KOMATI BASIN WATER AUTHORITY - KOBWA - Changes to the Board - Appointment and Resignation of Directors

KOBWA - Changes to the Board - Appointment and Resignation of Directors

Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
ISIN Code: ZAG000016296
("KOBWA" or "the Issuer")


CHANGES TO THE BOARD – APPOINTMENT AND RESIGNATION OF DIRECTORS


In terms of paragraph 6.42 of the Debt and Specialist Securities Listings Requirements of the JSE
Limited, the board of directors of KOBWA ("the Board") hereby notifies Noteholders of the following:

-    Mr Themba Ngubeni has been appointed as an Executive Operations Director of KOBWA with
     effect from 11 August 2025 pursuant to the Issuer's Board Nomination and Appointment Policy (as
     published on www.kobwa.co.za/about/docs/KOBWA_Board_Nomination.pdf ).

     Mr Ngubeni brings 28 years of experience in the water sector and has extensive expertise in the
     operations and maintenance of bulk water infrastructure. He holds a Bachelor's degree in Water
     Care from the Tshwane University of Technology, a Postgraduate Diploma in Business
     Administration from the University of Free State and a Certificate in Public-Private Partnership from
     the University of APMG International.

     The Board, together with the Joint Water Commission, welcomes Mr Ngubeni and looks forward to
     him driving KOBWA's strategic objectives, and ultimately transforming the transboundary water
     sector for the benefit of all its stakeholders.

-    Mr Juan de Wet has resigned as Finance Director and Debt Officer of KOBWA with effect from
     17 November 2025. Mr de Wet's resignation was accepted by the KOBWA Board of Directors, and
     his last working day was the 17th November 2025.

     The Board, together with the Joint Water Commission, wishes to thank Mr de Wet for his invaluable
     contribution to KOBWA wishes him well in his future endeavours.

     The Board has initiated the recruitment process for a successor and will make further
     announcements in due course.


Piggs' Peak, Eswatini
19 November 2025

Debt Sponsor
Merchantec Capital

Date: 19-11-2025 02:55:00
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