Investor Presentaiton

Macro context | Long runway for growth underpinned by data 4G penetration Smartphone penetration GDP Growth rate Inflation rate 86% 82% 78% 4,0% 73% 64% 20,0% 2,0% 0,0% 49% 15,0% 10,0% 39% -2,0% 5,0% 0,0% Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 31% -4,0% 26% 24% 65% 62% 53% 46% 34% 21% 12% 7% 3% 0% -6,0% -8,0% Q1-20 Q3-20 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Key macro highlights • • Stronger oil price supports economic recovery, growth outlook sustained by the non-oil sector Rising oil prices also ease pressure on foreign reserves and FX liquidity challenges Accommodative monetary policy stance aimed at bolstering economic recovery amid tight liquidity • . • • Key industry highlights Huge demographic opportunity with population of >200m Stable voice tariff (price floor) supports voice revenue, from subscriber and usage growth Low data & smartphone penetration | Opportunity for sustained data revenue growth National roaming guidelines provide wholesale opportunities to monetise network assets New SIM registration requirements ensure quality of subscriber records and sustainability of the industry Source: World Bank, National Bureau of Statistics, Central Bank of Nigeria, Nigerian Communications Commission, Bloomberg *5-year average 4 MTN

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