Investor PresentationMarch 2020

Sensitivity: Internal

Agenda

4 Looking Ahead

3 Financial Update

1 Operational Review

2

2 Strategic Review

Operational Review

Leading mobile operator in Nigeria

Strong managementwith 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.

4

25.2 million

Activedata users

Source: WCIS

49%Market

share by revenue(2)

Largest distribution network

Strong partner ecosystem

MTNN benefits from strong supportand unmatched expertise

of MTN Group, complemented by highly

experienced Board of Directors

64.3millionsubscribers

Exciting data, digital and fintech opportunity

NPS

Wide range of spectrum holding

Largest fibre network coverage

>29,000km

Largest Mobile Operator

44%4G Population

coverage

39%Data

penetration

42%Smartphone

penetration

78%3G population

coverage

#1

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

Data Revenue Share in 2019A Share of Data Users in 2019A(2)

ARPU (NGN)Q4 2019

Total Subsin 2019A

22PP 16PP

5

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

1,0071,000 1,000

Revenue Market Share in 2019A

Source: WCIS.

26PP

2.1%2.3%

1.4%

0.4%

2.5%

2.2%

1.2%

0.3%

181

10893

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 years19 20 28 41

Median Age

SA

WE

Nigeria Kenya Nigeria Kenya

(1)

SANigeria SA Egypt Kenya Tanzania

90% 191% 94% 103% 79%

90%

96%

Nigeria Mobile Penetration

Mobile subscribers in millions, 2019A Penetration Historical (15A-20A CAGR) Forecast (20A-25E CAGR)

WE(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.

6

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)

ActiveUsers(2)

Incidental /DormantUsers25 29

19

25

44

54

2018A 2019A

Source: Company data.

31%

57%

67%

Revenue

Data Revenue Contribution 2019A

WE

South AfricaNigeria

Source: WCIS.

(1)

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 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 Population4G Coverage (44%)

3G Coverage (78%)

2G Coverage (88%)Best Coveragein the country(1)

21

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 party partnerships

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. 7

>29,000

10,869

#2 Player

#1Network NPS

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 DistributionNetwork in Nigeria

Fast GrowingDigital Distribution

Enabler of subscriber acquisition strategy

PoSterminals

ATMsMTNN

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 InteractiveVoice Response

MTN USSD & MyMTN App Call Centre

+6.6msocial media

followersUSSD

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 ServiceLargest Distribution Network Nationwide

Source: Company data.

8

Super-agent Network

108kagents

Retail Stores

#123#

3.8mvisits

+950m MTN USSD

7.9mApp transactions

+1m retail touchpoints

Governance Focus

Introduced to focus on governance, effective stakeholder management and operational execution in times of crises

Chief Finance OfficerModupe KadriJoined MTN: 2007Years of telco experience: 12

Balanced Structure with Versatile Team

9

Chief Executive OfficerFerdi MoolmanJoined MTN: 2001Years of telco experience: 18

Chief Operating OfficerMazen MroueJoined MTN: 1998Years of telco experience: 21

Chief Risk and Compliance Cyril IIokJoined MTN: 2002Years of telco experience: 17

Executive Corporate RelationsTobechukwu OkigboJoined MTN: 2017Years of telco experience: 13

Company SecretaryUto UkpanahJoined MTN: 2005Years of telco experience: 14

Executive: Human Resources Esther AkinnukaweJoined MTN: 2012Years of telco experience: 7

Head, Internal Audit

Ibe EteaJoined MTN: 2019Years 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

over 200 years

▲ 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

10

Notes: (1) MSCI - Morgan Stanley Capital International

Q1 Q2 Q3 Q4

Key Highlights & Challenges in 2019

Strong performance supported by voice and data growth

Operational Highlights

Investment Growth driversSubscribers

+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

11

Regulatory Update

The AGF withdrew the alleged US$2bn revenue indebtedness and transferred the matterto the relevant tax and customs authorities. We have therefore discontinued the legalaction against the AGF and look forward to a final resolution. We have always fulfilledour tax obligations.

Following the directive from the Hon. Minister of Communication and Digital Economy onthe review of SIM registration to integrate NIN, the regulator (NCC) has notifiedoperators of its intention to introduce a direction mandating the use of NIN for SIMactivation in line with its rulemaking process. An opportunity was provided for commentsand 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)

12

Recent Developments

13

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

Strategic Review

Building a Digital Operator

15

The evolving telco The digital player

WholesaleVoice 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 networkOne distributionOne registration

The fintech player

Fintech

MTN NigeriaThe Digital Operator

Outgoing calls and incoming calls

Mobile access dataFixed 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 Enterprise 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%

Unlocking Opportunities Across the 6 Curves

16

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 path

Rapid scale FINTECH on

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%

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

187.3190.3

193.2

211.5211.3209.3 207.7

220

Q1 Q2 Q3 Q4

2018 2019

17

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

Accelerating DATA as Next Wave of Growth

2019 Data RevenueKey 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

35.538.8 39.8 40.4

46.651.2

56.1

66

Q1 Q2 Q3 Q4

2018 2019

31.3% 32.1% 41.0% 63.4%

18

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

0.31.0 1.0 1.2

1.5

Q1 Q2 Q3 Q4

2018 2019

1. Excludes A2P and bulk SMS.

19

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

6.67.0 7.1

7.98.2 8.38.8

10

Q1 Q2 Q3 Q4

2018 2019

22.9% 19.5% 22.6% 27.4%

20

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.

21

YoY Growth

28.2% 20.8% 20.1% 14.1%

24.1

27.4 28.430.430.9

33.1 34.1 34.7

Q1 Q2 Q3 Q4

2018 2019

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

8.49.5

11.6 11.5 11.711.1

Q1 Q2 Q3 Q4

2018 2019

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

22

Financial Update

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

Financial Highlights

24

Service Revenue

+ 12.6%

N1,167.5bn

Voice+ 8.4%

N848.3bn

Data+ 42.4%

N219.9bn

Opex- 21.4%- 4.4%(1)

N321.1bnN426.6bn(1)

EBITDA Margin+ 12.1pp+3.0pp(1)

53.9%44.8%(1)

EBITDA+ 45.2%

+20.9%(1)

N629.9bnN524.4(1)

Free Cash Flow+51.4%

+26.6%(1)

N378.0bnN316.1bn(1)

EPS+ 38.9%+47.9%

N9.9kN10.6k(1)

Final dividend of N4.97k (total dividend of N7.92k, up 120.8%)

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

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

Performance Summary

25

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%

782.3848.3

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

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.

26

657.6782.3 848.3

107.3

154.4219.9

60.4

20.04.6

21.5

28.635.2

4.6

5.512.1

34.0

48.249.7

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

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 optimisation 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.

27

81.3%

84.2 95.6 105.2

44.951.3

56.620.87.3

1.96.4 8.3

10.119.323.1

26.28.413.3

18.7184

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%

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

28

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

213.5244.7

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%

Revenue driving growth

EBITDA

29

+45.2%

433.89

524.42

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)

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.

30

NGN bn

2018 2019

Sites rolled out 3G 8 295 5 795

4G 7 257 10 895

Population coverage 3G 68% 77%

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

Cash flow

31

(NGN bn)

629.9

120.3

Income Tax PaidChange 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.

Capital Structure Overview

(NGN bn)

32

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 fxrevaluation (4) Net debt to EBITDA based on IFRS 16. FY19 Net Debt including financial leases is NGN812.8bn.

Overview and Financing Strategy Debt Evolution

TotalDebt

9.8x

Interest Coverage

(IAS 17)

166 122

296

2017 2018 2019

10.6x 15.1x

35

41

35

2017 2018 2019

NetDebt

Net Finance Cost (3)

(IAS 17)

255 413(1)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

of 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)

0.48x0.28x

0.56x

2017 2018 2019

Looking Ahead

Investing for Sustainable Growth

Further targeted segment value propositions

Expand rural coverage with over 1000 ruraltelephone 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

34

Enabling Broader Economic & Social Development

35

Enabling over 1 Billion

rapid & expedient transactions via

USSD

Supporting financial infrastructure

50,000+ATM & POS for

electronic payments

Over 4,000corporate branches

and offices across FSI, FMCG and O&G

Services connected

Carrier of carriers to

100+ ISPs,

Carriers & ICT Resellers

29,000 km of fibre optics backbone.

Connecting 850+ Large Corporates,

100+ Public Sector &

800,000+Small businesses

with greater reach & efficiency

Over 12,000Vehicles (~3.5k

Corporate and ~8.5k SMEs) subscribed to

fleet & vehicle tracking services

Over 100Universities,

Polytechnic and Colleges (Private &

Public) accessing high capacity Internet

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

over 860 projects,

supporting 18.6 million people

#GoodTogether

Medium-term Guidance

EBITDAmargins Improving margins

Capex intensity Reducing intensity

Service revenue Double-digit growth

36

Dividend At least 80% of distributable net income

MTN Nigeria Investment Case

Strongposition in the right market

Excitingdemographic opportunity

Attractive return profile

Well positionedfor the

long term

Clear strategy

37

• 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

Appendix

Impact of IFRS 16 adoption

IAS 17 IFRS 16 Effect 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 smoothingreceivable/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 of N43.6 bn)

No impact on capex intensity guidance

1. Defined based on capex excluding ROU asset additions.

39

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 2019EBITDA % Margin

225 184 208

25.4%17.7% 17.8%

2017 2018 2019Capex

(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

81146

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

of 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 DividendsStrong Cost Management

11.6% -9.2%

Highlights of Income Statement

Growth 2019 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%

41

Highlights of Financial Position

Growth2019

N '0002018

N '000

Assets % N 'mn% of Total

AssetsN '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% 1,525,570,544 100.0% 941,739,620 100.0%

Non-current liabilities 595.1% 983,190,312 64.4% 141,439,245 15.0%

Current liabilities -31.5% 397,694,673 26.1% 580,948,060 61.7%

Total liabilities 91.2% 1,380,884,985 90.5% 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% 1,525,570,544 100.0% 941,739,620 100.0%

42

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