Investor Presentaiton

MTN Improving returns ROE up 2.6pp YoY, driven by solid operational performance reflecting improved quality of earnings 17.0% ROE 2020 +2.6pp 1.9% 4.9% 0.2% 0.3% 19.6% -2.7% -0.7% -1.3% Group EBITDA Depreciation and Amortisation Finance Cost Taxation JV and Associates NCI Other# ROE 2021 ROE progression +8.1pp 19.6% 17.0% 13.0% 11.5% 2018 2019 2020 2021 # Includes non-operational items largely attributable to movements directly in equity (-1.5%) 35

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