Key Milestones and Requirements for Safaricom Transaction

Kenya | Market overview opportunity Mobile Telecom Market share¹ Kenyan macro environment (2016)³ airtel 18% Safaricom 71% 7% 4% orange M-Pesa Market Share² Equitel airtel 21% Safaricom 67% 4% Equitel 6% MOBIKASH 2% 1% tangaza poss orange . Population of 45m GDP per capita of US$ 1516 vs US$ 5 261 for South Africa 6.0% real GDP growth and 6.3% inflation Kenyan telecom market (2016) • 39m mobile customers • 88% mobile penetration vs 146% in South Africa Source: Communications Authority of Kenya, quarterly report (Dec-2016), IMF World Economic Outlook (Apr-2017 Edition), WCIS as of Mar-2017 1 Based on mobile customers. 2 Based on customers. 3 Based on IMF 2016 latest estimates. 6

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