REPUBLIC OF SOUTH AFRICA - Indicative interest request: voluntary split of R186 into R010, R187, R188

Indicative interest request: voluntary split of R186 into R010, R187, R188

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

INDICATIVE INTEREST REQUEST: VOLUNTARY SPLIT OF R186 INTO R010, R187, R188

The National Treasury refers bondholders to the announcements published on SENS on
8 February 2024 and 15 October 2025, respectively, wherein bondholders of the R186 (10.50%)
2025/26/27 government bond were notified of:

•     the voluntary option to split the R186 bond into three new series, namely R010, R187 and R188
      (collectively, the "New Instruments"), pursuant to which any remaining R186 government
      bonds will be automatically split into the New Instruments on 11 December 2025; and
•     the listing of the New Instruments, with effect from 15 October 2025.

The National Treasury advises market participants that it is in the process of finalising the
operational framework for the voluntary split of the R186 into the New Instruments. A formal market
notice and detailed procedure will be published in due course.

In preparation for this process and to assist in assessing operational capacity and settlement flows,
the National Treasury invites non-binding, indicative expressions of interest from Primary Dealers
and other institutional bondholders indicating the nominal amount of R186 holdings that they would
elect to split, should the National Treasury set a provisional voluntary split date of
Friday, 31 October 2025.

This exercise is intended for indicative purposes only. It does not constitute a call to split, nor will
any trades be executed, allocations made, or consideration exchanged at this stage.

Details of the New Instruments

•     R010 – 10.50% 2025 (ISIN: ZAG000215070)
•     R187 – 10.50% 2026 (ISIN: ZAG000215088)
•     R188 – 10.50% 2027 (ISIN: ZAG000215096)

Submission Requirements:

Participants are requested to provide a single email containing the following details:

1.       Participant name and contact details.
2.       Nominal amount of R186 proposed to be split (ZAR).
3.       Custody account details for settlement planning (Strate account or participant code).
4.       Any operational considerations (e.g. maximum ticket size, rounding preferences, book
         closed considerations).
5.       Optional remarks (e.g. readiness to process free of value instructions, preferred cut off
         times).

Submission Details

Submissions should be sent to debtissuanceandmanagement@treasury.gov.za with the subject
line:

"R186 Split, Indicative Interest, [Your Institution]"


Response Deadline

Responses should be submitted by 12:00 South African Standard Time (SAST) on Tuesday,
28 October 2025. Aggregate results will be used for operational planning purposes only and
submissions will remain confidential. The National Treasury may publish only the aggregate
indicative interest received.


Important Notes

•    This request is for information purposes only and is intended to assist in estimating operational
     volumes and settlement capacity.
•    The split is expected to be conducted free of value and cash neutral, with equal nominal
     allocation into R010, R187, and R188 per participating holder, subject to the final procedure.
•    The formal split procedure, including final timelines, settlement route and operational
     instructions, will be communicated in a separate announcement in due course.
•    The National Treasury reserves the right to amend the provisional date and parameters as
     required by market infrastructure readiness and regulatory confirmations.


For any queries, please contact the Debt Issuance and Management team at the email address
above.

For further enquiries contact:

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

Pretoria
23 October 2025

Debt Sponsor
One Capital

Date: 23-10-2025 02:40:00
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