Extract the files and place them in:
Steam\steamapps\common\Halo The Master Chief Collection\halo2\h2_maps_win64_dx11

Extract files
Steam\steamapps\common\Halo The Master Chief Collection\data\ui\localization

Recommended sub settings:
Dialogue color style: Single Color
Display speaker names: Always
Speaker name color and style: Single Color same as Dialogue color style

Extract files to:
Steam\steamapps\common\Halo The Master Chief Collection\halo2\terminals

Includes the hotfix for terminal 15