10 slides from Epe Capital Partners Ltd. Class A's earnings presentation, September 2026
Slide 1: Ethos Capital
ETHOS CAPITAL SEPTEMBER 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY © Ethos | 2
Slide 3: Key Figures for the 2026 year
Executive Summary Key Figures for the 2026 year 1 2 3 Disposal proceeds realised Two-year return of 130% for Discount narrowed to 4% in over R1.14 billion EC shareholders a simplified portfolio 4 5 6 Two major realizations for R1.03 billion returned in Upside potential in Optasia R1bn value to share
Slide 4: Executive Summary (continued): Realisations, liquidity and distributions
Executive Summary (continued) Overview Realisations, liquidity and distributions • Ethos Capital continued on the realisation journey to return • Gross cash proceeds of R1.14 billion received during 2026; value and capital back to its shareholders • Optasia dividends and IPO proceeds (R366 million);
Slide 5: NAV and Return Analysis
N A V A N D R E T U R N A N A LY S I S © Ethos | 5
Slide 6: June 2026 summary NAV movement
PERFORMANCE UPDATE June 2026 summary NAV movement R’m Ethos Capital NAV declined from R2,194m in June 2025 to R846m in June 2026, driven mainly by the sale of the (171) Residual Assets and partial sale of Optasia (95) Remaining NAV primarily consists of exposure to Optasia (901) 2194 R8.57 / share (
Slide 7: Ethos Capital investor returns over a busy last 2 years
PERFORMANCE UPDATE Ethos Capital investor returns over a busy last 2 years Jun 2024 Jul 2024 Aug 2024 Nov 2025 Dec 2025 Feb 2026 Mar 2026 Jun 2026 Brait ordinary share Brait exchangeable Brait rights issue Optasia IPO Residual Asset sale Share repurchase unbundling bond unbundling Strategy to moneti
Slide 8: Optasia
O P TA S I A © Ethos | 8
Slide 9: Optasia - H1 2026: strong financial delivery and continued strategic progress
PERFORMANCE UPDATE Optasia - H1 2026: strong financial delivery and continued strategic progress H1 combined strong financial performance with continued progress in broadening the Group’s growth base FINANCIAL PERFORMANCE 1 Record growth and profitability $185.3m +58% $77.9m +45% $39.3m +40% Revenue
Slide 10: Optasia – Potential share price upside
PERFORMANCE UPDATE Optasia – Potential share price upside Optasia pricing at time of IPO Updated analyst consensus In the October 2025 pre-listing statement, management guided towards > 40% Optasia beat FY25 guidance, with analyst consensus post H1 FY26 interim results net income growth in FY25 and