Voluntary NAV update

VOLUNTARY NAV UPDATE

Ethos Capital offers shareholders long-term capital appreciation by directly and indirectly investing in a
diversified portfolio of mainly unlisted private equity type investments that are managed by Ethos Private Equity (Pty) Limited (“Ethos”). Below is an updated unaudited net asset value (“NAV”) as at 31 May 2017 plus an update on the investment portfolio and the progress of its various strategic initiatives.

NAV

Ethos Capital’s underlying NAV increased to R10.22 per share as at 31 May 2017 (R10.11 at 31 March 2017). The increase was predominantly driven by the return on Temporary Investments and the Ethos Mid Market Fund I (“Ethos MMF I”) equalisation payment. The unlisted valuations are revalued quarterly and will next be valued at 30 June 2017.

Update on the investment program

The Ethos MMF I concluded its second close towards the end of May, and is nearing targeted commitments of R2.0 billion. As a first close investor, Ethos Capital received equalisation proceeds of R78 million, reducing its invested capital from R307 million to R229 million. As part of the equalisation, it received a return of Prime + 2% on these proceeds, contributing NAV of c.3c per share. At current commitment levels, Ethos Capital’s participation in Ethos MMF I is 61%, which is expected to reduce to c.45% at final close (based on its R900 million commitment) at which point further equalisation proceeds will be received as well as a Prime + 2% return thereon.

Ethos Mezzanine Fund 3 is making good progress with its fund raising, targeting a first close in Q3 2017. Ethos Capital intends to make a commitment of R320 million to this Fund.

At 31 May 2017, Ethos Capital had total commitments of R680 million (37% of NAV) and net invested
capital (including unfunded guarantees) of R310 million (17% of NAV).

The Ethos MMF I Investment Committee has given final approval for two new investments which would
result in a total direct and indirect investment by Ethos Capital of approximately R300 million. These
transactions are close to signing. The Ethos Fund VI Investment Committee has given approval for a new investment which would result in a total direct and indirect investment by Ethos Capital of approximately R180 million.

In addition, both Ethos MMF I and Ethos Fund VI have a number of other new and follow-on transactions in the pipeline that are in relatively late stages of the acquisition process. There can be no certainty, however, that any of the transactions above will be completed.

Repurchase of shares

As noted in the interim report, the Ethos Capital Board is committed to a policy of enhancing long-term
shareholder value. As part of this strategy, the Board announced its intention to repurchase Ethos Capital shares should the volume weighted average price per share trade at a larger than 10% discount to the prevailing total NAV per share for a reasonably sustained period of time. The Board of Ethos Capital has approved a buyback programme of shares in Ethos Capital. Any shares acquired by the Company will be held in treasury to enable the Company to re-issue these shares should the Board elect to do so.

Disclaimer

The financial information on which this announcement is based, has not been reviewed and reported on by the Company’s external auditors.