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RWL26 and RWL28 - Availability of sustainability certificate
RAND WATER
Rand Water is established in terms of the Water Services Act 1997 (the "Act"). Through the Department of
Water and Sanitation and duly represented by the Minister of Water and Sanitation, the Government of the
Republic of South Africa is the sole shareholder of Rand Water. In terms of the Act, Rand Water's primary
activity is the provision of bulk water supply services (potable bulk water and sanitation services) within the
predetermined service area.
Bond Issuer Code: BIRW
("Rand Water" or the "Issuer")
Sustainability-Linked Notes (RWL26 and RWL28) - Availability of sustainability certificate
Noteholders are referred to Annexure A - additional terms and conditions contained in the Applicable Pricing
Supplements ("APSs") relating to the RWL26 and RWL28 sustainability-linked notes ("Notes"). Noteholders are
further advised that the Sustainability Certificate in respect of the 30 June 2025 Target Observation Date 2 (as
defined in the APSs), which is accompanied by the key performance indicator ("KPI") auditor's limited assurance
report, is available on the Rand Water website below: https://www.randwater.co.za/DMTNdocuments.php
The Sustainability Performance Targets for two of the KPIs, access to potable water and gender equality, were
achieved. The renewable energy KPI was not met nor measured due to the awarding of the tender in relation
to the supply of the photovoltaic tender being concluded after the Issuer's financial year end 30 June 2025.
Accordingly, the step-down margin will not be applicable. The applicable margin for RWL26 (floating rate note)
will remain at 2.25%, and the interest rate for RWL28 will remain at 9.705% (fixed rate note).
17 November 2025
Debt Sponsor
Nedbank Corporate Investment Banking, a division of Nedbank Limited
Rand Water information:
522 Impala Road, Glenvista, 2058, Johannesburg, Gauteng, South Africa
PO Box 1127, Johannesburg, 2000
www.randwater.co.za
For further information, please contact:
Lucky Ncobela, Debt Officer
083 212 0706
Date: 17-11-2025 03:14:00
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