MTN GROUP LIMITED - Further Cautionary Announcement

Further Cautionary Announcement

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
JSE Share code: MTN
ISIN: ZAE000042164
(MTN or Company)

Further Cautionary Announcement

Shareholders of MTN are referred to the cautionary announcements issued by MTN on the Stock
Exchange News Service of the JSE Limited dated 15 July and 22 August 2022 in relation to MTN and
Telkom SA SOC Limited (Telkom) entering into discussions relating to MTN acquiring the entire issued
share capital of Telkom in return for shares or a combination of cash and shares in MTN (the
Transaction).

The Board of directors (Board) of MTN has considered the announcement issued by Telkom in which
it refers to a non-binding proposal that Telkom has received from Rain. Based on such announcement,
the Board of MTN has addressed a letter to the Board of Telkom containing MTN’s comments thereon.
MTN received a response from Telkom, advising that it will respond to the MTN letter more fully in
due course. A further announcement will be released by MTN, setting out its position with regards to
the future of the Transaction.

In the meantime, shareholders are advised to continue to exercise caution when dealing in the
Company’s securities, as this could have a material effect on the share price of MTN.

The Board of MTN accepts responsibility for the information contained in this announcement and
certifies that, to the best of its knowledge and belief, such information is true, and that this
announcement does not omit any facts that would make any of the information false or misleading or
would be likely to affect the importance of any information contained in this announcement.



Fairland
30 September 2022

Transaction and joint sponsor
J.P. Morgan

Lead joint sponsor
Tamela Holdings Proprietary Limited

Joint financial advisors to MTN
J.P. Morgan
Standard Bank of South Africa
Tamela Holdings Proprietary Limited

Legal Advisors to MTN
ENS Africa

Date: 30-09-2022 12:46:00
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