Presentation for NOTCOctober 2018

Net1 International Holdings AS

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About Net1 International Holdings AS (“Net1 International”)

} Net1 International’s strategy for its emerging markets is to utilize the experience from the Scandinavian MBB operations on the 450MHz spectrum

} Primary strategy to provide 4G mobile broadband on the 450MHz frequency band to customers in suburban/rural areas where the internet access are speeds are sub-optimal or non-existent

} Net1 International believes there is significant value appreciation potential for the frequencies as there is only one 4G licence for the 450MHz in each country- Net1 Intern’l investments have perpetual licences in both countries

} The build-out of the network will be done in cooperation with local partners.

Overview Focus on 450MHz spectrum

Corporate timeline

Apr-15

Sep-15

Nov-15

Dec-15

May-16

Nov-16

Jun-17

H1’17

H2’17

Q1’18Entered into

agreements to enter Indonesia

and the Philippines

Q1’15

Raised new equity to fund

expansion

Raised subordinated capital to fund

expansion

Closed the entry into the

Philippines

Closed the entry into Indonesia

Regulator in Indonesia announces

intention to award tech neutrality

Secured additional 2x1.25 MHz of 450MHz

spectrum in the Philippines, and tech

neutrality in Indonesia

Selective commercial

launch in the Philippines

Roll-outs and commercial

launch

Entered into Brazil

Divested Brazil at a gain

to original investment

} Net1 International’s strategy focuses exclusively on data transmission on the 450MHz frequency band

} Low frequencies offer substantial benefits with respect to higher frequencies- Geographical coverage per site

- Advantage on network capex and opex

- Advantage on penetration of buildings

} The technology is well suited for covering large rural areas as well as offering wireless broadband at low costs’.

450 MHz

900 MHz

2,100 MHz

2,600 MHz

Aug-18Ice Group

International becomes Net1 International

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450MHz is ideal for emerging markets and rural areas

450MHz is highly attractive for data in rural areas Benefits of 450MHz compared to higher frequencies

Longer reach Lower capex Lower opex

34

10

12

20

800 900 1 800 2 100 2 600

# of base stations required to cover same are as one 450MHz BTS

450 MHz

900 MHz2,100 MHz

2,600 MHz

Geographical reach of different frequencies (illustrative)} The transmission of mobile data over low frequencies offer significant

capex and cost advantages relative to higher frequencies

} This makes 450 MHz well suited for wireless broadband offerings in rural

areas and in emerging markets

- Indonesia and Philippines have a significant number of islands

} To date, the focus for Net1 International has been to launch a LTE mobile

broadband network in rural areas that are characterised by a lack of fixed

line internet access

} The Company has achieved a successful proof of concept following the soft

launch

- The subscription base consists of multiple users in largely rural areas and/or less

urbanised areas that are characterised by low fixed-line penetration

- Multiple users sharing a single SIM (up to 5-10 users per SIM)

Extreme:

- Sea

- Dessert-

- Mountains

Net1 Intern’l area:

- Metropolitan areas

- Rural areas

- 120km offshore

Main stream:

- Metropolitan areas

- Rural areas

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Present in markets that are attractive for MBB roll-out

Sources: Cia World Factbook; https://data.worldbank.org/indicator/ny.gdp.pcap.pp.cd

Indonesia

Population ~261m ~104m

GDP per capita (PPP) ~USD 12,400 ~USD 8,200

GDP growth ~5.1% ~6.7%

Total subs in market ~371m ~119m

Key players* Telkomsel (53%), Indosat (30%), XL (14%) Globe (51%), PLDT (49%)

Fixed line penetration 1.9% 5.5%

Mobile subscr. penetration 149% 109%

Net1 International band-with 15MHz (450MHz) 15MHz (450MHz)20MHz (3.5GHz)

Net1 International share of below 1GHz spectrum 15% ~13%

USD/MH/POP invested ~USD 0.1 ~USD 0.1

Technology LTE/4G LTE/4G

License duration Perpetuity Perpetuity

Total investment ~USD 100m ~USD 25m

The Philippines

Cooperating with local partner –Sampoerna Telekomunikasi Indonesia

Local partner is Broadband Everywhere -A spin off of Textron Corporation In Philippines

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Net1 International has a significant share of <1 GHz spectrumIndonesia The Philippines

Spectrum overview by operator (MHz) Spectrum overview by operator (MHz)

1 2 3 4 5 6 Smart Globe Ice

130

80

90

50

40

15

316

218

35

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Business Developments} Indonesia

• Indonesia – 580 LTE 450Mhz sites installed to date; and expected to pass 600 sites by year-end.

• Site installation has focussed on the key islands of Java and Sumatra, with more than two thirds of the network deployed there.

• The mobile broadband product was launched into distribution channels in H1 2018, and has already received traction with >25,000 very

high ARPU subscribers signed up within a matter of months.

• Recent tower disposals have led to business being debt-free except for around $3m of debt (at H1 2018).

} Philippines

• Over 50 LTE sites on 450Mhz band (at H1 2018) providing a sound coverage starting point, with coverage focussed around metro areas.

• Further site roll-out planned via deployment of 3.5Mhz frequency, supplementing the existing 450Mhz coverage.

• Lean cost base and fully funded for foreseeable future, with a cash balance on hand to fund the next 18 months of cash consumption.

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Management with long experience within 450 MHz sphereGroup management Local MDs

§ CEO of ice Group since 2011, and Director of the Asian subsidiaries

§ Instrumental in AINMT’s acquisition of ice, and lead the acquisition of high demand spectrum in Norway

§ Lead the Company’s expansion into emerging markets

Chairman of the Board

Management experience - 450Mhz Operations} Management team with very successful experience with 450MHz

operations;

} Achieved 20% EBITDA margins in highly saturated Scandinavian markets via operators utilising 450Mhz spectrum;

} Conducted a detailed study in Brazil to roll-out a 450MHz network to provide traffic offload;

} Concluded sale of a 450MHz network in Romania which yielded a positive return for its investors.

§ Joined STI as CEO in 2015

§ Previous CCO at Bolt Super4G, CFO at First Media, Head of Mass Segment and Head of Business Planning at Citibank Indonesia

MD Indonesia

§ Joined BE in 2017 as CEO

§ Previously CEO of Citadel Shipping Services and Textron Inc

§ Over 25 years experience in corporate finance, general management, and business development

MD Philippines

JD Fouchard

Larry Ridwan

Beatriz Padilla

§ Joined Net1 Sweden in October 2012 as the CEO

§ Led Net1 into positive EBITDA by 2014, and delivered a peak EBITDA of SEK 56m in 2016

§ Supervised the network swap from a CDMA 450 network to a 450LTE network in 2015

CEO

Linus Jönsson

§ Previously Executive Head of Corporate Finance at both Smile Telecoms and Cell C; Board Member of Fibreco.

§ Advised on the sale of Zapp, Romanian 450MHz operator and one of the largest in Europe at the time, by Saudi Oger

§ Responsible for certain debt funding initiatives globally

CFO

AmitVithlani

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