REPUBLIC OF SOUTH AFRICA - Formal commencement of mandatory split of the R186 bond into R010, R187 and R188

Formal commencement of mandatory split of the R186 bond into R010, R187 and R188

REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")


FORMAL COMMENCEMENT OF MANDATORY SPLIT OF THE R186 BOND INTO R010, R187 AND R188

The National Treasury refers bondholders to the announcements published on SENS on Tuesday,
4 November 2025 and Friday, 14 November 2025, respectively ("Announcements") wherein
holders of the R186 (10.50%) 2025/26/27 government bond were advised of the formal
commencement of the voluntary split of the R186 bond, effective Wednesday, 5 November 2025
and concluding on Thursday, 4 December 2025.

Further to the Announcements, the National Treasury hereby advises bondholders of the upcoming
mandatory split of the R186 bond into R010, R187 and R188.

The key dates for the mandatory split are as follows:

      •   Record Date: Monday, 8 December 2025
      •   Execution / Effective Date: Tuesday, 9 December 2025

Instructions to Nominees (Local and Foreign)

Nominees are required to perform the mandatory split at the beneficial owner level in accordance
with the following allocation methodology. After applying the formula per investor, nominees must
aggregate the final holdings per child ISIN and submit the consolidated nominal values to their
South African Central Securities Depository Participant ("CSDP").

Allocation Formula:

 •     R010 (ISIN: ZAG000215070) = R186 holdings ÷ 3, rounded down to the nearest whole number
       (no fractions permitted) ("R010 entitlement")
 •     R188 (ISIN: ZAG000215096) = R186 holdings ÷ 3, rounded down to the nearest whole number
       (no fractions permitted) ("R188 entitlement")
 •     R187 (ISIN: ZAG000215088) = R186 holdings - R010 entitlement - R188 entitlement

Illustrative Example:

 •     R186 holding: ZAR/USD 102 345 656,25
         o R010 entitlement: Round Down (ZAR/USD 102 345 656,25 ÷ 3) = ZAR/USD 34 115 218
         o R188 entitlement: Round Down (ZAR/USD 102 345 656,25 ÷ 3) = ZAR/USD 34 115 218
         o R187 entitlement: ZAR/USD 102 345 656,25 – ZAR/USD 34 115 218 – ZAR/USD 34 115 218
           = ZAR/USD 34 115 220,25

Response deadline

Nominees should liaise with their respective CSDPs to confirm internal submission timelines.

All CSDPs are required to submit the consolidated final holdings to Strate no later than 13:00
South African Standard Time ("SAST") on Monday, 8 December 2025, which is the record date for
the mandatory split of the parent ISIN R186.

For any enquiries, please contact the the Debt Issuance and Management team at:
DebtIssuanceandManagement@treasury.gov.za.


For further queries contact:

Terry Bomela-Msomi
Director: Treasury Funding
012 315 5753 / +27 66 289 2492

Pretoria
5 December 2025

Debt Sponsor
One Capital

Date: 05-12-2025 05:00:00
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