REPUBLIC OF SOUTH AFRICA - National Treasurys auction levels announcement post the 2026 budget tabling

National Treasury’s auction levels announcement post the 2026 budget tabling

REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")

NATIONAL TREASURY'S AUCTION LEVELS ANNOUNCEMENT POST THE 2026 BUDGET TABLING

Bond auction

The National Treasury would like to advise of the following updates to the bond auction levels,
effective from the auction scheduled for 31 March 2026 (settling 7 April 2026):

   •   the competitive fixed-rate bond amount will decrease by R450 million to R2.550 billion;
   •   the inflation-linked bond amount will remain unchanged at R1 billion; and
   •   the non-competitive fixed-rate bond amount will remain unchanged at 75 percent of the
       amount offered, which will be split in the following manner:
           o 45 percent on the electronic trading platform (ETP); and
           o 30 percent on the primary auction.

The floating rate notes and switch auctions continue to form part of the National Treasury's funding
strategy, and will be conducted in line with the auction calendars published on the investor relations
website.

Treasury Bill auction

The weekly Treasury Bill auction level will increase by R500 million to R16.1 billion, effective from
the auction scheduled for 30 March 2026 (settling 1 April 2026).

This level is informed by an initial guideline of Treasury Bills comprising 10 percent of domestic
issuances. Improving macroeconomic conditions support a more active use of Treasury Bills within
the funding strategy. Treasury Bill auctions will now be flexible and may be revised during the fiscal
year to respond to market conditions and to help smooth government cash flow pressures.

For further enquiries contact:

Wanga Cibi
Chief Director: Liability Management
012 315 5274 / +27 63 698 7846

Pretoria
25 February 2026

Debt Sponsor
One Capital

Date: 25-02-2026 02:49:00
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.