Convertible bond conversion price adjustment Brait SE (Registered in Malta as a European Company) (Registration No.SE1) Share code: BAT ISIN: LU0011857645 Bond Code: WKN: A1Z6XC ISIN: XS1292954812 ("Brait", "the Company") CONVERTIBLE BOND CONVERSION PRICE ADJUSTMENT Capitalised terms not otherwise defined in this announcement shall have the meaning given to them in the terms and conditions of the Convertible Bonds (the "Conditions"). The Issuer hereby notifies Shareholders and Bondholders that, as a result of the bonus share issue with cash dividend alternative to Shareholders on Record Date on 12 August 2016 (as announced on 14 June 2016), the Convertible Bond Conversion Price is adjusted from GBP7.9214 to GBP7.8400 in accordance with the Conditions (including, but not limited to, the definition of "Dividend", and Conditions 6(b)(ii), 6(b)(iii) and 6(f)), effective 10 August 2016. In accordance with Condition 11(xii), the aggregate amounts of cash dividends paid and bonus shares issued used to determine the aforementioned adjustment to the Conversion Price are available on the group website www.brait.com. Malta 17 August 2016 Brait’s primary listing is on the Euro MTF market of the Luxembourg Stock Exchange and its secondary listing is on the Johannesburg Stock Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 17/08/2016 02:50:00 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.