31 May 2006 Press release Resounding success on Joburg's 4th bond We are pleased to announce that the City of Johannesburg has successfully placed ZAR1.2bn in the domestic capital market. The bond will be listed on the Bond Exchange of South Africa. This issue was done under the city's existing ZAR6.0bn Domestic Medium Term Note programme. The details of the bond are as follows: Issue size: ZAR1.2bn Yield to maturity: 9.00% (nacs) Settlement date: 5 June 2006 Term: 12 years Maturity: 5 June 2018 Coupon: 9.00% Bond Code: COJ04 Clearing Spread: 120 bps above R203 benchmark The City of Johannesburg currently has the following credit ratings: Fitch Ratings: A(zaf), positive outlook CA Ratings: zaA+, stable outlook The lead manager on this issue was the Standard Bank of South Africa Limited and Barnard Jacobs Mellet Securities acted as the advisor to the issuer.