Project World [12 February 2026] Discussion Materials

Table of Contents 01 Asset Overview 02 02 Italy’s Historical Trading Performance 04 03 Overview of Proposed Transaction and Illustrative Pro Forma Impact 09 1

Asset Overview 01

Italy Group Overview Source: Italy public filings, Italy management forecasts. Notes: Illustrative overview not meant to represent legal structure. Revenue and EBITDAaL as of FY24 (excl. Rwanda). 1 Market value of stakes assumes share price of $8.23 as of 4 February 2026 and number of shares outstanding (incl. share awards) of 350,541,138. 2 All debt and leverage ratios are on a pre-IFRS 16 basis, using Q3’25 Debt and Cash balances and FY24 EBITDAaL. 3 As of Q3’25 pro-forma sale of Rwanda (includes $175m of Rwanda sale proceeds). 4 Italy owns 51% of I-Systems, the fibre arm of Brazil. 5 Includes fibre. 6 LatAm cash balance as at Q3’25 of $35m (equiv.) 7 Includes debt supported by upstream guarantee from Nigeria. 8 Cameroon is debt-free. Italy Towers: 37,5583 Tenancy Ratio: 1.5x Revenue: $1.6bn Consolidated EBITDA (% margin): $993mn (61%) Consolidated EBITDAaL (% margin): $891mn (55%) Gross Leverage: 3.6x Nigeria Towers: 15,9423 Tenancy Ratio: 1.4x Revenue: $1,005mn EBITDAaL (% margin): $584mn (58%) Gross Leverage: 0.3x PF HoldCo Guaranteed Leverage: 3.9x 100%4 100% 100% Structure ◼ Incorporated: Cayman Islands ◼ Listed: NYSE ◼ Head Office: London Financial ◼ Market Cap: $2,885mn1 ◼ Reported Net Financial Debt³: $2,600mn ◼ Consolidated Net Leverage3 : 2.9x ◼ Firm Value (pre IFRS 16): $5,639mn ◼ FV / 25E EBITDAaL: 5.7x Brazil Towers: 8,586 Colombia Towers: 270 LatAm Towers: 8,8563 Tenancy Ratio: 1.3x Revenue: $184mn5 EBITDAaL (% margin): $97mn5 (53%) Gross Leverage: 1.1x South Africa Towers: 5,6963 EBITDAaL (% margin): $50mn (46%) Cameroon Towers: 2,4708 EBITDAaL (% margin): $62mn (48%) Cote D’Ivoire Towers: 2,6763 EBITDAaL (% margin): $66mn (52%) Zambia Towers: 1,9183 EBITDAaL (% margin): $32mn (50%) SSA Towers: 12,7603 Tenancy Ratio: 1.6x Revenue: $427mn EBITDAaL (% margin): $210mn (49%) Gross Leverage: 1.5x Debt: $182m (equiv.) Gross Leverage: 3.6x Debt: $84m (equiv.) Gross Leverage: 1.3x Debt: $48m (equiv.) Gross Leverage: 1.5x FibreCo Debt6 : $105m (equiv.) Senior Notes: $2,186mn HoldCo TL: $369mn HoldCo RCF ($300mn): undrawn as of Sep-25 Nigeria RCF: $37m (equiv.) undrawn as of Sep-25 All Italy HoldCo debt benefits from upstream guarantees from Nigeria OpCos Wendel 18.0% $519mn1 Monaco Group 24.3% $701mn1 KIC 6.2% $179mn1 Other / Free Float 35.6% $1,027mn 1 GIC 5.2% $149mn1 Sam Darwish 3.7% $108mn1 William Saad & Mo Darwish 1.6% $47mn1 IFC 5.4% $155mn1 Sale process underway TIM S.A engaged in non-binding discussions with IHS Fiber Brasil regarding a potential acquisition 2

5,696 Towers(2) 1.29x LUR(2)(5) Key Tenants South Africa 94% 22% 15,942 Towers(2) 1.45x LUR(2)(5) Key Tenants Nigeria 85% 41% Asset Overview Italy is one of the largest TowerCos globally, with a tower portfolio spanning 5 African countries, all of which overlap with Monaco. Key Financials(1) $677 million EBITDAaL (FY24) $1.47 billion Revenue (FY24) 28,702 Towers Across 5 African Countries 36% Market Share 44,090 Tenancies 28,702 Towers Operational KPIs(1,2) Source: Italy public filings, TowerXchange, WCIS. Notes: (1) Indicative of Italy Group figures excluding LatAm and Rwanda. (2) As of Q3’25. (3) Calculated as EBITDA less taxes, capex, rent and change in working capital. (4) As of FY24. (5) Lease up ratio. MNO Market Share Served(4) Italy Market Share (2) 1,918 Towers(2) 1.83x LUR(2)(5) Key Tenants Zambia 100% 48% 2,676 Towers(2) 1.83x LUR(2)(5) Key Tenants Cote d’Ivoire 100% 48% 2,470 Towers(2) 1.61x LUR(2)(5) Key Tenants Cameroon 100% 50% $450 million UFCF(3) (FY24) 3

02 Italy’s Historical Trading Performance

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Italy Helios ATC CCI SBA Indus Towers PT Sarana Operadora de Sites Mexicanos PT Tower Bersama (70.1%) (56.5%) (47.0%) (40.3%) (27.5%) (4.6%) 33.0% (29.9%) (32.0%) Italy Share Price Performance vs. Towers Sector Peers Since IPO Source: Italy public filings, Factset as of 4 February 2026. Italy Has Significantly Underperformed Sector Peers Since Listing, Declining by c.62% Share Price Rebased to Italy IPO Price ($) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Oct-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Jul-25 Dec-25 Italy Helios ATC CCI SBA Indus Towers PT Sarana Operadora de Sites Mexicanos PT Tower Bersama (62.4%) (56.9%) (53.0%) (44.9%) (12.7%) 13.4% 48.3% (37.6%) (34.5%) 4

0.0 2.0 4.0 6.0 8.0 10.0 0 1 2 3 4 5 6 7 8 9 10 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Italy Recent Share Price Performance (Last Three Years) Source: Italy public filings, Bloomberg, Factset as of 4 February 2026. (1) As of 30 January 2026, the last trading day before TIM SA announced its non-binding offer to acquire IHS Fiber Brasil. Share Price ($) Italy Share Price has Improved Over the Last 12 months Current Spot 1M VWAP 3M VWAP 6M VWAP Metric ($) 8.23 7.80 7.38 7.23 Offer Premium (%) (2.8%) 2.6% 8.4% 10.7% Daily Trading Volume (m) Offer Price: $8.00 $2.38 Stock price falls to an all-time low at $2.38 as Naira depreciation continues to exert downward pressure 1 Better-than-expected FY24 results and an improved outlook lead to significant share price recovery 2 Q2’25 earnings beat on revenue and EPS, stock price closes up 8.5% 3 Q3’25 results exceed expectations and FY25 guidance is raised; reduction in volatility in Naira 4 1 3 2 4 Unaffected Price(1): $7.99 TIM confirms non-binding discussions with IHS regarding potential acquisition of I-Systemes 5 5 Share Price Performance YTD LTM Since Jan-24 Since Jan-23 Italy 12.0% 131.2% 86.2% 31.5% Italy $8.23 5

Average FV / NTM EBITDAaL Current L3M L6M L1Y L2Y Since IHS IPO Italy 5.5x 5.2x 5.3x 5.2x 5.2x 5.2x Helios Towers 10.3x 9.6x 9.3x 8.9x 8.9x 8.7x Austria 6.7x 6.8x 6.3x 5.8x 5.8x 4.3x Monaco 4.9x 4.6x 4.6x 5.2x 5.2x 5.3x Monaco Nigeria 4.6x 4.2x 4.2x 4.3x 4.3x 4.9x Africa Telcos 5.4x 5.5x 5.5x 5.4x 5.4x 5.4x EM TowerCo 9.6x 9.7x 9.5x 9.6x 9.6x 10.5x Italy’s Multiple is in Line with its Historical Average EV / NTM EBITDAaL(1) Valuation Levels Across the Market Have Been Generally Suppressed Since Italy’s IPO Source: Factset as of 4 February 2026. (1) Since IPO on 14-Oct-2021. (2) Based on the average of Monaco, Vodacom, Airtel Africa, Monaco Nigeria, Safaricom, and Maroc Telecom. (3) Based on the average of Helios Towers, Tower Bersama, Sarana Menara, Indus Towers, and Telesites. EM Towerco(3) Helios Towers Austria Africa Telcos(2) Italy Monaco Nigeria Monaco 5.5x 5.4x 9.6x 10.3x 6.7x 4.9x 4.6x 0x 2x 4x 6x 8x 10x 12x 14x Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Italy Africa Telcos EM TowerCo Helios Towers Austria Monaco Monaco Nigeria Feb-25 6

0 20 40 60 80 100 120 140 160 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Italy’s Trading Multiple is Highly Correlated With Monaco EV/EBITDaL (NTM) 15.6% (53.9%) 5.5x 4.9x Rebased to 100 Share price movement shows 81% correlation since IPO Correlation = 81% Monaco Airtel 62% 15% TIM 7% Orange 7% Others 9% Italy Customer Concentration(1) Italy Monaco Source: Italy public filings, Bloomberg, Factset as of 4 February 2026. (1) As of Q3’25. 7

$29.00 $27.00 $24.00 $23.00 $22.00 $20.00 GS TD Cowen Barclays RBC Capital Citi JP Morgan Broker Price Evolution Since listing at a price of US$21 per share, broker target prices have reduced significantly from a median of $23.50 to $8.75. Buy Hold Sell Source: Bloomberg. Note: Broker names in each chart do not correspond, as brokers have been arranged based on target prices from highest to lowest. Percentage change in current target price compared to the initial target price at initiation of coverage: Broker 2 (-45%), Broker 3 (-59%), and Broker 5 (-29%). Broker Target Prices at IPO Broker Target Prices Now $17.00 $12.00 $10.00 $9.00 $8.50 $7.50 $7.00 $6.00 (37%) (59%) (67%) (76%) (70%) Median $23.50 Median $8.75 n.a n.a n.a % Change in Target Price [Now vs at IPO] Broker 1 Broker 2 Broker 3 Broker 4 Broker 5 Broker 6 Broker 1 Broker 2 Broker 3 Broker 4 Broker 5 Broker 6 Broker 7 Broker 8 8

Overview of Proposed Transaction and Illustrative Pro Forma Impact 03

Implied Offer Premuim for Target 8.23 8.50 Prem. / (Disc.) Current Share Price 8.23 -- 3.3% Prem. / (Disc.) to 1M VWAP 7.80 5.5% 9.0% Prem. / (Disc.) to 3M VWAP 7.38 11.5% 15.2% Prem. / (Disc.) to 6M VWAP 7.23 13.9% 17.6% Prem. / (Disc.) to 52W High 8.95 (8.0%) (5.0%) Prem. / (Disc.) to 52W Low 3.40 142.1% 150.0% Fully Diluted Shares Outstanding (m) 350.54 Equity Value ($m) 2,885 2,980 Borrowings 3,248 Cash & Cash Equivalent (648) NCI 179 (+) PF Italy Group EV to Equity Bridge 2,779 Enterprise Value Italy Group ($m) (Pre IFRS) 5,664 5,759 (-) LatAm EV (Pre IFRS 16) ($m) 1,083 Enterprise Value Sub Saharan Africa ($m) (Pre IFRS) 4,582 4,676 Metrics ($m) 2025E 780 5.9x 6.0x 2026E 808 5.7x 5.8x 2027E 838 5.5x 5.6x 2025E 607 7.5x 7.7x 2026E 643 7.1x 7.3x 2027E 625 7.3x 7.5x EV / EBITDAaL EV / OpFCF The offer price of $8.5 per share implies a ~15% premium over 3m VWAP. Analysis at Various Prices Current share price Offer price Source: Italy management forecast. Factset as of 4 February 2026. Notes: [(1) Estimated based on public disclosures.] (2) As of Q3’25. (2) (1) (1) 9

498 386 127 173 165 214 194 190 195 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 264 239 450 578 557 544 574 599 604 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 806 865 677 780 808 838 874 918 968 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 1,749 1,870 1,473 1,569 1,571 1,640 1,711 1,785 1,866 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 46.1% 46.3% 46.0% 49.7% 51.4% 51.1% 51.1% 51.4% 51.9% Italy Management Business Plan Source: Italy public filings, Italy management forecasts as of 15 November 2025. Notes: (1) EBITDA presented on a pre-IFRS 16 basis. (2) Calculated as capex / revenue. (3) Calculated as EBITDAaL – capex – taxes (incl. WHT on revenue) – change in net working capital. (4) Calculated as (EBITDAaL – UFCF) / EBITDAaL. Revenue ($mn) YoY Growth EBITDAaL(1) ($mn) Margin Unlevered Free Cashflow(3) ($mn) UFCF Conversion(4) Capex ($mn) Capex Intensity(2) 28.5% 20.6% 8.6% 11.0% 10.5% 13.0% 11.3% 10.6% 10.4% Awaiting JPM confirmation for inclusion 67.2% 72.3% 33.6% 25.9% 31.1% 35.1% 34.4% 34.8% 37.6% 6.9% (21.2%) 6.5% 0.1% 4.4% 4.3% 4.3% 4.6% 10

Monaco - Status Quo Italy PF Adjustments Fiscal Year Ending 31 Dec (US$m) H1'25 H1'25 H1'25 Income Statement Revenue 5,932 751 o/w Monaco Operating Expenses (3,400) (338) o/w Italy Adj. EBITDA (Post-IFRS 16) 2,532 413 D&A (Post-IFRS 16) (1,109) (105) o/w D&A (PP&E + Intangibles) (807) o/w D&A (RoU Asset) (302) o/w Italy Impairment, Exceptional & Other 2 8 5 Adj. EBIT (Post-IFRS 16) 1,451 313 Net Interest costs (438) (133) o/w Interest on lease liabilities (273) o/w Italy Foreign exchange losses 5 3 2 3 o/w Italy Earnings from Associates & JV's / Share based payments 9 2 (14) (Loss) / Profit Before Tax 1,158 188 Income Tax Expense (486) (82) (Loss) / Profit After Tax 672 106 Balance Sheet (Key Line Items) Gross Debt (Pre-IFRS 16) 4,203 2,900 Lease Liabilities 4,205 337 o/w IHS Gross Debt (Post-IFRS 16) 8,409 3,237 Cash and cash equivalents (1,634) (504) Current Investments (1,900) Restricted Cash (127) Group Net Debt (Post-IFRS 16) 4,748 2,733 Group Net Debt (Pre-IFRS 16) 543 2,397 RoU Assets 3,422 669 Equity 9,456 (1,345) ▪ Italy’s existing revenue from Monaco will reverse out post consolidation ▪ Monaco’s present non-lease expenses remitted to Italy will be removed after the consolidation ▪ Net EBITDA impact ▪ D&A portion of lease costs currently paid to Italy, to be reversed post consolidation ▪ Monaco to recognise incremental D&A stemming from purchase price allocation ▪ Net EBIT impact ▪ Interest component of lease payments currently remitted to Italy, to be reversed ▪ Monaco will incur additional interest expense related to the $1.0bn acquisition financing ▪ Foreign exchange (FX) losses linked to Italy will be eliminated ▪ Net PBT impact ▪ Tax benefit on the incremental interest expense ▪ Tax benefit on the additional D&A expense ▪ Total adjustment on post-tax profit Pro Forma Income Statement Impact Post-Acquisition At a Group level, Monaco would eliminate intercompany transactions with Italy which improve margins and medium-term leverage ratios. Leverage and US$ debt would be significantly higher. Key Adjustments as of H1’25 Bridging Monaco Pro Forma (A) B C D (E) F G (H) I J K L M (B) (E) (D) A (H) (I) K (G) (A) B C D D F G (H) G I I J L M + + + B (A) (E) D O (O) (O) N P Q R S Income Statement Balance Sheet ▪ Additional debt raised by Monaco to fund part of transaction ▪ Monaco’s capitalised lease payments due to Italy will reverse out post transaction ▪ Gross Debt (Post-IFRS 16) Impact ▪ Monaco’s ~25% stake in Italy to be reduced to zero ▪ Net Debt (Post-IFRS 16) Impact ▪ Reversal of RoU assets related to Italy ▪ Difference between Monaco’s RoU lease assets and lease liabilities related to Italy N (O) P Q R S N + Q T T Source: Monaco and Italy public filings. Financial due diligence reconciliation. Notes: (1) Financial due diligence numbers adjusted to consider the deconsolidation of LatAm lease liabilities. Italy’s Q1’25 LatAm lease liabilities considered as a proxy for H1’25. (1) 11

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This communication is not for distribution to the public or a large number of persons, but is personal to named recipients; it is directed to professional and market customers and not to retail customers. The financial products/financial services to which this marketing material relates is only made available to customers who in the view of Merrill Lynch International meet the regulatory criteria to be a Client under DFSA Conduct of Business rules (COB 2.3). Please note that Merrill Lynch International does not deal with retail clients. Notice for Hong Kong: Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America. Notice for Kingdom of Saudi Arabia: This marketing communication is issued and approved by the Merrill Lynch Kingdom of Saudi Arabia Company which is authorised and regulated by the Kingdom of Saudi Arabia Capital Market Authority ("CMA"). Principal address is Kingdom Tower, 22 Floor, 2239 Al-Orouba Road, Olaya, Unit No: 50, Ar Riyadh 12214-9597, Saudi Arabia. This communication includes information given in compliance with the Regulations of the CMA. This communication may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the regulations issued by the CMA. The CMA does not make any representation as to the accuracy or completeness of this communication, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this communication. This material is not to be distributed to, nor to be read by, retail clients. Notice for Mexico: Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation and Merrill Lynch México, S.A. de C.V., Casa de Bolsa is a registered broker dealer affiliate in Mexico of Bank of America Corporation. Bank of America, National Association, Charlotte, Carolina del Norte, Estados Unidos de Norteamérica, Representación en México is a representative office in Mexico of Bank of America, N.A., supervised by the Mexico National Commission on Banking and Securities. Notice for Peru: Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. and its investment banking affiliates provide outside of Peru. Neither Bank of America, N.A., nor its representative office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks. Notice for Qatar Financial Centre: Merrill Lynch International (QFC) Branch is licensed by the Qatar Financial Centre Regulatory Authority. Principal address is Tornado Tower, Level 22, West Bay, Doha, Qatar. QFC License no. 00258, P.O. Box 27774, Doha, Qatar. This communication is not for distribution to the public or a large number of persons, but is personal to named recipients; it is directed to eligible counterparty or business customers and not to retail customers. The financial products/financial servicesto which this marketing material relates is only made available to customers who in the view of Merrill Lynch International (QFC) Branch meet the regulatory criteria to be a Client under QFCRA Customer and Investor Protection Rules 2019. Please note that Merrill Lynch International (QFC) Branch does not deal with retail customers. Bank of America Europe DAC (“BofA Europe”) is a designated activity company limited by shares. It is registered in Ireland with registered number no. 220165 and registered address at Two Park Place, Hatch Street, Dublin 2. BofA Europe is a credit institution and is authorised and supervised by the European Central Bank and the Central Bank of Ireland. BofA Europe is regulated by the Central Bank of Ireland. List of branches is at https://business.bofa.com/content/dam/boamlimages/documents/articles/ID17_1174/bofaml_entities_list.pdf. This communication is provided for informational purposes only and does not constitute, nor should it be construed as, a representation or assurance that any product, service, or transaction is aligned with the EU Taxonomy Regulation (Regulation (EU) 2020/852). BofA Europe does not make any claim of EU Taxonomy compliance unless expressly stated in formal disclosures prepared in accordance with applicable regulatory requirements. Bank of America, N.A. (“BANA”) is a national banking association organised and existing under the laws of the USA with charter number 13044 and with its registered address at 100 North Tryon Street, Charlotte, North Carolina 28202, USA. BANA (member of Federal Deposit Insurance Corporation (FDIC)) is authorised and regulated by the Office of the Comptroller of the Currency, and is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System and the FDIC, each in the USA. BANA has a London branch (“BANA London Branch”) with its principal place of business in the United Kingdom at 2 King Edward Street, London EC1A 1HQ, which is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of BANA London Branch’s regulation by the Prudential Regulation Authority are available from BANA London Branch on request. Notice for Indonesia: Bank of America, National Association, Jakarta Branch (“BANA Jakarta”), is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America. In Indonesia, BANA Jakarta is licensed and under the supervision of the Indonesia Financial Services Authority (“Otoritas Jasa Keuangan” or“OJK”) and Bank Indonesia, and a participant of Deposit Insurance Corporation (“Lembaga Penjamin Simpanan” or "LPS”). PT Merrill Lynch Sekuritas Indonesia is licensed and supervised by OJK. Notice for Philippines: Bank of America, National Association, Manila Branch is regulated by Bangko Sentral ng Pilipinas. https://www.bsp.gov.ph. Deposits are insured by Philippine Deposit Insurance Corporation up to PHP 1,000,000 per depositor, per bank. For queries or concerns, please contact Client Service Team at (+632) 8815-5555 or asia.sse-ph@bofa.com. ©2026 Bank of America Corporation. All rights reserved. 1/2026 Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value 12

Disclaimer The accompanying material has been prepared for the Company by Citigroup Global Markets Inc. (“Citi”) in connection with considering and/or negotiating a proposed transaction involving the Company. Accordingly, the accompanying material is preliminary in nature and subject to further diligence and negotiation of the terms of the proposed transaction. No other person may rely upon the accompanying material. The accompanying material is subject to the terms of our engagement letter with the Company, including the section “Use of Information” therein. The accompanying material does not constitute an opinion by Citi as to the fairness to the Company or its shareholders of the terms of any actual or proposed transaction involving the Company. Any estimates and projections contained herein have been prepared or adopted by the Company’s management, or obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. Nothing contained herein shall be construed as legal, tax or accounting advice. 13