THE SA NATIONAL ROADS AGENCY SOC LIMITED - SANRALS ZAR31.91 Billion Guarantee Update

SANRAL’S ZAR31.91 Billion Guarantee Update

The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL” or the “Issuer”)


SANRAL’S ZAR31.91 BILLION GUARANTEE UPDATE

The Issuer wishes to advise holders of SANRAL’s ZAR31.91bn Domestic Medium Term Note
Programme (the “DMTN Programme”), in relation to the total number of notes outstanding of the
following at 31 May 2017:
     - nominal issued under the DMTN Programme is ZAR23.462bn; and
     - net nominal debt issued under the government guarantee is ZAR25.071bn; and
     - total amount of government guaranteed debt outstanding is ZAR31.979bn*

*This figure includes nominal amount of floating rate notes, other guaranteed loans, accrued (yet
unpaid) interest and the current redemption amount in the inflation-linked notes.

SANRAL further confirms that it is currently in the process of working with government with regards
to increasing the maximum aggregate amount guaranteed in order to provide greater headroom for
subsequent placements under this DMTN Programme and to ensure that all indebtedness under this
Programme remains guaranteed. Government has indicated that its intention was that the
guarantee utilisation be measured in nominal terms with regard to the inflation linked debt,
although the guaranteed obligation would be the redemption value. SANRAL, the Department of
Transport, and National Treasury will strengthen the wording of any legal documentation to ensure
the avoidance of doubt. Updates will be communicated in a further SENS announcement.

The DMTN Programme and Guarantee may be found on the Issuer’s website, at www.nra.co.za.

Should noteholders have any queries in relation to the content of this announcement, please direct
them to the below contact provided.

Name:             Skhumbuzo Macozoma
Designation:      Chief Executive Officer
Telephone:        +27 12 844 8002
Email:            MacozomaS@nra.co.za


1 June 2017

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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