Credit rating announcement The South African National Roads Agency SOC Limited Incorporated in the Republic of South Africa (Registration number 1998/009584/30) Company code: BINRA (“SANRAL”) CREDIT RATING ANNOUNCEMENT Noteholders are advised that the credit rating agency, Global Credit Rating Co. (“GCR”), has on 4 May 2021, downgraded the national scale issuer ratings assigned to SANRAL from A(ZA) to A-(ZA) and A1(ZA) to A2(ZA) for the long and short term respectively, the outlook remains on Negative. Concurrently, the long-term international scale issuer rating assigned to SANRAL has been affirmed at B+, outlook Negative. The downgrade on SANRAL’s national scale credit ratings reflects the high refinancing requirements over the medium term, coinciding with a lesser assurance of financial support from the Government of South Africa (“GoSA”) for State Owned Companies (“SOC”) because of a weakened fiscal position. The rating could improve if there is a resolution to the GFIP toll payment issues that would allow SANRAL to move towards financial self-sustainability. SANRAL continues as fulfilling a pivotal role in road infrastructure and the South African economy. Full report is available on the link https://gcrratings.com/announcements/gcr-downgrades-sanrals-national-scale-credit-rating-to-a-za-a2za- from-aza-a1za-on-heightened-medium-term-refinancing-risk/ Doris Thiele Nedbank Corporate and Investment Banking, a +27 11 2958525 division of Nedbank Limited 07 May 2021 Debt Sponsor Nedbank Corporate and Investment Bank, a division of Nedbank Limited Date: 07-05-2021 03:10:00 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.