Clarification on the recently published Fitch’s revised rating of Transnet TRANSNET SOC Ltd Registration Number: 1990/000900/30 Clarification on the recently published Fitchs revised rating of Transnet Purpose and background: This notice serves to provide clarity on the recent Fitchs Ratings Agency report published on 14 January 2013, following the downgrade of the Sovereign ratings of the Republic of South Africa on 11 January 2013. Firstly, Transnet wishes to bring to your attention that Fitch Ratings Agency is not an official rating agency of Transnet, thus, uses publicly available information to perform a desktop rating analysis of Transnet. As such, they are not privy to any updated information that may not yet be published. Furthermore, they do not engage with Transnet management as would be the case with official rating agencies of Transnet, to clarify, understand and discuss any strategies contemplated by management, challenges experienced and plan to manage these. Secondly, according to Fitch Ratings analysts, the recently published report was not as a result of an analysis and or evaluation done on Transnet as would be the case with the annual publication done by Fitch on Transnet, but, rather a revision based purely on the Sovereign downgrade. Thus, the revision was not based on Transnets performance on a stand-alone basis, but on an inherent fact that it is a state-owned company (SOC). Conclusion: It is, in Transnets opinion, important that Investors note that Transnet is officially rated by Moodys Investor Services and Standard & Poors and should rely on their rating reports. If you need further clarity on the matter, please contact the following people at Transnet: Ms Disebo Moephuli: Group Treasurer Disebo.moephuli@transnet.net Mr Tshepo Matlamela: Deputy Treasurer: Front Office- Tshepo.matlamela@transnet.net Ms Nontlaza Sizani: Head: Cash Management - Nontlaza.sizani@transnet.net Date: 21/01/2013 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.