THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - Change in reporting framework

Change in reporting framework

The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Alpha code: BINRA
("SANRAL" or the "Company")

CHANGE IN REPORTING FRAMEWORK

During 2016, National Treasury issued Directive 12 – The Selection of an Appropriate Reporting
Framework by Public Entities (the "Directive") which became effective on 1 April 2018 and required
state-own entities ("SOEs") to determine their reporting framework, taking into account the following
criteria:

1.   if a SOE was largely commercial in nature and only an insignificant portion of the SOE's funding
     is acquired through government grants, then International Financial Reporting Standards
     ("IFRS") would be applicable; and

2.   entities that did not meet this criteria and were mainly funded through government grants, should
     apply the Standards of General Recognised Accounting Practice ("GRAP") in terms of the
     Directive.

As SANRAL was reporting in terms of IRFS at the time the Directive came into effect, the Company
requested an extension to apply GRAP which resulted in SANRAL being exempted from applying
GRAP until 31 March 2023. Following a further request for an extension to apply GRAP, National
Treasury determined that SANRAL would be required to apply GRAP for its financial year ending 31
March 2024.

Noteholders are therefore advised that with effect from its financial year ending 31 March 2024,
SANRAL will be applying GRAP in the preparation of its annual financial statements in line with the
Directive.

25 April 2024

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 25-04-2024 08:30:00
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