MOBILE TEL NETWORKS HLDGS (PTY) LIMITED - Credit Rating Revision by Moody's Investor Service - MTN04

Credit Rating Revision by Moody's Investor Service - MTN04

MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1993/001411/07)
Instrument Code: MTN04 ISIN: ZAG000078619
(“MTNH”) or (“the Company”)

MTN Group Limited-Credit Rating Revision by Moody’s Investors Service (“Moody’s”)

In terms of section 4.26 of the JSE Debt Listing Requirements, note-holders are hereby advised of MTN
Group Limited’s latest rating action by Moody’s as per the below::

Moody's Investors Service has on 15 December 2015 downgraded MTN Group Limited's global issuer
rating to Baa3 from Baa2, the national scale issuer rating to A2.za from A1.za and the $750 million senior
unsecured notes due 2024 issued by MTN (Mauritius) Investments Limited to Baa3 from Baa2. The
outlook is negative.

These latest rating adjustments follow the rating affirmation of Nigerian’s Ba3 Federal Government issuer
ratings as well as the lowering of the foreign currency bond ceiling to Ba2 from Ba1 dated 10 December
2015. The outlook thereof is stable.

Fairland
17 December 2015


Debt Sponsor
The Standard Bank of South Africa Limited

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