NDALA INVESTMENTS NO.1 (RF) LIMITED - Changes to the board of directors - NDAI

Changes to the board of directors - NDAI

Ndala Investments No.1 (RF) Limited
Registration number 2008/029037/06
JSE Alpha code: NDAI
(“Ndala” or the “Company”)

CHANGES TO THE BOARD OF DIRECTORS

In compliance with paragraph 6.39 of the Debt Listings Requirements of the JSE Limited, the board of
directors of Ndala (the “Board”) hereby notifies noteholders of the following changes to the Board
with effect from 7 October 2021:

1.   Board Resignations
     1.1 the resignation of ML de Nysschen as a non-executive director and Audit Committee
         member of the Company;
     1.2 the resignation of OA Ferreira as alternate director to ML de Nysschen;
     1.3 the resignation of R Thanthony as a non-executive director and Audit Committee member
         of the Company;
     1.4 the resignation of M Klopper as a non-executive director and Audit Committee member
         of the Company; and
     1.5 the resignation of OA Ferreira as alternate director to M Klopper.

2.   Board Appointments
     2.1 the appointment of GT Sayers as a non-executive director and Audit Committee member
         of the Company;
     2.2 the appointment of KW van Staden as a non-executive director and Audit Committee
         member of the Company; and
     2.3 the appointment of DP Towers as a non-executive director and Audit Committee member
         of the Company.

The reason for the changes to the Board is due to operational reasons. The Board welcomes the new
directors and looks forward to their contribution to Ndala.

8 October 2021

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 08-10-2021 08:50:00
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