Update in respect of the MyBucks investment ECSPONENT LIMITED Incorporated in the Republic of South Africa Registration number: 1998/013215/06 JSE Code: ECS - ISIN: ZAE000179594 Debt Issuer Code: ECSD (“the Company” or “Ecsponent”) UPDATE IN RESPECT OF THE MYBUCKS INVESTMENT Update on MyBucks Investment Shareholders are referred to announcements released on SENS on 26 March 2019 and 26 July 2019 and are advised that Ecsponent and MyBucks have signed definitive agreements, dated 11 September 2019, in terms of which: a) Ecsponent will acquire 27,829 313 shares in MyBucks for a subscription price of €27,829 313, being an amount of R450 million (“Subscription Consideration”) at an agreed exchange rate of €1: ZAR16.17 (“MyBucks Subscription”). b) Prior to conclusion of the MyBucks Subscription, Ecsponent and its subsidiaries (“Ecsponent Group”) and MyBucks and its subsidiaries (“MyBucks Group”) will implement a debt restructure (“Debt Restructure”) which will involve: • the re-organisation of debt internally between entities in the Ecsponent Group and entities in MyBucks; and • the acquisition by Ecsponent of two loan claims from MyBucks, being a claim against Ecsponent Projects Proprietary Limited (“Projects”) in favour of MyBucks (“Projects Claim”) and a claim against Ecsponent Capital Limited (“Capital”) in favour of MyBucks (“Capital Claim”), for a total amount equal to R84.4 million. The loans have the following terms: o the Projects Claim is a loan owing by Projects, with a balance of US$4.2million (R59 million, at an exchange rate of US$1:ZAR14.11) at 30 June 2019, which carries interest at a rate of 0% per annum and is repayable in monthly instalments with a final maturity date of 31 December 2019; and o the Capital Claim is a loan owing by Capital, with a balance of R23.4 million at 30 June 2019, which carries interest at a rate of 14.5% per annum and is repayable in monthly instalments with a final maturity date of 30 June 2020. It is expected that the Debt Restructure will result in a net loan owing by MyBucks to Ecsponent of R415.8 million (“the Net Ecsponent Loan”), based on the loan balances as at 30 June 2019, being Ecsponent’s latest financial year end. The Subscription Consideration will be settled through: • a set off against the Net Ecsponent Loan; and • a cash top-up payment to ensure that the Subscription Proceeds equal R450 million on the effective date of the MyBucks Subscription. The following material conditions precedent remain outstanding to the MyBucks Subscription and Debt Restructure: • approval by the requisite majority of Ecsponent shareholders at a general meeting; and • MyBucks obtaining the necessary exchange control approval. As at the date of this announcement, it is expected that other third-party creditors of MyBucks will subscribe for 25.26 million shares in MyBucks, in exchange for settling debt owed by MyBucks of €25.26 million (“Third Party Capitalisation”). After the MyBucks Subscription and the Third Party Capitalisation, it is expected that Ecsponent will hold a c 49.96% interest in MyBucks. Circular to shareholders The Debt Restructure and MyBucks Subscription constitute a reverse take-over in terms of the JSE Listings Requirements and will therefore require the approval of 50% + 1 shareholders, present and voting at a general meeting. A circular to shareholders setting out further details of the MyBucks Subscription and Debt Restructure, containing a notice of general meeting, will be distributed in due course. For more information about this announcement or the Ecsponent group, email investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations 13 September 2019 Pretoria Sponsor to Ecsponent Questco Corporate Advisory (Pty) Ltd Date: 13/09/2019 01:35:00 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.