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IHS Towers Completes Transaction with TIM S.A., Forming I-Systems to Deliver Fiber Optic Infrastructure Services

IHS Holding Limited (“IHS Towers”), one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in the world by tower count, has closed its previously announced transaction with TIM S.A. (“TIM”) to acquire a controlling interest in FiberCo Soluções de Infraestrutura S.A. (“FiberCo”). This includes TIM secondary fiber network and assets as well as the provision of fiber optic infrastructure services as an Open Fiber Network Service Provider. FiberCo will operate under the name of I-Systems.

IHS now owns a 51% stake in I-Systems and TIM the remaining 49%. The initial asset base of I-Systems includes TIM’s secondary network infrastructure, covering approximately 6.41 million homes passed, of which 3.5 million are Fiber-to-the-Home and 3.4 million Fiber-to-the-Cabinet. I-Systems is now responsible for the deployment of new secondary fiber infrastructure for TIM, and the operation and maintenance of all such fiber infrastructure. TIM continues as the anchor tenant across the network under a long-term master services agreement. Certain services will be provided to I-Systems by TIM under a Transition Services Arrangement.

I-Systems is expected to generate net Revenue of approximately US$57 million in the first full year of operations (based on a current exchange rate of 5.49 USD/BRL). IHS paid consideration of BRL1,096 million to TIM and BRL233 million into I-Systems to fund future growth. As per the transaction agreements, IHS will contribute an additional amount into I-Systems of approximately BRL350 million in three installments over three years.

Sam Darwish, IHS Towers Chairman and CEO, “I am exceptionally proud to announce the closure of this transaction with TIM, which represents the start of an exciting new chapter for IHS in Brazil. Since our entrance to Brazil in February 2020, we have been fully committed to supporting the development of the telecommunications landscape in Brazil by bringing cutting edge technology and infrastructure to the region’s largest mobile network operators. Having successfully launched fiber to the tower in our African markets, we are excited to be increasing our fiber capacity in one of the world’s fastest growing regions through a long-term agreement with a high-quality partner. Working with TIM will provide us with unique market insights and exceptional regional expertise as we seek to serve soaring demand for fiber connectivity.”

Pietro Labriola, TIM CEO, “We are pleased to establish this partnership with IHS to consolidate an innovative business in the Brazilian fiber market. Among the telecommunications operators in the country, TIM is the only one associated with a global company recognized for its excellence in infrastructure. This gives us the assurance that the expansion of our fixed ultra-broadband services will follow the best standards of the international market. I am sure that the new company will have the flexibility and strength to offer the best solutions to customers in Brazil, a country of many dimensions that requires a varied menu of service offerings.”

About IHS Towers: IHS Towers is one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world by tower count and is the only towerco solely focused on the emerging markets. The Company has more than 30,500 towers across its nine markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Kuwait, Nigeria, Peru, Rwanda and Zambia. For more information, please email: communications@ihstowers.com or visit: www.ihstowers.com

About TIM: “To evolve together with courage, transforming technology into freedom” is the purpose of TIM, which operates throughout Brazil with telecommunications services, focused on the pillars of innovation, customer experience and agility. The company is recognized for leading important movements in the market since the beginning of its operations in the country and is at the forefront of society's digital transformation, in line with the signature of the brand: "Imagine possibilities". Since 2015, it has been a leader in 4G coverage in Brazil, connecting, including the countryside, to enable innovation in agribusiness. It was a pioneer in the activation of 5G networks in the country, with the creation of Living Labs in 2019, and is ready for the next generation of mobile networks.

TIM values diversity and promotes an ever more inclusive culture, with a work environment based on respect. The company is committed with best practices in Environmental, Social and Governance, and that is why it is part of important portfolios in the Brazilian Stock Market, such as S&P/B3 Brazil ESG, Efficient Carbon Index (ICO2) and Business Sustainability Index (ISE), being the Telecom operator for longer consecutive years in this list (13 years). TIM is also part of B3 New Market, acknowledged as the highest level of Corporate Governance, and it was the first Telecom company recognized by the Controller General of the Union (CGU) with the "Pró-ética" seal. For more information, visit: https://www.tim.com.br

1 Total households considering an overlap in coverage between FTTH and FTTC of about 570 thousand homes.

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