Credit Rating Announcement - BITRA Transnet SOC Limit(Incorporated in the Republic of South Africa) (Registration Number: 1990/000900/30) Issuer Bond Code: BITRA ("Transnet", "the Company" or the "Issuer") S&P GLOBAL RATINGS RATING ACTION In accordance with paragraph 6.28 of the Debt and Specialist Securities Listings Requirements, the Issuer hereby notifies the noteholders that on 10 July 2025 S&P Global Ratings (S&P) announced its decision to downgrade the Issuer's credit ratings. The following ratings have been downgraded: • Global issuer rating, long-term local currency and foreign currency ratings from BB- to B+. The ratings outlook is stable. • Standalone Credit Profile from 'b' to 'ccc+' • National Scale Rating from 'zaAA-/zaA-1+' to 'zaA/zaA-1'. S&P highlighted several issues in its rating report, including the following: 1. "Structural business weaknesses remain and will take time to improve materially'' 2. Transnet's unsustainable capital structure "We are confident that the strides made to date to improve Transnet's operational and financial challenges have set the company on the right trajectory. This will enable Transnet to deleverage its balance sheet and focus on optimizing its capital investment programme to restore the network. The government guarantees will be deployed to ensure that the appropriate level of liquidity is maintained to service all Transnet's obligations. We have noted the ratings action by S&P Ratings, and our immediate and ongoing focus includes actively implementing the focused interventions to enhance our operational and financial performance." Michelle Phillips, Group Chief Executive of Transnet. For a detailed analysis of the rating, please refer to the following link: https://www.transnet.net/SENS Johannesburg 11 July 2025 JSE Debt Sponsor Absa Corporate and Investment Bank (a division of Absa Bank Limited) Date: 11-07-2025 10:30:00 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.