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The Republic of Zambia purchased U.S.$1,336,149,768 in aggregate principal amount, representing approximately 97.91%, of its U.S.$1,364,725,564 Fixed Rate Step-Up Amortising Notes due 31 December 2053 through a tender offer that closed on 11 June 2026. Subsequently, on 15 June 2026, Zambia elected to exercise a clean-up call to redeem the remaining U.S.$28,575,796 principal amount of Notes on 25 June 2026 at U.S.$740 per U.S.$1,000 of principal amount. The Republic will request the cancellation of the Notes' listing on the London Stock Exchange following redemption.
| Date | 15 Jun 2026 |
| Time | 11:10:25 |
| Category | Miscellaneous |
| ID | 3236I |
To: Holders of the Notes (as defined below) (the "Noteholders")
15 June 2026
THE REPUBLIC OF ZAMBIA
U.S.$1,364,725,564 Fixed Rate Step-Up Amortising Notes due 31 December 2053 (the
"Notes")
ISIN: XS2837240428 / US988895AR94; CUSIP: 988895 AR9
NOTICE OF EXERCISE OF CLEAN UP CALL
We refer to the terms and conditions of the Notes (the "Conditions") set out in Schedule 5 to the fiscal agency agreement relating to the Notes dated 11 June 2024.
Pursuant to an invitation commencing on 29 May 2026 to all Noteholders to tender any and all of their Notes for purchase by the Republic of Zambia (the "Republic") for cash which remained open until 5:00 p.m. (New York City time) on 11 June 2026 (the "Tender Offer"), the Republic has purchased U.S.$1,336,149,768 in aggregate principal amount of Notes, representing approximately 97.91 per cent. of the aggregate outstanding principal amount of the Notes. Accordingly, the conditions to exercise the clean up call contained in Condition 5(c) (Clean Up Call) of the Conditions have been met and the Republic wishes to exercise its right to redeem all of the remaining outstanding Notes not purchased in the Tender Offer.
ACCORDINGLY, NOTICE IS HEREBY GIVEN that, pursuant to and in accordance with the terms of Condition 5(c) (Clean-Up Call) of the Conditions, the Republic has elected to redeem U.S.$28,575,796 in aggregate principal amount of the Notes, which represents all of the remaining principal amount of the Notes outstanding, on 25 June 2026 (the "Redemption Date") at a redemption price equal to the highest price offered to each other Noteholder (excluding any early tender or incentive fee) in the Tender Offer, being U.S.$740 per U.S.$1,000 of principal amount of Notes (the "Redemption Amount").
Terms used in this notice but not defined herein shall have the meaning given to them in the Conditions.
On the Redemption Date, the Redemption Amount will become due and payable in respect of the outstanding Notes, together with interest accrued to (but excluding) the Redemption Date. Interest on the outstanding Notes shall cease to accrue on and after the Redemption Date.
The Republic will request the cancellation of the listing of all Notes on the London Stock Exchange following the redemption of the Notes on the Redemption Date.
The Republic accepts responsibility for the information contained in this notice.