NAMPOWER (PTY) LIMITED - Change in Rating - NMP20N

Change in Rating - NMP20N

Namibia Power Corporation (Proprietary) Limited
(incorporated in December 1964 with limited liability under company
registration number 2051 in the Republic of Namibia)
Bond issuer code: BINPW
NMP20N ISIN: ZAG000041815

(“NamPower” or “the Issuer”)

CHANGE IN RATING

NamPower wishes to advise noteholders of the Issuer’s rating
upgrade. On 23 December 2015, Fitch Ratings announced that it has
upgraded the long term rating of NamPower from 'AA-(zaf)' to
'AA+(zaf)'and the outlook is stable; the short-term rating was
affirmed at 'F1+(zaf)'. The upgrade is a as a result of the
recalibration of the South African National rating scale.

4 January 2016

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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