Towers of Strength Q2 2019 Results

Executive 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

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