EPE CAPITAL PARTNERS LIMITED - Voluntary NAV update and Brait PLC interim results update

Voluntary NAV update and Brait PLC interim results update

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")

VOLUNTARY NAV UPDATE AND BRAIT PLC INTERIM RESULTS UPDATE

Ethos Capital is an investment holding company, registered, and incorporated in Mauritius. It is listed
on the Johannesburg Stock Exchange ("JSE") and offers shareholders potential long-term capital
appreciation by making commitments and investments into Funds or co-investments that are
actively managed by Rohatyn Management South Africa (Pty) Limited ("TRG SA"), providing the
Company with exposure to a diversified portfolio of unlisted private equity type investments
("Portfolio Companies").

The performance is largely measured by the growth in the Net Asset Value ("NAV") and NAV per
share ("NAVPS") of the Group and the Board has adopted the NAVPS as the relevant measure for
trading statement purposes.

Below is a voluntary update of the Company since the annual results announcement published in
September 2023.

NAV and NAVPS

The NAVPS of Ethos Capital, including the Brait PLC ("Brait") investment at its share price, decreased
by 4.3% in the quarter to 30 September 2023, from R8.56 to R8.19.

This was largely attributable to the Ethos Capital listed portfolio that was impacted by decreases in
share price movements over the quarter ended 30 September 2023 in Brait (-18%), the Brait
exchangeable bonds (-4%) and MTN Zakhele Futhi (-9%). The Ethos Capital unlisted portfolio
achieved a return of 1.5% over the quarter.

Based on the fully diluted Brait NAVPS of R5.84 as at 30 September 2023 (that decreased by 1.5%
over the six-month period ended 30 September 2023), the Ethos Capital NAVPS decreased in the
quarter to 30 September 2023 by 0.9% from R10.42 to R10.33.

The table below sets out the portfolio valuation and the Company's NAVPS as at 30 September 2023:

                         Ethos Capital portfolio
                          (excl. Brait portfolio)         Brait portfolio           Combined portfolio
                            Jun 23        Sept 23            Sept 23                     Sept 23
                                                                                        At
                                                       At R5.84     At R2.63         R5.84     At R2.63
 NAV ('million)              2,080         2,098          1,062          520         3,160        2,618

 NAVPS – Rand
 Invested capital                                                                    12.45        10.31
 Net liabilities                                                                    (2.12)       (2.12)
 Total                                                                               10.33         8.19

Brait interim results update

Brait announced its interim results for the six-months ended 30 September 2023 today with the
NAVPS decreasing to R6.84, representing a decrease of c.3% over the 31 March 2023 NAVPS of
R7.06. The fully diluted NAVPS decreased by 1.5% to R5.84 (31 March 2023: R5.93).

The following highlights were noted:

-    Virgin Active delivered robust operating performance across its key territories, with active
     membership increasing by 10% to 972k over the past twelve months, with enhancement of
     average yield across the portfolio.
-    Premier continued its strong performance with H1 FY24 EBITDA increasing by 24% driven, by
     robust growth across all divisions except for the Mozambican business that was impacted by
     macro factors and double-digit food inflation.
-    New Look delivered a reasonable performance given the challenging UK fashion retail operating
     environment where market volumes declined by 4%.
-    Settlement of the outstanding R2.1 million BML RCF with proceeds received from the Premier
     listing.
-    The Board remains focused on unlocking value for stakeholders and assessing the optimal way to
     achieve this.

For further information on Brait's interim results, please refer to the Brait announcement that was
published on SENS today and is available at http://brait.investoreports.com/investor-
relations/results-and-reports/

Disclaimer

The financial information on which this announcement is based has not been audited, reviewed, and reported on by the Company's external
auditors.


Ebene, Mauritius (with simultaneous circulation in Johannesburg)
15 November 2023

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

Date: 15-11-2023 12:53:00
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.