Quarterly update as at 30 September 2019 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”) QUARTERLY UPDATE AS AT 30 SEPTEMBER 2019 Ethos Capital is an investment holding company, registered and incorporated in Mauritius. It is listed on the Johannesburg Stock Exchange and offers shareholders long-term capital appreciation by making commitments and investments into Funds or co-investments that are actively managed by Ethos Private Equity (Pty) Limited (“Ethos”), providing the Company with exposure to a diversified portfolio of unlisted private equity type investments (“Portfolio Companies”). “The Group” refers to the consolidated results of the Company and a deemed controlled entity. Below is a voluntary financial update of the Company since the audited annual results announcement made in September 2019. NAV As at 30 September 2019, the Ethos Capital Group’s net asset value per share increased to R11.69 (from R11.34 as at 30 June 2019). The growth was largely as a result of strong performances in a number of assets including Channel Vas and Synerlytic. The EV / EBITDA valuation multiple, based on Ethos Capital’s attributable share of the underlying Portfolio Companies’ EBITDA, reduced from 6.9x to 6.7x over the quarter. Total assets increased to c. R2.0 billion with the group net asset value (net of treasury shares held) at R1.84 billion. The investment portfolio will next be revalued and audited as at 31 December 2019. Invested capital Ethos Capital’s invested capital as at 30 September 2019 was c. R1.5 billion, approximately 75% of the 30 September 2019 total assets. The acquisition of Gondwana by Echotel completed in October 2019, as well two further bolt-on acquisitions by Vertice (an investment in Ethos’ healthcare platform) and the acquisition of an increased stake in Channel Vas. Including these post quarter-end transactions, the invested capital increased to c. R1.7 billion (approximately 85% of total assets), with Ethos Capital having exposure to nineteen Portfolio Companies across a diverse set of industries, sectors and vintages. 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) 12 November 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 12/11/2019 08:20:00 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.