Key Milestones and Requirements for Safaricom Transaction

Safaricom | Strong financial performance Revenue (KES'bn) EBITDA (KES'bn) +14.8% 5yr CAGR 195.7 212.9 163.4 144.7 107.0 124.3 +22.5% 5yr CAGR 103.6 83.1 71.2 60.9 49.2 37.5 39.6% 42.1% 43.6% 44.5% 48.1% 35.0% 2012A 2013A 2014A 2015A 2016A 2017A 2012A 2013A 2014A 2015A 2016A 2017A -Adjusted EBITDA margin 3 OFCF1 (KES'bn) +42.2% 5yr CAGR EPS (KES) +30.5% 5yr CAGR 68.3 0.22 0.31 0.47 0.64 0.76 0.97 49.7 1.21 37.5 0.95 33.2 0.80 24.4 0.57 11.8 65.9% 0.44 59.9% 0.32 54.4% 49.5% 52.7% 31.3% 2012A 2013A 2014A 2015A 2 2016A 2017A O-% Cash flow conversion 2012A 2013A 2014A 2015A 2016A 2017A DPS Source: Company Filings. Mar-YE 1 Defined as EBITDA-Capex. 2 Defined as (EBITDA-Capex)/EBITDA 3 Margin is calculated on total revenue (less construction revenue) plus other income 9

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