Revolving Credit Facility

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The key terms of Brait’s new 3-year tenor facility, which continues to be secured on a senior basis by the assets of Brait Mauritius Limited, are as follows:

Facility Commitment • R6.31bn 3-year RCF
• Facility commitments to reduce by agreed % of proceeds received from disposals of portfolio companies
    • If after 24 months the commitment exceeds R5.25bn, it will be reduced to R5.25bn
• All proceeds must be mandatorily prepaid to the facility
Margin • Margin for facility will be 460 bps on JIBAR, payable quarterly with a right to rollup
• The margin is subject to downward margin ratchet based on total commitments as Brait de-gears:
    • 60bps reduction whilst commitments <= R5.25bn
    • Further 40bps reduction whilst commitments <= R3.5bn
    • Further 40bps reduction whilst commitments <= R2.0bn
Covenants Covenants remain NAV based and have been set with sufficient headroom for short term volatility