Investor Presentaiton

SHORT TERM OUTLOOK • Nigeria's GDP to slow to 2.9% in 2023 • Down from an average of 3.10% in 2022 Inflation to climb to an average of 20.3% in 2023 From the average of 18.8% in 2022 CBN to keep policy rate elevated as inflation remains high • MPR likely to peak at 19.50% • Official exchange rate likely to be adjusted to N600/$ Will lead to appreciation of the parallel exchange rate towards N680/$ • Given that monetary conditions are tight • ● Clear policy direction as new administration takes over • Petrol subsidy eliminated Announcement of supplementary budget in August Sensitivity: MTN Internal 20 20

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