BITRA-Transnet Bond Activity TRANSNET SOC Limited Issuer Code: BITRA (“TRANSNET”) TRANSNET BOND ACTIVITY Earlier this year, after engagement with its Market Making Dealer Panel (ABSA, Investec, Nedbank, RMB and Standard Bank), Transnet took the decision to cancel the Market Making Dealer Panel agreements and to formulate the following provisions under which Transnet Treasury will interact with bond market participants in future. 1. Transnet Treasury will show sell-side only prices to any Johannesburg Stock Exchange (“JSE”) Bond Member. The nominal size and yields of these transactions will depend on market circumstances and will be at the sole discretion of Transnet Treasury. 2. These “on demand” prices will be available from Transnet Treasury as requested during normal JSE trading hours. 3. Transnet Treasury will offer bond repurchase (“Repo”) facilities, whose amount and carry rate will be at the sole discretion of Transnet Treasury, to any JSE Bond Member. The roll-over of such Repo transactions will be at the sole discretion of Transnet Treasury. 4. Transnet Treasury has in the past placed an informal limit (“Cap”) on the total issue size of the Transnet bonds. This Cap has been reviewed and the revised Cap per Transnet bond, is as indicated in the table below: New Transnet Bonds Issuance Cap (R billions): BONDS ISSUED BALANCE CAP AVAILABLE TN20 7.000 7.000 - TN23 7.000 7.000 - TN25 7.000 9.000 2.000 TN27 7.000 10.000 3.000 TN30 3.371 7.000 3.629 TN40 3.130 7.000 3.870 5. Transnet Treasury reserves the right to adjust the cap, at its sole discretion. Any changes to the cap and/or the provisions outlined above, will be communicated to the market before implementation. 15 August 2019 Debt Sponsor The Standard Bank of South Africa Limited Date: 15/10/2019 11:15:00 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.