Credit rating announcement - BINRA 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 “company”) CREDIT RATING ANNOUNCEMENT Noteholders are advised that credit rating agency, Global Credit Rating Co. (“GCR”), has on 13 August 2019, assigned national scale issuer ratings to SANRAL of A(ZA) and A1(ZA) in the long term and short term respectively, with a local and international Stable Outlook. The credit rating is premised upon the substantial ongoing financial support provided to SANRAL by the South African government (the “Government”), which GCR expects to persist due to the significance of the company’s economic role in the country and the guarantees issued by the Government to the majority of SANRAL’s debt. The credit rating is also constrained by SANRAL’s weak stand-alone financial profile which reflects poor cash collections, high leverage and weak stand-alone liquidity. This is further exacerbated by the non-payment of the Gauteng Freeway Improvement Project’s (“GFIP”) tolls which has placed additional pressures on the cash flow. The Stable Outlook stems from the expectation that the Government will continue to provide SANRAL with the necessary financial support it requires to meet its financial obligations. The company’s credit rating could improve if the GFIP toll payment issues were resolved, allowing SANRAL to move towards financial self-sustainability and if measures were taken to ease the significant debt burden of the Company’s financial obligations. The GCR credit rating report may be retrieved at the following link: https://gcrratings.com/announcements/gcr-assigns-national-scale-issuer-ratings-of-aza-a1za-and-an- international-scale-rating-of-bb-to-sanral-outlook-stable/. 14 August 2019 Debt Sponsor One Capital Date: 14/08/2019 05:10:00 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.