Mr. Grant Mowat, a newly appointed CEO of NTE, notified the following:-

Management Update

Dear Colleagues,

During the meetings held today by the Shareholders & Board Directors, our dear CEO, Ato Gizachew Hagos, has notified his decision to stand down. As a result, the Board of Directors has appointed me, as CEO of NTE going forward.

Ato Gizachew has been dedicated to NTE for over 23 years, 11 of which as CEO. He has accomplished outstanding performance and development of NTE and shown great leadership. We wish to thank him deeply for his commitment to the business over the years. Whilst Ato Gizachew will no longer serve NTE as CEO, I am very happy that he has kindly accepted to continue supporting NTE Management, as an external consultant going forward.

As to the management of NTE, I have learned a lot from Ato Gizachew over the past 18 months and as his successor, I hope to showcase an equal level of leadership.

Please rest assured that it is business as usual and I look forward to working with you all over the coming year.

Should anyone have any questions, please do not hesitate to contact me and I will endeavour to answer them as best as I can.

With best regards,

Grant Mowat

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