THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - SANRAL- Resignation of CEO

SANRAL- Resignation of CEO

THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/009584/30)
JSE alpha code: BINRA
("SANRAL" or "the agency")


NOTICE OF RESIGNATION OF SANRAL CHIEF EXECUTIVE OFFICER

Noteholders are advised that Mr Reginald Demana, who joined SANRAL as Chief Executive Officer (CEO) in
January 2023, has tendered his resignation as CEO of SANRAL, effective 31 August 2026, in order to take up a
new opportunity that aligns with his long-term career ambitions. Mr Demana joined SANRAL as CEO in January
2023 with a mandate to, among others, accelerate development of key national road corridor infrastructure projects
and stabilize SANRAL's toll portfolio.


During his tenure at SANRAL, Mr Demana played a key role in the following:


    •      SANRAL made significant progress on strategic infrastructure projects, including the R573 Moloto Road,
           N2 Wild Coast Road, N2-N3 KwaZulu-Natal upgrades, N2 Corridor in Mpumalanga and N1 South Corridor.
           These projects traverse both toll and non-toll road portfolios.
    •      The resolution of the Gauteng Freeway Improvement Project (GFIP) e-toll issue, which resulted in a
           significant improvement in SANRAL's balance sheet, largely due to the government's decision to absorb all
           the GFIP/e-toll related debt.
    •      Approval of an increased borrowing limit of R16.5 billion for SANRAL up to 31 March 2028, including a R7
           billion government-guaranteed New Development Bank facility. This was key to unlocking funding capacity
           for toll portfolio capital investment and previously constrained capital projects.


The Board will begin the recruitment process for a new CEO and will announce an Acting CEO while that process
is underway. A further announcement will be released once the Board has appointed an Acting CEO, which will be
no later than 17 July 2026, to support a smooth handover and transition between Mr Demana and the Acting CEO.


The Board thanks Mr Demana for his service and contribution to SANRAL and wishes him well in his future
endeavours.


Pretoria
09 July 2026
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 09-07-2026 10:44:00
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