Voluntary investment update EPE CAPITAL PARTNERS LIMITED (Incorporated in the Republic of Mauritius) (Registration number: C138883 C1/GBL) ISIN: MU0522S00005 Share Code: EPE (“Ethos Capital”) VOLUNTARY INVESTMENT UPDATE As set out in the Quarterly update released by Ethos Capital on the Stock Exchange News Service on 14 October, 2016, the Ethos Mid Market Fund I has achieved a first close on 17 November, 2016. Ethos Capital is one of the first close investors with a commitment of R550 million (with an intended total commitment on final close of R900 million). The Ethos Mid Market Fund I has also received the requisite approvals for the acquisition of certain BEE assets from Ethos Fund VI and completion is expected to occur by mid?December, 2016. The assets acquired include a 15% stake in Autozone and Twinsaver and a 10% stake in Eazi Access, for a total upfront consideration by the Fund of R361 million. The Ethos Mezzanine Partners Fund 3 was formally launched on 15 November, 2016. The Ethos Capital commitment to this Fund is intended to be R320 million with a targeted date for first close of 31 March, 2017. In addition, Ethos Capital has acquired a secondary interest in Ethos Fund VI. The interest acquired is a US$10.0 million commitment to the Fund (c.1.4% interest) of which the current net invested capital (including unfunded guarantees) is US$5.7 million. The Board will continue to explore other secondary transactions in respect of Ethos Fund VI. Post the first close of the Ethos Mid Market Fund I, the Fund’s acquisition of the BEE assets and the secondary transaction, Ethos Capital has total commitments of approximately 39% of its last reported Net Asset Value (“NAV”) and net invested capital (including unfunded guarantees) of approximately 21% of NAV. JOHANNESBURG 21 November, 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21/11/2016 07:30:00 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.