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PRO FORMA APPLICABLE PRICING SUPPLEMENTSet out below is the form of Applicable Pricing Supplement that will be completed for each Tranche of Notesissued under the Programme:Applicable Pricing Supplement dated 2022/07/06THE REPUBLIC OF SOUTH AFRICAIssue of ZAR80,000,000,000.00 RN2027Under its Domestic Multi Term Note ProgrammeThis document constitutes the Applicable Pricing Supplement relating to the issue of Notes described herein.Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions (the Termsand Conditions) set forth in the Republic of South Africa's Domestic Multi Term Note Programme Memorandumdated May 2022 (the Programme Memorandum), as updated, supplemented and amended from time to time.This Applicable Pricing Supplement must be read in conjunction with such Programme Memorandum (as soupdated, supplemented or amended). To the extent that there is any conflict or inconsistency between the contentsof this Applicable Pricing Supplement and the Programme Memorandum, the provisions of this ApplicablePricing Supplement shall prevail.DESCRIPTION OF THE NOTES1.Issuer:The Republic of South Africa, acting through theNational Treasury2.Status of Notes:Unsecured3.Series Number:14.Tranche Number:15.Aggregate Nominal Amount per Note):7.Currency:ZAR8.Redemption/Payment Basis:Redemption at par9.Type of Notes:Floating Rate Notes10.Interest:Interest-bearing11.Interest Payment Basis:Floating Rate12.Automatic/Optional Conversion from oneInterestPaymentBasisand/orRedemption/Payment Basis to another:N/A13.Form of Notes:Registered Notes(NominalZAR1,000,000.00
14.Issue Date:2022/07/11 (auction on 2022/07/06)15.Issue Price:10016.Interest Commencement Date:2022/07/1117.Maturity Date:2027/07/1118.Business Centre:Johannesburg19.Additional Business Centre:N/A20.Business Day Convention:Following Business Day21.Final Redemption Amount:100% of nominal Issued22.Last Day to Register:30th September, 31st December, 31st March and 30thJune which shall mean that the Register will be closedby 17h00 from the date following each Last Day toRegister to the next applicable Interest Payment Dayor 10 (ten) days prior to the date on which the notesare redeemed23.Books Closed Period(s):The Register will be closed from 1st to 11 October,1st to 11th January, 1st to 11 April and from 1st to 11July (all dates inclusive) in each year until theMaturity Date24.Default Rate:N/AFIXED RATE NOTESN/AFLOATING RATE NOTES25.Floating Rate Note Provisions:Applicable(a)Interest Payment Date(s):11 October, 11 January, 11 April and 11 July in eachyear up to and including the Maturity Date (11 July2027), subject to adjustment in accordance with theBusiness Day Convention set out in paragraph 20above(b)First Interest Payment Date:11 October 2022(c)Interest Period(s):Quarterly;Means each period commencing on (and including)an Interest Payment Date and ending on (butexcluding) the following Interest Payment Date;provided that the first Interest Period will commenceon (and include) the Interest Commencement Dateand end on (but exclude) the following InterestPayment Date (each Interest Payment Date asadjusted in accordance with the applicable BusinessDay Convention).(d)Definition of Business Day (ifdifferent from that set out inCondition 1 (Definitions andInterpretation)):N/A(e)Minimum Interest RateN/A per cent. per annum(f)Maximum Interest RateN/A per cent. per annum(g)Other terms relating to the method ofcalculating interest (e.g.: Day CountFraction, rounding up provision)ACT/365
(h)Manner in which the Interest Rate isto be determinedScreen Rate Determination(i)Margin130 basis points to be added to the relevant ReferenceRate(j)If ISDA Determination:(k)(i)Floating Rate:N/A(ii)Floating Rate Option:N/A(iii)Designated Maturity:N/A(iv)Reset Date(s):N/A(v)ISDA Definitions toapply:N/AIf Screen d by reference towhich the Interest Rateis to be calculated):ZAR-JIBAR-SAFEX with a designated maturity of 3(three) months.(ii)Interest DeterminationDate(s):11 October, 11 January, 11 April and 11 July in eachyear(iii)Relevant Screen Pageand Reference Code:JIBAR 3M Bloomberg(iv)Relevant Time:11:00(i)Note: It is anticipated that during the life of thisinstrument, the 3-month Jibar may no longer beconsidered as the default reference rate for suchinstruments. In the event that this materialises or thata transition starts to take place, National Treasuryreserves the right to change the reference rate fromthe 3-month Jibar to the new prevailing referencerate.(l)Reference Banks:ABSA Group Limited; African Bank; Rand MerchantBank Limited; Investec Bank Limited; NedbankLimited; Standard Bank(m)If Interest Rate to be Determination, insert basis fordetermining Interest Rate/Margin/Fallback provisions:N/A(n)Calculation Agent responsible forcalculating amount of principal andinterest:NTZERO COUPON NOTESN/AINSTALMENT NOTESN/AMIXED RATE NOTESN/AINFLATION LINKED NOTESN/AINDEXED NOTESN/AEXCHANGEABLE NOTESN/AOTHER NOTESN/APROVISIONS REGARDING REDEMPTION/MATURITY
Redemption at the option of the Issuer:26.Not ApplicableIf Applicable:(a)Optional Redemption Date(s):N/A(b)Optional Redemption Amount(s) andmethod, if any, of calculation of suchamount(s)N/A(c)Minimum period of notice (if differentfrom Condition 7.2:N/A(d)If redeemable in part:N/A(e)Minimum Redemption Amount(s):N/A(f)Higher Redemption /AGENERAL27.Financial Exchange:JSE28.Calculation Agent:NT29.Specified Office of the Calculation Agent:240 Madiba street, Pretoria30.Paying Agent:SARB31.Specified Office of the Paying Agent:370 Helen Joseph Street, Pretoria Central32.Transfer Secretary:N/A33.Specified OfficeSecretary:34.Stabilisation Manager:N/A35.Provisions relating to stabilisation:N/A36.Additional selling restrictions:N/A37.ISIN No.:ZAG00018794938.Instrument Code:RN202739.Method of distribution:Auction40.If syndicated, names of Managers:N/A41.If non-syndicated, names of Dealers:The Primary Dealers, namely: ABSA Group Limited;Citibank; Deutsche Bank; FirstRand Bank Limited;HSBC Bank; Investec Bank Limited; JPMorganChase Bank; Nedbank Limited; Standard Bank42.Credit Rating assigned to the Notes (ifany):Moody’s: Ba2; Fitch: BB-; S&P: BB.43.Rating Agency:Moody’s Investor Services, Fitch, and Standard &Poor’s44.Date of Issue of Rating:Moody’s 5 July 2022; Fitch: 4 July 2022; S&P: 3June 2022.45.Date of Review of Rating:N/A46.Receipts attached? If yes, number ofReceipts attached:N/A47.Coupons attached? If yes, number ofCoupons attached:NooftheTransferN/A
48.Talons attached? If yes, number of Talonsattached:No49.Stripping of Receipts and/or Couponsprohibited as provided in ConditionError! Reference source not found.:Yes50.Governing law (if the laws of SouthAfrica are not applicable):N/A51.Designated person:Rodney Mkansi52.Other Banking Jurisdiction:N/A53.Other provisions:N/AResponsibility:The Issuer certifies that to the best of its knowledge and belief there are no facts that have been omitted whichwould make any statement false or misleading and that all reasonable enquiries to ascertain such facts have beenmade as well as that the Programme Memorandum and this Applicable Pricing Supplement contains allinformation required by Applicable Laws and, in relation to any Tranche of Notes listed on the Interest RateMarket of the JSE, the JSE Debt Listings Requirements. The Issuer accepts full responsibility for the accuracy ofthe information contained in, or incorporated by reference in, the Programme Memorandum and this ApplicablePricing Supplements and any amendments or supplements thereto from time to time, except as otherwise statedtherein.The Issuer, having made all reasonable enquiries and to the best of its knowledge, confirms that the informationcontained or incorporated by reference in the Programme Memorandum is true and accurate in all material respectsand is not misleading and that it has not omitted other facts, the omission of which would make the ProgrammeMemorandum or any of such information as a whole misleading in any material respect.The JSE takes no responsibility for the contents of the Programme Memorandum or this Applicable PricingSupplements (as amended or restated from time to time) and any amendments or supplements to theaforementioned documents. The JSE makes no representation as to the accuracy or completeness of theProgramme Memorandum or this Applicable Pricing Supplement and any amendments or supplements to theaforementioned documents and expressly disclaims any liability for any loss arising from or in reliance upon thewhole or any part of the aforementioned documents. The JSE's approval of the registration of the ProgrammeMemorandum and this Applicable Pricing Supplement and listing of the Notes is not to be taken in any way as anindication of the merits of the Issuer or of the Notes and that, to the extent permitted by law, the JSE will not beliable for any claim whatsoever.Application is hereby made to list this issue of Notes on 06 July 2022 pursuant to The Republic of South Africa'sDomestic Multi Term Note Programme. The Programme was registered with the JSE on May 2022.SIGNED at Pretoria on this 06 day of July 2022For and on behalf of:THE REPUBLIC OF SOUTH AFRICA, ACTINGTHROUGH THE NATIONAL TREASURYName: Wanga tyFor and on behalf of:THE REPUBLIC OF SOUTH AFRICA, ACTINGTHROUGH THE NATIONAL TREASURYName: Terry Bomela-MsomiCapacity: Director Debt Issuance
HSBC Bank; Investec Bank Limited; JPMorgan Chase Bank; Nedbank Limited; Standard Bank 42. Credit Rating assigned to the Notes (if any): Moody's: Ba2; Fitch: BB-; S&P: BB. 43. Rating Agency: Moody's Investor Services, Fitch, and Standard & Poor's 44. Date of Issue of Rating: Moody's 5 July 2022; Fitch: 4 July 2022; S&P: 3
