Statement issued by Mr TT Mboweni, Governor of the South African Reserve Bank, on the occasion of announcing the successful syndication of the SARB’s US$1,5 billion Dual-Tranche Syndicated Term Loan Facility The South African Reserve Bank (SARB) today announced the successful conclusion of a US$1,5 billion syndicated loan. The SARB entered into this dual-term loan facility with 33 banks. The syndicated loan represents a restructuring of existing facilities and will not result in any borrowing of new funds by the South African Reserve Bank. Tranche A (US$1 billion) has a three-year maturity and is priced at a margin of 22.5 basis points per annum over Libor. Tranche B (US$500 million) has a five-year maturity and is priced at a margin of 30 basis points per annum over Libor. The loan may be drawn in US dollar and/ or Euro. 24 leading international financial institutions were mandated to arrange this transaction, with Barclays Capital, Calyon, Dresdner Kleinwort Wasserstein and JPMorgan acting as joint bookrunners. The facility was heavily oversubscribed with banks participating at one of three levels. The 24 Mandated Lead Arrangers were scaled down to a pre-syndication initial commitment of US$62.5 million each, the four Co-arrangers initially committed US$30 million each and the five Lead Managers initially committed US$15 million each. The transaction was launched for general syndication on 14 June 2005. The SARB decided not to take up the excess funds offered and final participation levels for all investors were therefore scaled back. The final allocations were scaled back to US$56 million for Mandated Lead Arrangers, US$24 million for Co-Arrangers and US$12 million for Lead Managers. The pricing of the facility represents a considerable improvement over previous years. The pricing structure for the 2004 US$1 billion syndicated loan, maturing in 2007, was concluded at 47,5 basis points per annum over Libor and for the US$1 billion 2003 syndicated loan, maturing in 2006, at 67,5 basis points per annum over Libor. The SARB last raised a five-year foreign loan in 2002 when it paid a 90-basis-point margin per annum above Libor. The improved pricing over the years reflects South Africa’s good standing in the eyes of the international investment community and improved credit story. South Africa’s attractiveness as a borrower is reflected by the Moody’s ratings upgrade in January this year. Moody’s upgraded South Africa’s credit rating from Baa2 to Baa1 with a stable outlook primarily based on the “substantial strengthening” in the country’s foreign reserves position. South Africa’s gross gold and foreign exchange position currently stands at US$18,7 billion as at the end of June 2005. An important feature of the loan documentation is a ratings grid that will result in lower margins should South Africa’s credit rating improve further. The pricing at which the facility was concluded also serves as an important benchmark for other South African borrowers wishing to tap the international market and may encourage these to extend the duration of their loans. The proceeds of the facility will be used to finance the prepayment of the US$1 billion Dual Currency Term Loan Facility dated 16 June 2003 and tranche B of the Dual Currency Term Loan Facility dated 9 July 2002. The list of lenders is as follows:  Mandated Lead Arrangers The Bank of Tokyo-Mitsubishi, Ltd.Barclays CapitalBayerische Hypo- und Vereinsbank AGBayernLBBNP ParibasCALYONCitigroupCommerzbank AktiengesellschaftDeutsche Bank AGDresdner Kleinwort WassersteinHSBC Bank plcHSH Nordbank AGING Wholesale BankingJPMorganMizuho Corporate Bank, Ltd.Natexis Banques PopulairesRMB International (Dublin) LimitedSG Corporate & Investment BankingStandard Bank plcStandard Chartered BankSumitomo Mitsui Banking Corporation Europe LimitedUBS Investment BankUFJ Bank LimitedWestLB Co-arrangersBank of ChinaBank of Montreal Ireland plcErste Bank der oesterreichischen Sparkassen AGLloyds TSB Bank plc  Lead ManagersABN Amro Bank, N.V.The Bank of New YorkFortis Bank S.A./N.V.Goldman SachsMascarei