News & Views September 2026

News & Views LINKING OUR MEMBERS TO MARKETS SEPTEMBER 2026 Issue Number 117

CONGRATULATIONS 2026 | TREE FARMER OF THE YEAR WINNERS RMJ Farming (PTY) Ltd and Mthondeni Heartwell Majola Our worthy prize winners both received a chainsaw sponsored by Tip Top Lawnmowers and Stihl Pietermaritzburg. This honourable award was first presented in 2001 to acknowledge farmers that have cultivated and enhanced their operations. Small Grower & Commercial Grower Categories Small Grower & Commercial Grower Categories

TREE FARMER AWARD Mthondeni Heartwell Majola and RMJ Farming (PTY) Ltd were awarded the prestigious Tree Farmer of the Year awards in the Small Grower and Commercial Grower categories respectively. The award is in recognition of exceptional silvicultural practice, environmental management, and augmentation of operations. As any tree farmer knows, forestry comes with new challenges at every stage of the rotation. His clonal compartment subsequently began showing signs of stress, prompting NCT to engage with FABI in April 2024 to investigate the cause. SMALL SCALE TREE FARMER OF 2026 Mr Mthondeni Heartwell Majola’s forestry journey is one of perseverance, commitment and a willingness to embrace new knowledge and improved forestry practices. Since becoming an NCT member in March 2020, he has steadily developed his wattle plantations while navigating the many The initial wattle harvested from this compartment was sold to NCT, while the bark was supplied to NTE. The remaining stand, W04, was carefully thinned and managed with the support and advice of extension services before being harvested in 2025. NCT Member: 12 March 2020 – Present Homestead and wattle plantations, Matimatolo Tribal Area, Umvoti District Mthondeni Heartwell Majola challenges that come with small-scale tree farming. Mr Majola became involved in the wattle regeneration project in 2020, with his first wattle seedlings planted in January 2021. His first compartment, W01 (1.8 ha), marked the beginning of his forestry journey. In December 2021, Mr Majola took another important step by becoming one of the first farmers in the area to plant wattle clones, establishing W02 (1.7 ha). This demonstrated his willingness to embrace new planting material and explore opportunities to improve the productivity and quality of his plantations. Alongside his forestry activities, Mr Majola also maintains agricultural land. In 2021, he planted beans on his 0.2 ha agricultural plot, with aspirations of eventually establishing a high-quality avocado orchard. In February 2023, W03 (1.4 ha) was established using improved Ellepot wattle seedling material. Establishing this compartment was not without its challenges, as rabbits threatened the young seedlings during the early stages. Through perseverance, regular monitoring and careful management, Mr Majola successfully overcame the challenge and established a healthy stand. During the site assessment, the FABI team identified the presence of the Jewel beetle, Agrilus grandis, in the clonal wattle. Rather than being discouraged by the discovery, Mr Majola welcomed the involvement of FABI and ICFR researchers and openly supported research into the pest and its impacts on wattle. His willingness to make his plantation available for research has contributed to a greater understanding of Agrilus grandis and its management. The research ultimately resulted in the publication of an ICFR Technical Report in 2026, adding valuable knowledge to the forestry industry. Following the completion of the ICFR research trial, a decision was made to clear-fell the affected clonal compartment and establish a new crop using the latest rust-tolerant wattle clones. Once again, Mr Majola embraced the opportunity to start afresh, demonstrating the resilience and forward-thinking approach that has characterised his forestry journey. His dedication to forestry has also received recognition. In the lead-up to the Small-Scale Tree Farmer of the Year awards last year, Mr Majola and his wife were recognised as runners-up. Proudly wearing their newly awarded NCT jackets, the recognition was a reflection of the hard work and commitment they have invested in their farming operation. 5 4

Since then, Mr Majola has continued to build on this progress. With sound extension advice, he has remained committed to improving the management of his wattle plantations, with particular attention given to maintaining well-prepared firebreaks throughout the winter months. His consistent effort, willingness to learn and ability to persevere through challenges have once again earned recognition, with Mr Majola being nominated for this year’s Small-Scale Tree Farmer of the Year award. From his first wattle seedlings in 2021 to embracing improved planting material, supporting industry research and continually refining his management practices, Mr Majola’s journey demonstrates what can be achieved through dedication, resilience and a commitment to continuous improvement. His story is not simply about growing trees; it is about growing with the industry, learning from every challenge and continually striving for better. Rainer and Michael Johannes COMMERCIAL TREE FARMER OF 2026 2026 was another challenging year judging for commercial tree farmer of the year with nominees from the Midlands, Zululand and Northern Natal. A commonality amongst all the nominees was their passion for the land, their staff and neighbours assisting where needed making the judging challenging again. Forestry best practices are used to judge the nominees looking at the harvesting and extraction operations, Silviculture procedures, open area management, which includes invasive alien control, erosion mitigation, fire protection and preparedness, social responsibilities and infrastructure management, including roads. Congratulations are given to RMJ Farming (Pty) Ltd a FSC and Global Gap certified, owned and managed family farming enterprise by Michael and Rainer Johannes from Paulpietersburg, who are the Commercial Tree Farmer for 2026. The farm has been family owned since 1900s when GCH Niebuhr moved into the area and started farming with cattle and wattle. In 1993 his son in law Rudolf Johannes took over the management of the farm and expanded the area under wattle. In 2005, Michael returned home working with Rudolf, 2015 Rainer returned home and it was decided that the sons would take over the management of the farm, registering RMJ Farming (Pty) Ltd. The long-term plan is to establish more wattle on the farm, reducing the number of ha’s under Eucalyptus. RMJ Farming (Pty) Ltd Land Holdings Total 2 412 ha The Timber Area Total 942 ha Acacia 532 ha Eucalyptus 352 ha Pines 58 ha 7 6

Diversification is the new buzzword in agriculture and the only way to improve profitability on one’s farm. Farming can’t continue along the same path as Rainer and Michael’s father and Grandfather did. For this reason, Michael and Rainer have diversified into a local beef herd known as Grass Velders, planted maize and soya, these areas once reaped are replanted to a cover crop of forage peas that the cattle can feed on as well as being beneficial for the soil. The Brothers have also planted kiwifruit under netting; these are Global Gap certified to take advantage of the export market. Shows Grass Velders herd, forage peas growing in reaped maize land and the Kiwis under netting Harvesting operation Mechanised Extraction Forestry remains rooted in the farming enterprise with focus being on expanding the area under Acacia mearnsii and the production of Eucalyptus grandis and Eucalyptus grandis clones for mining timber supply to Paulpietersburg Timbers where RMJ Farming (Pty) Ltd are shareholders in the business. Pulp generated from the mining timber operation is supplied to NCT as well as Mondi. The motor-manual harvesting system utilised by RMJ Farming (Pty) Ltd has been the go-to system for many years in forestry encouraging employment in rural areas such as Paulpietersburg. The services of a contractor are used for all the harvesting as well as some of the silvicultural operations on the farms. By doing this the contractor can offer employment to 30 permanent staff members from the community throughout the year. Michael and Rainer know that they control their own destiny hence the extraction operation is all done by own ops to ensure timber is moved timeously to the markets. For this to happen the correct extraction system needs to be utilised, and the brothers have chosen another trusted name in forestry purchasing Bell tractor trailer units and three-wheeled Bell loggers to do the extraction. The farming operation has its own timber truck for delivery of the mining timber and pulp giving RMJ Farming control of the supply chain. Rail is still utilised to NCT at Richard’s Bay with wagons being available on the Paulpietersburg line. Harvesting residue is not wasted as RMJ Farming (Pty) Ltd have their own charcoal kilns utilising all the larger diameter harvesting residue for this purpose. 9 8

The silvicultural operations are carried out with precision to ensure a high yield is achieved at the end of the rotation. A system utilised is the rotation of species planted, whereby two rotations of wattle are planted, then Eucalyptus follows for one rotation. The Eucalyptus rotation benefits from all the nitrogen the wattle rotations leave in the soil, this will improve the growth of the Eucalyptus seedlings when it is most needed in the early stages after establishment. Establishment for the next rotation commences with cool burns to Charcoal produced by RMJ Farming (Pty) Ltd Fire breaks for 2026 remove the remaining harvesting residue, this is achieved with the thanks of the charcoal kilns as all the heavy fuel has been removed leaving only branches and in the case of the gum, bark that is burnt. Compartments are destumped and ripped with a GPS assisted tractor to ensure planting lines are correctly spaced apart and straight. The planting pits are then prepared manually, and seedlings are Cool burn planted with hydrogels mixed with an insecticide to combat any cutworm or white grub outbreaks. Weeding operations are a combination of wind boxing and manually slashing. Wattle seedlings well maintained and healthy Being situated in Northern Natal with the terrain being hilly, both Michael and Rainer know that a sound road network and adequate fire breaks are essential for ensuring access around the entire farm. The roads network is well established with grassing of roads a priority. Main access routes are hardened for all year-round accessibility for timber movement, with continuous maintenance being done so that side drains & culverts remain open. There are numerous lookout points around the farm that are used for security and fire that are advantageous giving a birds-eye view when a quick check is needed if any suspicious activities are reported. 11 10

Both brothers show their responsibility to preserving the environment with well maintained open areas that are all in a maintenance phase with regards to alien invasive species, driving round the farm there were no signs of degrade areas, the one donga that was on the farm has been rehabilitated, planted to kikuyu and utilised for grazing. The farm is custodian to Grey Crowned and Blue Cranes, Ground Hornbills and Secretary birds. With the operations certified, pesticide usage and storage are critical for compliance, to this end RMJ Farming (Pty) Ltd run two separate stores to ensure compliance. Lookout point Rehabilitated donga Although there are two stores both are replicas of each other with trained staff issuing, applying and supervising the pesticides. Recycling is one constant every farmer knows is important and must be done responsibly ensuring there are no detrimental effects to the environment and staff. RMJ Farming (Pty) Ltd return all the empty pesticide containers to their suppliers once they are triple rinsed and punctured, used oil is collected by a local oil recycler. Safe and responsible pesticide management. All landowners have become involved with assisting local communities living on the farms or are neighbours as part of their social responsibilities. RMJ Farming (Pty) Ltd do this on a day-to-day basis where they have installed solar powered water pumps and tanks in all the villages so clean potable water is available. Roads accessing the villages are maintained by RMJ Farming (Pty) Ltd so the communities have safe passage to their homes, mealie meal is transported monthly for the communities as well. Local schools on the farms are assisted with the maintenance of the grounds and soccer fields. Assistance is not limited to those within or bordering on the farms, both brothers have been involved on the committees of the local farmers and fire protection associations. 60 permanent staff are employed by RMJ Farming (Pty) Ltd and their contractor locally, which assists those living in rural communities. All these employees are trained in accordance with legislation and certification compliance. NCT congratulates RMJ Farming (Pty) Ltd as the 2026 Commercial Tree Farmer of the Year. 13 12

2026 ANNUAL GENERAL MEETING Jean Simpson | Manager Corporate Services If there was one message that came through strongly at NCT’s 77th Annual General Meeting, it was that resilience and tenacity continue to define both the Co-operative and its members. Despite difficult global markets, rising costs and exchange rate pressures, NCT has emerged from a challenging period stronger, more efficient and well-positioned for the future. Resilience remains one of the Co-operative’s greatest asset! Chairman Vern Schefermann reported that the reconstruction of the Richard’s Bay facility has been successfully completed, with all three chipping lines now operating at full capacity. During the year, NCT marketed just under 2 million tons of timber, with around 80% destined for export markets. Growth in China, Indonesia and South Korea helped offset ongoing challenges in traditional markets, while NCT also celebrated an impressive 50-year relationship with Japanese customers Nippon and Sumitomo. General Manager Danny Knoesen acknowledged that international woodchip and pulp markets remain under pressure. However, strong customer relationships, quality products and reliable service enabled NCT to increase market share and achieve record wattle export volumes. South Africa has also strengthened its position as Japan’s secondlargest woodchip supplier, providing further confidence in NCT’s export future. He further gave feedback on the extensive strategic reviews undertaken by NCT during the year. He confirmed that NCT’s export business remains the best platform for future growth, with management focused on improving efficiencies, reducing costs and pursuing new opportunities where they create value for members. CFO Kerry Moffett reported a solid financial performance despite the challenging environment. Turnover exceeded R3 billion, an increase of approximately 80% compared to the previous year. Through careful cash management and effective hedging strategies, NCT generated almost R30 million in exchange rate gains, helping to support member returns during a period of significant currency volatility. The Co-operative recorded a profit before plantation revaluations and tax of R123 million, while maintaining a strong balance sheet and healthy liquidity position. Importantly, approximately 71% of timber revenue was returned directly to members through timber payments and premiums, reinforcing NCT’s commitment to delivering value to growers. Members also received updates on sustainability initiatives, FSC certification, EUDR readiness and the successful rollout of the NCT Member App. More than R6 million was invested in forestry research during the year, and R3.6 million invested in community projects highlighting NCT’s ongoing commitment to the long-term success and sustainability of the industry. As always, the AGM provided an opportunity to recognise those who contribute to the strength of the Co-operative. Longserving members were honoured for their loyalty and commitment, while RMJ Farming (Pty) Ltd and Mthondeni Heartwell Majola were named NCT’s Commercial and Small-Scale Tree Farmers of the Year respectively. Special recognition was also given to NCT Zululand District Manager, Mrs Angel Sibisi for receiving the Southern African Institute of Forestry’s Tree Farmer of the Year Award. The AGM concluded with the re-election of Chairman Vern Schefermann, Colin Hohls, Harald Niebuhr and Julia Rees to the Board and the approval of all formal resolutions which were put to the meeting. The overall message coming from the 77th AGM was both realistic and encouraging. While growers and the industry continue to face headwinds in the form of subdued prices, rising costs and global uncertainty, NCT remains financially stable, operationally strong and strategically focused. The Cooperative’s future will not be built on a single transformational project, but rather on the collective strength of its members, continuous improvement, strong customer relationships and a willingness to adapt in a changing world. As has so often been the case throughout NCT’s history, the challenges ahead are significant. But if the past year has proven anything, it is that resilience remains one of the Cooperative’s greatest assets. Together, members and staff continue to demonstrate that forestry is not for sissies, but through cooperation and perseverance, a sustainable future remains well within reach. 14 15

MEMBER LONG SERVICE AWARDS MEMBER LONG SERVICE AWARDS • Huge le Roux Joubert Boerdery • B J Morrison • E Rommelspacher • M G G Surendorff • J H te Riele • J C Blaker • Ferndrift Farm CC • Erlandson Estate Partnership • Wit Umfolozi Farm • R M D Gilson 30 YEARS • Schwarzwald Forestry (Pty) Ltd • The David Willey Family Trust • Torquay Farming (Pty) Ltd • Mbutu Estates CC • Haydn Percival Family Trust • Hope & Son • R M Niebuhr • E M Redinger 45 YEARS • Bryan O’Neill Will Trust t/a Lincoln Farm • Strathfield Agric (Pty) Ltd • One Rose Agri (Pty) Ltd • Denzil Brian Armour Trust 50 YEARS • Illaire Farming • B K Peattie • The Freese Farming Partnership 65 YEARS • Braco Trust • CMP Farming (Pty) Ltd • Columbia Farming • Monzali’s Estate • Ferroland Grondtrust (Edms) Bpk • W M Miles • Hampson Farming (Pty) Ltd • B S Timbers • H Lister • P V Mathaba • N T Mbuyazi 40 YEARS • Mfanefile Timber Estates (Pty) Ltd • PG Farming (Pty) Ltd • Timber & Bark Enterprise • Swiss Valley Transport CC • The Andrew Trust • The Thole Trust • R A Wilson • Tweefontein Plaas (Pty) Ltd 16 17

GUEST AT THE AGM 18 19

FROM THE GENERAL MANAGER DANNY KNOESEN In spite of this, we fully recognise that many growers are under significant pressure. Pulpwood prices are, at best, at cyclical lows, while input and fuel costs continue to rise. This is compounded by weak domestic infrastructure, ongoing political and rural challenges, and subdued demand for Eucalyptus timber. Globally, the picture is equally challenging, with constrained dollar pricing, demand volatility driven by world events, structural declines in Japanese pulp and paper consumption, increasing low-cost competition and no Timber revenues remain under strain, input costs continue to rise, infrastructure challenges persist, and international woodchip markets remain highly competitive. At the same time, export dollar prices have declined over recent years, while exchange rates have largely returned to levels last seen in 2022. These are the waters we are all sailing in. However, despite these challenges, NCT maintains a full order book for wattle and gum exports, stable local markets, and stable cash flow at current exchange rates. At our recent AGM, we shared a candid assessment of the challenges facing both NCT and our members, while outlining how we are positioning the co-operative for the future. The reality is that forestry growers continue to face significant pressures. obvious short-term relief on the horizon. NCT sits squarely at the centre of this system. We are dependent on grower supply, exposed to logistics inefficiencies, operating in price-constrained markets and built around volume throughput. The reality is simple: if growers are under pressure, NCT is under pressure. Against this backdrop, NCT sees the current environment creating a number of strategic tensions that will shape not only our future, but also the future of our members. 20 21

Do we continue to prioritise volume growth into constrained global markets, or do we focus on protecting margins and extracting greater value per ton from our timber resource? In the current environment, meaningful gains will come from hundreds of small decisions made correctly, rather than one large decision that promises to change everything. Do we remain primarily a woodchip exporter, or should we selectively move downstream into higher-value products such as veneer, biomass and other beneficiation opportunities? Are we truly optimising our species and market portfolio for maximum value, or have structural imbalances between wattle and gum led to unintended crosssubsidisation? And finally, do we maintain our That means focusing on the areas where we can make a measurable difference. Transport costs remain one of the biggest opportunities, whether through improved brokerage, better utilisation of depots, or eventually reclaiming rail as a viable logistics solution. We continue to examine mill turnaround independent operating model, or pursue deeper strategic alignment with partners across the forestry value chain to improve competitiveness and unlock new opportunities? These are not theoretical questions. They are real strategic choices that require careful evaluation if NCT is to continue creating value for members in an increasingly challenging operating environment. times, operational efficiencies and targeted investments that can reduce our cost per ton while increasing throughput. These may not always be headline-grabbing initiatives, but collectively they have the potential to make a meaningful difference to member returns over time. While there is no single answer, there are several initiatives that we believe warrant further investigation. One of the key findings was that there is no obvious alternative capable of replacing NCT’s current export business in either scale or value. Last year, exports accounted for 78% of our volumes and generated more than 87% of our revenue. Among these are the potential use of electric trucks between depots and mills, opportunities to improve the handling and utilisation of gum bark, and a renewed look at the peeler and veneer value chain. Simply put, any alternative market, beneficiation project or diversification opportunity would need to replace a substantial portion of that revenue stream before it could be considered a credible alternative. The review concluded that NCT remains well positioned in global markets, is trading with some of the world’s largest and most influential woodchip buyers and continues to achieve pricing that is competitive against international benchmarks The studies also examined a number of the diversification and beneficiation opportunities often raised by members and industry stakeholders. These included largescale biomass energy We also remain open to engaging with technology providers, investors and industry participants who can demonstrate practical opportunities for beneficiation, diversification or improved returns for our members. At the same time, we believe NCT must continue to play to its strengths. Our analysis suggests that the greatest nearterm opportunity lies in improving throughput and extracting more value from the assets, infrastructure and market relationships that already exist. Through a combination of operational efficiency improvements and selective capital investments, we believe there is scope to increase export projects, veneer manufacturing and other value-adding initiatives. While several opportunities showed merit and remain worthy of further investigation, the analysis found that most would require substantial capital investment while only consuming a relatively small portion of the timber resource. In many cases, the scale of investment required is disproportionate to the potential benefit for members. The conclusion was not that these opportunities should be ignored, but rather that none currently represents the kind of gamechanging solution capable of materially transforming member returns in the short term. The review also throughput by as much as 200 000 tons per annum over the coming years. In a business where volume drives efficiency, these gains are important in reducing cost per ton and maintaining competitiveness. Looking further ahead, opportunities certainly exist. Continued growth in China and Indonesia, the development of newer markets such as Korea and India, and additional biomass opportunities all have the potential to create future demand for South African fibre. In fact, our analysis suggests that, under the right market conditions, demand for NCT’s products could ultimately exceed our current processing capacity. However, these opportunities reinforced that NCT brings a number of significant strengths to the table. Together with our members, we represent a timber resource exceeding two million tons per annum, giving us the scale required to remain relevant both locally and internationally. We have long-standing relationships with four of the world’s largest woodchip buyers, world-class chipping facilities in Richard’s Bay and Durban, and a reputation for reliability, quality and market knowledge that has been built over decades. Importantly, NCT is also at the forefront of timber certification, traceability and source verification, capabilities that are becoming remain dependent on a range of factors, including exchange rates, global market conditions and customer demand, and must therefore be pursued with both optimism and realism. Above all, our message to members is a simple one: NCT understands the pressure that many growers are facing. We share your concerns because your challenges are ultimately our challenges. While we cannot promise an overnight solution, we can promise that we will continue to challenge our own assumptions, explore every credible opportunity, and pursue every practical improvement that can strengthen member returns. We increasingly important as global customers demand greater levels of transparency and compliance. These strengths have not insulated us from difficult market conditions, but they do provide a strong platform from which to respond to them. Perhaps the most important conclusion from the review was that there is no silver bullet waiting to restore R200 per ton to growers overnight. We did not uncover a hidden market, a miracle investment, or a single strategic shift capable of solving the challenges facing growers and NCT alike. Instead, the evidence consistently pointed towards a different approach: a relentless focus on incremental improvements. would also like to thank our members for their continued support, engagement and loyalty to the co-operative during what have been some exceptionally challenging years for our industry. The forestry sector has never been a business for those looking for easy answers, but NCT has built its success over more than seven decades through the collective commitment of its members, the strength of its relationships and a willingness to adapt to change. That approach has served us well in the past, and we believe it remains the best way forward as we navigate the opportunities and challenges that lie ahead together. 23 22

Stump management in ex-eucalypt stands Eucalyptus trees planted commercially in forest plantations of South Africa have, in the cambium, lignotubers and epicormic buds that allow them to produce coppice shoots following the removal of the main stem. This coppice regrowth Noxolo Ndlovu | Forestry Research Scientist can be a source of competition for the next crop, which can lead to reduced and variable tree growth. As such, for the successful establishment and optimum productivity of the next crop or stand, coppice regrowth needs to be effectively controlled. Different methods to control stumps There are various methods that can be implemented to control coppice regrowth in ex-Eucalyptus stands. These include: Manual Removal This entails the manual removal of coppice using a sharp tool such as an axe or bush knife. Spraying Coppice Foliage With Herbicides Spraying coppice leaves, often with glyphosate, requires careful application to avoid damaging planted seedlings. Raising the nozzles to reach taller coppice increases the risk of spray drift and seedling damage. Basal Frill Treatment Herbicide, usually triclopyr based, is applied directly into cuts made at the base of the tree or stump. This method limits soil runoff and is best carried out before felling to avoid interference from harvest residues. Cut-Surface Treatment The application of herbicide, usually a triclopyr-based herbicide, to the cambium of the recently felled tree/cut stump. 01 03 04 02 Research shows that all the methods listed can be effective in controlling coppice regrowth. The herbicide Turbodor 29 MPA as a solution to challenges associated with cut-surface treatment operations In addition, when implemented correctly and at the appropriate time, no significant differences in tree performance (survival, growth and uniformity) have been observed between the different treatments at rotationend. In other words, there is no treatment that is necessarily superior to the others in terms of the resulting performance of the next crop at rotation-end. As such, the most suitable method is influenced by costs and other considerations, such as safety and the need to reduce reliance on herbicide use. In terms of costs, a Turbodor provides a potential solution to challenges associated with conventional cutsurface treatments, particularly the requirement for herbicides to be applied shortly after felling. Turbodor, a triclopyr-based herbicide, allows application up to six weeks post-felling. This can improve worker safety, as felling and timber extraction are likely to have been completed by this time. study published in 2017 showed that the cutsurface treatment was the most cost-effective treatment (R1 973.80 ha-1) compared to the basal frill treatment (R3 228.23 ha-1) and operations where the stump was not treated soon after harvesting, but a combination of coppice foliage spraying with glyphosate and manual removal of coppice was implemented from 14 weeks after planting (R2 650.50 ha-1) (Roberts et al. 2017). The lower cost of the cut-surface treatment was attributed to fewer labour units required (for example, 1.5 units ha-1) and lower quantities of herbicide used compared to the other methods. It is important to note, however, that the cost comparison by Roberts et al. (2017) was based on the same number of follow-up operations being implemented across the different treatments. The authors acknowledged that, in practice, the effectiveness of cutsurface and basal frill treatments in controlling coppice may reduce the need for follow-up operations. Therefore, the actual cost of these treatments may be lower than reflected in the study, particularly when compared with treatments relying on repeated foliage spraying and/or manual removal. So, if all the methods can work, and cut-surface treatment is relatively inexpensive, what is the problem? The problem is timing! Although cut-surface treatment has been documented as the most cost-effective method, the greatest limitation of this method, especially in the past, has been the fact that, for effective control, herbicides needed to be applied soon after felling, often within a day of felling. This presents challenges, as this is not always possible due to safety concerns in harvesting operations. EFFECTIVENESS OF THE VARIOUS METHODS A series of three trials conducted in subtropical, warm temperate and cool temperate forestry regions of South Africa showed that a single application of Turbodor at four, five or six weeks post-felling resulted in complete killing of treated Eucalyptus stumps (Figures 1 and 2). 24 25

4 100% in the untreated control, consistently across every site, strength (x1 and x1.33) and application timing (4, 5 and 6 weeks after felling). With no within-treatment variation to partition, the treatment effect is categorical and unambiguous, and inferential testing would add nothing to the interpretation of the result. Figure 4a. Piet Retief results: Percentage coppice regrowth observed across the different Eucalyptus spp. stumps observed at the month 1 to 12 assessment stages after facing specified herbicide treatments. treatment variation to partition, the treatment effect is categorical and 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor x1 Turbodor x1.33 Garlon 2% Diesel Week 4 Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 5 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 6 returned an absolute 0% coppice presence against nsistently across every site, strength (x1 and x1.33) weeks after felling). n to partition, the treatment effect is categorical and sting would add nothing to the interpretation of the Percentage coppice regrowth observed across the spp. stumps observed at the month 1 to 12 after facing specified herbicide treatments. arlon 2% Diesel Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 5 ted ol Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 6 odor 29MPA treatments returned an absolute 0% coppice presence against the untreated control, consistently across every site, strength (x1 and x1.33) lication timing (4, 5 and 6 weeks after felling). within-treatment variation to partition, the treatment effect is categorical and guous, and inferential testing would add nothing to the interpretation of the 4a. Piet Retief results: Percentage coppice regrowth observed across the different Eucalyptus spp. stumps observed at the month 1 to 12 assessment stages after facing specified herbicide treatments. treatment variation to partition, the treatment effect is categorical and eated trol Turbodor x1 Turbodor x1.33 Garlon 2% Diesel Week 4 Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 5 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel Week 6 Figure 1: Percentage coppice regrowth from one to twelve months following application of the specified herbicide treatments at four, five and six weeks post-felling. The trial was conducted in an ex-E. nitens stand in cool temperate Piet Retief (Data from Ecoguard Biosciences Pty (Ltd)) Figure 3: Decomposing E. grandis x E. urophylla stumps at the 9 month assessment period. The stumps were treated with Turbodor 29MPA at four weeks after felling (Data from Ecoguard Biosciences Pty (Ltd)) Figure 2: Percentage coppice regrowth from one to twelve months following application of the specified herbicide treatments at four, five and six weeks post-felling. The trial was conducted in an ex-E. grandis x E. urophylla stand in subtropical Zululand (Data from Ecoguard Biosciences Pty (Ltd)) Figure 4b. Zululand results: Percentage coppice regrowth observed across the different Eucalyptus spp. stumps observed at the month 1 to 12 assessment stages after facing specified herbicide treatments. 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 4 Weeks Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 5 Week 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 6 Weeks Figure 4b. Zululand results: Percentage coppice regrowth observed across the different Eucalyptus spp. stumps observed at the month 1 to 12 assessment stages after facing specified herbicide treatments. 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 4 Weeks Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 5 Week 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 6 Weeks 5 Figure 4b. Zululand results: Percentage coppice regrowth observed across the different Eucalyptus spp. stumps observed at the month 1 to 12 assessment stages after facing specified herbicide treatments. 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 4 Weeks Month 1 Month 3 Month 6 Month 9 Month 12 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 5 Week 0 10 20 30 40 50 60 70 80 90 100 Untreated control Turbodor 6% Turbodor 8% Garlon 2% Diesel 6 Weeks Across all three trials, 0% coppice was recorded on all Turbodor-treated stumps at 12 months posttreatment (Figure 1 and 2). Compared to the other treatments (Garlon with diesel and no herbicide), Turbodor-treated stumps were observed to be decomposing at nine months, indicating that they were completely dead (Figure 3). These results are particularly relevant during establishment of the next crop. Canopy closure in forestry generally occurs within approximately 12 to 24 months after planting, reducing light penetration to the forest floor. These results are particularly relevant during establishment of the next crop. Canopy closure in forestry generally occurs within approximately 12 to 24 months after planting, reducing light penetration to the CONCLUSION forest floor. As light is important for coppice development, the absence of coppice over the 12-month assessment period suggests that Turbodor can provide effective control during the critical establishment period of the next crop. Importantly, the ability to apply Turbodor several weeks after felling provides greater flexibility in the timing of treatment and may reduce the safety risks associated with working around active harvesting operations. Turbodor appears to be a promising option for Eucalyptus stump management, particularly where the timing and safety constraints associated with conventional cutsurface treatments are a concern. However, forest managers should conduct an economic analysis when considering Turbodor against existing methods, taking into account the potential benefits of effective once-off treatment and reduced follow-up operations. Herbicides can also pose environmental risks if not used responsibly. Label guidelines should therefore be followed, staff appropriately trained, and the correct nozzle and application rates used. Where necessary, guidance should be sought from the chemical provider or the Timber Industry Pesticide Working Group (TIPWG). 27 26

There is an old saying: “In the land of the blind, the one-eyed man is king.” In business, this is especially true: the organisation that sees risks, opportunities and responsibilities most clearly has a serious advantage over those who choose to ignore governance good practices. King V, South Africa’s latest corporate governance code, is designed to help organisations see more KING V: SOUTH AFRICA’S GOVERNANCE ROADMAP WHAT IS KING V? Jean Simpson | Manager Corporate Services clearly, walk a little straighter, and avoid tripping over a hidden stump. But be warned, King V is only for the organisations who are prepared to keep at least one eye open in a world where many organisations decide to turn a blind eye on ethics and good governance. So, here is the What, the Who, the Why and the So What of King V. King V is the fifth edition of South Africa’s corporate governance guidance since the King codes were introduced in the early 90’s. It was released by the Institute of Directors in South Africa and the King Committee on 31 October 2025. It replaces King IV and applies to financial years beginning on or after 1 January 2026. King V is not a law nor is it really a “compliance code”. Compliance is often seen the minimum standard with which an organisation needs to comply. Think of King V as a forester’s map. It’s a practical tool that helps an organisation plan the best actions, nurture its trees and eventually harvest a stronger crop. At its heart, King V guides organisations to lead ethically and effectively to attain four main outcomes. Think of it in the context of managing your plantation according to good practice. 01 03 02 04 Plant the Right Foundation Follow the Rules and Standards Build the Right Team Harvest Trust and Accountability First you need to plant the best seedlings in the most suitable soil. King V promotes ethical culture through the organisation’s shared values. You need to follow the forester handbook, chain of custody practices and certification codes. King V promotes conformance and prudent control through adherence to laws, regulations and standards. Get a good forester and a strong silviculture team with the right tools. King V requires organisations to perform and create value within an economic, social, and environmental context And finally, you want to look back at your harvest and talk about a successful harvest without sounding like an election slogan. King V calls this legitimacy through stakeholder trust i.e. accountability. To attain these four outcomes, King V proposes adherence to 13 principles which is supported by 150 proposed practices. So essentially if an organisation can apply these 150 practices Appoint ethical leaders Build ethical organisations Work for sustainable value creation Report responsibly to stakeholders Have well-balanced boards Appropriate committees with delegated tasks Effective executive management teams Manage risk and opportunities strategically Adhere to laws, rules, codes and standards Use technology to attain strategic goals Fair, responsible, and transparent remuneration Strengthen Assurance and Control Prioritise a stakeholder-inclusive approach So, what are the 13 Core Principles I hear you ask. Simply put, organisations who are serious about good corporate governance: meaningfully, it would mean that you have effectively applied the 13 principles which should result in successfully attaining the four outcomes. 29 28

The short answer: almost everyone with a governing body, a strategy, stakeholders, or a coffee machine in the canteen. Listed companies face formal disclosure requirements through the JSE, but the principles are useful for any organisation that wants to look trustworthy and prepared. When it comes to disclosures King V recommends an apply-and-explain model. That simply means apply the practices found in the code and if you don’t, explain why not and disclose any other practices you applied to achieve the objective set WHO SHOULD CARE? by a specific principle. Creating these frameworks is generally a forester’s nightmare and a compliance officer’s burden to carry. But fear not, the code is written so that anyone can understand it and it includes a disclosure template that can be used by organisations when they prepare their disclosures for reporting purposes. Thank you King Committee! It helps boards and governing bodies, who are serious about being a good corporate citizen, make better decisions, build trust and create sustainable value without having to reinvent the wheel on good governance. King V is not just another compliance checklist to keep on a spreadsheet and stick into an annual report once a year for everyone to admire. It is all about sustainability in a world fraught with unknowns. Business is no longer just about profit, products and glossy annual reports. Organisations now face cyber risks, artificial intelligence, It is a practical guide for organisations that want to be ethical, resilient, transparent and future-ready. In a world where many organisations follow a head-in-the-sand-approach, King V gives businesses a clearer line of sight so they can move forward with purpose for generations to come. For South African businesses, King V can help strengthen decision-making, improve risk management, support better reporting, build WHY DOES KING V MATTER? AND HERE IS THE SO WHAT sustainability pressure, regulatory scrutiny and stakeholders who expect answers faster than you can say “chainsaw”. King V helps organisations respond to this more complex world. investor and market confidence and promote long-term value creation. In forestry terms, it helps organisations prune what is risky, water what is valuable and avoid pretending that forest fuel loads are nothing to be worried about. In an industry like forestry where long-term goals are inevitable, King V becomes the ultimate roadmap to sustainability. (If you want to know more about King V visit the IODSA website for some great resources. www. iodsa.co.za) 31 30

Miscommunication is one of the most common obstacles to workplace productivity. Whether it’s a misunderstood email, an unclear Teams message, or assumptions about how colleagues prefer to work, communication gaps can lead to frustration, wasted effort, and unnecessary delays. In her TED Talk, A Simple Solution to Fix Workplace Miscommunication, leadership expert Melissa M. Mikus highlights the significant impact that ineffective communication can have on organisations. She notes that many workplace failures can be linked to communication breakdowns and argues that even small THE SIMPLE COMMUNICATION TOOL THAT CAN PREVENT WORKPLACE FRUSTRATION WHAT OUR ENGAGEMENT SURVEYS ARE TELLING US Neels Reyneke | HR Manager misunderstandings can create substantial costs for businesses. One example she shares is a simple reply she sent to a colleague. When asked whether a presentation could be sent to a board chair, she responded with a single word: “Sure.” To her, the response meant that the presentation was excellent and ready to proceed. Her colleague, however, interpreted the message as lukewarm approval and spent significant time reworking the entire presentation unnecessarily. The lesson is simple: often the problem is not what was said, but how it was interpreted. INTRODUCING THE COMMUNICATION STYLE TAG Some examples: Mikus proposes a practical solution called a Communication Style Tag. This is a short description of how you prefer to communicate and what helps you perform at your best. It can be included in email signatures, Microsoft Teams profiles, staff directories, or simply shared within your team. Preferred communication channels (email, Teams, phone, face-to-face discussions, etc.) A Communication Style Tag typically covers: “Email preferred during working hours. Please provide detailed information in advance to support efficient decision-making.” 01 “For urgent matters, phone or Teams call preferred. I think best through discussion and collaboration.” 02 “Morning meetings preferred. Afternoons reserved for focused work. Agendas appreciated in advance.” 03 The idea of a Communication Style Tag resonates strongly with feedback received through our recent Employee Engagement Surveys. Examples of employee feedback include: Across multiple survey cycles, employees have consistently highlighted opportunities to strengthen communication, improve collaboration between departments, increase transparency, encourage open dialogue, and create stronger connections between teams and locations. Employees specifically mentioned improving communication, breaking down departmental silos, increasing transparency, strengthening interdepartmental collaboration, and ensuring that employees feel heard and respected. Response expectations Preferred meeting times Working preferences “Communication across all sections.” “Inter-department communication.” “Management should attend training on how to handle staff as well as improve communication.” “Strengthening internal communication to ensure employees are aligned, informed, and feel part of the bigger picture.” “Better cascading of communication.” “Better communication” Conditions that help you contribute effectively Feedback preferences 32 33

My opinions are valued here My manager has regular check-ins with me which improve my motivation Management is open and transparent in their communication with staff Open communication is encouraged within NCT People within NCT treat each other with respect My preferred communication channel is... For urgent matters, contact me via... I do my best work when... Before meetings, I prefer... The best way to provide feedback to me is... I am most productive during... 3.70/5 3.79/5 3.98/5 3.99/5 3.94/5 Similarly, several 2024/2025 survey measures relating to communication and feedback indicate opportunities for improvement: Consider sharing: While these scores are positive overall, they suggest that improving communication remains an important opportunity for us as an organisation. As Melissa Mikus reminds us, sometimes the solution is not another app, policy, or training programme. Sometimes it is simply helping people understand how we work best. Why not create your own Communication Style Tag? By understanding one another’s communication preferences, we can take practical action on the themes raised in our engagement surveys and continue building a workplace where people feel informed, respected, and connected. Communication challenges rarely occur because people are unwilling to work together. More often, people simply have different communication preferences. By making communication preferences visible, teams can: Some colleagues prefer detailed written information before making decisions. Others prefer face-to-face conversations. Some like time to think before responding, while others process ideas through discussion. WHY THIS MATTERS REFERENCE When we understand these differences, we are less likely to make assumptions, become frustrated, or misinterpret intentions. Instead, we can adapt our communication to work more effectively with one another. Mikus, M.M. (2025). A Simple Solution to Fix Workplace Miscommunication. TED@BCG. Featured on the TED Talks Daily podcast. This article is based on ideas presented by Melissa M. Mikus and adapted for NCT’s internal newsletter, incorporating themes identified through the 2023, 2024 and 2025 Employee Engagement Surveys. Build trust faster Strengthen relationships Reduce misunderstandings Improve decision-making Improve collaboration Reduce workplace stress & frustration i iv ii v iii vi A CHALLENGE FOR ALL OF US When we tell people how best to work with us, we improve communication, strengthen trust, and build teams that work more effectively together. 35 34

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