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SENS- Friday, 27 November 2020

MTN Group Limited Credit Rating downgraded by Moody’s

MTN Group Limited Credit Rating downgraded by Moody's MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1993/001411/06) ('MTNH') or ('the Company') MTN Group Limited Credit Rating downgraded by Moody's Moody's Investors Service, ('Moody's') has downgraded MTN Group Limited's (MTN) corporate family rating (CFR) to Ba2 from Ba1. The rating outlook remains negative in line with the sovereign outlook. Moody's has stated that the rating action is a direct consequence of the rating action on the South African sovereign and reflects MTN's material exposure to South Africa which is a key market for MTN. Moody's has also considered MTN's other key market Nigeria (B2 negative) where it also views the country risk as elevated and where the market is currently experiencing shortage of dollar liquidity. Notwithstanding the ratings action, Moody's has acknowledged that the Company's financial and operating performance has been resilient in the current year despite the challenges created by the COVID-19 pandemic. Moody's will however continue to monitor the sovereign ratings or regulatory risks in MTN's other key markets and will continue to weigh these against the resilience of MTN's underlying credit profile. For commentary on details ratings taken please refer to Moody's press release available on their website: https://www.moodys.com/research/Moodys-takes-rating-actions- on-South-African-corporates-following-sovereign--PR_436488 For further information contact: Thato Motlanthe, MTN Group Executive for Investor Relations Tel: +27 83 869 3348 Email: Thato.Motlanthe@mtn.com 27 November 2020 Debt Sponsor: The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division. Date: 27-11-2020 05:45:00 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.