uMNGENI-uTHUKELA WATER - BIUMWA - Undeclared Business Interests by Director

BIUMWA - Undeclared Business Interests by Director

uMngeni-uThukela Water Board
Company code: BIUMWA
("uMngeni-uThukela Water" or the "Issuer" or the "Group")

Undeclared Business Interests by Director

Noteholders are advised of the Issuer's removal of Mr Khanyisani Stanley Shandu as chairperson and
director of uMngeni Water Services ("uMngeni Services"), a wholly-owned subsidiary of uMngeni-
uThukela Water, with effect from 23 September 2025. The Issuer initiated Mr Shandu's removal as he
failed to declare certain of his, and his wife's, business interests in several companies from whom the
Group procured certain products and services ("Business Interests"). The disclosure of such Business
Interests is required by the Issuer's governance policies as mandated by The Handbook For The
Appointment of Persons to Boards of State and State Controlled Institutions (the "Handbook"), and
paragraphs 7.5 and 7.15 of JSE Debt and Specialist Securities Listings Requirements which speak to
the conflicts of interest and loans and procurement policies and the related registers.

The failure to declare the Business Interests was identified during a forensic investigation initiated by
the uMngeni-uThukela Water board (the "Board") in responding to the whistleblowing hotline report that
was received on 13 March 2025, which contained the allegations of conflicts of interest by the said
Board member. The investigation concluded that Mr Shandu failed to make the required disclosures to
uMngeni-uThukela Water, thereby breaching uMngeni-uThukela Water's governance and disclosure
policies.

Mr Shandu has also been removed as a member of the Issuer's Capital Projects and Fixed Assets
Committee effective from 23 September 2025. He remains a member of uMngeni-uThukela Water
Board until such time as the Minister of Water and Sanitation has fully considered the final report of the
investigation and taken the necessary steps in line with the Handbook.

Further updates will be provided to noteholders as appropriate.


Issued on Behalf of the Board of uMngeni-uThukela Water


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

09 October 2025

Enquiries:      Ms. Simangele Mbatha
                Company Secretary
                Tel: +27 31 719 7460/ 071 078 0984
                Email: Simangele.Mbatha@uuw.co.za

Date: 09-10-2025 03:45:00
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