TIMELINE FOR BHARTI MTN DEAL

-->Bharti Airtel, R Comm eyeing controlling

May 2-
stake in MTN
15, 2008
-->MTN board clears talks exclusively with
Bharti

May 24, Bharti pulls out of MTN share deal.

2008

July 18, R-Comm, MTN mutually agree to end talks.

2008

May 25, Bharti Airtel is pleased to announce that it has

2009 renewed its effort for a significant partnership
with MTN Group Limited (“MTN”).

MTN board and a representative from PIC,

May 27, largest shareholder, are in Mumbai to meet
2009 bankers and investors and the deal is still on
track.

July 22, MTN's minority shareholders oppose deal with

2009 Bharti.

Bharti may consider sweetening its proposal in

Aug 10, its deal with MTN by raising its offer by 10-
2009 15%.It may also up the cash component in the
new offer.

MTN CEO Phuthuma Nhelko and Airtel Chief

 Aug 24, Sunil Mittal met Minister of Corp Affairs
2009 Saman Khursheed concerning the deal on
September 30.

Aug 27, Bharti has offered USD 13.1 billion to MTN for
2009 a 49% stake.

MTN has applied to the SATreasury for

approval for cash transfer of 2.9 billion rand.
Sep 4- South Africa's Labour Federation, Cosatu, is
18,2009 trying to halt the planned multi-billion dollar
tie ups

The SEBI dropped a bombshell on the deal. If a

company acquires any voting rights through
the GDR/ADR route it will be considered as
having triggered the Takeover Code as per the
 The SEBI dropped a bombshell on the deal. If a
company acquires any voting rights through
Sep 22,- the GDR/ADR route it will be considered as
24,2009 having triggered the Takeover Code as per the
provisions of the Takeover Code.

Governments and regulators have stepped up

Sep 24, the ante to push through the mega,
2009: transnational deal .

The structure is to be based on (EV/EBITDA)

Sep 25, valuations. The EV/EBITDA model, also referred
2009 to as enterprise or EBITDA multiple Bharti Airtel
to acquire 49% stake in MTN

Sep 30, Both companies mutually agreed to call off the

2009 deal.
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