THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - SANRAL Cabinet Approval of the Close-Out Position E-Toll Scheme

SANRAL Cabinet Approval of the Close-Out Position E-Toll Scheme

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")


CABINET APPROVAL OF THE CLOSE-OUT POSITION ON GFIP E-TOLL SCHEME
Bondholders are advised that Cabinet announced on 5 June 2026 that it has approved Government's final
position on the close-out of the Gauteng Freeway Improvement Project, Phase One ("GFIP") historical e-
toll debt and related matters.

GFIP was implemented and operated under SANRAL in terms of the applicable legislative and regulatory
framework, including the toll declarations that were in force at the time. The GFIP toll declarations were
subsequently withdrawn, with effect from 11 April 2024.

Cabinet's approval follows Government's decision to close the GFIP e-toll scheme and the subsequent
withdrawal of the GFIP toll declarations, which became effective on 11 April 2024.

Cabinet's approval confirms Government's final position that:

    •   outstanding historical GFIP e-toll debt owed by road users who did not pay will be written off;

    •   SANRAL will not pursue further collection of historical GFIP e-toll debt;

    •   road users who lawfully paid e-tolls while the system was legally in force will not be refunded;

    •   the no-refund position is based on the fact that e-tolls were lawfully levied at the time they were
        paid, before the toll declarations were withdrawn; and

    •   the write-off of outstanding debt gives effect to Government's decision to close the GFIP e-toll
        scheme and provide finality to road users, SANRAL and the fiscus.

SANRAL further confirms that the Memorandum of Agreement between National Treasury, the Gauteng
Provincial Government and the Department of Transport remains in force in respect of the funding and
servicing of SANRAL's GFIP-related debt and obligations. Accordingly, the Cabinet-approved close-out of
historical road-user e-toll debt and related matters does not alter the existing Government funding
arrangement for the coverage of SANRAL's GFIP-related debt.



SANRAL will proceed with the required administrative, financial and reporting steps to give effect to
Cabinet's decision, including the appropriate accounting and disclosure treatment in its Annual Financial
Statements, in accordance with applicable accounting standards, governance requirements and reporting
obligations.
The Minister of Transport has reiterated that, while Cabinet's decision brings the GFIP e-toll matter to a
close, the user-pay principle remains an important part of South Africa's road infrastructure funding
framework where it is appropriately structured, legally sound and supported by clear policy certainty.

SANRAL remains committed to keeping bondholders informed of any material developments relating to
the implementation of Cabinet's decision and the related financial reporting implications.



08 June 2026

Debt Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 08-06-2026 04:45:00
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.