Investor Presentaiton

Lessons Learned • Maintain stable and macro, monetary and fiscal policies. • Control budget expenditure (expenditure ceiling) • Control over government contingent liabilities • Diversify funding instruments and investor base • Primary dealer system has been key to growth of domestic bond market. • • Good communication and regular interaction with local and foreign investors Clear political direction - Keep politicians informed on appropriate strategies (political buy-in on public debt management and expenditure ceiling). national treasury Department: National Treasury REPUBLIC OF SOUTH AFRICA 10 10

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