EPE CAPITAL PARTNERS LIMITED - Dealing in securities by a director

Dealing in securities by a director

EPE CAPITAL PARTNERS LTD
(Incorporated in the Republic of Mauritius)
(Registration number: C138883 C1/GBL)
ISIN: MU0522S00005
Share Code: EPE
("Ethos Capital" or "the Company")

DEALING IN SECURITIES BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following
information is disclosed in respect of dealings by a Director of Ethos Capital:

 Director                                     : Peter Hayward-Butt

 Company                                      : EPE Capital Partners Ltd

 Nature and extent of interest                : Direct beneficial

 Nature and type of transaction               : Off market free of payment
                                                receipt of a distribution in specie
                                                of A Ordinary Shares via a Trust of
                                                which the Director is an ultimate
                                                beneficiary

 Class of securities                          : A Ordinary Shares

 Clearance obtained                           : Yes

                                                A waiver in terms of paragraph
                                                3.70 of the JSE Listings
                                                requirements was granted by the
                                                JSE

 Date of transaction                          : 26 November 2025

 Number of securities                         : 690,366

 Deemed price (1)                             : R7.75

 Transaction value                            : R5,350,336.50


 (1)   Closing price on transaction date

Prior to its listing on the JSE, the Company concluded a subscription agreement with the Ethos
Private Equity Allocation Trust (the "Trust") whereby the Trust subscribed for 7.5 million of the
Company's A Ordinary Shares (the "Shares") that were notionally encumbered. At 30 June 2025,
the Shares were released from the notional encumbrance and the Trust now has free and
unencumbered title to the Shares and may freely deal in these shares in the manner contemplated
in the Trust's Deed and its Rules.

The trustees of the Trust considered its obligations under the Trust Deed and determined that it
would be in the best interests of the beneficiaries to return value through a distribution in specie of
the Shares. The Trust's beneficiaries include en commandite partnerships of which Peter Hayward-
Butt is a limited partner. The general partners of the en commandite partnerships determined that it
would be in the best interests of the limited partners to distribute the Shares to the limited
partners, including Peter Hayward-Butt.

Peter Hayward-Butt is not a trustee, nor is he a director of any of the aforementioned general
partners and has not exercised a discretion, or taken a decision, in relation to receiving the Shares.


Ebene, Mauritius (with simultaneous circulation in Johannesburg)
28 November 2025

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 28-11-2025 05:10:00
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