Bond South Africa 5.88% ( US836205AR58 ) in USD

South Africa

100 % ▲

South Africa

US836205AR58 ( in USD )

5.88% per year ( payment 2 times a year)

15/09/2025

Prospectus brochure of the bond South Africa US836205AR58 en USD 5.88%, maturity 15/09/2025

200 000 USD

2 000 000 000 USD

836205AR5

16/09/2025 ( In 149 days )

South Africa is a diverse country located at the southern tip of Africa, renowned for its stunning landscapes, rich biodiversity, vibrant culture, and complex history encompassing colonialism, apartheid, and a subsequent transition to democracy.

The Bond issued by South Africa ( South Africa ) , in USD, with the ISIN code US836205AR58, pays a coupon of 5.88% per year.
The coupons are paid 2 times per year and the Bond maturity is 15/09/2025

PROSPECTUS SUPPLEMENT
(to Prospectus, dated December 18, 2009)
REPUBLIC OF SOUTH AFRICA
US$2,000,000,000
5.875% Notes due 2025
The 5.875% Notes due September 16, 2025 (the "Notes") bear interest at the rate of 5.875% per year,
accruing from September 16, 2013. Interest on the Notes is payable on March 16 and September 16 of each year,
commencing March 16, 2014. The Notes mature on September 16, 2025. The Notes are not redeemable prior to
maturity.
Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF"), as competent authority under Directive 2003/71/EC, as amended (the "Prospectus
Directive") and the Luxembourg act dated 10 July 2005 on prospectuses for securities, as amended (the
"Prospectus Act 2005"), to approve this Prospectus Supplement together with the accompanying Prospectus as a
prospectus for the purposes of the Prospectus Directive. The CSSF gives no undertaking as to the economic and
financial soundness of the transaction and the quality or solvency of the Republic of South Africa in accordance
with article 7(7) of the Prospectus Act 2005.
Application has been made to admit the Notes to listing on the Official List of the Luxembourg Stock
Exchange and to trading on the regulated market "Marché réglementé" of the Luxembourg Stock Exchange,
Bourse de Luxembourg (which is a regulated market for the purpose of the Market and Financial Instruments
Directive 2004/39/EC).
The Notes will contain provisions regarding acceleration and future modifications to their terms that differ
from those applicable to South Africa's outstanding external debt issued prior to May 16, 2003. Under these
provisions, which are described beginning on page 11 of the accompanying Prospectus dated December 18, 2009
(the "Prospectus"), South Africa may amend the payment provisions of the Notes with the consent of the holders
of 75% of the aggregate principal amount of the outstanding Notes.
Upon listing and admission to trading of the Notes offered hereunder on the Luxembourg Stock Exchange,
copies of this Prospectus Supplement and the accompanying Prospectus dated December 18, 2009, as well as the
documents incorporated by reference herein, may be obtained from the Luxembourg Stock Exchange website at
http://www.bourse.lu.
NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER
REGULATORY BODY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT OR THE
ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
See "Risk Factors" beginning on page S-13 to read about certain risks you should consider before
investing in the Notes.
Per Note
Total
Public Offering Price(1)
98.422%
US$1,968,440,000
Underwriting Discount
0.125%
US$
2,500,000
Proceeds, before expenses, to South Africa
98.297%
US$1,965,940,000
(1) Plus accrued interest from September 16, 2013 if settlement occurs after that date.
The Underwriters expect to deliver the Notes in book-entry form only through the facilities of The
Depository Trust Company ("DTC") on or about September 16, 2013.
The Joint Lead Managers for the Notes are:
Deutsche Bank Securities
Rand Merchant Bank
Standard Bank
The Co-Lead Manager for the Notes is:
Investec Bank plc
The date of this Prospectus Supplement is September 12,, 2013.

TABLE OF CONTENTS
Prospectus Supplement
Page
Page
INTRODUCTION
S-2
TAXATION
S-27
FORWARD-LOOKING STATEMENTS
S-5
UNDERWRITING
S-35
OVERVIEW OF THE ISSUE
S-6
JURISDICTIONAL RESTRICTIONS
S-37
RISK FACTORS
S-13
LEGAL MATTERS
S-41
USE OF PROCEEDS
S-17
GENERAL INFORMATION
S-42
DESCRIPTION OF THE NOTES
S-18
DOCUMENTS INCORPORATED BY
GLOBAL CLEARANCE AND
REFERENCE
S-44
SETTLEMENT
S-23
Prospectus
Page
Page
INCORPORATION OF CERTAIN
PLAN OF DISTRIBUTION
13
DOCUMENTS BY REFERENCE
2
OFFICIAL STATEMENTS
14
USE OF PROCEEDS
2
VALIDITY OF THE SECURITIES
15
DESCRIPTION OF DEBT SECURITIES
2
AUTHORIZED REPRESENTATIVE
15
DESCRIPTION OF WARRANTS
12
FURTHER INFORMATION
15
S-1

INTRODUCTION
This Prospectus Supplement supplements the accompanying Prospectus relating to the debt securities and
warrants of the Government of the Republic of South Africa (the "National Government," the "South African
Government," the "Republic" or "South Africa," unless references to the "Republic" or "South Africa," within
any particular context, clearly indicate a reference to the sovereign state of the Republic of South Africa). You
should read this Prospectus Supplement along with the accompanying Prospectus, which together constitute a
prospectus within the meaning of article 5.3 of the Prospectus Directive. Both documents contain information
you should consider when making your investment decision. Certain other documents are incorporated by
reference into this Prospectus Supplement and the accompanying Prospectus. Please see "Documents
Incorporated by Reference" in this Prospectus Supplement and "Incorporation of Certain Documents by
Reference" in the accompanying Prospectus. In case of an inconsistency between information provided in this
Prospectus Supplement and the Prospectus, the statements in this Prospectus Supplement will prevail. Upon
listing and admission to trading of the Notes offered hereunder on the Luxembourg Stock Exchange, a Listing
Prospectus Supplement (the "Listing Prospectus Supplement") will be filed with the Luxembourg Stock
Exchange. You should read the Listing Prospectus Supplement once it becomes available on the website of the
Luxembourg Stock Exchange (http://www.bourse.lu).
No dealer, salesperson or other person has been authorized to give any information or to make any
representations other than those contained in this Prospectus Supplement and the accompanying Prospectus and,
if given or made, such information or representations must not be relied upon as having been authorized by the
Republic or the Underwriters. This Prospectus Supplement and the accompanying Prospectus do not constitute an
offer to buy or a solicitation of an offer to sell any securities in any jurisdiction to any person to whom it is
unlawful to make such offer or solicitation in such jurisdiction. Neither the delivery of this Prospectus
Supplement and the accompanying Prospectus nor any exchange, purchase or sale made hereunder shall, under
any circumstances, create any implication that the information in this Prospectus Supplement and the
accompanying Prospectus is correct as of any time subsequent to the date hereof or that there has been no change
in the affairs of the Republic since such date.
The Republic accepts responsibility for the information it has provided in this Prospectus Supplement and
the accompanying Prospectus and, after having taken all reasonable care and to the best of its knowledge,
confirms that:
·
the information contained in this Prospectus Supplement and the accompanying Prospectus is
true and correct in all material respects and is not misleading, and
·
it has not omitted other facts the omission of which makes this Prospectus Supplement and
the accompanying Prospectus as a whole misleading.
The Notes are debt securities of the Republic, which are being offered under the Republic's registration
statement no. 333-163821 filed with the U.S. Securities and Exchange Commission (the "Commission") under
the U.S. Securities Act of 1933, as amended. This Prospectus Supplement and the accompanying Prospectus are
part of the registration statement. The Prospectus provides you with a general description of the securities that the
Republic may offer, and this Prospectus Supplement contains specific information about the terms of the Notes.
This Prospectus Supplement also adds, updates or changes information provided or incorporated by reference in
the Prospectus. Consequently, before you decide to participate in the offering, you should read this Prospectus
Supplement together with the accompanying Prospectus as well as the documents incorporated by reference in
this Prospectus Supplement and the accompanying Prospectus.
A decision to participate or not participate in the offering will involve certain risks. It is important that you
read "Risk Factors" beginning on page S-13 of this Prospectus Supplement.
S-2

None of this Prospectus Supplement, the accompanying Prospectus nor any document incorporated by
reference are intended to provide the basis of any credit or other evaluation and should not be considered as a
recommendation by any of South Africa or the Underwriters that any recipient of this Prospectus Supplement, the
accompanying Prospectus or any document incorporated by reference should purchase Notes.
You must comply with all laws that apply to you in any place in which you possess this Prospectus
Supplement and the accompanying Prospectus. You must also obtain any consents or approvals that you need in
order to purchase Notes. Neither the Republic nor the Underwriters is responsible for your compliance with these
legal requirements. It is important that you read "Jurisdictional Restrictions" beginning on page S-37 of this
Prospectus Supplement.
The Republic has prepared the offering and is solely responsible for its contents. You are responsible for
making your own examination of the Republic and your own assessment of the merits and risks of purchasing
Notes pursuant to the offering. By purchasing Notes, you will be deemed to have acknowledged that:
·
you have reviewed the offering;
·
you have had an opportunity to request and review any additional information that you may
need; and
·
the Underwriters are not responsible for, and are not making any representation to you
concerning, the accuracy or completeness of the offering.
The Republic and the Underwriters are not providing you with any legal, business, tax or other advice in the
offering. You should consult with your own advisors as needed to assist you in making your investment decision
and to advise you whether you are legally permitted to purchase Notes.
As used in this Prospectus Supplement, "business day" means any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to
close in New York City or London.
In this Prospectus Supplement, all amounts are expressed in South African Rand ("R," "Rand" or "rand")
Euros ("" or "euros"), Japanese yen ("¥") or U.S. dollars ("US$," "$" or "dollars"), except as otherwise
specified.
The Republic's fiscal year begins on April 1 and ends on March 31. For example, the 2012 fiscal year refers
to the fiscal year beginning April 1, 2011 and ending March 31, 2012. Economic data presented in this
Prospectus Supplement is presented on a calendar year basis unless reference is made to the relevant fiscal year
or the fiscal year is otherwise indicated by the context. For example, economic data referring to the "first quarter"
of 2012 refers to data as at, or for the three months ended, June 30, 2011. Economic data referring to the "first
three months" of 2012, by contrast, refers to data as at, or for the three months ended, March 31, 2012.
Unless otherwise indicated, references to gross domestic product ("GDP") are to real GDP, calculated using
constant prices in order to adjust for inflation (with 2005 as a base year), and per cent. changes in GDP refer to
changes as compared to the previous year or the same quarter of the previous year, unless otherwise indicated.
The South African government is a foreign sovereign government. Consequently, it may be difficult for
investors to obtain or realize upon judgments of courts in the United States against the South African
government. The South African government will irrevocably submit to the jurisdiction of the Federal and State
courts in The City of New York, and will irrevocably waive any immunity from the jurisdiction (including
sovereign immunity but not any immunity from execution or attachment or process in the nature thereof) of such
courts and any objection to venue, in connection with any action arising out of or based upon the Notes brought
by any holder of Notes. The South African government reserves the right to plead sovereign immunity under the
S-3

U.S. Foreign Sovereign Immunities Act of 1976 (the "Immunities Act") with respect to actions brought against it
under United States federal securities laws or any state securities laws. In the absence of a waiver of immunity by
the South African government with respect to such actions, it would not be possible to obtain a U.S. judgment in
such an action against the South African government unless a court were to determine that the South African
government is not entitled under the Immunities Act to sovereign immunity with respect to such action.
Enforceability in South Africa of final judgments of U.S. courts obtained in actions predicated upon the civil
liability provisions of the United States federal securities laws is subject, among other things, to the absence of a
conflicting judgment by a South African court or of an action pending in South Africa among the same parties
and arising from the same facts and circumstances and to the South African courts' determination that the U.S.
courts had jurisdiction, that process was appropriately served on the defendant and that enforcement would not
violate South African public policy. In general, the enforceability in South Africa of final judgments of U.S.
courts obtained other than by default would not require retrial in South Africa. In original actions brought before
South African courts, there is uncertainty as to the enforceability of liabilities based on the United States federal
securities laws. The South African courts may enter and enforce judgments in foreign currencies. See
"Description of Debt Securities--Governing Law; Consent to Service" in the Prospectus.
In connection with the issue of the Notes, the Underwriters or any person acting for the Underwriters may
over-allot or (provided that the aggregate principal amount of Notes allotted does not exceed 105 per cent. of the
aggregate principal amount of the Notes) effect transactions with a view to supporting the market price of the
Notes at a level higher than that which might otherwise prevail. However there is no assurance that the
Underwriters (or any person acting on behalf of the Underwriters) will undertake such stabilizing action. Any
stabilizing action may begin on or after the date on which adequate public disclosure of the terms of the offer of
the Notes is made and, if begun, may be ended at any time, but it must end at no later than the earlier of 30 days
after the issue of the Notes and 60 days after the date of allotment of the Notes.
This Prospectus Supplement and the accompanying Prospectus have been sent to you in an electronic form.
You are reminded that documents transmitted via this medium may be altered or changed during the process of
electronic transmission and consequently neither the Republic nor the Underwriters or any person who controls
an Underwriter or any director, officer, employee or agent of the Underwriters or any affiliate of such person will
accept any liability or responsibility whatsoever in respect of any difference between the Prospectus Supplement
and the Prospectus distributed to you in electronic format and the Prospectus Supplement and the Prospectus in
their original form.
The distribution of this Prospectus Supplement and the accompanying Prospectus and the offering of
the Notes in certain jurisdictions is restricted by law. Persons who acquire this Prospectus Supplement and
the accompanying Prospectus are required by the Republic and the Underwriters to inform themselves
about, and to observe, any such restrictions. See "Jurisdictional Restrictions" in this Prospectus
Supplement.
We expect that delivery of the Notes will be made on or about the date specified on the cover page of
this Prospectus Supplement, which will be the fifth business day following the date of this Prospectus
Supplement. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the
secondary market generally are required to settle in three business days, unless the parties to any such
trade expressly agree otherwise. Accordingly, the purchasers who wish to trade the Notes on the date of
this Prospectus Supplement or the next three succeeding business days will be required to specify an
alternate settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the
Notes who wish to trade the Notes on the date of this Prospectus Supplement or the next three succeeding
business days should consult their own advisor.
S-4

FORWARD-LOOKING STATEMENTS
This Prospectus Supplement and the accompanying Prospectus contain certain forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended. Statements that are not
historical facts, including statements with respect to certain of the current expectations, plans and objectives of
South Africa and the economic, monetary and financial conditions of the Republic, are forward-looking in
nature. These statements may be made expressly in this Prospectus Supplement or may be in other documents.
South Africa refers you to or has filed with the U.S. Securities and Exchange Commission (the "SEC"). You can
find many of these statements by looking for words such as "believes," "expects," "anticipates," "estimates," or
similar expressions used in this Prospectus Supplement or documents to which South Africa refers you.
These forward-looking statements are subject to numerous assumptions, risks, and uncertainties that may
cause South Africa's actual results to be materially different from any future results expressed or implied by the
Republic in those statements. The risks and uncertainties include those risks, uncertainties, and risk factors
identified, among other places, under "Risk Factors" below. Such factors include, but are not limited to:
·
external factors, such as interest rates in financial markets outside South Africa and social and
economic conditions in South Africa's neighbors and major export markets; and
·
internal factors, such as general economic and business conditions in South Africa, present and future
exchange rates of the Rand, foreign currency reserves, the ability of the South African government to
enact key reforms, the level of domestic debt, domestic inflation, the level of foreign direct and
portfolio investment and the level of South African domestic interest rates.
Because these statements are subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by the forward-looking statements. South Africa cautions you not to place undue
reliance on those statements, which speak only as of the date of this Prospectus Supplement or, in the case of
documents South Africa refers you to or incorporates by reference, the date of such documents.
The cautionary statements contained or referred to in this section should be considered in connection with
any subsequent written or oral forward-looking statements that the Republic or persons acting on its behalf may
issue. South Africa does not undertake any obligation to review or confirm analysts' expectations or estimates or
to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the
date of this Prospectus Supplement or to reflect the occurrence of unanticipated events.
S-5

OVERVIEW OF THE ISSUE
This Prospectus Supplement and the accompanying Prospectus contain information that should be read
carefully before any decision is made with respect to the offering. Any decision to invest in the Notes by an
investor should be based on consideration of the Prospectus Supplement and the accompanying Prospectus as a
whole. You should read this entire Prospectus Supplement and the accompanying Prospectus carefully. The
following overview is qualified in its entirety by reference to, and should be read in connection with, the
information appearing elsewhere or incorporated by reference in this Prospectus Supplement and the
accompanying Prospectus. Each of the capitalized terms used in this overview and not defined herein has the
meaning set forth elsewhere in this Prospectus Supplement. Following the implementation of the relevant
provisions of the Prospectus Directive in each member state of the European Economic Area (each a "Member
State"), no civil liability will attach to the Republic in any such Member State solely on the basis of this
overview, including any translation thereof, unless it is misleading, inaccurate or inconsistent when read
together with other parts of this Prospectus Supplement and the accompanying Prospectus. Where a claim
relating to the information contained in the Prospectus Supplement or the accompanying Prospectus is brought
before a court in a Member State, the plaintiff may, under the national legislation of the Member State where the
claim is brought, be required to bear the costs of translating the Prospectus Supplement and the accompanying
Prospectus before the legal proceedings are initiated.
This section provides information that supplements the information about South Africa that is included in
South Africa's Annual Report on Form 18-K, as amended, which was filed with the Commission on December 5,
2012 ("Annual Report"). To the extent that the information in this section differs from the information contained
in South Africa's Annual Report, you should rely on the information in this section.
On February 27, 2013, the South African National Treasury released its 2013 Budget Review (the "Budget
Review"). On June 19, 2013, the South African Reserve Bank released its June 2013 Quarterly Bulletin (the
"June Quarterly Bulletin"). South Africa filed the Budget Review and the June Quarterly Bulletin with the
Commission on June 24, 2013 under cover of Form 18-K/A ("Amendment No. 1"), which is incorporated by
reference into this Prospectus Supplement and the accompanying Prospectus. You should read the Budget
Review and the June Quarterly Bulletin in conjunction with the other information appearing elsewhere in this
Prospectus Supplement and the accompanying Prospectus.
The Issuer
South Africa has been an established constitutional democracy since 1994, when it held its first fully
democratic national elections. South Africa has the most developed economy in Sub-Saharan Africa in terms of
total GDP, and accounted for approximately one-third of the aggregate GDP of Sub-Saharan Africa during 2011
(source: IMF, World Economic Outlook Database, October 2012). The South African economy is diverse and
supported by a well-developed legal system and a sophisticated financial system. The major strengths of the
South African economy are its services and manufacturing sectors, its strong physical and economic
infrastructure and its abundant natural resources, including gold, platinum metals and coal.
As in many other economies, the National Government has taken steps to mitigate the impact of the global
economic crisis on the economy through more expansionary fiscal and monetary policies and measures to
support ailing industries.
A sound banking system, relatively low public debt levels and prudential regulations on household debt
levels insulated the nation from some of the worst effects of the recent global financial crisis. Weakness in the
global economy over 2012 has dampened domestic growth. However, growth is expected to pick up over the next
three years, supported by resilient household consumption growth, sustained infrastructure investment spending
and a gradual recovery in private fixed capital formation.
S-6

From 1993 until 2012, South Africa's real gross domestic product (GDP) growth rate averaged 3.3%,
reaching an all-time high of 7.6% in December of 1994 and a record low of -6.3% in March of 2009. South
Africa's real GDP growth rate accelerated to 3.1% in the second quarter of 2012, from 2.4% in the first quarter,
before levelling out at 2.5% for the end of the year. The improvement in real GDP growth over the course of
2012 was largely due to gains in the manufacturing and electricity sectors, which offset volatility in the mining
and quarrying sector, which contracted by 9.3%, and real GDP decreases in the electricity, gas and water sector,
personal services and other sectors. Real GDP growth during the first quarter of 2013 was 0.9%, reflecting some
recovery in the mining and quarrying and agriculture, forestry and fishing sectors, as well as personal services,
which was offset by decreases in the manufacturing, construction, and finance, real estate and business services
sectors. The South African Reserve Bank projects that South Africa's GDP growth is expected to improve over
the medium term. Real GDP growth is forecast to average 2.7% in 2013 and 3.7% in 2014.
Since the end of the 2008-2009 recession, the labor market recovery has been sluggish. The number of
unemployed persons from the first quarter of 2008 through the first quarter of 2013 averaged 4.3 million persons
(source: Stats SA). The highest level of unemployment was observed during the third quarter of 2012, at
4.6 million persons, and the lowest level of unemployment was observed during the fourth quarter of 2008, at
3.9 million persons. Unemployment increased by 100,000 persons (or 2.2%) between the fourth quarter of 2012
and the first quarter of 2013, with absolute gains in the number of employed (44,000 jobs created) being offset by
an increase in entrants to the labor market. Job gains during the first quarter of 2013 were observed in the plant
and machine operator, professional and manager occupational categories, offsetting declines in the craft and
related trade, sales and services, elementary and clerical occupational categories.
Consumer price index (CPI) inflation amounted to 5.7% for 2012 and the Budget Review estimates a
gradual decrease in CPI inflation over the medium term. CPI inflation is forecast to decrease to 5.6% in 2013,
5.5% in 2014 and 5.4% in 2015. Consumer inflation, calculated on a twelve-month basis, increased to 5.9 % in
February 2013, from a low of 4.9 per cent in July 2012, and remained at 5.9% during March and April 2013.
Food and fuel prices have pushed up headline inflation as a result of supply shocks in agriculture and the
continuing high price of oil, despite weak global growth. Currency weakness during the second half of 2012
compounded these effects and is expected to place upward pressure on inflation during 2013, however the
National Treasury expects moderate consumer demand to contain rising core inflationary pressures over the near
term. Headline CPI inflation breached the upper limit of South Africa's inflation target range for six months,
from November 2011 to April 2012, but receded back into the inflation target range in May 2012 and has
remained within the upper end of the inflation target range through April 2013.
S-7

The following table sets forth growth in real gross value added by sector for the periods indicated.
Percentage Growth in Real Gross Value Added by Sector
(at constant 2005 prices)
For the year ended
For the three months ended
December 31, 2012
March 31, 2013
Contribution to
Share in
Contribution to
Share in
Growth
GDP Growth
GDP
Growth
GDP Growth
GDP
Agriculture, forestry and fishing
2.3
0.1
2.4
-4.9
-0.1
2.2
Mining and quarrying
-4.0
-0.2
5.5
14.6
0.7
5.5
Manufacturing
2.4
0.4
17.2
-7.9
-1.2
16.5
Electricity, gas and water
-1.2
0.0
2.0
-3.0
-0.1
1.9
Construction
2.5
0.1
3.4
0.9
0.0
3.5
Wholesale and retail trade, catering and
accommodation
3.6
0.4
14.0
1.9
0.2
13.5
Transport, storage and communication
2.3
0.2
10.1
2.2
0.2
10.1
Finance, insurance, real estate & business
services
3.3
0.7
23.9
3.3
0.7
24.7
General government services
3.1
0.4
15.3
1.9
0.3
15.7
Personal services
2.1
0.1
6.1
1.4
0.1
6.3
Source: Stats SA.
The following table summarizes the National Government debt as of March 31 in each of the years 2008
through 2013.
Total Debt of the National Government
As of March 31,
2008
2009
2010
2011
2012
2013
Rand (million)
Government bonds
426,415
462,751
585,992
733,484
890,257
1,022,206
Treasury bills
51,850
65,000
114,540
136,150
155,206
171,985
Marketable internal debt
478,265
527,751
700,532
869,634
1,045,463
1,210,823
Non-marketable internal debt
2,555
1,956
4,943
23,087
25,477
30,300
Total internal debt
480,820
529,707
705,475
892,721
1,070,940
1,241,123
Total external debt(1)
96,218
97,268
99,454
97,851
116,851
124,555
Total gross loan debt
577,038
626,975
804,929
990,572
1,187,791
1,365,679
Cash balances(2)
(93,809) (101,349) (131,889) (171,802)
(198,059)
201,458
Total net loan debt(3)
483,229
525,626
673,040
818,770
989,732
1,164,220
Gold and Foreign Exchange Contingency
Reserve Account
72,189
101,585
35,618
28,283
67,655
125,552
As percentages of nominal GDP:
Net loan debt
23.3%
22.2%
27.6%
29.7%
32.8%
35.3%
Foreign debt
4.6%
4.2%
4.1%
3.6%
3.9%
3.8%
As percentage of gross loan debt:
Foreign debt
16.7%
15.5%
12.4%
9.9%
9.8%
9.1%
Notes:
(1) Valued using the applicable foreign exchange rates as at the end of each period.
S-8

(2) This represents surplus cash of the National Revenue Fund on deposit at commercial banks and at the South
African Reserve Bank.
(3) Total loan debt (net) is calculated with due account of the bank balances of the National Revenue Fund
(balances of the National Government's accounts with the South African Reserve Bank and with
commercial banks).
Sources: South African National Treasury and the South African Reserve Bank.
The following table sets forth, for the periods indicated, the exchange rate of the Rand per U.S. Dollar.
Rand
(against the U.S. Dollar)
At
Year
Low
High
Average
Period End
2008
6.7211
11.4740
8.2517
9.3035
2009
7.2439
10.5948
8.4372
7.3721
2010
6.6224
7.9704
7.3222
6.6224
2011
6.5962
8.5423
7.2531
8.1319
2012
7.4777
8.9432
8.2166
8.4838
January 2013
8.4478
9.0908
8.7908
9.0582
February 2013
8.8109
9.0296
8.8839
8.8410
March 2013
9.0296
9.3247
9.1755
9.2521
April 2013
8.8762
9.3004
9.1142
8.9686
May 2013
8.9527
10.1985
9.3675
10.1985
June 2013
9.7660
10.2832
10.0326
9.9655
July 2013
9.6933
10.2698
9.8972
9.8551
August 2013
9.8098
10.4363
10.0865
10.3348
Source: South African Reserve Bank.
S-9