3/4/2017 BhartiAirtelannouncessuccessfulpricingofDualCurrencyUSDandEURbondissuances

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Bharti Airtel announces successful pricing of Dual Currency- USD and EUR bond
issuances
FirsteverdualcurrencyissuancebyanIndianissuerandbyanyAsianTelco
LargesteverfundraisingexercisebyanIndianissueratasingletime
FirstprivateissuerinAsia(exAustralia)todoadualtrancheUSD/EURissuance
Withthistransaction,BhartiisthesinglelargestprivateissueroutofIndia
BuiltUSD16billionorderbookacrossthetwotrancheslargesteverforIndiantransaction
USDbookoversubscribed8X
EURbookoversubscribed5.3X
BroadbasedallocationacrossUS,EuropeandAsia

NewDelhi,May13,2014:BhartiAirtelLimited,aleadingglobaltelecommunicationscompanywithoperationsin20countriesacrossAsiaandAfrica,
todayannouncedthatitswhollyownedsubsidiaryBhartiAirtelInternational(Netherlands)B.V.(Bharti)hassuccessfullypricedadualcurrency
issuanceofGuaranteedSeniorNotescomprisingof

USD1,000million5.350%Notesdue2024(the"USDNotes")and
EURO750million3.375%Notesdue2021(the"EURONotes")

TheNotescarryanInvestmentGraderatingfromMoodys,Standard&PoorandFitch.

TheNoteswillbefullyandunconditionallyguaranteedbyBhartiAirtel.Bhartiwillapplythenetproceedstorefinanceitsexistingdebt.Thisrefinancing
exercisehassignificantlylengthenedtheaveragematurityprofileofBhartisdebt.Withthis,thecompanyhasfullyrefinancedtheoriginalUSD9billion
acquisitionfacilityandalsotakencareofallneartermmaturities.

ThesuccessofthedualtrancheEuroandUSDbondofferingsdemonstratethedemandforqualityInvestmentGradeIndianpaperlikeBhartiAirtel.
TheNotesreceivedconsiderableinvestorinterest,witnessingastrongdemandacrosshighqualityInstitutionalInvestors,BanksandInsurance
companies.

Broadallocationstatistics:

USDNotes
TotalOrderBookofoverUSD9.5billionoversubscribed8X
Participationbyover550accounts
RegionalallocationUS51%,Europe30%,Asia19%
Over75%allocationtofunds,withbalancetobanksandinsurancecompanies

EuroNotes
TotalOrderBookofoverEURO4.75billionoversubscribed5.3X
Participationbyover400accounts
RegionalallocationUK44%,EuropeexUK45%,Others11%
Over76%allocationtofunds,withbalancetobanksandrealmoneyaccounts

TheUSDNoteshavebeenpricedat270basispointsover10yearUSDTreasurywithafixedcouponof5.350%perannumtoyield5.361%.

TheEURONoteshavebeenpricedat225basispointsover7yearEURMidSwapswithafixedcouponof3.375%perannumtoyield3.498%.

Mr.HarjeetKohli,GroupTreasurer,BhartiAirtelsaid,Weareextremelypleasedwiththeoutcomeofyetanothersuccessfulcreditofferingbythe
company,whichisalsothefirsteverdualtrancheofferingfromanIndianIssuer.Withthistransaction,Bhartiisthesinglelargestprivateissueroutof
India.WenowhaveUSD5billionofBondsoutstanding,across5,6,7,9and10yearsoutstandingtenoracrossUSD,EURandCHFcurrency
base.

Throughthisaswellasthepreviousbondissuances,allacquisitionfinancefacilitiestakenfortheacquisitionofZainin2010,havebeensuccessfully
refinancedwellaheadoftheirtenure.TheseissuanceshaveprovidedaccesstohighqualityhighgradeinstitutionalinvestorbaseacrossUS,Europe
andAsia,underliningthestrengthofourbusiness,headded.

Barclays,BankofAmericaMerrillLynch,BNPParibas,HSBC,JPMorganandStandardCharteredBankactedasJointLeadManagersforthe
offering.

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