As a group, we are exposed to various market risks associated with our underlying assets, liabilities and anticipated transactions. We continuously monitor these exposures and enter into derivative financial instruments to reduce these risks. We do not enter into derivative transactions on a speculative basis. All fair values have been determined using current market pricing models. The principal market risks (i.e. the risk of losses arising from adverse movements in market rates and prices) to which we are exposed are: ● foreign exchange rates applicable on conversion of foreign currency transactions as well as on conversion of assets and liabilities to rand; and ● commodity prices, mainly crude oil and chemicals prices; Refer to “Item 18—Financial Statements—Note 35 Financial risk management and financial instruments” for a qualitative and quantitative discussion of the group’s exposure to these market risks. The following is a breakdown of our debt arrangements, a summary of fixed versus floating interest rate exposures for operations and a break-down of derivatives. Liabilities reflect principal payments in each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Liabilities—notional 2026 2027 2028 2029 2030 Thereafter Total value ​ (Rand in millions) Fixed rate (Rand) — — — — ​ — 1 166 ​ 1 166 1 166 Average interest rate 8,00 % 8,00 % 8,00 % 8,00 % 8,00 % 8,00 % ​ ​ ​ Variable rate (Rand) 912 1 154 1 254 1 214 — — 4 534 4 549 Average interest rate 5,35 % 5,32 % 6,00 % 9,09 % 0,00 % 0,00 % ​ ​ ​ Fixed Rate (US$) 0 11 538 13 313 31 062 — 15 088 71 001 66 223 Average interest rate 6,13 % 6,29 % 6,72 % 6,66 % 5,50 % — ​ ​ ​ ​ Variable rate (US$) — — 2 428 3 219 20 666 — ​ 26 313 26 338 Average interest rate 6,12 % 6,12 % 6,13 % 6,14 % 6,15 % — ​ ​ ​ ​ Fixed rate (Euro) 42 — — — — — 42 42 Average interest rate 1,95 % 0,00 % 0,00 % 0,00 % 0,00 % 0,00 % ​ ​ ​ Variable ratio (Euro) ​ 667 ​ — ​ — ​ — ​ — ​ — ​ 667 ​ 667 Average interest rate ​ 2,85 % 0,00 % 0,00 % 0,00 % 0,00 % 0,00 % ​ ​ ​ Total 1 621 12 692 16 995 35 495 20 666 16 254 103 723 98 985 98 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ 2030 ​ Thereafter ​ Maturity ​ ​ (Rand in millions) Foreign Currency Derivatives—held for trading* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange zero‑cost collars 609 ​ — — — — — 609 Forward exchange contracts 622 — — — — — 622 Euro ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Contracts 58 — — — — — 58 Commodity derivatives—held for trading* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil put options 1 055 — — — — — 1 055 Ethane Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other foreign exchange derivatives 104 101 ​ 100 ​ 146 ​ 146 ​ (797) (200) Other commodity derivatives ​ (39) ​ 0 ​ 0 ​ 0 ​ 0 ​ 0 ​ (39) * Held for trading derivatives are entered into in the normal course of business to mitigate our exposure to foreign exchange rates, interest rates and commodity prices. For more information relating to contract amounts, weighted average strike prices, notional amounts and weighted average pay rate refer to “Item 18—Financial Statements—Note 36 Financial risk management and financial instruments”. ​ ​