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COMPANY PRESENTATION 8 TH APRIL 2019 Website: www.heliostowers.com - - PowerPoint PPT Presentation

COMPANY PRESENTATION 8 TH APRIL 2019 Website: www.heliostowers.com LinkedIn: www.linkedin.com/company/helios-towers Helios Towers | Private & Confidential Disclaimer No investment advice Third party sources cause actual results to differ


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SLIDE 1

COMPANY PRESENTATION

8TH APRIL 2019

Website: www.heliostowers.com LinkedIn: www.linkedin.com/company/helios-towers

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SLIDE 2

Helios Towers | Private & Confidential

Disclaimer

2

No investment advice This Presentation does not constitute or form part

  • f, and should not be construed as, an offer,

invitation or inducement or recommendation to purchase or subscribe for any securities in Helios Towers, Ltd. (the “Company”) or any of its affiliates

  • r

subsidiaries (together the “Group”) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase

  • r

subscribe for any securities of the Company or any member of its group or with any other contract or commitment whatsoever. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation

  • r other advice and recipients should each make

their own evaluation of the Company and of the relevance and adequacy

  • f

the information contained herein. No warranty No representations

  • r

warranties, express

  • r

implied are given in,

  • r

in respect

  • f,

this

  • Presentation. To the fullest extent permitted by

law, in no circumstances will the Company, or any

  • f

its respective subsidiaries, shareholders, affiliates, representatives, partners, directors,

  • fficers,

employees, advisers

  • r

agents be responsible or liable for any direct, indirect or consequential loss, loss of profit, damages or costs arising from the use

  • f

this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto

  • r
  • therwise

arising in connection therewith. The information contained in this Presentation has not been independently verified. Third party sources Certain statistical and other information about the Company included in this Presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond to the views held by the Company and the Company expressly disclaims any responsibility for, or liability in respect

  • f, such information.

Forward-looking statements This Presentation contains illustrative returns, projections, estimates and beliefs and similar information (together, “Forward Looking Statements”). The Forward Looking Statements can be identified by the use of forward looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “plans”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. The Forward Looking Statements are subject to inherent uncertainties and qualifications and are based on numerous assumptions, in each case whether or not identified in the Presentation. The Forward Looking Statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied upon by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Nothing in this Presentation should be construed as a profit forecast. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual results to differ materially from those in any Forward Looking Statements could include changes in domestic and foreign business, market, financial, political and legal conditions. There can be no assurance that any particular Forward Looking Statements will be realised, and the performance of the Company may be materially and adversely different from the Forward Looking Statements. The Forward Looking Statements speak only as of the date of this Presentation. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Statements to reflect any change in the Company’s expectations with regard thereto

  • r

any changes in events, conditions

  • r

circumstances

  • n

which any Forward Looking Statements are based. Accordingly, no reliance should be placed upon the Forward Looking Statements.

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SLIDE 3

Company Overview

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SLIDE 4

Helios Towers | Private & Confidential

A Leading Sub-Saharan Independent TowerCo

4

Tower market share

Tanzania

Sites

3,701

DRC

Sites

1,773

Congo B

Sites

380

Sites

891

Ghana

5 countries 6,745 total sites 13,549 tenants 2.01x tenancy ratio $359m Q4 2018 LQA(3) 22% CAGR FY 2015 – Q4 2018

(annualised)

81% of future contracted

revenues from Africa’s Big 5 MNOs(4)

Market Share(1)

64%

Market Share(1)

63%

Market Share(1)

49%

Market Share(1)

21%

Contracted revenues(2)

$3.1bn $186m Q4 2018 LQA(3) 51% CAGR FY 2015 – Q4 2018

(annualised)

c.65% 2018 Adj. EBITDA in $/€

Lease-weighted average contract life remaining

8.1 years

  • Adj. EBITDA

Revenue

Source: Company as of 31 December 2018, except as otherwise indicated (1) Hardiman Report, April 2019. Market share as at year-end 2018. Based upon 3,613, 1,773 and 848 online and marketable sites in Tanzania, DRC and Ghana, respectively. (2) Refers to revenue contracted until 2035 (3) LQA = Last quarter annualised (4) Big 5 MNOs defined as: Airtel, MTN, Orange, Tigo, Vodafone/com

1

Company Overview

Attractive, Long-term Contracted Revenues

South Africa As of January 2019

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SLIDE 5

Helios Towers | Private & Confidential

42 50 60 63 83 85 126 127 133 138 148 164 168 176 181 186 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

16 Consecutive Quarters of Adj. EBITDA(1) Growth

5

CAGR FY 2015 – Q4 2018 LQA

51%

Group Annualised Adj. EBITDA ($m)

1

Company Overview

35% 35% 39% 38% 40% 40% 42% 47% 46% 49% 25% 27% 28% 28% 51% 52%

Margin

(1) “Adjusted EBITDA” is defined as earnings before interest, tax, depreciation and amortization adjusted for discontinued operations, other gains and losses, investment income, loss on disposal of PP&E, impairment of intangible assets and PP&E, deal costs relating to unsuccessful tower transactions or successful tower transactions that cannot be capitalized, and exceptional items. Exceptional items are material items that are considered exceptional in nature by management by virtue of their size and/or incidence. Annualised Adjusted EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future results

Margin has more than doubled through top-line growth and implementation of business excellence strategy

>2x

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SLIDE 6

Helios Towers | Private & Confidential

6

The Helios Towers Story

Source: Company

Existing Sites (net of consolidations) Site Asset Purchases New Build/BTS

Consistent year-on-year growth in sites, and near doubling of tenancy ratios  8 acquisitions in 9 years

 c. 1,800 organic BTS

796 2,438 2,663 2,974 4,645 5,277 6,371 6,388 831 1,721 13 14 1,186 535 961 22 196 259 297 496 244 239 126 161

  • 831

2,517 2,710 2,974 4,656 5,424 6,477 6,519 6,745 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

1.20x

Tenancy Ratio

1.22x 1.42x 1.57x 1.61x 1.93x 1.99x 1.85x Business Excellence 2.01x

1

Company Overview

Entry into South Africa announced in 2019

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SLIDE 7

Helios Towers | Private & Confidential

7

1

Company Overview

(1) United nations population prospects (2) Hardiman report, April 2019 (3) GSMA Intelligence, January 2019

Attractive Growth Indicators

c.29,000 towers in SA with only c.10% owned and operated by independent tower companies(2)

4G/ 5G

3G and 4G widely available, increased

4G densification expected and to be “5G ready”, with over 4 million 5G

connections expected by 2023(3) Multiple MNOs operating, including 2

  • f Africa’s “Big-5” MNOs

57 million population, forecast to

increase by 3 million over the next 5 years(1)

MTN Vodacom Telkom Cell C

  • c. 6,000 additional standard

PoS indicated by 2024(2)

Why HT has Entered South Africa

A high-growth market for HT – with attractive and diversifying dynamics Favourable Structural Dynamics

1 2 3 1 2 3

A leader in telecommunications

innovation in Africa, providing the

  • pportunity to develop expertise in

adjacent technologies which can

be leveraged in our four other markets

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SLIDE 8

Helios Towers | Private & Confidential

8

1

Company Overview

How HT has Entered South Africa

Helios Towers South Africa (“HTSA”) created through Partnership with Vulatel

  • Partnership with Vulatel announced January 2019 with HTSA majority owned by HT
  • Vulatel management team made up of ex-Vodacom directors
  • Level 2 B-BEE rating, 69% black owned and 45% black women owned
  • Platform to expand HT product offering and geographical mix
  • Announced acquisition of 13 fibre regeneration sites in April 2019
  • HTSA announced first investment in SA through acquisition of SA Towers
  • Pipeline of c.500 urban locations which are ready to be built or are in the process of

being permitted

  • Expected to close Q2 2019

HTSA Acquires SA Towers Creation of infrastructure platform to drive growth in South Africa

1 2

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SLIDE 9

Helios Towers | Private & Confidential

9

1

Company Overview

Encouraging Recent Market Developments

Customers post +9% subs growth in Tanzania in FY 18(1) DRC customers report +10% subs growth in FY 18(2) Felix Tshisekedi sworn into office in DRC 24th January

+4.8%

GDP growth in our markets in 2018(3)

Africa Widely Identified as a Key Continent for Business Opportunities Positive Political, Economic and Industry Dynamics

(1) Tanzania Communications Regulatory Authority (2) GSMA estimates, 2018 (3) IMF 2018. Revenue-weighted average

Vodacom Airtel Halotel Tigo Vodacom Airtel Africell Orange

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SLIDE 10

Strategy

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SLIDE 11

Helios Towers | Private & Confidential

11

HT Growth Strategy

(1) Hardiman Report, April 2019 (2) Company estimates of towers that can be acquired in HTs markets (3) TowerXchange “TowerXchanges analysis of the Sub-Saharan African tower Industry”, March 2019

2

Strategy

Existing Markets Adjacent New Technologies New Markets Small Cells Fibre Backhaul Data Centres

  • c.229k towers in Africa(3)
  • c.61k towers owned by

independent TowerCos(3)

  • What we look for:

 Emerging market  Population of >10m  3+ operators  Stable and / or pegged currencies  Infrastructure gap  High subscriber growth  Low mobile penetration  Enhances group returns

Tanzania, DRC, Congo B and Ghana South Africa

 c.6,000 new standard PoS indicated by 2024(1)  Tower build program  Dark fibre  Edge data centres  Significant organic and acquired EBITDA growth since 2015

 c.12,000 new standard PoS indicated

by 2024 in established markets(1)  Potential opportunities to acquire

c.4,200 towers in existing markets(2)

54 106 146 178 33 19 31 10 32

2015 Organic Acquired 2016 Organic Acquired 2017 Organic 2018

Strong platform for growth in new and existing markets

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SLIDE 12

Helios Towers | Private & Confidential

Operational Strategy

12

“Congratulations for the good performance during May and June 2018”

Vodacom Congo, Chief Executive Officer

“We wish to understand and learn the principles so that we can share the knowledge with other African Opcos”

Vodacom Tanzania, Chief Technology Officer

“We would like to learn from your operation and help us do what you do”

Viettel, Chief Technology Officer

“Aside from the performance I am equally impressed by your HSE”

Tigo Tanzania, Chief Technology Officer

Efficiency Improvements since 2015:

  • 93% improvement in power service

delivery from Q4 15 to Q4 18(1)

  • $46m reduction in capex between 2015

and 2018 on pricing alone

  • 80% reduction in strategic suppliers from

60 to 12 between 2015 and Q4 18

  • 38% productivity improvement with

employees per 100 towers reducing to

5.3 from 8.6(2)

  • 45% reduction in office space(3)

Source:Company (1) Q4 2018 average weekly downtime per tower compared to Q4 2015 average (2) From December 2015 to December 2018 (3) Office space reduction in m2 in Tanzania, DRC and Congo B from December 2015 to December 2018

By the end

  • f 2018:

Of our staff will have been trained in Lean Six Sigma

Driving Efficiency Improvements Customer Service Excellence Focus Building a Business Excellence Culture Focus on developing local teams:

Trained in Six Sigma by the end of 2019

c.50%

c.35%

2

Strategy

Delivered significant achievements, with opportunities for further improvement

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SLIDE 13

Markets

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SLIDE 14

Helios Towers | Private & Confidential 6.7% 6.8% 6.9% 6.9% 6.9% 7.0% 7.2% 7.3% 8.2% 8.3%

Philippines Tanzania Senegal Bhutan Cambodia Djibouti Cote d'Ivoire India Ethiopia Ghana

Why Africa?

14

(1) ‘African cities surge to top of global growth league’ FT (11 September 2018) (2) World Bank 2018 (3) UN Population Prospects 2018, projected % population change from 2018-2035 for cities with a current population over 2.5m

“Africa has become the world’s most rapidly urbanising continent. From 2018 to 2035, the UN predicts that the world’s 10 fastest growing cities will be African....Urbanisation is what helped ignite the ‘Africa Rising’ narrative” Financial Times (2018)(1)

World Population Growth(1)

(Billion People)

Top 10 fastest growing economies in 2018(2)

(GDP)

3

Markets

96% 100% 103% 103% 104% 105% 108% 117% 121% 135%

Bamako, Mali Port Harcourt, Nigeria Kinshasa, DRC Addis Ababa, Ethiopia Antananarivo, Madagascar Lusaka, Zambia Abuja, Nigeria Ouagadougou, Burkina Faso Dar es Salaam, Tanzania Kampala, Uganda

Top 10 fastest growing cities 2018 - 2035(3)

(Population)

2018 Population

1.3 Billion

2100 Population

4.5 Billion

Sustainable long-term growth

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SLIDE 15

Helios Towers | Private & Confidential

Helios Towers’ Structural Growth Opportunity

Our markets are expected to grow significantly in the coming years

38m(1)

new people in HT markets

8%(1)

increase in penetration

27m(1)

increase in people living in cities

67%(1)

below 30 years old

5.1%(2)

increase in GDP

51m(3) more

subscriptions across HT markets

Demand for Mobile New technology

+4x(4)

increase in 4G connections

Data usage

+11x(5)

increase in data usage in SSA

Infrastructure demand

~18,000(3) new

standard PoS indicated in HT markets

4G

(1) United Nations, World Population Prospects. 2018-2024E (2) IMF, World Economic Outlook October 2018. 2017-2023E (3) Hardiman report, April 2019. 2018-2024E (4) GSMA Intelligence, March 2019. 2018-2024E (5) Ericson Mobility Report, June 2018. 2017-2023E

+

Positive Macro Drivers Low Telecom Penetration High Equipment Growth

15

+ + + + +

3

Markets

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SLIDE 16

Helios Towers | Private & Confidential HT Markets Sub-Saharan Africa G7

Structurally Attractive Markets With Superior Growth

(1) United Nations Population Prospects, 2018 Revision. 2018-2023E (2) United Nations Population Prospects, 2018 Revision. 2018 (3) IMF World Economic Outlook, October 2018

16

Macro

Strong GDP growth drives disposable income(3)

Real GDP Growth 2017-2023E

238m addressable population in HT’s markets

Population (m)(1)

Young Population with c.70% under 30(2)

0-30yrs 30+yrs 11% 3%

HT Markets G7

Favourable urbanisation trends(1)

Increase in urban population (2018-2024E) as % of population

+27 million

will move to cities

5.1% 3.3% 1.6%

HT Markets Sub-Saharan Africa G7

(revenue weighted)

TZ 60 DRC 85 CB 5 GH 30 238 276 782 766

Population 2024E

1,064 1,241

+2%

CAGR

+3%

CAGR

+0%

CAGR

SA 58

67% 35% 33% 65%

HT Markets G7

3

Markets

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SLIDE 17

Helios Towers | Private & Confidential

44 58 38 63 5 6 39 44 99 104

2018 2024F Tanzania DRC Congo B Ghana South Africa

15% 17% 27% 33% 48% 26% 29% 73%

Tanzania DRC Congo B Ghana South Africa Avg HT Markets Nigeria G7

43% 68% 36% 35% 19% 31% 21% 6%

Tanzania DRC Congo B Ghana South Africa Avg HT Markets Nigeria G7

Structurally Attractive Markets With Superior Growth

(1) Hardiman Report, April 2019. Unique mobile subscribers 2018 (2) GSMA Intelligence, March 2019. Unique broadband subscribers 2018

17

+18,000

additional PoS indicated

(3) Point of Service or Operator Tenancy as opposed to Network PoS signifying different technology equipment placed on a site by a single operator. Given multiple technologies, Network PoS can considerably exceed equivalent PoS (4) Hardiman Report April 2019. Company estimate for G7 based on subscriber growth

Underpenetrated mobile markets(1) 2018-2024E MNO PoS(3) Growth(4)

Telecoms

40% 37% 49% 53% 67% 47% 49% 85%

Tanzania DRC Congo B Ghana South Africa Avg HT Markets Nigeria G7

Mobile broadband penetration is low(2) Mobile subscription growth(1)

2018-2024E 275 224

3% CAGR

CAGR 2018-2024E: +9% +4% +2% +1% +5%

3

Markets

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SLIDE 18

Helios Towers | Private & Confidential 2017 2018 2019 2020 2021 2022 2023 Sub-Saharan Africa North America China Western Europe

Mobile Operators Poised for African Data Boom

18

(1) Ericsson Mobility Report, June 2018 (2) Company as of December 2018

Increased Mobile Data Consumption(1) (2017 Indexed = 100)

c.11x

Increase in mobile data traffic in SSA

(2017 – 2023E)

c.6-8x

Increase in mobile data traffic in China, North America and Western Europe

(2017 – 2023E)

3

Markets

4G Licence Awarded Tanzania 2015 DRC 2018 Ghana 2016 Congo B 2016 South Africa 2012

+535

Amendment Colocations added since 2015(2)

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SLIDE 19

Robust Business Model

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SLIDE 20

Helios Towers | Private & Confidential USD 62% XAF/EUR 3% LCY 35% USD 53% XAF/EUR 4% LCY 28% Power LCY 15%

Founded on Strong Contracts and Sustainable Pricing

Building Customer Relationships

(1) TCO = Total cost of ownership by MNO. Includes opex, maintenance capex and financing cost at 8% (2) Based on FY 2018 results (3) Airtel, MTN, Orange, Tigo, Vodafone/com

Long Tenure

Minimal cancellation rights

Automatic renewal clauses

Menu pricing for amendment revenue

Inflation and power price escalators

Take-or-pay commitments (colocation/BTS)

 Strong Long-Term Contracts Sustainable Long-Term Pricing Strategy

Lease Rate

Consideration per site Higher Sustainability Lower Sustainability

Deal Range

Replacement cost TCO HT Deals:

Lease Rate Discount to TCO(1)

~35%

20

4

Robust Business Model

FX and Inflation Protected(2) Strong Blue-Chip Client Base

Future Contracted Revenue by Customer Revenue FX Mix EBITDA FX Mix

Africa's Big 5 MNOs 81% Other 19%

(3)

57% Hard Currency 65% Hard Currency

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SLIDE 21

Helios Towers | Private & Confidential

Historical Capex Investment Drives Future Cash Flow Expansion

(1) Excludes intangibles (2) Non-discretionary capex is defined as maintenance and corporate capital expenditure (3) Calculated as Adj. EBITDA – Tax paid –– Maintenance and Corporate capital expenditure (4) Based on analysis of 5,874 sites, using TIA-222-H Standard For Antennas And The Supporting Structures For Antennas And Small Wind Turbines

Strong Unlevered Recurring Cash Flow(3) Low Non-Discretionary Capex Expected Going Forward

Capex(1) ($m)

16 72 123 158 2015 2016 2017 2018

($m)

21

Non-discretionary capex(2) level of $20-25m p.a. 4

4

Robust Business Model

Maintenance & Corporate Upgrade Growth Acquisitions

19% 4% 27% 50%

At capacity +1 tenancy +2 tenancies +3 tenancies An Attractive Asset Base, Ready for Future Tenants Available capacity to accommodate up to c. 4.1x tenancy ratio(4)

81% of sites with capacity, lease-up ready and colocation

demand can be accommodated with minimal incremental capex

2016 2017 2018 2019

281 171 119 100

(excl. SA)

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SLIDE 22

Wrap-up

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SLIDE 23

Helios Towers | Private & Confidential

43% 68% 36% 35% 19%

Tanzania DRC Congo B Ghana South Africa

Wrap-up

Invested to ensure lease-up ready in all markets

81% sites ready for new tenants Capacity of 4.1x on tenancies today In-market expansion options New Markets options Adjacent Service options

Prepared for Growth

4

Source: Company as of 31 December 2018 (1) Source: Hardiman Report, April 2019

+18,000 additional PoS

indicated 2018-2024 MNO PoS Growth(1)

Robust Business Model with Strong Recurring Cash Flows

6

Long-Term Contracts Sustainable Pricing Strategy FX and Inflation Protected Diversified Blue Chip Client Base Sole Independent TowerCo in 3 out of 5 markets

66% 63% 49% 21%

#1 #1 #1

1

Tanzania DRC Congo B Ghana

HT market share (excl. South Africa)

77%

Urban 23

Exposure to Large High Growth Markets

Population Growth

Young Population

Urbanisation

GDP Growth

Business Excellence Driving Margins Higher

5

Localised workforce

2

High Telecoms Infrastructure Growth

3

5

Wrap-up

Delivering growth and quality for our stakeholders

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SLIDE 24

Appendix

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SLIDE 25

Helios Towers | Private & Confidential

25

Leading Values, Ethics and HSE

Source: Company (1) Estimated annualised CO2 savings as of December 2018 (2) 2018 average monthly KM driven compared to FY 16 average monthly KM driven

 Training and code of conduct extends to suppliers  Global Whistleblower Hotline in place

Ethics Health & Safety Environment Values

Comprehensive suite of policies aligned with international best practice Group-wide strategy to positively monitor and improve our contribution to the environment

“Do The Right Thing”

430 solar solutions, 640 hybrid sites and 400 grid connections installed, saving over 5,000 tonnes in CO2 emissions per year(1) 330K km monthly reduction in site travel,

resulting in 48K litres fuel being saved(2)

Group program for training and reinforcing our value; 6

Appendix

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SLIDE 26

Helios Towers | Private & Confidential

Straight-Forward Revenue Model

26

  • Adding new tenant to

an existing tower

  • Existing customer

adds additional equipment

  • Grow tower portfolio

through acquisitions (sale & leaseback)

  • r organically (build-

to-suit)

Tower with 1 tenant Colocation: Multiple Tenancies Amendment: Equipment Addition Acquire and Build Towers

  • MNOs place own

active equipment on HT towers

80%-90% Adj. EBITDA margin flow

through(1)

1 2 3 4

(1) Based on management estimates

6

Appendix

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SLIDE 27

Helios Towers | Private & Confidential

Previously at:

  • Hutchison Telecom
  • BeMobile
  • Strong management

team with extensive experience came together in 2015

  • Demonstrating a

track record of margin growth

  • Establishing world-

class capabilities within the

  • rganisation

27

Philippe Loridon

CEO HT Tanzania

  • Joined 2012

Helen Ebert

Chief Legal Officer

  • Joined 2018

Roy Cursley

Director of Delivery and Technology

  • Joined 2015

Colin Gaston

Director of Special Projects

  • Joined 2015

Tom Greenwood

Chief Financial Officer

  • Joined 2010

Alex Leigh

Chief Commercial Officer

  • Joined 2012

Jeffrey Schumacher

CEO HT Ghana, HT Congo Brazzaville & HT South Africa

  • Joined 2011

Nick Summers

Director of Sustainability and Organisational Development

  • Joined 2010

Léon-Paul O. Manya

CEO HT DRC

  • Joined 2011

Kash Pandya

Chief Executive Officer

  • Joined 2015

Strong Executive Team

Previously at:

  • Tigo
  • Dimension Data

Previously at:

  • Soros Fund

Management

Previously at:

  • Schlumberger
  • Aggreko

Previously at:

  • Aggreko

Previously at:

  • Vodafone

Previously at:

  • Linklaters
  • Freshfields

Previously at:

  • Rothschild
  • UBS

Previously at:

  • PwC

Previously at:

  • Johnston Group
  • Aggreko

6

Appendix

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SLIDE 28

Helios Towers | Private & Confidential

Minimal EBITDA Sensitivity to Fuel and FX Fluctuations

Source: Company. Based on FY 2018 results.

Impact on Adj. EBITDA Fuel FX

+10% (10%)

Price Movement

c.+2.5% c.(2.5%)

c.+3.0% c.(3.0%) EBITDA Impact TZS GHS EUR c.+0.9% c.(0.9%) c.+0.3% c.(0.3%)

28

Fx Power Tanzania DRC Congo B Ghana Group

+65%

EBITDA in Hard Currency Pricing adjusted for fuel, electricity and inflation

Revenue Mix

TZS 77% USD 23% USD 100% USD/EUR-peg 100% GHS 81% USD 19% CPI 55% Fuel 32% CPI 64% Fuel 27% Elec 9% Elec 14% CPI 84% Fuel 15% Elec 1% CPI 60% Fuel 19% Elec 22%

Strong Contractual FX and Inflation Protection

6

Appendix

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SLIDE 29

Helios Towers | Private & Confidential

Summary of Financial Debt

Debt KPIs

29

Gross and Net Leverage Commentary

  • Continued deleveraging supported by Q-o-Q growth

in Adj. EBITDA

(1) ‘Other’ relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans (2) Annualised adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result (3) Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year (4) Calculated as net debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year

($m) FY 17 Q4 17 FY 18 Q4 18 Cash & cash equivalents

120 120 89 89

Bond 600 600 600 600 Term Loan

  • 25

25 Lease Obligations + Other (1) 115 115 121 121 Gross Debt 715 715 746 746 Net Debt 595 595 657 657 Annualised adj. EBITDA 146 164(2) 176 186(2) Gross Leverage (3)

4.9x 4.4x 4.2x 4.0x

Net Leverage (4)

4.1x 3.6x 3.7x 3.5x

4.9x 4.4x 4.2x 4.0x

4.1x 3.6x 3.7x 3.5x

FY 17 Q4 17 FY 18 Q4 18

Gross leverage Net leverage

  • 0.9x / -0.6x

6

Appendix