REPUBLIC OF SOUTH AFRICA - Further update regarding the formal commencement of voluntary split of the R186 bond into R010, R187 and R188

Further update regarding the formal commencement of voluntary split of the R186 bond into R010, R187 and R188

REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")

FURTHER UPDATE REGARDING THE FORMAL COMMENCEMENT OF VOLUNTARY SPLIT OF THE R186 BOND 
INTO R010, R187 AND R188

Unless otherwise defined herein, capitalised words and terms contained in this announcement
shall bear the same meanings ascribed thereto in the announcement published by the
National Treasury on SENS on 4 November 2025 ("Announcement").

The National Treasury refers bondholders to the Announcement wherein holders of the
R186 (10.50%) 2025/26/27 government bond were advised of the formal commencement of the
voluntary split of the R186 bond effective Wednesday, 5 November 2025.

The National Treasury hereby notifies all market participants that the last day on which they may
elect to participate in the voluntary split is Thursday, 4 December 2025.

Bondholders of the R186 bond are further advised of the following updates to the submission
requirements and response deadline in respect of the voluntary split.

Submission requirements

-     South African investors must submit split instructions via their PDs.
-     PDs are required to aggregate client instructions and submit a consolidated file to the National
      Treasury's Debt Operations team at: Domestic&ForeignOps@treasury.gov.za.
-     PDs must utilise Converge for FoV settlement of the repurchase of the R186 bond and the
      allocation into the New Instruments' International Securities Identification Numbers (ISINs), in
      equal thirds.
-     If a PD or client is not onboarded on Converge, they are required to indicate this in their
      submission so that alternative operational arrangements can be coordinated with Strate and
      the National Treasury's Debt Operations team.
-     Foreign investors must submit split instructions via their foreign intermediaries, who in turn
      must submit split instructions to the National Treasury's Debt Operations team at:
      Domestic&ForeignOps@treasury.gov.za. The following details must be provided:
          - name of the foreign client / intermediary;
          - J-code (erstwhile UNEXCOR code);
          - R186 nominal value to split (e.g. ZAR15 968 971,25);
                  - R010 nominal value (divided by 3) and rounded down (ZAR5 322 989);
                  - R188 nominal value (divided by 3) and rounded down (ZAR5 322 989); and
                  - R187 nominal value (divided by 3 + remaining balance including fractions)
                    (ZAR5 322 993,25); and
          - signed by the designated signatory of the organisation.

Response deadline

Splits will be conducted bi-weekly on a Tuesday and Thursday. The deadline for Tuesday splitting
is the preceding Monday at 16:00 South African Standard Time ("SAST") and for Thursday splitting
is the preceding Wednesday at 16:00 SAST.

For any enquiries, please contact the the Debt Issuance and Management team at:
DebtIssuanceandManagement@treasury.gov.za.


For further queries contact:

Terry Bomela-Msomi
Director: Treasury Funding
012 315 5753 / +27 66 289 2492

Pretoria
14 November 2025

Debt Sponsor
One Capital

Date: 14-11-2025 04:55:00
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