DEALINGS IN SECURITIES BY DIRECTORS PURSUANT TO THE ETHOS CAPITAL RIGHTS OFFER

Shareholders are referred to the announcement released by Ethos Capital on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on Friday, 13 December 2019, prior to the commencement of the Ethos Capital closed period on 31 December 2019, in which Ethos Capital disclosed the irrevocable subscription commitments entered into by the directors of the Company to follow all or a portion of their rights under the Company’s renounceable rights offer to raise equity of up to ZAR750 million (“Ethos Capital Rights Offer”). In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the JSE Listings Requirements, the following information is disclosed.

Name of director:	Yvonne Stillhart
Company:	Ethos Capital
Class of securities:	A Ordinary shares
Nature of transaction:	Off-market subscription for A Ordinary shares in terms of the Ethos Capital Rights Offer
Extent of director’s interest:	Direct beneficial
Clearance to deal obtained:	Yes
Date of transaction:	10 February 2020
Price:	ZAR7.50 per A Ordinary share
Number of securities:	356,725
Total value:	ZAR2 675 437.50

Name of directors:	Derek Prout-Jones and Michael Pfaff, through their family trusts which are invested through 4 Decades Capital (Pty) Ltd
Company:	Ethos Capital
Name of associate:	4 Decades Capital (Pty) Ltd
Associate relationship to directors:	The directors are trustees and one of the discretionary beneficiaries of the trusts that indirectly own the shares in the associate
Class of securities:	A Ordinary shares
Nature of transaction:	Off-market subscription for A Ordinary shares in terms of the Ethos Capital Rights Offer
Extent of directors’ interests:	Indirect beneficial
Clearance to deal obtained:	Yes
Date of transaction:	10 February 2020
Price:	ZAR7.50 per A Ordinary share
Number of securities:	2,666,667
Total value:	ZAR20 000 002.50