25, 2019#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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Q2 June YTD 2019 Unaudited Results IHS Towers of strength 2#3Presenting Today 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 Q2 | June YTD 2019 Unaudited Results IHS Towers of strength 3#4Executive Summary Macroeconomic Environment Nigeria GDP growth of 2.0% in Q1'19(1) Capital importation: $8.5BN in Q1'19 or +35% VPY(1) Inflation: 11.2% in June 2019 (vs. 11.2% in June 2018)(1) Foreign exchange reserves: $44BN as of 12 July 2019 (vs. $47BN as of 12 July 2018) (2) Nigeria Telecom Industry ■ Telecom accounted for 10.1% of the Nigerian GDP in Q1'19 compared with 9.2% in Q1'18 (3) ■ Total subscriptions growth was flat May QTD compared with 0.8M in Q1'19 (3) GSM data subscribers grew by 6.7M May QTD compared with 4.3M in Q1'19 (3) ■ 3G/4G penetration of 33% in May, consistent with Q1'19 (3) IHS Highlights ■ Increase in towers, tenants, and lease amendments Strong reported and underlying growth Improved EBITDA margin ■ Continued momentum into the second half of the year (1) Source: Nigeria Bureau of Statistics (2) Source: Central Bank of Nigeria (3) Source: Nigeria Communications Commission Q2 | June YTD 2019 Unaudited Results IHS Towers of strength#5Results Snapshot Q2'18 Q2'19 VPY Jun '18 YTD Jun '19 YTD VPY In US$M, unless stated Towers (#) 6,107 6,621 8.4% 6,107 6,621 8.4% Tenants (#) 9,408 10,383 10.4% 9,408 10,383 10.4% Colocation rate 1.54x 1.57x 1.8% 1.54x 1.57x 1.8% Revenue 89.8 106.5 18.6% 175.1 210.6 20.3% EBITDA (1) 55.3 74.7 35.2% 107.4 145.0 35.0% EBITDA margin (1) 61.6% 70.2% 860 Bps 61.3% 68.8% 750 Bps Capex 32.9 32.4 (1.5%) 49.1 40.4 (17.8%) Consolidated Leverage 920.1 900.5 (2.1%) 920.1 900.5 Consolidated Leverage Ratio 4.3x 3.2x (25.0%) 4.3x 3.2x (2.1%) (25.0%) Average FX(2) 360.8 360.6 0.1% 360.6 361.3 (0.2%) Note: Operational KPIs are combined KPIs for IHS Nigeria Limited and IHS Towers NG Limited. Financials are unaudited consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries. (1) Q2 June YTD 2019 results include impact of IFRS 16 adoption VPY change is calculated as the devaluation in the NGN rate between the periods. (2) Q2 June YTD 2019 Unaudited Results IHS Towers of strength 5#6Towers & Tenants TOWERS 6,621 6,107 Colocation Rate 1.54x TENANTS 1.57x 10,383 9,408 Q2'18 Q2'19 Q2'18 Q2'19 Operational KPIs are combined KPIs for IHS Nigeria Limited and IHS Towers NG Limited. Q2 | June YTD 2019 Unaudited Results IHS Towers of strength 1.57x Colocation Rate At End Q2'19 ■ Net increase of 514 towers and 975 tenants versus Q2 2018 ■ We constructed 21 new towers, and added 203 tenants and 392 lease amendments during Q2 2019 6#7Revenue Underlying Growth Q2 REVENUE In US$M 18.6% 106.5 89.8 Q2'18 Q2'19 Financials are unaudited consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries Underlying growth is calculated as the growth in the underlying Naira financials. Q2 | June YTD 2019 Unaudited Results Underlying Growth In US$M 175.1 JUNE YTD REVENUE IHS Towers of strength 20.5% 210.6 +20.3% June 2019 YTD Reported Growth Rate ■ June YTD 2019 underlying growth +20.5% VPY, being offset by FX effect (0.2%) ■ Growth driven by roll-out of new sites, higher leasing activity and escalations Jun '18 YTD Jun '19 YTD 7#8EBITDA EBITDA Margin In US$M 61.6% 55.3 Q2'18 Q2 EBITDA 70.2% 74.7 Q2'19 Financials are unaudited consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q2 | June YTD 2019 Unaudited Results EBITDA Margin 61.3% In US$M 107.4 JUNE YTD EBITDA IHS Towers of strength 68.8% 145.0 $145M June YTD 2019 EBITDA Including IFRS 16 EBITDA margin expansion VPY driven by non-power cost and adoption of IFRS 16 ■ Q2 2019 and June YTD 2019 IFRS 16 impact $2.4M and $4.8M respectively Jun '18 YTD Jun '19 YTD 8#9Capex Q2 CAPEX In US$M 32.9 32.4 In US$M JUNE YTD CAPEX 49.1 40.4 Q2'18 Q2'19 Jun '18 YTD Jun '19 YTD Financials are unaudited consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q2 | June YTD 2019 Unaudited Results $40.4M June YTD 2019 Capex Spend IHS Towers of strength ■ June YTD 2019 capex comprised of maintenance spend and growth capex on new sites, colocation and new lease amendments 9#10Debt & Other Matters LEVERAGE OVERVIEW (1) CONSOLIDATED LEVERAGE RATIO (US$M) Q2'18 Q2'19 4.3x 2021 Senior Notes 800.0 803.9 NGN Credit Facility (2) 106.8 83.1 3.2x 2019 Senior Notes 13.3 13.6 Consolidated Leverage 920.1 900.5 L2Q EBITDA (3 L2QA EBITDA (3) 107.4 140.2 214.8 280.4 Q2'18 Q2'19 Consolidated Leverage Ratio 4.3x 3.2x Cash and Cash Equivalents 113.1 131.6 (1) (2) (3) Consolidated Leverage and Consolidated Leverage Ratio calculated as per the 2021 Senior Notes Indenture, with operating leases treated in accordance with IFRS effective at the time of issuance of the 2021 Senior Notes; leverage amounts include amortized loan costs and accrued interest Converted to US$ at FX rate of 305.0 NGN/USD, which is the FX rate that was prevalent at the time of issuance of the 2021 Senior Notes EBITDA calculated as per the 2021 Senior Notes Indenture, with operating leases treated in accordance with IFRS effective at the time of issuance of the 2021 Senior Notes Financials are unaudited consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q2 June YTD 2019 Unaudited Results IHS Towers of strength 3.2x Q2'19 Leverage Ratio ■ Consolidated leverage $19.6M lower compared to Q2'18 10#11APPENDIX IHS Towers of strength#12Guidance FY 2019 2019 Guidance Assumptions IHS Towers of strength Reported Revenue Growth VPY Capex & Lease Obligations Returning To High Single Digit % (1) $80M $100M Total Debt/L2QA EBITDA Low End Of Our Policy Target ■ Financial Translation Naira Rate: 372 ■ Diesel Naira/Liter Price: range between N 238 - 270 ■ BTS: lower growth vs 2018 ■ Lease Amendments: stable growth vs 2018 Colocation Ratio: improvement vs 2018 ■ All guidance excludes IFRS16 adoption (1) High single digit growth assumes an adjusted 2018 base excluding the $20.8M that will not re-occur Financials consolidated financials for IHS Netherlands Holdco B.V. and its subsidiaries. Q2 | June YTD 2019 Unaudited Results 12#13Glossary of Terms Of 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. Colocation Rate: Refers to the average number of tenants per tower that is owned or operated across a tower portfolio at a given point in time, excluding managed services. Consolidated Leverage: Aggregate outstanding indebtedness on a consolidated basis (excluding subordinated shareholder debt), calculated with operating leases treated in accordance with IFRS effective at the time of issuance of the 2021 Senior Notes Consolidated Leverage Ratio: Ratio of Consolidated Leverage to L2QA EBITDA, calculated with operating leases treated in accordance with IFRS effective at the time of issuance of the 2021 Senior Notes 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 divided by revenue, expressed as a percentage. Group: IHS Netherlands Holdco B.V. and each of its direct and indirect subsidiaries. L2QA EBITDA: EBITDA for the last two quarters on an annualised basis. Lease Amendments: Refers to the installation of additional equipment on a site or the provision of ancillary services for an existing tenant. Towers: Refers to ground-based towers, in-building solutions, rooftop and wall-mounted towers and cells-on-wheels, each of which are constructed to support wireless transmission equipment. We measure the number of towers in our portfolio at a given time by counting the number of towers that we own or operate with at least one tenant. The number of towers in our portfolio excludes towers for which we provide managed services. Tenants: Refers to the number of distinct customers that have leased space on each tower that we own across our portfolio.. VPY: Versus prior year Q2 | June YTD 2019 Unaudited Results IHS Towers of strength 13#142019 IHS Towers IHS Towers of strength ihstowers.com