4 July, 2003 Press Release JOBURG GETS IMPROVED CREDIT RATING FROM FITCH International ratings agency, Fitch Ratings has today announced the upgrade of its long term rating for the City of Johannesburg from BBB+ to A-. Finance and Economic Development Director, Roland Hunter says he is very pleased with the announcement. " This is confirmation of the financial prudency we have shown'' he said. This means that the city will be able to borrow cheaply in the market. It also indicates to investors that they should adopt the view that the city is a safe place to invest in. "Since the year 2000, the city has undergone a political and administrative transformation. Tight fiscal discipline, adherence to policy and a strong leadership directed by one vision of building a world class city is gradually paying off", said Roland. He further said that the city's potential business partners will be happy to hear about the rating. Given the many projects and initiatives to boost investor confidence and attract business to the city, this is well deserved. The city has been in a good liquidity position for the past four years, showing cash balances at the end of each year. The city has steadily overcome its financial problems since near financial bankruptcy in 1997/8. Although short term liquidity is not yet re-rated, it is improving steadily. The city now has a fully fledged treasury department with highly qualified staff. Issued on behalf of Roland Hunter Executive Director Finance and Economic Development City of Johannesburg For more information contact Jason Ngobeni Director Treasury Telephone : 358 3943