EPE CAPITAL PARTNERS LIMITED - Quarterly update

Quarterly update

EPE CAPITAL PARTNERS LIMITED (Incorporated in the Republic of Mauritius) 
(Registration number: C138883 C1/GBL) 
ISIN: MU0522S00005 
Share Code: EPE 
(“Ethos Capital” or “the Company”) 
  
QUARTERLY UPDATE 
 
In accordance with the JSE Limited Listings Requirements and the Company’s Pre-Listing 
Statement dated 18 July 2016, Ethos Capital has set out below an update on the progress of its 
various strategic initiatives and an updated Net Asset Value (“NAV”) for the quarter ended 30 
September 2016. 
 
Primary Investments 
The Ethos Mid-Market Fund is on track for the first close of the fund in October 2016.  Ethos 
Capital will be one of the first close investors with a commitment of R550 million with a total 
commitment on final close of R900 million.  Progress has been made on the acquisition of certain 
BEE assets from Ethos Fund VI and if Advisory Board approval is forthcoming, completion is likely 
to occur soon after the date of the first close of the fund.  The Ethos Mezzanine Partners Fund 
raising is likely to be launched in November 2016.  The Ethos Capital commitment to this fund is 
R320 million. 
 
Secondary Investments 
The Ethos Capital Board has approved the Secondary Investments strategy.  The Company has 
made several offers to existing investors in Ethos Fund VI.  Discussions continue, however there 
can be no certainty that a transaction will be concluded.  The Board continues to explore various 
options to acquire a stake in Ethos Fund VI. 
 
Temporary Investments 
Ashburton Fund Managers (“Ashburton”) has been appointed as the manager of the Temporary 
Investments.  During August and September, Ashburton invested the IPO proceeds net of 
expenses and excluding some proceeds which was transferred to US Dollars to facilitate the 
Secondary Investments strategy. The Temporary Investments have been invested in a portfolio of 
low risk, liquid South African government bonds and bank NCDs.  The current yield on the portfolio 
is approximately 7.7%.  
 
Net Asset Value 
The NAV as at 30 September 2016 was R1.77 billion, reflecting the IPO proceeds net of listing 
expenses and other operating expenditure.  This equates to a NAV per ordinary share (adjusted)* 
of R9.83. 
 
*adjusted to exclude the encumbered shares issued to Ethos Private Equity.     
 
The financial information on which this announcement is based has not been reviewed and 
reported on by the Company’s external auditors. 
 
JOHANNESBURG 
14 October 2016 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 

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