Rating Action by S&P Global Ratings Mobile Telephone Networks Holdings Limited Registration number 1993/001411/06 Instrument Code: MTN04 ISIN: ZAG000078619 Dated: 12 April 2017 Rating Agency: S&P FOLLOWING S&P GLOBAL RATINGS (“S&P”) DOWNGRADE OF SOUTH AFRICA’S LONG-TERM FOREIGN CURRENCY SOVEREIGN RATING, S&P HAS REVISED MTN GROUP LIMITED (“MTN GROUP”) AND SUBSIDIARY MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED CREDIT RATING OUTLOOK AND ITS SOUTH AFRICAN NATIONAL SCALE RATING On April 3 2017, S&P lowered its long-term foreign currency rating on the Republic of South Africa to 'BB+' from 'BBB-' and maintained a negative outlook. In accordance with paragraph 4.26 of the JSE Debt Listings Requirements, noteholders are advised that upon review of MTN Group’s ratings (including subsidiary Mobile Telephone Networks Holding Limited), S&P affirmed MTN Group’s ‘BB+’ foreign and local currency long-term corporate credit rating. S&P however revised the rating outlook to Negative from Stable. S&P has also revised its South African national scale rating on MTN Group to ‘zaA’ from ‘zaA+’. For further information contact: Nik Kershaw, MTN Group Executive for Investor Relations Tel: +27 11 912 4092 Email: Nik.Kershaw@mtn.com Debt Sponsor: The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division. Date: 12/04/2017 04:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.