SANRAL - Rating downgrade by Moody's Investors Service South African National Roads Agency SOC Limited (Incorporated in the Republic of South Africa Registration number 1998/009584/06) (“SANRAL” or the “Company”) Bond Issuer Code: BINRA RATING DOWNGRADE OF SANRAL BY MOODY’S INVESTORS SERVICE Notice is hereby given that Moody’s Investors Service (“Moody’s”) has today, 6 September 2013 downgraded SANRAL due to the significant deterioration in the Company’s cash flows which are necessary to meet its operating expenses and to service its debt levels acquired to, inter alia, fund the Gauteng Freeway Improvement Project (“GFIP”). The cash-flow strain has arisen from the prolonged delay in the promulgation of the Transport and Relates Matters Amendment Bill that would allow the commencement of the collection of toll on GFIP. The Global scale, local and foreign currency issuer ratings downgraded to Baa3/P-3 from Baa2/P-3 while the local national scale ratings have been downgraded to A3.za/P-3.za from A2.za/P-2.za. These ratings have been placed on review for further downgrade. According to Moody’s, the outlook on the rating remains negative due to the substantial increase in SANRAL’s debt stock as a result of GFIP and the anticipated further borrowings in the interim. Any additional debt issuance will further increase SANRAL’s already high finance charges and will put more pressure on its finances even with the probable realisation of e-toll revenues. Moody’s review in the next three months will focus on SANRAL’a ability to - - manage its current cash challenges; and - implement e-tolling and realise revenue. 6 September 2013 Debt Sponsor Absa Bank Limited (acting through its Corporate and Investment Banking division) Date: 06/09/2013 04:50:00 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.