RAND WATER BOARD - New Agents Appointed

New Agents Appointed

RAND WATER BOARD
INSTRUMENT CODE: BIRW
ISIN: ZAG4085523
SHORT NAME: RW21
DATED: 3 June 2013

NOTICE TO NOTEHOLDERS OF CHANGES TO TRANSFER AGENT,
PAYING AGENT AND CALCULATION AGENT

In accordance with Condition 18 of the terms and
conditions (the Terms and Conditions) in the Programme
Memorandum dated 9 December 2010, as amended or
supplemented from time to time, issued by Rand Water
Board (the “Issuer”), and clause 21 of the agency
agreement entered into amongst the Issuer, Nedbank
Capital (a division of Nedbank Limited) (“Nedbank
Capital”) (as Calculation Agent and Transfer Agent) and
Nedbank Investor Services (a division of Nedbank Limited)
(“Nedbank Investor Services”) (as Paying Agent), 45
(forty five) days’ written notice is hereby given by the
Issuer to the Noteholders that:

1.   CHANGE TO TRANSFER AGENT

     Nedbank Capital will cease to act as Transfer Agent
     with effect from 15 July 2013. The Standard Bank of
     South Africa Limited (acting through its Corporate
     and Investment Banking division) (“SBSA”) has been
     appointed to act as Transfer Agent with effect from
     15 July 2013.

2.   CHANGE TO PAYING AGENT

     Nedbank Investor Services will cease to act as Paying
     Agent with effect from 15 July 2013. SBSA has been
     appointed to act as Paying Agent with effect from 15
     July 2013.

3.   CHANGE TO CALCULATION AGENT

     Nedbank Capital will cease to act as Calculation
     Agent with effect from 15 July 2013. The Issuer will
     act as Calculation Agent with effect from 15 July
     2013.
                                                   2


Debt Sponsor – The Standard Bank of South Africa
Limited, acting through its Corporate and Investment
Banking division

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