London: IHS in Nigeria, a subsidiary of IHS Holding Limited(NYSE:IHS) (“IHS Towers”), one of the largest independent owners, operators,and developers of shared communications infrastructure in the world by towercount, and MTN Nigeria (NGX:MTNN), a subsidiary of Africa’s largest mobilenetwork operator MTN Group (JSE:MTN), today announced an agreement torenew and extend all Nigerian tower Master Lease Agreements until December2032,covering approximately13,500 tenancycontracts.
With regards to the approximately 2,500 MTN Nigeria tenancies that had beendue to expire at the end of 2024 and in 2025, under the new terms IHS Towerswillrenew 1,430 tenancies(includingnew colocations).
The renewed and extended contracts include new financial terms that providewhat the parties believe to be a more sustainable split between local and foreigncurrency,aswellasanewdiesel-linkedcomponent.ThearrangementistestamenttothecriticalityofIHSTowers’infrastructureandthestrongoperationallinks between IHS Towers and MTN, Nigeria’s largest mobile network operator,with approximately79million subscribers.
Underthenewterms,thereisaUSDcomponentthatwillcontinuetobenefitfromannual escalators linked to US Consumer Price Index, a NGN component thatwill benefit from escalators linked to Nigerian Consumer Price Index, and a newcomponent indexed to the cost of providing diesel power, introduced to act as ahedgeagainst dieselprices and FXfluctuations.
This marks a significant milestone for IHS Towers as it has now completed therenewal of all tower MLA’s in Nigeria, a testament to the deepened relationshipbetweenthetwo companies.
Sam Darwish, Chairman & CEO, IHS Towers, said, “We are delighted toannouncetherenewalandextensionofouragreementwithourlargestcustomer,MTNNigeria.ThismarksasignificantmilestoneforIHSTowersasithascompletedtherenewalofalltowerMLA’sinNigeria,atestamenttothedeepenedrelationship between the two companies. We are cognizant of the challengesfacedinemergingmarketsandareproudtoextendourrelationshipintothenext

decade, working together to navigate global and local macro conditions whilebroadeningmobileconnectivityinNigeria throughourcriticalinfrastructure.”

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About IHS Towers: IHS Towers is one of the largest independent owners,operators and developers of shared communications infrastructure in the worldby tower count andis solely focused on the emerging markets. The Companyhas nearly 40,000 towers across its 10 markets, including Brazil, Cameroon,Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Rwanda, South Africa andZambia.Formoreinformation,pleaseemail:communications@ihstowers.comorvisit: https://www.ihstowers.com

Cautionarystatements

Thispressreleasecontainsforward-lookingstatements.Weintendsuchforward-lookingstatements to be covered by relevant safe harbor provisions for forward-looking statements (ortheir equivalent) of any applicable jurisdiction, including those contained in Section 27A of theSecurities Act of 1933, as amended (the “Securities Act”), and Section 21E of the SecuritiesExchange Act of 1934, as amended (the “Exchange Act”). All statements other than statementsof historical facts contained in this press release may be forward-looking statements. In somecases, you can identify forward-looking statements by terms such as “may,” “will,” “should,”“expects,”“plans,”“anticipates,”“could,”“intends,”“targets,”“projects,”“contemplates,”“believes,” “estimates,” “forecast,” “predicts,” “potential” or “continue” or the negative of theseterms or other similar expressions. Forward-looking statements contained in this press releaseinclude, but are not limited to statements regarding our future results of operations and financialposition,industryandbusinesstrends,businessstrategy,plans,marketgrowth,positionandourobjectives for future operations, our ability to maintain relationships with customers and continueto renew customer lease agreements, the potential benefit of the terms of such renewals, theongoing impact of currencyand exchange rate fluctuations,andtheimpact(illustrative orotherwise) of the new agreements with MTN Nigeria (including certain rebased fee components)on our financial results. We have based these forward-looking statements largely on our currentexpectations and projections about future events and financial trends that we believe may affectour business, financial condition and results of operations. Forward-looking statements involveknown and unknown risks, uncertainties and other important factors that may cause our actualresults,performanceorachievementstobemateriallydifferentfromanyfutureresults,performanceorachievementsexpressedorimpliedbytheforward-lookingstatements,including,but not limited to: we may not succe