MTN Rwandacell Company Overview

Attractive Return Profile | Revenue mix Revenue Split Evolution (1) 2015 Source: Note 6% 20% 20% 20% 14% 18% 2020 Voice ■ Voice ■Mobile Data Mobile Data ■ MFS 54% Other Revenue MFS Key Drivers Voice still a great proportion of MTN Rwanda's revenue. Continued expansion of population coverage spurs growth as more of the population gets connected. In 2020, mobile phone penetration in Rwanda was 83.8%. Revenue driven by both growth in Subscribers and voice traffic. Increase in the subscriber base and data usage with affordability as an important factor. Due to the Covid-19 pandemic, demand for home connectivity led to a surge in internet traffic supported by the high internet penetration in Rwanda (62.5% in 2020). The 2020 data revenues increased by 36%. Growth in subscriber base where MFS penetration stands at 60.5%. Substantial growth on MFS driven by traditional person-to-person, cash-out and advanced service transactions. Advanced services contribute 16% of total MFS revenue ending 2020. Enterprise & Wholesale Fibre connectivity to offices and homes contributes to the increase in the ICT Revenue stream. Demand for smartphones is high as data subscribers continue to grow. Interconnect MTN subscriber base and market share is on the increase which leads to improvement in interconnect revenues from both local and international incoming calls. Overall, interconnect incoming traffic grew by 25% year on year with relatively stable interconnect rates. Affordable rates continue to stimulate healthy SMS revenues. SMS ■ Voice In general, SMS revenue growth is mainly driven by Bulk SMS agreements with Corporates; notably Banks. 48% ■Mobile Data ■ MFS Digital ■Other Revenue Digital and VAS revenues steadily increasing as MTN continues to onboard Partners for revenue sharing arrangements. Rich Media Subscription also increased year on year by over 500%. Company information (1) Other revenue comprises of Enterprise & Wholesale, Interconnect, SMS, Digital and Roaming Roaming Roaming revenues driven by increase in visitors entering the country as tourism (including meetings and conferences) become prevalent. However, Roaming Revenues for 2020 dropped by 51% due to limited in-country visits as a result of the Covid-19 situation. 35 MTN

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