Redemption (including cash dividend) and delisting of the Company’s preference shares Brait SE (Registered in Malta as a European Company) (Registration No.SE1) Share code: BAT ISIN: LU0011857645 Share Code: BATP ISIN: MT0000680208 Bond code: WKN: A1Z6XC ISIN: XS1292954812 (“Brait” or “the Company”) REDEMPTION (INCLUDING CASH DIVIDEND) AND DELISTING OF THE COMPANY’S PREFERENCE SHARES Shareholders are referred to the announcements released on the website of the Luxembourg Stock Exchange (“LuxSE”) and on the Stock Exchange News Service of the JSE Limited (“JSE”), on 9 November 2015 and 1 December 2015 regarding the amendment to the Company’s memorandum of association (“MOA”) to allow for a potential redemption and delisting of the Company’s preference shares and authority to buy back up to seventy five percent (75%) of the Company’s preference shares. Shareholders are advised that the Brait board has taken the decision to redeem all of the Company’s preference shares in accordance with clauses 9.4.2.5 and 9.4.4 of the Company’s MOA (“Redemption”). The Redemption will be followed by the subsequent delisting of the preference shares from both the LuxSE and the JSE. The Redemption and payment in respect thereof will occur on 18 January 2016 (“Redemption Date”) and will equal the aggregate of: a) ZAR100.00 being the Deemed Issue Price (as defined in the MOA); and b) a gross cash dividend of ZAR3.02027 (ZAR2.56723 net of dividend withholding tax) per preference share for the period from 1 October 2015 to the Redemption Date (“Dividend”) (together, comprising “the Redemption Amount”). BDO Corporate Finance (Pty) Limited, the independent expert to Brait, have confirmed that further to their opinion set out in the circular to shareholders dated 9 November 2015, the Redemption Amount remains fair. The salient dates in respect of the preference shares are as follows: 2016 Last day to trade to receive the Redemption Amount: 8 January Suspension of trading from the LuxSE and JSE: 11 January Record date: 15 January Payment of the Redemption Amount and Redemption: 18 January Termination of listing on the LuxSE and JSE will occur prior to commencement of trade on: 19 January Share certificates may not be dematerialised or rematerialised after Friday, 8 January 2016. Preference shareholders registered on the Luxembourg register who prefer their Redemption Amount proceeds to be paid in Euro, are advised to inform their participants accordingly and provide their banking details to their participants by the required deadline in terms of their agreements entered into with their participants. Preference shareholders who receive their Redemption Amount proceeds in Euro are advised that the Dividend is 18.16189Euro cents per share and the Deemed Issue Price is 605.39650 Euro cents per share, and has been determined using the Euro/Rand exchange rate in Malta at 11:00 CET on Wednesday 23 December 2015. Any holder of preference shares who is: i) resident in Malta; or (ii) not resident in Malta but is owned and controlled by, directly or indirectly, or acts on behalf of an individual/individuals who is/are ordinarily resident and domiciled in Malta, in so far as the said shareholder is not: a) resident in an EU Member State (excluding Malta); or (b) resident in a country with which Malta has concluded a double taxation arrangement, is obliged to inform Brait so as to ensure adequate compliance with the requirements of Maltese law. Failure to notify Brait accordingly may expose the holder of preference shares to penalties and interest arising in terms of Maltese law. A dividend withholding tax of 15% will be applicable on the Dividend to all preference shareholders on the South African register who are not exempt from such tax. The dividend will be distributed by Brait SE and is regarded as a foreign dividend. As at the date of this announcement, the issued share capital comprises 520,624,835 ordinary shares of EUR0.22 each and 20 000 000 cumulative, non-participating preference shares of EUR0.01 each. The Company’s primary listing is on the Euro MTF market of the LuxSE and its secondary listing is on the JSE. Malta 23 December 2015 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 23/12/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.