E T H O S C A P I TA L

A G M P R E S E N TAT I O N

November 2017

Peter Hayward-Butt , Ethos Capital CEO

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2

General market outlook

Ethos capital and market update

Outlook for Ethos Capital

40% of NAV invested on a proforma basis

Kevro, MTN closed in July and October, Primedia to close in November

Offers in on 3 other businesses with a total investment for EC of c.R250m

Strong opportunity pipeline for Fund VII

Mid Market Fund c.40% invested with good execution visibility on 2 new deals

Mezzanine Fund pipeline is strong, investment to commence in Q1 2018

Market conditions and business / consumer confidence likely to remain subdued

Seller’s pricing expectations are moderating

Asset selection and pricing is key

Cost management and strategic growth levers are key in these conditions

Outcome of December ANC conference will determine opportunity for Fund VI secondaries

Portfolio well placed to benefit from an improved macroeconomic outlook

© Ethos | 3

8.62

6.33

1.99

4.28

8.50

30 Sept 2017 Proforma Share price

Cash Invested Capital Share price

3

NAV performance

NAV analysis

Portfolio composition per share

R10.61

19% 40%

% of NAV% of NAV Discount to NAV

20%

9.78

0.75

0.17

0.04 0.03

0.14 0.02

10.61

NAV increase – R173m

Yield on Temporary Assets – c.8%

Gross IRR on Invested Capital – 14.7%

© Ethos | 4

0.6%

0.7%

0.9%

1.0%

2.0%

9.6%

10.6%

11.0%

27.4%

36.2%

BevCo

RTT

Neopak

Eaton Towers

Waco

Twinsaver

Autozone

Eazi Access

Kevro

Primedia1% 1%

14%

1%

1%

9%

9%

1%

27%

7%

29%

WACO RTT AutoZone Eaton Towers

Neopak Twinsaver Eazi Access BevCo

Primedia MTN Zakele Kevro

4

Proforma Invested NAV contribution Proforma EBITDA contribution (excluding MTN Zhakele Futhi)

Portfolio overview

R736m

R147m

Invested Capital

Attributable EBITDA

© Ethos | 5

20%

29%

Discount to NAV Discount to peer group

4.6x 4.2x4.8x

7.7x

10.1x

4.1x4.7x

6.6x

2.1x 2.8x 1.8x

3.6x

0.8x

4.7x4.4x

2.5x

-

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Ethos Capital Fund VI EMMF Brait Zeder North America Western Europe RoW

Equity Debt

5

Ethos Capital valuation and portfolio companies’ discount to peer group

Weighted average EV / EBITDA – comparisons with SA investment companies and global funds

Portfolio valuation

Valuation highlights

6.7x

2.1x

EV / EBITDA Net debt / EBITDA

6.7x = value-weighted average portfolio EV / EBITDA

2.1x = value-weighted average portfolio net debt / EBITDA

20% = current Ethos Capital share price discount to NAV

29% = value-weighted average portfolio company discount

to peer group EV / EBITDA multiples

Note: Brait valuation multiple based on weighted average of Virgin Active, Premier, New Look and Iceland Foods; Zeder based on Pioneer Foods, Capespan, Zaad and Kaap Agri

6.7x 7.0x6.6x

11.3x10.9x

8.8x9.1x 9.1x9.4x

Peer group companies’ weighted average EV / EBITDA

A N A LT E R N AT I V E A D VA N TA G E

Stuart MacKenzie, Ethos CEO

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7

Performance of the Private Equity asset class

1

2

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

All Private Equity MSCI World PME

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

< 3 years 3-5 years > 5 years

3

Asset class Annual Return Volatility Sharpe Ratio

Private Equity 9.8% 14.4% 0.47

US Equities 6.9% 16.9% 0.23

High Yield Bonds 6.6% 11.5% 0.31

REITs 6.5% 25.5% 0.14

Investment Grade Bonds 6.4% 6.6% 0.52

Hedge Funds 3.4% 7.8% 0.05

Infrastructure 1.9% 17.5% <0

International Equities 1.8% 19.8% <0

Emerging Market Equities 0.6% 24.5% <0

10-year asset class risk adjusted returns

PE Net IRR (by vintage year) vs MSCI World PME Holding period of exited deals

Source: Hamilton Lane data

© Ethos | 8

8

Global trends in EV / EBITDA multiples paid and capital

structure dynamics

6.8 6.5 6.1 6.5 7.1 7.4 8.08.8 8.3

6.9 7.48.3 8.0

8.7 9.4 9.4 8.7

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Equity Debt

7.0 6.7 6.9 7.1 7.18.2 8.5

10.69.0

6.68.4

7.3 7.9 8.4 9.0 8.6

11.5

6.5 5.84.8

5.8 6.6 7.38.4 9.1 8.3

7.0

10.89.0 8.2 8.0 8.6

11.5

RoW

Western

Europe

North

America

Source: Hamilton Lane data

nm

© Ethos | 9

9

Ethos has an unrivalled private equity platform

2 Ethos structure1

Mono-line private equity

business

Alternative asset

manage-ment

business

1984 Fund I

US$101m

1992 Fund II

US$34m

1996 Fund III

US$172m

1998 Fund IV

US$358m

2006 Fund V

US$747m

2017 AI Fund

US$75m

2017 Fund VII

US$800m

2017

Healthcare

US$150m

2016

Mezzanine

US$150m

2016 Mid Market

US$150m2012 Fund VI

US$805m

Ethos transformation

Ethos Private Equity

Non BEE

PartnersRMI

Investments

Fu

nd

VI

Fu

nd

VII

Mid

Ma

rke

t Fu

nd

Me

zza

nin

e F

un

d

AI F

un

d

Ethos Capital / Traditional LPs

BEE

Partners

54.7% 6.9% 20.0%

RIM

Investments

Ethos BEE

Staff

Educational

Trust

10.0% 3.9% 4.4%

25.0% BEE

RMIRoyal

Bafokeng

50%50%H

ea

lthc

are

Pla

tform

© Ethos | 10

10

Leveraging the Ethos track record

1

19.7%

16.1% 16.0%

13.0%

PE (10 year) ALSI (10year)

PE (5 year) ALSI (5 year)

3.6%

3.0%

SAVCA PE Net Returns vs ALSI 2

1-year 3-year 5-year 10-year 20-year

Ethos Pooled (All investments)1

nm 15.9% 17.4% 15.5% 17.7%

Ethos Pooled(Realised investments)2

36.2% 45.9% 33.3% 32.4% 21.3%

Inflation + 10% 14.8% 15.5% 15.5% 16.2% 16.0%

Listed equity BM1 4.4% 10.9% 12.7% 12.4% 15.6%

1. Net of management fees and carried interest, ALSI returns over the same period including dividends

2. Net of management fees and carried interest for Fund III and IV; fees in Fund V weighted according to invested capital of realised investments divided by total invested capital at each date that fees were drawn (Fund VI excluded as no realisations)

Source: Riscura

Ethos Net Returns versus the ALSI

© Ethos | 11

11

Leveraging the Ethos track record

4

0%

11%

12%

39%

28%

10%

0%

20%

40%

60%

80%

100%

Write-off <1x 1-2x 2-3x 3-4x >4x

(Proportion of capital invested)

# of investments: 1 5 22 29 21 17

47%

29%

17%

7%

Early return of capital

Multiple expansion

Gross IRR attribution

(since Fund III)

EBITDA growth

100%

Leverage impact

13.6%

18.9% 18.8%

25.2%

Ethosnet IRR(USD)

EthosgrossIRR

(USD)

Ethosnet IRR(ZAR)

EthosgrossIRR

(ZAR)

Realised returns

(since Fund III)

Note: Fund III (1996 vintage) was Ethos’ first international fundraise

Ethos track record (realised) Ethos’ de-aggregated return profile3

Source: Ethos

© Ethos | 12

12

Consistency of Ethos returns

5

Source: Ethos

Delivering consistent, market-leading returns through the cycle

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

-600

-400

-200

-

200

400

600

800

1,000

Se

p-0

7

Nov-0

7

Jan

-08

Ma

r-08

Ma

y-0

8

Jul-0

8

Se

p-0

8

Nov-0

8

Jan

-09

Ma

r-09

Ma

y-0

9

Jul-0

9

Se

p-0

9

Nov-0

9

Jan

-10

Ma

r-10

Ma

y-1

0

Jul-1

0

Se

p-1

0

Nov-1

0

Jan

-11

Ma

r-11

Ma

y-1

1

Jul-1

1

Se

p-1

1

Nov-1

1

Jan

-12

Ma

r-12

Ma

y-1

2

Jul-1

2

Se

p-1

2

Nov-1

2

Jan

-13

Ma

r-13

Ma

y-1

3

Jul-1

3

Se

p-1

3

Nov-1

3

Jan

-14

Ma

r-14

Ma

y-1

4

Jul-1

4

Se

p-1

4

Nov-1

4

Jan

-15

Ma

r-15

Ma

y-1

5

Jul-1

5

Se

p-1

5

Nov-1

5

Jan

-16

Ma

r-16

Ma

y-1

6

Jul-1

6

Se

p-1

6

Nov-1

6

Jan

-17

Ma

r-17

Ma

y-1

7

Jul-1

7

Se

p-1

7

NAV growth Ethos NAV Growth - ALSI Growth

© Ethos | 13

Life-cycle of Ethos Fund VI

Exit ready

Investment phase

Turnaround

New investments

Available for new

investments & follow-ons

• R1.3bn

• KEVRO

• WACO

• EATON

• AUTOZONE

• TWINSAVER

• EAZI ACCESS

• RTT

• NEOPAK

• BEVCO

• PRIMEDIA

0

0.5

1

1.5

2

2.5

3

0 1 2 3 4 5

Cu

rren

t T

MB

per

cate

go

ry

Average age in years

Fund Rand TMB 1.3x

Fund Average Age 2.5 Yrs

*Kevro was exited from Ethos Fund VI in October 2017 to a consortium comprising RMB Ventures, RMB Corvest and Ethos Mid Market Fund I

**Co-investment assets held in collaboration by Ethos Fund VI & Ethos Mid Market Fund I

© Ethos | 14

Superior performance across economic and

political cycles

-3

-2

-1

0

1

2

3

4

5

6

7

8

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

South Africa real GDP growth (LHS)

South Africa real GDP growth (LHS)

(yoy %)

Fully realised Funds - actual returns

Live Funds - updated investment case returns

New Funds

Fund II 1992: 50.3% net IRR

Fund III 1996: 21.5% net IRR

Fund IV 1998: 22.1% net IRR

Fund V 2006: 9.0% net IRR

Fund VI 2011: 15.5% net IRR

Launched: Mid Market

Fund, Mezzanine Fund

Ethos Fund VII

DISCLAIMER

THE INFORMATION CONTAINED HEREIN IS PROVIDED FOR INFORMATIONAL AND DISCUSSION PURPOSES ONLY AND IS NOT, AND MAY NOT BE RELIED ON IN ANY MANNER AS, LEGAL, TAX OR INVESTMENT ADVICE OR AS AN OFFER TO SELL OR A

SOLICITATION OF AN OFFER TO BUY AN INTEREST IN ANY OF THE ETHOS PRIVATE EQUITY FUNDS OR LISTCO (TOGETHER THE “FUNDS”). A PRIVATE OFFERING OF INTERESTS IN THE FUNDS WILL ONLY BE MADE PURSUANT TO A CONFIDENTIAL PRIVATE

PLACEMENT MEMORANDUM (THE “OFFERING MEMORANDUM”) AND SUBSCRIPTION DOCUMENTS, WHICH WILL BE FURNISHED TO QUALIFIED INVESTORS ON A CONFIDENTIAL BASIS AT THEIR REQUEST FOR THEIR CONSIDERATION IN CONNECTION WITH

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CONDITIONS OF AN INVESTMENT IN THE FUNDS AND ALSO CONTAINS TAX INFORMATION AND RISK DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION REGARDING THE FUNDS. NO PERSON HAS BEEN AUTHORISED TO MAKE ANY

STATEMENT CONCERNING THE FUNDS OTHER THAN AS SET FORTH IN THE OFFERING MEMORANDUM AND ANY SUCH STATEMENTS, IF MADE, MAY NOT BE RELIED UPON. THE INFORMATION CONTAINED HEREIN MUST BE KEPT STRICTLY CONFIDENTIAL

AND MAY NOT BE REPRODUCED OR REDISTRIBUTED IN ANY FORMAT WITHOUT THE APPROVAL OF THE FUNDS. NOTWITHSTANDING THE FOREGOING, EACH INVESTOR AND PROSPECTIVE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE, OR

OTHER AGENT THEREOF) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE FUNDS AND ITS INVESTMENTS AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS OR

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AN INVESTMENT IN THE FUNDS WILL INVOLVE SIGNIFICANT RISKS, INCLUDING THE LOSS OF THE ENTIRE INVESTMENT. THE FUNDS WILL BE ILLIQUID, AS THERE IS NO SECONDARY MARKET FOR INTERESTS IN THE FUNDS AND NONE IS EXPECTED TO

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FUNDS AND PAY PARTICULAR ATTENTION TO THE INVESTMENT CONSIDERATIONS CONTAINED IN THE MEMORANDUM. INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE RISK CHARACTERISTICS OF THE FUNDS’

INVESTMENTS.

IN CONSIDERING ANY PERFORMANCE DATA CONTAINED HEREIN, YOU SHOULD BEAR IN MIND THAT PAST OR TARGETED PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT THE FUNDS WILL ACHIEVE

COMPARABLE RESULTS OR THAT TARGET RETURNS WILL BE MET. IN ADDITION, THERE CAN BE NO ASSURANCE THAT UNREALISED INVESTMENTS WILL BE REALISED AT THE VALUATIONS SHOWN AS ACTUAL. REALISED RETURNS WILL DEPEND ON,

AMONG OTHER FACTORS, FUTURE OPERATING RESULTS, THE VALUE OF THE ASSETS AND MARKET CONDITIONS AT THE TIME OF DISPOSITION, ANY RELATED TRANSACTION COSTS, AND THE TIMING AND MANNER OF SALE, ALL OF WHICH MAY DIFFER

FROM THE ASSUMPTIONS ON WHICH THE VALUATIONS CONTAINED HEREIN ARE BASED. THE IRRS PRESENTED ON A “GROSS” BASIS DO NOT REFLECT ANY MANAGEMENT FEES, CARRIED INTEREST, TAXES AND ALLOCABLE EXPENSES BORNE BY

INVESTORS, WHICH IN THE AGGREGATE MAY BE SUBSTANTIAL. ALL IRRS PRESENTED ARE ANNUALISED AND CALCULATED ON THE BASIS OF MONTHLY INVESTMENT INFLOWS AND OUTFLOWS. NOTHING CONTAINED HEREIN SHOULD BE DEEMED TO BE

A PREDICTION OR PROJECTION OF FUTURE PERFORMANCE OF THE FUNDS.

PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND EVALUATION OF THE INFORMATION CONTAINED HEREIN. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY, BUSINESS ADVISER AND TAX ADVISER AS TO

LEGAL, BUSINESS, TAX AND RELATED MATTERS CONCERNING THE INFORMATION CONTAINED HEREIN.

EXCEPT WHERE OTHERWISE INDICATED HEREIN, THE INFORMATION CONTAINED HEREIN IS BASED ON MATTERS AS THEY EXIST AS OF THE DATE OF PREPARATION OF THIS PRESENTATION AND NOT AS OF ANY FUTURE DATE. THE INFORMATION

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CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION CONSTITUTES “FORWARD-LOOKING STATEMENTS,” WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “ANTICIPATE,”

“TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS

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