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Investor Presentation March 2020 Sensitivity: Internal Agenda 1 Operational Review 2 Strategic Review 3 Financial Update 4 Looking Ahead 2 Operational Review Leading mobile operator in Nigeria Largest Mobile Operator 64.3 64.3 #1

SLIDE 1

Investor Presentation

March 2020 Sensitivity: Internal

SLIDE 2

Agenda

4 Looking Ahead

3 Financial Update

1 Operational Review

2 Strategic Review

SLIDE 3

Operational Review

SLIDE 4

Leading mobile operator in Nigeria

Strong management

with mix of local & international expertise

Source: Company data when not explicitly stated, GlobalData. Notes: Numbers as at 31 December 2019. (1) Company data. (2) Markey share by revenues based on GlobalData, while market share by subs based on NCC.

25.2 25.2 mill million ion

Active data users

Source: WCIS

49% 49%

Market share by revenue(2)

Largest distribution network Strong partner ecosystem

MTNN benefits from strong support and unmatched expertise

f MTN Group, complemented by highly

experienced Board of Directors

64.3 64.3 mill million ion

subscribers

Exciting data, digital and fintech opportunity

NPS

Wide range of spectrum holding

Largest fibre network coverage

>29,000km 29,000km

Largest Mobile Operator

44% 44%

4G Population coverage

39% 39%

Data penetration

42% 42%

Smartphone penetration

78% 78%

3G population coverage #1 #1

SLIDE 5

68.8 51.7 50.2 13.6 37% 28% 27% 8%

MTN Nigeria is the clear market leader

46% 24% MTN #2 Player 43% 27% MTN #2 Player

Strong Position in Attractive Market

Notes: (1) Based on USD / NGN exchange rate of 360. (2) GSM Internet subscribers.

Leader in the Nigerian Telecoms Market with a Strong Competitive Advantage across all Segments Undisputed Market Leader

MTNN - Subscriber and ARPU leader Subscriber Market Share in 2019A 2019A Data Revenue Share in 2019A 2019A Share of Data Users in 2019A 2019A(2) ARPU (NGN) Q4 2019 2019 Total Subs in 2019A

22PP 16PP

Source: WCIS , NCC and Company Source: NCC. Source: WCIS. Source: NCC. #2 Player #3 Player #4 Player #2 Player #3 Player #4 Player 1,519 49% 24% MTNN #2 1,007 1,000 1,000

Revenue Market Share in 2019A 2019A

Source: WCIS.

26PP

SLIDE 6

2.1% 2.3% 1.4% 0.4% 2.5% 2.2% 1.2% 0.3% 181 108 93 53 48

Young population & mobile penetration and data usage upside

Exciting Market Opportunity

Largest Telecoms Market in Africa

c.20 million population increase in 5 years 19 20 28 41 Median Age

SA WE Nigeria Kenya Nigeria Kenya

(1)

SA Nigeria SA Egypt Kenya Tanzania

90% 191% 94% 103% 79% 90% 96% Nigeria Mobile Penetration Mobile subscribers in millions, 2019A Penetration

Historical (15A 15A-20A CAGR) Forecast (20A (20A-25E CAGR)

(1)

213% - 2019A (South Africa) 111% - 2019A (Egypt) 2019A 2024E Notes: (1) Countries include Belgium, France, Ireland, Luxemburg, Monaco, Netherlands, United Kingdom (as opposed to full Western Europe). (2) Data subs with usage > 5 Megabytes per month.

100% - 2019A (Kenya) Source: WCIS. Source: CIA Factbook (median age) and Worldmeters (population growth). Source: WCIS. 1,263 1,737 2018A 2019A Total Data Users (m) Data Usage (MB per user per month) Active Users(2) Incidental / Dormant Users 25 29 19 25 44 54 2018A 2019A Source: Company data. 31% 57% 67%

Revenue

Data Revenue Contribution 2019A WE South Africa Nigeria Source: WCIS.

(1)

SLIDE 7

Frequency 3,500MHz 1x30 2x30 2,600MHz 2x30 2,100MHz 2x10 2x10 2x10 2x10 1,800MHz 2x15 2x15 2x15 2x15 2x15 900MHz 2x5 2x5 2x5 2x15 2x5 800MHz 2x10 2x10 2x10 700MHz 2x10 2x10

Unmatched nationwide coverage and high quality network

Well-positioned for the Long-term

Leading M Mobile Network The Largest Fibre Network in Nigeria Wide Range of Spectrum Holdings

 Most expansive network coverage amongst peers  Best network quality with highest NPS amongst peers Coverage by Population 4G Coverage (44%) 3G Coverage (78%) 2G Coverage (88%)

Best Coverage in the country(1)

2 1 3

Source: Company data

Abuja Kano Lagos Port Harcourt

 Clear 4G spectrum advantage over peers – Only MNO with 2,600MHz spectrum – Only MNO with 3,500MHz spectrum with nationwide coverage – Unlocked 800MHz spectrum – 4G+ rolled out in Lagos, Abuja and Port Harcourt – Best positioned to provide 5G services having successfully done a pilot  Extensive own fibre backbone supports 4G and MBB(2) growth  Span across Nigeria  Over 29,000 km of fibre network, nearly 3x that of closest competitor  Further complemented with 3rd

rd party partnerships

On On-land Fibre in km vs. Competition (3)

Source: Company data, NCC, Ookla Speed Test. Notes: (1) Benchmarking vs. peers can be found on MTN Nigeria GSM/ 3G/ LTE Network Coverage page. (2) Mobile broadband. fibre network based on company data, while #2 player based on broker research report as of May 2019.

>29,000 10,869 #2 Player

#1 #1

Network NPS

SLIDE 8

Leading commercial proposition allows MTNN to attract customers across all segments and focus on high value segment

Leading Commercial Proposition

Optimised Proposition for Retail and B2B Clients

Relevant, value for money proposition



Unique end-to-end customer journey



Digitised, personalised customer experience



Differentiated digital offering



Largest Physical Distribution Network in Nigeria Fast Growing Digital Distribution Enabler of subscriber acquisition strategy PoS terminals ATMs MTNN App Focus on efficiency & customer convenience  Aspirational brand supporting premium positioning  High impact media visibility  Social responsibility Most Valuable Multinational Brand in Nigeria (2019) and Most Valuable Telecoms in Nigeria (2019) Top 50 Brands Nigeria Telco Partner of the Year (2019) Central Bank of Nigeria (CBN) Comprehensive Customer Care Social Media, MyMTN (mobile app), MTNlive MTN Interactive Voice Response MTN USSD & MyMTN App Call Centre

+6.6m +6.6m

social media followers

USSD Best Innovation for Enterprise Service (2019) and Social Impact Award (2019) Nigeria Tech Innovation and Telecom Awards (NTITA) Personalized experience



Leading Brand in Africa Multichannel Customer Service Largest Distribution Network Nationwide

Source: Company data.

8 Super-agent Network

108k 108k

agents

Retail Stores #123#

3.8m 3.8m

visits

+9 +950 50m m

MTN USSD

7.9m 7.9m

App transactions

+1m +1m

retail touchpoints

SLIDE 9

Governance Focus Introduced to focus on governance, effective stakeholder management and

perational execution in times of crises

Chief Finance Officer Modupe Kadri Joined MTN: 2007 Years of telco experience: 12

Balanced Structure with Versatile Team

Chief Executive Officer Ferdi Moolman Joined MTN: 2001 Years of telco experience: 18

Chief Operating Officer Mazen Mroue Joined MTN: 1998 Years of telco experience: 21 Chief Risk and Compliance Cyril IIok Joined MTN: 2002 Years of telco experience: 17 Executive Corporate Relations Tobechukwu Okigbo Joined MTN: 2017 Years of telco experience: 13 Company Secretary Uto Ukpanah Joined MTN: 2005 Years of telco experience: 14 Executive: Human Resources Esther Akinnukawe Joined MTN: 2012 Years of telco experience: 7 Head, Internal Audit Ibe Etea Joined MTN: 2019 Years of experience: 17 Randy Bikraj Chief Information Officer 16 years at MTN Adekunle Adebiyi Exec, Sales and Distribution 7 years at MTNN Mohammed Rufai Chief Technical Officer 16 years at MTN Kolawole Oyeyemi General GM, Customer Experience 17 years at MTN Lynda Saint- Nwafor Chief Enterprise Business Officer 17 years at MTN Rahul De Chief Marketing Officer 8 years at MTN Ugonwa Nwoye Executive, Customer Services 16 years at MTN Olubayo Adekanmbi Executive, Transformation Office 8 years at MTN Usoro Usoro GM, Mobile Financial Services 7 years with MTN Srinivas Rao Chief Digital Officer 14 years at MTN

Emerging Future Business Focus Experienced team with focus on emerging and future business, namely Fintech and Digital Deep local expertise and experience of about 170 years, combined with a geographically diverse track record across the Africa and Middle East telecom industry Seasoned team with successful track record, having driven robust turnaround at MTNN over the last two years Refreshed organisation allows to drive strategy and run operations in a more efficient way Significant improvements in corporate governance coupled with highly experienced Board of Directors Combined telco experience of

ver 200 years

SLIDE 10

▲ Launched very affordable smart

feature phones to drive data usage

▲ Obtained investment grade credit

ratings - Agusto & Co (AA+) and GCR (AA)

▲ Obtained approval to utilize

800MHz spectrum

▲ Rolled out 4G+ services in Lagos,

Abuja and Port Harcourt

▲ Revamped our data prices

resulting in accelerated usage

▲ Listed on the Premium Board of

the NSE

▲ Secured N200bn 7-year medium

term loan facility

▼ Made final payment for the 2015

fine

▼ Migrated subscribers from high

tariff legacy plan to lower tariff plan

▲ Paid first dividend as a

public company

▲ Included in MSCI1 frontier index ▲ Obtained platinum accreditation

from Investor in People (IiP)

▲ Deployed additional devices for

subscriber registration

▲ Obtained Super-Agent license ▼ Embarked on a SIM re-

registration exercise

▼ Rise in xenophobic attacks and

impact on operations

▲ Conducted trial of 5G technology ▲ Launched MusicTime ▲ Redeemed preference shares

Key Milestones

Notes: (1) MSCI - Morgan Stanley Capital International

Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4

Key Highlights & Challenges in 2019

SLIDE 11

Strong performance supported by voice and data growth

Operational Highlights

Investment Growth drivers Subscribers

+8.2pp to 78.2%

3G pop coverage

N208.3 billion capex,

up 13.1%

+85.8%

data traffic

+6.1 million to 64.3 million

total subscribers, up 10.5%

+7.6%

voice traffic

+6.5 million to 25.2 million

active data users, up 34.9%

+26.6pp to 43.8%

4G coverage in 132 cities

+37.6%

mb per active user

+5.3 million to 26.9 million

Smart phones, up 24.5%

17.8%capex intensity

SLIDE 12

Regulatory Update

The AGF withdrew the alleged US$2bn revenue indebtedness and transferred the matter to the relevant tax and customs authorities. We have therefore discontinued the legal action against the AGF and look forward to a final resolution. We have always fulfilled

ur tax obligations.

Following the directive from the Hon. Minister of Communication and Digital Economy on the review of SIM registration to integrate NIN, the regulator (NCC) has notified

perators of its intention to introduce a direction mandating the use of NIN for SIM

activation in line with its rulemaking process. An opportunity was provided for comments and we are engaging the NCC accordingly. While we continue to engage with CBN with the hope of receiving a PSB license, we are fully engaged in building our agent network under the super-agent license - over 108,000 registered as at December 2019, over N4bn in airtime sold and about a million people serviced on the channel. Attorney General of the Federation (AGF) matter on the adequacy of taxes and duties paid Payment Service Bank license application with the CBN Policy on SIM card registration and usage (Use of national identity number for SIM registration)

SLIDE 13

Recent Developments

 Shorter-term commercial impact  Mitigating supply chain risk for network devices and SIMs  Implementing increased visibility and control process with supply chain partners  Creating a buffer for our SIM cards and devices  Building inventories of our most critical spares  Anticipating a limited impact on the network  Reducing exposure to foreign exchange  Covid-19 impact on Chinese economy with drag on world economy  Dampens activity with fear factor restricting mobility  Demand and supply side shocks  Russia vs Saudi Arabia oil feud over market share  Downward pressure on oil price  Reducing accretion to sovereign reserves of FGN  Implications for currencies & capital markets Covid-19 and fall in Oil Price Impact on MTN Nigeria

SLIDE 14

Strategic Review

SLIDE 15

Building a Digital Operator

The evolving telco The digital player

Wholesale Voice Data Enterprise Transfers, airtime /data sales, cash deposit and withdrawal, airtime lending, bill payment, e-commerce Digital Rich media, content VAS & mobile advertising, MusicTime and Ayoba

One network One distribution One registration

The fintech player

Fintech

MTN Nigeria

The Digital Operator

Outgoing calls and incoming calls Mobile access data Fixed data Mobile & fixed connectivity, devices, IoT, Cloud Interconnect, inbound roaming and fixed wholesale

424.5% 63.4% 27.4% 16.8% 14.1% 4.0% Digital Data Fintech Wholesale Enterpr ise Voice

Digital, Data and Fintech Outpacing Voice and Other Segments (Q4 2019 YoY Segment Revenue Growth) Reduction of Voice Share of Total Revenue(1)

7PP

(Q4 2018) (Q4 2019)

Notes: (1) Total revenues from Voice, Data. Digital. Fintech, Enterprise and Wholesale.

Voice, 77.0% Rest, 23.0% Voice, 70.2% Rest, 29.8%

SLIDE 16

Unlocking Opportunities Across the 6 Curves

the consumer, enterprise and wholesale market segments

Curve 1 Curve 2 Curve 3 Curve 4 Curve 5 Curve 6

Sustaining VOICE growth Accelerating DATA as next wave of growth Positioning DIGITAL on a sustainable growth p path Rapid scale FINTECH o

expanding agent network Broadening ENTERPRISE ecosystem Accelerating WHOLESALE business Consumer Revenue contribution Growth rate 84.7% 10.5% 11.3% 20.3% 3.9% 45.2%

SLIDE 17

Sustaining VOICE Growth

2019 Voice Revenue

Key Drivers  Wide network coverage and availability  Easier access to recharge  Low penetration supports subscriber growth about 31million Nigerian excluded from telecoms services  Subscriber growth driving voice revenue  30%-50% of subscriber additions are first time users  Floor price on voice providing support for ERM1  Rural site roll-out  Targeted segment offerings using our CVM toolkit  Wide distribution footprint

+8.4% to N848.3bn

12.8% 10.0% 7.5% 4.0%

YoY Growth

187.3 190.3 193.2 211.5 211.3 209.3 207.7 220 Q1 Q2 Q3 Q4 2018 2019

 SIM re-registration exercise resulting in disconnection of about 900k subscribers  Migration of subscribers from a higher tariff legacy plan to a lower tariff plan Factors impacting Voice

1Effective revenue per minute

SLIDE 18

Accelerating DATA as Next Wave of Growth

2019 Data Revenue

Key Drivers  Data price revamp at end of Q2 2019  Extended 4G coverage following the unlocking of 800MHz  Introduction of smart feature phones  Consumer education, seamless access and experience  Service bundling  Fast adoption of data by youths  USIM upgrade from 3G to 4G average of about 25,000 upgrades daily  Low data penetration 47% of our data subscribers use more than 5mb a month, providing room for conversion of incidental data users

+42.4% to N219.9bn

YoY Growth

35.5 38.8 39.8 40.4 46.6 51.2 56.1 66 Q1 Q2 Q3 Q4 2018 2019 31.3% 32.1% 41.0% 63.4%

SLIDE 19

Positioning DIGITAL on a Sustainable Growth Path

2019 Digital Revenue

Key Drivers  Improved customer journey and experience on value-added services following the completion of VAS optimization exercise in Q3 2018  Increasing data adoption  Increasing awareness of digital services  Rich portfolio of digital services including MusicTime and Ayoba  Re-introduction of auto-renewal  Growing active base of over 2.1 million users

77.1% to N4.6bn1
87.9%
86.5%
70.7%

424.5%

YoY Growth

8.3 7.4 4.1 0.3 1.0 1.0 1.2 1.5 Q1 Q2 Q3 Q4 2018 2019

1. Excludes A2P and bulk SMS.

SLIDE 20

Rapid Scale FINTECH on Expanding Agent Network

2019 Fintech Revenue

Key Drivers  Low level of banking penetration  Limited traditional banks footprint in rural areas  Large cash economy  Synergies with growing digital services  Synchronised products distribution and channels across the business  Expanding agent network Registered 108k agents as of December 2019 Served c.1m unique subscribers Sold over NGN4bn worth of airtime through the channel Transaction volume in excess of 22 million in 2019 Expanding service offerings to include cash deposit and withdrawal, bill payment and e-commerce

MTN Xtratime (our airtime lending service) accounted for 95% of

fintech revenue, while MoMo accounted for 5%

23.3% to N35.2bn

YoY Growth

6.6 7.0 7.1 7.9 8.2 8.3 8.8 10 Q1 Q2 Q3 Q4 2018 2019 22.9% 19.5% 22.6% 27.4%

SLIDE 21

Broadening ENTERPRISE Ecosystem

Key Drivers  Enterprise is mobile centric  Unserved large SME market  Low level of ICT adoption  Increasing focus on core activities  Fragmented service providers  Enhanced partner ecosystem

20.3% to N132.8bn1

2019 Enterprise Revenue

1. Enterprise business includes revenue from mobile and fixed connectivity, cloud and ICT solutions, and devices. It cuts across voice, data and digital services for SMEs, public sector and large enterprise customers.

YoY Growth

28.2% 20.8% 20.1% 14.1% 24.1 27.4 28.4 30.4 30.9 33.1 34.1 34.7 Q1 Q2 Q3 Q4 2018 2019

SLIDE 22

Accelerating WHOLESALE Business

Key Drivers  Huge capacity demand  Satellite to fibre migration  Managed MPLS needs  Fast growth in digital services  Increasing need to invest in infrastructure efficiently

45.2% to N46.0bn1

YoY Growth

2019 Wholesale Revenue

68.1% 66.7% 39.3% 16.8% 6.9 6.9 8.4 9.5 11.6 11.5 11.7 11.1 Q1 Q2 Q3 Q4 2018 2019

1. Wholesale business includes interconnect, inbound roaming and fixed wholesale.

SLIDE 23

Financial Update

SLIDE 24

Double-digit service revenue growth on track with our medium-term target

Financial Highlights

Service Service Revenue Revenue

+ 12.6%

N1,167.5bn

Voice Voice

+ 8.4%

N848.3bn

Data Data

+ 42.4%

N219.9bn

Opex Opex

21.4%
4.4%(1)

N321.1bn N426.6bn(1)

EB EBIT ITDA DA Marg Margin in

+ 12.1pp +3.0pp(1)

53.9% 44.8%(1)

EB EBIT ITDA DA

+ 45.2% +20.9%(1)

N629.9bn N524.4(1)

Fre Free e Cash Fl Cash Flow

+51.4% +26.6%(1)

N378.0bn N316.1bn(1)

EPS EPS

+ 38.9% +47.9%

N9.9k N10.6k(1)

Fin Final al divid ividend end of N4.97

f N4.97k

(to (tota tal l di divi vide dend nd of f N7

N7.92 .92k,

, up p 120.8 .8%) %)

Notes: Unless otherwise stated, all figures are based on IFRS 16. (1) On an IAS 17 basis .

SLIDE 25

Voice and data drive strong revenue growth, margin expansion with operational leverage

Performance Summary

Service revenue Expenses EBITDA and Capex

12.6% 6.3%

(NGN bn)

EBITDA Margin Capex Intensity

(NGN bn) (NGN bn)

41.8% 53.9% AFCF Capex EBITDA 17.7% 21.5% 223.3 316.1 378.0 210.7 208.3 251.9 434.0 524.4 629.9 2018 2019 (IAS 17) 2019 (IFRS 16) 44.8% 17.8% 782.3 848.3 154.4 219.9 20 4.6 28.6 35.2 5.5 12.1 46.1 47.4

2018 2019 Voice Data Digital Fintech Wholesale Other

1,036.9 1,167.5 198.9 218.8 408.5 426.6

2018 2019 Cost of Sales Opex

607.4 645.4

SLIDE 26

Double-digit revenue growth in line with our medium term guidance

Total Revenue

Total Revenue Split

(NGN bn)

Voice 74.3% 75.3% 72.5% Data 12.1% 14.9% 18.8% Digital 6.8% 1.9% 0.4% Fintech 2.4% 2.8% 3.0% Wholesale1 0.5% 0.5% 1.0% Other2 3.8% 4.6% 4.2%

Commentary

 Improved network coverage and availability countrywide  Segmented customer value management activities  Strong uptake of new plans with efficient customer targeting  4G and 3G network expansion, smart phone adoption campaigns and data price revamp; driving data subs and revenue growth  Fintech revenue driven by Xtratime product offering  Easier access to recharge post launch of MTN On Demand, improved electronic voucher distribution channels and direct to retail initiative

Notes: (1) Other revenue includes SMS, ICT & infrastructure, devices, leased line and non-service revenue; (2) Wholesale revenue line excludes interconnect revenue.

657.6 782.3 848.3 107.3 154.4 219.9 60.4 20.0 4.6 21.5 28.6 35.2 4.6 5.5 12.1 34.0 48.2 49.7 885.4 1,039.1 1,169.8 2017 2018 2019 Voice Data Digital Fintech Wholesale Other

Understanding Revenue Growth

1039.1 1169.9 66 65.5 (15.4) 6.6 6.6 1.5 2018 Revenue Voice Data Digital Fintech Wholesale Other 2019 Revenue

17.4% 12.6% 11.6%

YoY Growth

SLIDE 27

Understanding Cost of Sales  Gross margin remains relatively flat, at 81.3% in 2019  Increased interconnect cost due to: – Growth in subscriber base – Increased uptake of customer value propositions  Increase in commissions slower than revenue growth; while commission-to-sales ratio moderated marginally to 4.8%  Reduction in digital costs in 2019 due to

ptimisation process

 Increased regulatory fees in line with revenue growth

Cost of sales

Cost Breakdown

Cost of Sales Split

(NGN bn)

79.2% Gross margin 81.1%

Note: Other includes Recharge voucher, Handset & Accessories, SIM cards & Packs, Roaming, ICT & SIM services.

81.3%

84.2 95.6 105.2 44.9 51.3 56.6 20.8 7.3 1.9 6.4 8.3 10.1 19.3 23.1 26.2 8.4 13.3 18.7

184 198.9 218.8

2017 2018 2019 Interconnect Commissions Digital Fintech Regulatory Other

Interconnect 45.8% 48.1% 48.1% Commissions 24.4% 25.8% 25.9% Digital 11.3% 3.7% 0.9% Fintech 3.5% 4.2% 4.6% Regulatory 10.5% 11.6% 12.0% Other 4.6% 6.7% 8.5%

SLIDE 28

Operating expenses (Opex)

Cost Breakdown

27.5% 40.2% Opex intensity 39.3% Opex Split (NGN bn) 356.1 408.5(1) 321.1(2)

Understanding Opex  Lower opex due to the adoption of IFRS 16 (change in accounting treatment of lease rental), representing a decline of 21.4%  On IAS 17 basis, opex was N426.6 billion, representing a 4.4% growth, 9.6% excluding the notional reversal fee (2018)  This reflects progress with cost management initiatives and reduction of non-recurring expenses  YoY increase in maintenance cost due to increase in computer software maintenance and one-off cost of data centre upgrade  Reduction in lease rental and utilities due to IFRS 16 implementation  Other also includes travel & entertainment, transmission, provisions for doubtful debts, general expenses and MTN foundation

1. Includes

an IAS 17 basis. opex increased by 4.4% to NGN426.6bn between 2018 and 2019 .

213.5 244.7 176.2 23.8 27.8 31.6 42.7 45.5 48.9 30.0 30.0 20.5 15.8 16.5 20.3 30.2 44.2 23.6 2017 2018 2019

Lease Rentals, Utilities & Fuel Staff Cost Maintenance Professional Fees Marketing Other

Lease Rentals 60.0% 59.9% 54.9% Staff Cost 6.7% 6.8% 9.8% Maintenance 12.0% 11.1% 15.2%

Prof. Fees

8.4% 7.3% 6.4% Regulatory 4.5% 4.0% 6.3% Other 8.5% 10.8% 7.4%

SLIDE 29

Revenue driving growth

EBITDA

+45.2%

433.89 433.89 524.42 524.42 629.9 629.9 3.75 6.57 9.62 36.35 16.20 130.62 105.50

EBITDA FY18 Actual IAS 17 Salaries & Staff Costs SIM Cards & Device Cost Interconnect COS Lease Rental Others Revenue EBITDA FY'19 Actual IAS 17 IFRS 16 Ajustment EBITDA FY19 Actual IFRS 16

(N'b)

SLIDE 30

Reducing intensity while maintaining investment in capital expenditure

Capital Expenditure Breakdown

Capex Mix (%) Network 91.5% 88.9% 84.1% 69.6% IT 3.2% 3.9% 2.2% 1.8% Right of Use Assets 17.3% Other 5.3% 7.2% 13.7% 11.3%

FY19 Capex Allocation (%)

Note: Unless otherwise stated, numbers are based on IAS 17.

NGN bn 2018 2019 Sites rolled out 3G 3G 8 295 5 795 4G 4G 7 257 10 895 Population coverage 3G 3G 68% 77% 4G 4G 33% 46%

84% 2% 14% Network IT Other 70% 2% 17% 11% Network IT Right of Use Assets Other

Per IAS 17 Per IFRS 16 225.3 184.2 208.3 251.9 25.4% 17.7% 17.8% 21.5%

2017 2018 2019 2019 (IFRS 16) Capex Capex Intensity

SLIDE 31

Cash flow

(NGN bn)

629.9 629.9 120.3 120.3 Income Tax Paid Change in Net Working Capital NCC Fine Repayment EBITDA FY19 Actual IFRS 16 Capex1 Lease liability Interest Paid2 Net Interest Paid3 Levered FCF (68.1) (206.3) (26.0) (62.1) (110.0) (37.1)

Strong cashflow position & working capital efficiencies

Notes: (1) Excludes non-cash items. (2) Interest paid adjustment applicable to IFRS 16. (3) Excludes interest paid relating to lease liabilities in 2019 of NGN68.1bn.

SLIDE 32

Capital Structure Overview

(NGN bn)

Notes: (1) Excludes FY19 financial leases of NGN516.5bn (2) Calculated using FY19 EBITDA of NGN629.9bn and FY19 Net finance costs is NGN105.2bn per IFRS 16 (3) FY19 Net finance cost excluding fx revaluation (4) Net debt to EBITDA based on IFRS 16. FY19 Net Debt including financial leases is NGN812.8bn.

Overview and Financing Strategy Debt Evolution Total Debt 9.8x 9.8x Interest Coverage

(IAS 17)

166 122 296

2017 2018 2019

10.6x 10.6x 15.1x 15.1x

35 41 35

2017 2018 2019

Net Debt Net Finance Cost (3)

(IAS 17)

255 255 413 413(1) 175 175 6.0x(2)

48.7% 91.8% 51.3% 8.2%

2018 2019 Borrowing by Currency

LCY FCY

 MTNN has historically maintained moderate leverage; remains in a comfortable position relative to covenants on current FY19 metrics: – Interest Coverage of 15.1x (excl. financial leases) and 6.0x (incl. financial leases)(2) – Net Debt to EBITDA of 0.56x (excl. financial leases) and 1.3x (incl. financial leases)(4)  Relied largely on local funding in 2019 in order to reduce FX exposure and mitigate the impact

f exchange rate volatility

 FY19 local currency funding accounts for 91.8% of total borrowing, while foreign currency accounts for 8.2%  Plan to diversify funding sources and optimise funding costs 1.3x(4)

Net Debt / EBITDA

(IAS 17)

0.48x 0.28x 0.56x

2017 2018 2019

SLIDE 33

Looking Ahead

SLIDE 34

Investing for Sustainable Growth

 Further targeted segment value propositions  Expand rural coverage with over 1000 rural telephone sites  Focus on multi- product propositions & customer lifetime value  Focus on LTE coverage  Optimize of frequencies to further enhance quality and coverage  Scale up data education programme  Service bundling to drive uptake  Improve customer journey and experience  Build a sustainable active user base  Launch Ayoba and drive MusicTime! uptake  Local content aggregation & Partnerships  Scale our agent network  Expand super-agents service offerings  Grow active user base  Pursue PSB licence  Deepen enterprise penetration across different markets  Deploy vertical solutions across segments  Expand channel coverage for SME and partnerships with relevant ICT players  Monetize existing infrastructure  Localize Global Connect capabilities  Leverage Yellow connect platform

Voice Data Digital Fintech Enterprise Wholesale

SLIDE 35

Enabling Broader Economic & Social Development

Enabling over 1

1 Billion

rapid & expedient transactions via USSD

Supporting financial infrastructure

50,000+

ATM & POS for electronic payments Over 4,000 corporate branches and offices across FSI, FMCG and O&G Services connected Carrier of carriers to

100+ 100+ ISPs,

Carriers & ICT Resellers

29,000 km of fibre optics backbone.

Connecting 850

850+

Large Corporates,

100+ Public Sector &

800,000+

Small businesses

with greater reach & efficiency

Over 12,000 Vehicles (~3.5k Corporate and ~8.5k SMEs) subscribed to fleet & vehicle tracking services Over 100

100

Universities, Polytechnic and Colleges (Private & Public) accessing high capacity Internet

20 20 Million Nigerians live in

places where MTN is the sole provider of communication Each month, over

16million people

with no airtime connect with their friends and families using MTN Borrow Me Credit Invested over

N21 billion in

ver 860 projects,

supporting 18.6 million people

#GoodTogether

SLIDE 36

Medium-term Guidance

EBITDA margins Improving margins Capex intensity Reducing intensity Service revenue Double- digit growth

Dividend At least 80% of distributable net income

SLIDE 37

MTN Nigeria Investment Case

Strong position in the right market Exciting demographic

pportunity

Attractive return profile Well positioned for the long term Clear strategy

Largest African economy
Largest telecoms market in Africa
Clear leader in mobile market
Fast growing youthful population
Low data, fintech and digital adoption
Large unbanked segment
Double digit revenue growth
Efficiencies improve margins
Smart capex moderates investment
Strong cash flow generation
Leading Nigerian mobile and fibre network
Wide range of spectrum holdings
Leading brand and commercial proposition
Moderate leverage

SLIDE 38

Appendix

SLIDE 39

Impact of IFRS 16 adoption

IA IAS 17 IF IFRS 16 Ef fe fect on December 2019 Income statement Operating lease on straight line basis in EBITDA  No operating leases costs in EBITDA  Depreciation on right of use asset  Interest expense on lease liability  Impact on EPS  N105.5 bn  N56.8 bn  N68.1 bn  -6.54% Balance sheet Lease smoothing receivable/payable  Recognise right of use asset (ROU)  Recognise lease liability  N500 bn  N516.5 bn Cash flow Lease payment in operating activities  Lease payment in operating activities reclassified to lease payment in financing activities  Reclassification, no impact on free cash flow Capex/intensity1 Operating lease payment in EBITDA  N208 bn (capex less ROU additions

f N43.6 bn)

 No impact on capex intensity guidance

1. Defined based on capex excluding ROU asset additions.

SLIDE 40

Driving growth and profitability

Attractive Return Profile

40 Growth (%)

17.4% 885 1,039 1,170 79.2% 81.1% 81.3% 2017 2018 2019

Revenue Gross Margin

12.6% 25.4% 45.2%

346 434 630 39.0% 41.8% 53.9% 2017 2018 2019

EBITDA % Margin

225 184 208 25.4% 17.7% 17.8% 2017 2018 2019

Capex

(9.5) 5.9 6.1 2017 2018 2019

Monthly Churn (%)

2.2% 2.1% 2.3%

% of Revenues

20.8% 18.9% 18.7% 40.2% 39.3% 27.5% 50 39 133

Dividends Paid

81 146 202 9.1% 14.0% 17.3% 2017 2018 2019

Net Income % Margin

356 409 321

184 199 219

2017 2018 2019

Opex Cost of sales

(NGN bn) (NGN bn) (NGN bn) (NGN bn) (NGN bn) (NGN bn) Drop was due to change in definition

f active

subscribers(1) Notes: (1) New definition of active subscribers was more conservative, excluding incoming SMS, incoming ONNET calls and airtime refills from Revenue Generating U

Service Revenue Growth EBITDA Margin Expansion Strong Capex Investment

Increasing Net Adds and One of the Lowest Churn in Africa

Strong Cost Management

Attractive Net Income and D Dividends

Strong Cost Management

11.6%

9.2%

SLIDE 41

Highlights of Income Statement

Growth 2019 2019 2018 2018 Note(s) % N 'mn % of Gross Revenue N 'mn % of Gross Revenue Revenue 12.6% 1,169,735 100.0% 1,039,118 99.8% Other income

95.6%

97 0.0% 2,225 0.2% Gross revenue 12.3% 1,169,832 100.0% 1,041,343 100.0% Direct network operating costs

20.8%
242,012

20.7%

305,519

29.3% Value added services

26.6%
12,216

1.0%

16,644

1.6% Cost of handsets and accessories 106.2%

12,766

1.1%

6,192

0.6% Interconnect costs 10.1%

105,250

9.0%

95,630

9.2% Roaming costs

3.2%
4,038

0.3%

4,173

0.4% Transmission costs 0.8%

5,553

0.5%

5,509

0.5% Discounts and commissions 10.3%

56,586

4.8%

51,287

4.9% Advertisements, sponsorships and sales promotions 22.0%

19,848

1.7%

16,274

1.6% Employee costs 13.1%

30,706

2.6%

27,152

2.6% Depreciation of property, plant and equipment 45.0%

204,625

17.5%

141,162

13.6% Amortisation of intangible assets 12.3%

29,997

2.6%

26,700

2.6% Notional reversal difference payment to CBN

19,192

Other operating expenses

14.8%
50,937

4.4%

59,794

5.7% Operating profit 48.5% 395,297 33.8% 266,114 25.6% Net finance cost 135.0%

105,193

9.0%

44,771

4.3% Profit before taxation 31.1% 290,104 24.8% 221,343 21.3% Taxation 16.3%

87,993

7.5%

75,657

7.3% Profit for the year 38.7% 202,111 17.3% 145,686 14.0%

SLIDE 42

Highlights of Financial Position

Growth 2019 N '000 2018 N '000 Assets % N 'mn % of Total Assets N 'mn % of Total Assets Non-current assets 69.3% 1,263,107,084 82.8% 745,884,700 79.2% Current assets 34.0% 262,463,460 17.2% 195,854,920 20.8% Total Assets 62.0% 62.0% 1,525,570,54 1,525,570,544 100.0% 100.0% 941,739,620 941,739,620 100.0% Non- current liabilities 595.1% 595.1% 983,190,312 983,190,312 64.4% 64.4% 141,439,245 141,439,245 15.0% Current liabilities

31.5%

397,694,673 26.1% 580,948,060 61.7% Total liabilities 91.2% 91.2% 1,380,884,98 1,380,884,985 90.5% 90.5% 722,387,305 722,387,305 76.7%

Borrowings

135.3% 412,541,824 27.0% 175,314,238 18.6%

Lease liabilities

nm 516,534,156 33.9% N / A N / A

Other liabilities
21.5%

451,809,005 29.6% 575,367,577 61.1% Equity

34.0%

144,685,559 9.5% 219,352,315 23.3% Total equity and liabilities 62.0% 62.0% 1,525,570,54 1,525,570,544 100.0% 100.0% 941,739,620 941,739,620 100.0%

SLIDE 43

Thank You

SLIDE 44

THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES. This document and any information provided at this presentation or in this document is confidential proprietary information and is being made available on a strictly confidential basis. All material contained herein and all information disclosed in connection with this presentation, including any proposed terms and conditions, is for discussion purposes only, is subject to correction, update and change, and is strictly not to be relied upon for any purpose whatsoever. This document has been prepared by MTN Nigeria Communications Limited [or a successor entity] (the "Company") for use in presentations by the Company solely for discussion and feedback purposes and is the sole responsibility of the Company. This document is being furnished to each recipient solely for its own information. This document and the information contained in here may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. Neither this document nor the meeting at which it is presented constitute a recommendation regarding any loans or securities of the Company or any of its subsidiaries or joint venture companies. The information is in summary draft form and is being provided to you for discussion purposes only and must not be relied upon for any purpose. It does not purport to contain all information required to evaluate the Company and/or its financial position and, in particular, is subject to completion, amendment, revision, verification, correction and updating in its entirety. This presentation is not, and should not be construed as, a prospectus, is not intended for potential investors and does no t constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of t he Company, and nothing contained therein shall form the basis o f or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. The Company has not decided finally whether to proceed with any offering of securities (the "Transaction"). Such a decision would be taken only after assessing a number of criteria, including feedback and prevailing market conditions. Orders could only be placed and accepted during a formal offering period and only after a final form prospectus had been mode available by the Company. If a decision is mode to proceed with the Transaction, the offer to acquire securities pursuant to the Transaction would be mode, and any investment decision should only be mode on the basis of information contained in such prospectus. The prospectus would supersede all information provided to you before the dote of the prospectus, and your investment decision, if any, would have to be made only on the basis of the information contained therein. You should conduct your own independent analysis of all relevant data provided in any prospectus and you are advised to seek expert advice before making any investment decision. This presentation speaks as of the date hereof and has not been independently verified and no representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates, their respective directors, officers, employees or agents, Stanbic IBTC Capital Limited or Citigroup Global Markets Limited (the "Joint Global Co-ordinators") nor any of their respective affiliates, nor any of their or their affiliates' respective directors, officers, employees or agents as to the fairness, accuracy, completeness or correctness of the information or the opinions contained in this document or provided at the presentation. No reliance should be placed on the accuracy, completeness or fairness of such information or opinions for any purpose whatsoever, including but not limited to any investment considerations. Neither the Company, the Joint Global Co-ordinators nor any of their respective advisors, representatives or affiliates, nor any of the directors, officers, employees or agents of the foregoing shall hove any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising (including in respect of direct, indirect or consequential loss or damage) from any use of this document or its contents, or from any use of any information provided at the presentation or otherwise arising in connection with this document or the presentation at which it was presen ted. No duty of core is owed or will be deemed to be owed to you or any

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Disclaimer

SLIDE 45

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