SANRAL - Notice of amendment to the Programme Memorandum and issue of new guarantee The South African National Roads Agency SOC Limited (Incorporated in the Republic of South Africa Registration number 1998/009584/06) (the “Issuer” or the “Company”) Bond Issuer Code: BINRA NOTICE OF AMENDMENT TO THE PROGRAMME MEMORANDUM AND ISSUE OF A NEW GUARANTEE UNDER THE ZAR31 910 000 000 DOMESTIC MEDIUM TERM NOTE PROGRAMME OF THE ISSUER IN TERMS OF THE PROGRAMME MEMORANDUM DATED 30 JULY 2009 ("PROGRAMME MEMORANDUM") AND GUARANTEED BY THE GOVERNMENT OF THE REPUBLIC OF SOUTH AFRICA ON 29 JUNE 2009 ("GUARANTEE") Notice is hereby given, that following a meeting ("Meeting") of the holders of the Notes issued by the Issuer under its Programme Memorandum, held on 1 April 2014, requesting the holders of the Notes to consider an amendment to the Programme Memorandum pursuant to the issue of an amended and restated programme memorandum ("Amended and Restated Programme Memorandum") and the replacement of the Guarantee with a new guarantee ("New Guarantee"), pursuant to the passing of the Extraordinary Resolutions by the holders of the Notes at the Meeting – 1 the Issuer was authorised to issue an Amended and Restated Programme Memorandum; and 2 the replacement of the Guarantee with a New Guarantee was authorised. The above resolutions were effected following the adoption of the Extraordinary Resolutions by Noteholders at the Meeting holding 84.66% of the Principal Amount of the Notes represented by Proxy. Capitalised terms and expressions used in this notice and not otherwise defined herein, shall have the meanings ascribed to such terms and expressions in the Programme Memorandum. By order of the board of the Company. 1 April 2014 Debt Sponsor Absa Bank Limited (acting through its Corporate and Investment Banking division) Date: 01/04/2014 02:06:00 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.