KOMATI BASIN WATER AUTHORITY - KOBWA - Notification of Appointment of Acting Finance Director and Debt Officer

KOBWA - Notification of Appointment of Acting Finance Director and Debt Officer

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")


NOTIFICATION OF APPOINTMENT OF ACTING FINANCE DIRECTOR AND DEBT OFFICER


Further to the announcement released on SENS on 19 November 2025 regarding inter alia the
resignation of Mr Juan de Wet as Finance Director and Debt Officer of KOBWA and, pursuant to
paragraph 6.42 of the Debt and Specialist Securities Listings Requirements ("DSS Requirements") of
the JSE Limited ("JSE"), Noteholders are hereby advised that Ms Futhi Kunene ("Ms Kunene") has
been appointed as Acting Finance Director of KOBWA on an interim basis, with effect from 15 April
2026, pursuant to the Issuer's Board Nomination and Appointment Policy (as published on
www.kobwa.co.za/about/docs/KOBWA_Board_Nomination.pdf).

Given that Ms Kunene is not a member of the board of directors of KOBWA ("Board"), the Issuer
requested dispensation from the JSE from the requirements of paragraph 7.3(d)(i) of the DSS
Requirements, for the appointment of Ms Kunene as Acting Finance Director for an interim period not
exceeding six months, notwithstanding that she is not a member of the Board. On 6 May 2026, the JSE
advised that it will allow such request, and has granted the Issuer until 30 September 2026 to formalise
the appointment of an executive Finance Director.

Ms Kunene holds a Bachelor of Commerce in Accounting, a GRAP/IPSAS Certificate and has over
15 years of financial experience, including financial reporting, public-sector finance and debt and
treasury management. Ms Kunene has held the position of Financial Accountant at KOBWA since 2018
and is responsible for overall financial reporting.

KOBWA's Finance, Risk and Audit Committee ("Committee") has considered and satisfied itself as to
the appropriateness of the expertise and experience of Ms Kunene as Acting Finance Director.

Noteholders are further advised that Ms Kunene has been appointed as KOBWA's Debt Officer with
immediate effect.

The Board has considered and satisfied itself as to the competence, qualifications and experience of the
Debt Officer.

The contact details of the Debt Officer are as follows:
Email:               Futhi.kunene@kobwa.co.za
Telephone:           +27 73 999 3062

The Board has commenced the recruitment process for an executive Finance Director and noteholders
will be advised once such an appointment has been made.


Piggs' Peak, Eswatini
6 May 2026

Debt Sponsor
Merchantec Capital

Date: 06-05-2026 04:40:00
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