Downgrade of MTN Group Limited's Credit Ratings MTN Group Limited (Incorporated in the Republic of South Africa) Registration Number 1994/009584/06 Share code: MTN ISIN: ZAE000042164 DOWNGRADE OF MTN GROUP LIMITED’S CREDIT RATINGS In accordance with paragraph 4.26 of the JSE Debt Listings Requirements, noteholders are hereby advised of the amendment to MTN’s credit rating effective on 13 June 2017. Moody’s Investors Service (“Moody’s” or “the agency”) has downgraded MTN Group Limited's senior unsecured notes issued by MTN (Mauritius) Investments Limited to Ba1 from Baa3, and has assigned MTN Group Limited a Ba1 corporate family rating (CFR) and a Ba1-PD probability of default rating (PDR) and has withdrawn MTN Group Limited ’s long-term Baa3 issuer rating. A stable outlook was assigned. This rating action follows the weakening of the South African government’s credit profile, as captured by Moody’s lowering of the South African sovereign rating to Baa3 from Baa2 on 9 June 2017. For commentary on details ratings taken on MTN Group Limited please refer to the Moody’s press release on their website: https://www.moodys.com/research/Moodys-downgrades-South-Africas- rating-to-Baa3-and-assigns-negative--PR_367769 For further information contact: Nik Kershaw, MTN Group Executive for Investor Relations Tel: +27 11 912 4092 Email:Nik.Kershaw@mtn.com Johannesburg 14 June 2017 Sponsor Deutsche Securities (SA) Proprietary Limited Date: 14/06/2017 07:45:00 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.