# EDGAR Filing Document

**Accession Number:** 0002077888
**File Stem:** 0001829126-25-005755
**Filing Date:** 2025-8
**Character Count:** 837193
**Document Hash:** 41609e2eeb1b7a2015cddb25c446bf80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-005755.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001829126-25-005755

**CONFORMED SUBMISSION TYPE**: CB

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PK Investments Ltd
- **CENTRAL INDEX KEY:** 0002077888

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y8
- **FISCAL YEAR END:** 0630
- **LEGAL ENTITY IDENTIFIER:** 2138006R6TVTS1Y3MR25

**FILING VALUES:**
- **FORM TYPE:** CB
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95142
- **FILM NUMBER:** 251179876

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EXCHANGE HOUSE
- **STREET 2:** 54-62 ATHOL STREET
- **CITY:** DOUGLAS
- **PROVINCE COUNTRY:** Y8
- **ZIP:** IM1 1JD
- **BUSINESS PHONE:** 44 7624461949

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EXCHANGE HOUSE
- **STREET 2:** 54-62 ATHOL STREET
- **CITY:** DOUGLAS
- **PROVINCE COUNTRY:** Y8
- **ZIP:** IM1 1JD
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PK Investments Ltd
- **CENTRAL INDEX KEY:** 0002077888

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y8
- **FISCAL YEAR END:** 0630
- **LEGAL ENTITY IDENTIFIER:** 2138006R6TVTS1Y3MR25

**FILING VALUES:**
- **FORM TYPE:** CB

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EXCHANGE HOUSE
- **STREET 2:** 54-62 ATHOL STREET
- **CITY:** DOUGLAS
- **PROVINCE COUNTRY:** Y8
- **ZIP:** IM1 1JD
- **BUSINESS PHONE:** 44 7624461949

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EXCHANGE HOUSE
- **STREET 2:** 54-62 ATHOL STREET
- **CITY:** DOUGLAS
- **PROVINCE COUNTRY:** Y8
- **ZIP:** IM1 1JD

---

| | | |
|:---|:---|:---|
|  | OMB APPROVAL | OMB APPROVAL |
| **UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549** | OMB Number: | 3235-0518 |
| **UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549** | Expires: | January 31, 2027 |
| **UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549** | Estimated average burden hours per response............... | 0.5 |

---

**Form CB**

**TENDER OFFER NOTIFICATION FORM**

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

---

| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | ☐ |
| Securities Act Rule 802 (Exchange Offer) | ☒ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ☐ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ☒ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | ☐ |

---

MAS P.L.C.

(Name of Subject Company)

N/A

(Translation of Subject Company's Name into English (if applicable))

Malta

(Jurisdiction of Subject Company's Incorporation or Organization)

PK Investments Limited

(Name of Person(s) Furnishing Form)

Ordinary shares in the issued share capital of MAS P.L.C.

(Title of Class of Subject Securities)

N/A

(CUSIP Number of Class of Securities (if applicable))

Computershare Investor Services Proprietary Limited (Email: corporate.events@computershare.co.za Tel: +27 11 370 5000

(Name, Address (including zip code) and Telephone Number (including area code) of<br> Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)

4 August 2025

(Date Tender Offer/Rights Offering Commenced)

**PART I - INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents**

The following documents are attached hereto as exhibits to this form:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [The Voluntary Bid Circular to MAS Shareholders](pkinvestment_ex99-1.htm) |
| 99.2 | [The Prospectus](pkinvestment_ex99-2.htm) |
| 99.3 | [The Programme Memorandum for the ZAR 20,000,000,000 Preferred Share Programme](pkinvestment_ex99-3.htm) |
| 99.4 | [The Programme Memorandum for the EUR1,000,000,000 Preferred Share Programme](pkinvestment_ex99-4.htm) |

---

**Item 2. Informational Legends**

The required legend is prominently included in the document(s) referred to in Item 1.

**PART II - INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS**

N/A

**PART III - CONSENT TO SERVICE OF PROCESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) PK Investments Limited is submitting to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated 4 August 2025 concurrently with the furnishing of this Form CB.

**PART IV - SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Signature: /s/ Timothy Mark Callister

(Signature)

Timothy Mark Callister - Director

(Name and Title)

4 August 2025

(Date)

## Exhibit 99.1

**Exhibit 99.1**

**THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION**

**NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.**

The definitions and interpretations commencing on page 23 of this Circular apply *mutatis mutandis* throughout this Circular, including this cover page and the Form of Acceptance, Election and Transfer (*blue*) attached to and forming part of this Circular unless specifically defined otherwise, or the context indicates a contrary intention.

**Action required by MAS Shareholders:**

This Circular is important and should be read in its entirety. MAS Shareholders are referred to page 8 of this Circular, which sets out the actions required of them regarding the Voluntary Bid, full details of which are set out in this Circular.

If you are in any doubt as to what action you should take arising from this Circular, you should consult your Broker, CSDP, banker, attorney, accountant, or other professional advisor immediately.

If you have disposed of all or some of your MAS Shares, then this Circular together with the enclosed Form of Acceptance, Election and Transfer (*blue*) and accompanying Prospectus and Programme Memoranda should, subject to compliance with applicable securities laws, be handed to the purchaser of such MAS Shares or to the Broker, banker, CSDP or other agent through whom the disposal was effected.

MAS Shareholders are referred to the Prospectus and the Programme Memoranda which accompany (but do not form part of) this Circular for more information in respect of PKI and the Consideration Instruments to be issued by PKI in relation to the Voluntary Bid.

**PKI does not accept responsibility, and will not be held liable, under any applicable law, regulation or otherwise, for any action of, or omission by, any CSDP, Broker, or other service provider to, or other agent of, any beneficial owner of MAS Shares, including, without limitation, any failure on the part of the CSDP, Broker, or other service provider to, or agent of, any beneficial owner of MAS Shares to notify such beneficial owner of the matters set out in this Circular.**

![](logo_001.jpg)

**PK Investments Limited**

(Incorporated in the Isle of Man)

(Registration number 014469V)

("**PKI**" or "**the Offeror**")

**VOLUNTARY BID CIRCULAR TO MAS SHAREHOLDERS**

**relating to**:

a Voluntary Bid by PKI to MAS Shareholders to acquire all of the MAS Shares not already held by it for a consideration comprising, at the election of each MAS Shareholder (i) the issue of Consideration Instruments, (ii) Cash Consideration, subject to the total Cash Acceptances not exceeding the Maximum Cash Amount, or (iii) a combination of Consideration Instruments and Cash Consideration;

**and incorporating**:

a Form of Acceptance, Election and Transfer *(blue)* for use by Certificated MAS Shareholders who hold Certificated MAS Shares on the MAS SA Register (such Certificated MAS Shareholders being the South African Certificated MAS Shareholders) only, who wish to accept the Voluntary Bid;

**and accompanied by:**

a Prospectus prepared in terms of the IOM Companies Act, the South African Companies Act and the South African Companies Regulations, in respect of PKI and the Consideration Instruments;

a Programme Memorandum (Listed) and the Applicable Pricing Supplement (Listed) prepared in terms of the CTSE Debt Listing Requirements in respect of, *inter alia*, the Consideration Instruments (Listed) to be issued by PKI in relation to the Voluntary Bid if SARB Approval is obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE; and

a Programme Memorandum (Unlisted) and the Applicable Pricing Supplement (Unlisted) which will govern the terms of, *inter alia*, the Consideration Instruments (Unlisted), in the event that SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments do not list on the CTSE.

---

| | |
|:---|:---|
| **South African Legal Advisor to PKI in respect of<br> the Voluntary Bid** | **Transaction Sponsor to PKI in respect of the Voluntary Bid<br> and Transaction Advisor and Transaction Sponsor in<br> respect of the listing of the Consideration Instruments** |
| ![](img_001.jpg) | ![](img_002.jpg) |
| **Malta Legal Advisor to PKI in respect of the<br> Voluntary Bid** | **South African Legal Advisor to PKI in respect of the issue<br> and listing of the Consideration Instruments** |
| ![](img_003.jpg) | ![](img_004.jpg) |
| **Isle of Man Legal Advisor to PKI in respect of the Voluntary Bid<br> and the issue and listing of the Consideration Instruments** |  |
| ![](img_005.jpg) |  |

---

**Date of issue: 4 August 2025**

*This Circular (and the accompanying Prospectus and Programme Memoranda) is available in English only. Copies of this Circular (and the accompanying Prospectus and Programme Memoranda) may be obtained from the registered oﬃces of PKI and at the address of the Transaction Sponsor set out in the "Corporate Information and Advisors" section of this Circular, during normal oﬃce hours from the date of issue of this Circular until the Closing Date (both days inclusive). An electronic copy of this Circular (and the accompanying Prospectus and Programme Memoranda) will be available on PKI's website, <u>www.primekapital.com/pk-investments</u> during the same period.*

*The contents of the Prospectus and the Programme Memoranda do not form part of, but accompany and should be read together with, this Circular.*

**IMPORTANT LEGAL NOTICES**

The definitions and interpretations commencing on page 23 of this Circular apply *mutatis mutandis* to this section headed "*Important Legal Notices*".

**NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.**

**The Voluntary Bid is only being made to and is only addressed to persons to whom it may lawfully be made.**

**This Circular may not be distributed or published in any jurisdiction except under circumstances that will be in compliance with applicable laws and regulations.**

**SOUTH AFRICA**

The making of the Consideration Instruments available as Bid Consideration under the Voluntary Bid to MAS Shareholders who are South African residents constitutes an offer to the public in South Africa in terms of the South African Companies Act. To this end, PKI has prepared the Prospectus in respect of PKI and the Consideration Instruments, which has been approved and registered with the CIPC prior to the date of this Circular. PKI has also filed a copy of its constitutional documents and details of the PKI Directors with the CIPC as required in terms of the South African Companies Act.

This Circular does not constitute a prospectus as contemplated in the South African Companies Act or the South African Companies Regulations or a prospectus-equivalent document. However, it is accompanied by the Prospectus. MAS Shareholders are advised to read this Circular, which contains the full terms and conditions of the Voluntary Bid and the accompanying Prospectus and Programme Memoranda in respect of PKI and the Consideration Instruments, with care. Any decision to accept the Voluntary Bid or other response to the proposals should be made only on the basis of the information in this Circular and the accompanying Prospectus and the Programme Memoranda. Neither this Circular nor the accompanying Programme Memoranda and Prospectus are directed at any persons other than MAS Shareholders to whom the Voluntary Bid is made, and should not be relied on by any other persons in any form whatsoever.

The information contained in this Circular constitutes factual information as contemplated in section 1(3)(a) of the South African Financial Advisory and Intermediary Services Act, 37 of 2002, as amended, and should not be construed as an express or implied recommendation, guide or proposal that the Voluntary Bid, or the present or future business or investments of PKI and/or MAS is appropriate to the particular investment objectives, financial situations or needs of any MAS Shareholder or prospective investor, and nothing in this Circular should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa.

**ISLE OF MAN**

Neither this Circular nor the accompanying Prospectus and Programme Memoranda have been approved by or filed with any regulatory authority in the Isle of Man. It is not required for this Circular, the Prospectus or the Programme Memoranda to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of their publication. As a matter of Isle of Man law, MAS Shareholders in the Isle of Man are entitled to accept the Voluntary Bid and/or Consideration Instruments without restriction.

**FOREIGN SHAREHOLDERS**

Neither the Circular nor the accompanying Prospectus and Programme Memoranda have been filed or registered or approved by any regulatory authority in any jurisdiction other than South Africa. The release, publication or distribution of this Circular in jurisdictions other than South Africa may be restricted by the laws of such jurisdictions and therefore any persons who are subject to the laws of any jurisdiction other than South Africa should inform themselves about and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction.

This Circular is not intended to and does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction in which such solicitation would be unlawful or in which securities may not be offered or sold without registration, filing or other regulatory approval or an exemption therefrom.

The Voluntary Bid, which is the subject of this Circular, may be affected by the laws of the relevant jurisdictions of Foreign Shareholders, and all MAS Shareholders who have a registered address in and/or who are nationals, citizens or residents of any country other than in South Africa will be deemed to be Foreign Shareholders. It is the responsibility of Foreign Shareholders to satisfy themselves as to the full observance of any applicable laws concerning the receipt of the Bid Consideration, including

(without limitation) obtaining any requisite governmental or other consents, observing any other requisite formalities and paying any transfer or other taxes due in such jurisdiction. Foreign Shareholders who are in any doubt as to their positions should consult their professional advisers immediately.

If a Foreign Shareholder elects to receive Consideration Instruments or a combination of Cash Consideration and Consideration Instruments in respect of all or a portion of the Bid Consideration, such Foreign Shareholder thereby irrevocably and unconditionally warrants to and in favour of PKI that the laws applicable in the jurisdiction in which such Foreign Shareholder has a registered address and/or of which such Foreign Shareholder is a national, citizen or resident ("**Applicable Jurisdiction**") permit such Foreign Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration. The Offeror may in its sole discretion make the issue of any Consideration Instruments to a Foreign Shareholder subject to such Foreign Shareholder proving to the Offeror's satisfaction that the issue of such Consideration Instruments to such Foreign Shareholder in its Applicable Jurisdiction will be legal and not impose any additional legal or regulatory obligations on the Offeror in such Applicable Jurisdiction.

***MAS Shareholders in the United States***

MAS Shareholders in the United States of America ("**United States**" or "**U.S.**") should note that the Consideration Instruments are securities issued by a company registered in the Isle of Man, and the Voluntary Bid is subject to procedural and disclosure requirements which are different from those of the United States. The financial information with respect to PKI referred to in this Circular and the Prospectus that accompanies this Circular has been prepared in accordance with IFRS and thus may not be comparable to financial information of companies in the United States or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

MAS Shareholders should note that it may be difficult for U.S. holders of Consideration Instruments to enforce their rights and any claim they may have arising under the federal securities laws, since PKI is located in a foreign country, and some or all of its officers and the PKI Directors may be residents of a foreign country. U.S. holders of Consideration Instruments may not be able to sue PKI or its officers or the PKI Directors in a foreign court for violations of the U.S. securities laws. It may be difficult for U.S. holders of Consideration Instruments to compel a foreign company (being PKI) and its affiliates to subject themselves to a U.S. court's judgment.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States or other jurisdiction, and, subject to certain limited exceptions, may not be offered or sold within the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Consideration Instruments to be issued pursuant to the Voluntary Bid are not, and will not be, registered under the U.S. Securities Act and will be issued in reliance on the exemption from registration provided by Rule 802 under the U.S. Securities Act.

Neither the Securities and Exchange Commission nor any securities commission of any state of the United States has approved the Voluntary Bid, passed upon the fairness of the Voluntary Bid or passed upon the adequacy or accuracy of this Circular, the Prospectus and the Programme Memoranda. Any representation to the contrary is a criminal offence in the United States. In accordance with the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder with respect to the Consideration Instruments to be issued in connection with the Voluntary Bid, PKI will submit to the U.S. Securities and Exchange Commission any informational document it publishes or otherwise disseminates to holders of MAS Shares related to the Voluntary Bid.

Any decision to accept the Voluntary Bid should be made on the basis of the information in this Circular, the Programme Memoranda and the Prospectus (and the publicly available information referred to herein).

***MAS Shareholders in the European Economic Area***

The Consideration Instruments are not being and will not be offered to the public in any Member State of the European Economic Area, except in such cases where the offer falls within any of the circumstances (and the resulting exemption from the obligation to publish a prospectus) set out in Article 1(4) of Prospectus Regulation (EU) 2017/1129.

***MAS Shareholders in the United Kingdom***

In relation to the United Kingdom, this Circular, the Prospectus, the Programme Memoranda and any other material in relation to the Consideration Instruments is only directed at, and any investment or investment activity to which this Circular, the Prospectus, the Programme Memoranda and any other material in relation to the Consideration Instruments relate is available only as follows: (A) to any legal entity which is a qualified investor as defined under Article 2 of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (a "**UK Qualified Investor**"); (B) to fewer than 150 natural or legal person (other than UK Qualified Investors); or (C) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000.

Any MAS Shareholder which is resident in the United Kingdom and not a UK Qualified Investor is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration.

***MAS Shareholders in Australia***

PKI is not registered as a foreign company in Australia.

The provision of this Circular, the Prospectus and the Programme Memoranda to any person does not constitute an offer of Consideration Instruments to that person or an invitation to that person to apply for Consideration Instruments. It is only available to persons who are residents in Australia where they are receiving the offer to acquire MAS Shares under the Voluntary Bid. This Circular, the Prospectus and the Programme Memoranda is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

This Circular, the Prospectus and the Programme Memoranda is not a disclosure document under Chapter 6D of the Corporations Act 2001 ("**Australian Corporations Act**") or a product disclosure statement under Part 7.9 of the Australian Corporations Act. It is not required to, and does not, contain all the information which would be required in a disclosure document or a product disclosure document. It has not been lodged with the Australian Securities and Investments Commission.

No person referred to in this Circular, the Prospectus and the Programme Memoranda holds an Australian financial services licence. The information in this Circular, the Prospectus and the Programme Memoranda has been prepared without taking into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.

This Circular, the Prospectus and the Programme Memoranda has not been prepared specifically for Australian investors. It (A) may contain references to dollar amounts which are not Australian dollars; (B) may contain financial information which is not prepared in accordance with Australian law or practices; (C) may not address risks associated with investment in foreign currency denominated investments; and (D) does not address Australian tax issues.

This Circular, the Prospectus and the Programme Memoranda is issued by PKI. PKI is not licensed in Australia to provide financial product advice in relation to the Consideration Instruments. An investor in the Consideration Instruments will not have cooling off rights.

***MAS Shareholders in Switzerland***

Neither this Circular nor the accompanying Prospectus or Programme Memoranda is intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("**FinSA**") and no application has or will be made to admit the Consideration Instruments to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the FinSA, and neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Switzerland.

The Voluntary Bid and any related materials are directed only at shareholders of MAS who are resident or located in Switzerland and qualify as professional clients within the meaning of article 4 paragraph 3 FinSA, or where another exemption under articles 36 or 37 FinSA applies. Any MAS Shareholder in Switzerland who does not meet such requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each shareholder located or resident in Switzerland who accepts the Voluntary Bid will be deemed to have represented and warranted that it qualifies as a professional client or satisfies another applicable exemption under FinSA and that it is aware of and complies with the restrictions described above.

***MAS Shareholders in Namibia***

Neither this Circular nor the accompanying Prospectus or Programme Memoranda is intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in the Republic of Namibia ("**Namibia**") in contravention of the Namibian Companies Act, 28 of 2004 ("**Namibian Companies Act**"), the Banking Institutions Act, 1998, ("**Namibian Banking Institutions Act**") the Namibian Exchange Control Regulations, 1961, and/or any other applicable laws of Namibia in force from time to time.

Neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the Namibian Companies Act, and neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Namibia.

In terms of the Namibian Stock Exchanges Control Act, 1985 (until such time as it is repealed and replaced by the Financial Institutions and Markets Act, 2021) ("**Namibian Stock Exchanges Control Act**"), no person, firm, company, corporation, government, state, or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing, may carry on the business of buying and selling securities in Namibia unless such person is either a registered banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker. Accordingly, any person engaging in the business of buying or selling the Consideration Instruments in Namibia may be required to register as a stock broker in terms of the Namibian Stock Exchanges Control Act.

Any MAS Shareholder in Namibia who does not meet the abovementioned requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each shareholder located or resident in Namibia who accepts the Voluntary Bid will be deemed to have represented and warranted that it is registered as a banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker or satisfies another applicable exemption under Namibian law and that it is aware of and complies with the restrictions described above.

**FORWARD-LOOKING STATEMENTS AND RISKS**

This Circular contains statements about PKI or MAS that are, or may be, forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning: strategy; the economic outlook for the industry; production; cash costs and other operating results; growth prospects and outlook for operations, individually or in the aggregate; liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation proceedings. These forward-looking statements are not based on historical facts, but rather reflect current expectations concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as "believe", "aim", "expect", "anticipate", "intend", "foresee", "forecast", "likely", "should", "planned", "may", "estimated", "potential" or similar words and phrases.

Examples of forward-looking statements include statements regarding a future financial position or future profits, cash flows, corporate strategy, anticipated levels of growth, estimates of capital expenditures, acquisition strategy, expansion prospects or future capital expenditure levels and other economic factors, such as, *inter alia*, interest rates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements as well as expectations based on existing disclosures regarding current or historical events and conditions. In addition to the information regarding these risks, uncertainties, assumptions and other factors set forth in this Circular, the Prospectus and the Programme Memoranda, important risk factors that may cause such a difference, and which should be considered in connection with a decision to participate in the Voluntary Bid. PKI cautions that forward-looking statements are not guarantees of future performance. Actual results, financial and operating conditions, liquidity and the developments within the industry in which PKI operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this Circular.

All these forward-looking statements about PKI are based on estimates and assumptions regarding PKI, as made by PKI, and although PKI believes them to be reasonable, are inherently uncertain. Such estimates, assumptions or statements may not eventuate. Factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in those statements or assumptions include other matters not yet known to PKI or not currently considered material by PKI.

MAS Shareholders should keep in mind that any forward-looking statement made in this Circular or elsewhere is applicable only at the date on which such forward-looking statement is made. New factors that could cause the business of PKI not to develop as expected may emerge from time to time and it is not possible to predict all of them. Further, the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement are not known. PKI has no duty to, and does not intend to, update or revise the forward-looking statements contained in this Circular after the date of this Circular, except as may be required by law.

Any forward-looking statement has not been reviewed nor reported on by the external auditors.

**CURRENCIES**

All references in this Circular to "Rand", "R" or "ZAR" or "cents" are references to the lawful currency of South Africa. All references in this Circular to "€" "Euro", "EUR" or "EURcents" are references to the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty on the Functioning of the European Union.

**TIMES**

All references in this Circular to time are to South African Standard Time.

**DATE OF INFORMATION PROVIDED**

Unless the context clearly indicates otherwise, all information in this Circular is provided as at the Last Practicable Date.

**REGULATORY AUTHORITY**

The contents of this Circular have not been approved by any regulatory authority. The JSE have formally confirmed that PKI is not bound by the provisions of the JSE Listings Requirements in respect of the Voluntary Bid, and that the JSE Listings Requirements do not regulate the Voluntary Bid. This Circular does not take into account the investment objectives, financial situation or needs of any particular person. Further, the contents of this Circular do not constitute legal advice or purport to comprehensively deal with the legal, regulatory and tax implications of any matter contained in this Circular for each MAS Shareholder. MAS Shareholders are accordingly advised to consult their professional advisors about their personal legal, regulatory and tax positions regarding the matters contained in this Circular.

**CORPORATE INFORMATION AND ADVISORS**

---

| |
|:---|
| **Company information and registered office of PKI** |
| PK Investments Limited<br> (Registration number 014469V)<br> Part of the Second Floor<br> Exchange House |
| 54-62 Athol Street<br> Douglas |
| Isle of Man IM1 1JD |
| **PKI Directors** |
| M Zoradova |
| TM Callister |
| **Place and date of incorporation of PKI** |
| Incorporated in the Isle of Man on 17 February 2017 |
| **Website of PKI**<br> <u>www.primekapital.com/pk-investments</u> |
| **Transaction Sponsor to PKI in respect of the Voluntary Bid and Transaction Advisor and Transaction Sponsor in respect of the listing of the Consideration Instruments** |
| PSG Capital Proprietary Limited<br> (Registration number 2006/015817/07)<br> 1<sup>st</sup> Floor, Ou Kollege Building |
| 35 Kerk Street<br> Stellenbosch, 7600<br> South Africa |
| (PO Box 7403, Stellenbosch, 7599, South Africa)<br>and |
| The Place, First Floor |
| 1 Sandton Drive, North Towers<br> Sandhurst, Sandton |
| 2196 |
| **PKI's Transfer Secretaries** |
| In respect of the Preferred Shares (Listed) and the Preferred<br> Shares (Unlisted) |
| CTSE Registry Services Proprietary Limited<br> (Registration number 2016/396777/07)<br> The Woodstock Exchange Building |
| Block B, 5th Floor, 66-68 Albert Road<br> Woodstock, Cape Town |
| 7925 |
| South Africa |

---

---

| |
|:---|
| **South African Legal Advisor to PKI in respect of the Voluntary Bid** |
| Solaris Law Proprietary Limited<br> (Registration number 2019/334232/07)<br> 3<sup>rd</sup> Floor, The Hudson |
| 30 Hudson Street<br> De Waterkant<br> Cape Town<br> 8001 |
| South Africa |
| **Malta Legal Advisor to PKI in respect of the Voluntary Bid** |
| Ganado Advocates<br> 171, Old Bakery Street<br> Valletta VLT 1455<br> Malta |
| **South African Legal Advisor to PKI in respect of the issue and listing of the Consideration Instruments** |
| Bowman Gilfillan Inc. t/a Bowmans<br> (Registration number 1998/021409/21)<br> 11 Alice Lane |
| Sandton, Johannesburg<br> 2196 |
| South Africa |
| (PO Box 785812, 2146, Sandton South Africa) |
| **Isle of Man Legal Advisor to PKI in respect of the Voluntary Bid and the issue and listing of the Consideration Instruments** |
| Simcocks Advocates Limited<br> (Registration number 104672C)<br> Ridgeway House |
| Ridgeway Street<br> Douglas |
| Isle of Man IM1 1EL<br> Isle of Man |
| **MAS' SA Transfer Secretaries** |
| Computershare Investor Services Proprietary Limited<br> (Registration number 2004/003674/07) |
| First Floor Rosebank Towers<br> 15 Biermann Avenue<br> Rosebank, Johannesburg<br> 2196 |
| South Africa |
| (Private Bag X9000, Saxonwold, 2132, South Africa) |
| **MAS' European Transfer Secretaries** |
| Computershare Investor Services (BVI) Limited and<br> Computershare Investor Services (Jersey) Limited<br> c/o The Pavilions |
| Bridgwater Road |
| Bristol BS99 6AH |

---

**TABLE OF CONTENTS**

The definitions and interpretations commencing on page 23 of this Circular apply, *mutatis mutandis*, to this section headed "*Table of Contents*".

---

| | |
|:---|:---|
| | **Page** |
| **[Voluntary Bid Circular to MAS Shareholders](#a_001)** | Front cover |
| **[Important Legal Notices](#a_002)** | 1 |
| **[Corporate Information and Advisors](#a_003)** | 6 |
| **[**Table of Contents**](#a_004)** | 7 |
| **[Action Required by MAS Shareholders](#a_005)** | 8 |
| **[Important Dates and Times](#a_006)** | 22 |
| **[Definitions and Interpretations](#a_007)** | 23 |
| **[Voluntary Bid Circular to MAS Shareholders](#a_008)** | 30 |
| [Introduction and Purpose of this Circular](#a_009) | 30 |
| [Information about the Offeror and rationale for the Voluntary Bid](#a_010) | 30 |
| [Undertakings by the Offeror](#a_011) | 32 |
| [The Voluntary Bid](#a_012) | 32 |
| [Application of takeover law and MAS Articles to the Voluntary Bid](#a_013) | 34 |
| [South African Exchange Control Rules](#a_014) | 35 |
| [Documents available for inspection](#a_015) | 38 |
| [Form of Acceptance, Election and Transfer (*blue*) for the Voluntary Bid (For use by South African Certificated MAS Shareholders only)](#a_016) | Enclosed |
| [Prospectus prepared in terms of the IOM Companies Act, the South African Companies Act and the South African Companies Regulations, in respect of PKI and the Consideration Instruments](#a_017) | Accompanying |
| [Programme Memorandum (Listed) and the Applicable Pricing Supplement (Listed) prepared in terms of the CTSE Debt Listing Requirements in respect of, *inter alia*, the Consideration Instruments to be issued by PKI in relation to the Voluntary Bid if SARB Approval is obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments (Listed) list on the CTSE](#a_018) | Accompanying |
| [Programme Memorandum (Unlisted) and the Applicable Pricing Supplement (Unlisted) which will govern the terms of, *inter alia*, the Consideration Instruments (Unlisted), in the event that SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments (Unlisted) do not list on the CTSE](#a_019) | Accompanying |

---

**ACTION REQUIRED BY MAS SHAREHOLDERS**

The definitions and interpretations commencing on page 23 of this Circular apply, *mutatis mutandis*, to this section headed "*Action Required by MAS Shareholders*".

**This Circular is important and requires your immediate attention.**

**Please take careful note of the following provisions regarding the actions required by MAS Shareholders in connection with this Circular.**

● If you have disposed of all or some of your MAS Shares, then this Circular together with the enclosed Form of Acceptance, Election and Transfer (*blue*) and accompanying Prospectus and Programme Memoranda should, subject to compliance with applicable securities laws, be handed to the purchaser of such MAS Shares or to the Broker, CSDP, banker, attorney or other agent through whom the disposal was effected.

● If you are in any doubt as to what action you should take arising from this Circular, you should consult your Broker, CSDP, banker, attorney, accountant, or other professional advisor immediately.

1. **MINIMUM CASH ACCEPTANCE CONDITION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The implementation of the Voluntary Bid is subject to the Minimum Cash Acceptance Condition being fulfilled or waived by PKI in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The implementation of the Voluntary Bid is not subject to the fulfilment of waiver of any other conditions precedent.

2. **ACCEPTANCE OF THE VOLUNTARY BID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The options available to MAS Shareholders are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 to accept the Voluntary Bid in respect of all or some of your MAS Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 to reject the Voluntary Bid in respect of all or some of your MAS Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 If you wish to reject the Voluntary Bid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 if you are a Certificated MAS Shareholder, you do not need to take any further action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 if you are a Dematerialised MAS Shareholder, you are advised to contact your CSDP or Broker and furnish them with your instructions in the manner and by the cut-off time stipulated for such instruction in your Custody Agreement in order for such CSDP or Broker to take the necessary action to reject the Voluntary Bid prior to the Closing Date. If you fail to furnish your CSDP or Broker with your instructions, your CSDP or Broker will be required to act in accordance with your Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 If you wish to accept the Voluntary Bid in respect of all or some of your MAS Shares, making you a Bid Participant, you must do so in the manner described below, depending on whether you are a Certificated MAS Shareholder or a Dematerialised MAS Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **The listing of the Consideration Instruments on the CTSE has been approved by the CTSE, subject to SARB Approval. Application for SARB Approval has been made, but has not been obtained as at the Last Practicable Date. If SARB Approval has not been obtained on or before the Closing Date, Bid Participants who elected Consideration Instruments in respect of some or all of their Bid Shares will be entitled to withdraw their Listed Only Election or Listed and Unlisted Election in accordance with paragraph 2.10 below. If SARB Approval has not been obtained by the Consideration Instrument Cut-Off Date (as may be extended by PKI from time to time), Bid Participants who have made the Listed and Unlisted Election and who have not withdrawn their Listed and Unlisted Election by 12:00 on the Consideration Instrument Cut-Off Date will receive Consideration Instruments (Unlisted). MAS Shareholders who are South African residents should note that the settlement of the Bid Consideration will be made subject to the Exchange Control Regulations as set out in paragraph 6 of this Circular.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Save as set out in paragraph 2.4, all acceptances of the Voluntary Bid received by PKI and MAS' Transfer Secretaries and treated as valid by them, shall be irrevocable.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Acceptance by South African Certificated MAS Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 Certificated MAS Shareholders on the MAS SA Register (such Certificated MAS Shareholders being the South African Certificated MAS Shareholders) who wish to accept the Voluntary Bid, may accept the Voluntary Bid in respect of all or some of their MAS Shares by completing and signing the attached Form of Acceptance, Election and Transfer (*blue*) in accordance with the instructions contained therein and returning it, together with the relevant documents of title to MAS' SA Transfer Secretaries as follows:

---

| | |
|:---|:---|
| **By hand:** | **By post:** |
| Computershare Investor Services | Computershare Investor Services |
| Proprietary Limited | Proprietary Limited |
| First Floor | Private Bag X3000 |
| Rosebank Towers | Saxonwold, 2132 |
| 15 Biermann Avenue | South Africa |
| Rosebank, 2916 |  |
| South Africa |  |

---

so as to be received by MAS' SA Transfer Secretaries by no later than 12:00 on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 South African Certificated MAS Shareholders are required to indicate their acceptance of the Voluntary Bid on the Form of Acceptance, Election and Transfer (*blue*). Subject to paragraph 2.9 below, should there be any doubt or dispute as to whether a South African Certificated MAS Shareholder has accepted the Voluntary Bid or not, then such South African Certificated MAS Shareholder will be deemed to have rejected the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.3 If a Form of Acceptance, Election and Transfer (*blue*) and the relevant documents of title are not received by MAS' SA Transfer Secretaries by 12:00 on the Closing Date, such South African Certificated MAS Shareholder will, subject to paragraph 2.9 below, be deemed to have rejected the Voluntary Bid. No late acceptances will be considered if received by MAS' SA Transfer Secretaries after 12:00 on the Closing Date. Acceptances of the Voluntary Bid that are sent by post are sent at the risk of the South African Certificated MAS Shareholders concerned. Accordingly, South African Certificated MAS Shareholders should take note of the postal delivery times so as to ensure that acceptances of the Voluntary Bid are received timeously. It is therefore recommended that such acceptances be sent by registered mail or delivered by hand, subject to paragraph 2.6.1 above, to MAS' SA Transfer Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.4 **If a South African Certificated MAS Shareholder accepts the Voluntary Bid in respect of all or some of their MAS Shares and surrenders the relevant documents of title, such South African Certificated MAS Shareholder will not be able to trade their MAS Shares from the date of acceptance of the Voluntary Bid and surrender of the relevant documents of title in respect thereof until the Closing Date. If SARB Approval has not been obtained on or before the Closing Date, South African Certificated MAS Shareholders who elected Consideration Instruments in respect of some or all of their Bid Shares will: (i) be entitled to withdraw their Listed Only Election or Listed and Unlisted Election in accordance with paragraph 2.10 below; and (ii) not be able to trade their MAS Shares until such withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5 In its Form of Acceptance, Election and Transfer (*blue*), a South African Certificated MAS Shareholder is required to indicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.1 the number of MAS Shares that they wish to tender in terms of the Voluntary Bid, such MAS Shares being their Bid Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2 their election as to whether they elect to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2.1 Consideration Instruments in respect of some or all of their Bid Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2.1.1 if a South African Certificated MAS Shareholder wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *only* in the event that SARB Approval is obtained and the Consideration Instruments list on the CTSE, such South African Certificated MAS Shareholder should make the Listed Only Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2.1.2 if a South African Certificated MAS Shareholder wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *regardless* of whether SARB Approval is obtained and the Consideration Instruments list on the CTSE, such South African Certificated MAS Shareholder should make the Listed and Unlisted Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2.2 Cash Consideration in respect of all or some of their Bid Shares, subject to the total Cash Acceptances not exceeding the Maximum Cash Amount. If the total Cash Acceptances exceed the Maximum Cash Amount, such acceptances will be scaled back on an equitable basis and such South African Certificated MAS Shareholders will be entitled in the Form of Acceptance, Election and Transfer (*blue*) to elect to receive Consideration Instruments in respect of any acceptances of the Cash Consideration which have been scaled back, by making the (i) Listed Only Election (in which case they will *only* receive Consideration Instruments in the event that SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE) or (ii) Listed and Unlisted Election (in which case they will receive Consideration Instruments *regardless* of whether SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE). **Accordingly, South African Certificated MAS Shareholders are not required to accept Consideration Instruments as an alternative in the event of a scaling back of the Cash Consideration**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.5.2.3 a combination of the Consideration Instruments in respect of a portion of their Bid Shares and the Cash Consideration in respect of a portion of their Bid Shares, as contemplated in paragraphs 2.6.5.2.1 and 2.6.5.2.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.6 If the documents of title relating to the MAS Shares held by a South African Certificated MAS Shareholder to be surrendered have been lost or destroyed, such South African Certificated MAS Shareholder who wishes to accept the Voluntary Bid in respect of all or some of its MAS Shares should nevertheless return a duly completed and signed Form of Acceptance, Election and Transfer (*blue*) to MAS' SA Transfer Secretaries using the addresses at paragraph 2.6.1 above together with a duly completed and signed indemnity form obtainable from MAS' SA Transfer Secretaries on request. Only indemnity forms obtained from MAS' SA Transfer Secretaries will be regarded as suitable. PKI shall be entitled to, in its absolute discretion, by way of written agreement in the instance in which satisfactory evidence has been provided that the documents of title have been lost or destroyed, waive the requirement that the South African Certificated MAS Shareholder provides an indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.7 No receipt will be issued by MAS' SA Transfer Secretaries or PKI for Forms of Acceptance, Election and Transfer (*blue*) or documents of title surrendered to MAS' SA Transfer Secretaries in acceptance of the Voluntary Bid in respect of all or some of the MAS Shares of that South African Certificated MAS Shareholder unless specifically requested to do so by the South African Certificated MAS Shareholder in question. Lodging agents who require special transaction receipts are requested to prepare such receipts and to submit them for stamping by MAS' SA Transfer Secretaries together with the Form of Acceptance, Election and Transfer (*blue*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.8 Documents of title surrendered by South African Certificated MAS Shareholders prior to 12:00 on the Closing Date will be held in trust by MAS' SA Transfer Secretaries, at the South African Certificated MAS Shareholder's risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.9 If any person who is not a registered holder of MAS Shares surrenders a document of title in respect of MAS Shares, together with a Form of Acceptance, Election and Transfer (*blue*) in respect of such MAS Shares purporting to have been properly completed by the registered holder thereof, such first mentioned person shall be entitled to receive settlement of the Bid Consideration pursuant to acceptance of the Voluntary Bid, provided that MAS' SA Transfer Secretaries are satisfied that the Bid Consideration has not already been delivered or posted to the registered holder of such MAS Shares. PKI may require, in its sole discretion, to be furnished with an indemnity in a form and on terms acceptable to PKI, against any loss or damage, payment or expense which it or MAS, or any of their duly authorised representatives, may suffer or incur by reason of or arising from the settlement of the Bid Consideration to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.10 MAS Shareholders who dematerialised their MAS Shares through a CSDP or Broker on or before the Last Day to Trade must furnish such CSDP or Broker with their written instructions in respect of the Voluntary Bid in terms of their Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.11 If you have any queries in relation to the action required by South African Certificated MAS Shareholders, please contact MAS' SA Transfer Secretaries' helpline via email at <u>corporate.events@computershare.co.za</u> or telephonically on 0861 100 933, if calling from within South Africa, or on +27 11 370 5000, if calling from outside of South Africa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Acceptance by European Certificated MAS Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1 Certificated MAS Shareholders on the MAS European Register (such Certificated MAS Shareholders being the European Certificated MAS Shareholders) who wish to accept the Voluntary Bid, may accept the Voluntary Bid in respect of all or some of their MAS Shares by completing and signing the Tender Offer Form in accordance with the instructions contained therein and returning it, together with the relevant documents of title to MAS' European Transfer Secretaries as follows:

---

| | |
|:---|:---|
| **By hand:** | **By post:** |
| Computershare Investor Services | Computershare Investor Services |
| (BVI) Limited | (BVI) Limited |
| c/o The Pavilions | c/o The Pavilions |
| Bridgwater Road | Bridgwater Road |
| Bristol BS13 8AE | Bristol BS99 6AH |

---

so as to be received by MAS' European Transfer Secretaries by no later than 12:00 (11:00 UK time) on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2 European Certificated MAS Shareholders are required to indicate their acceptance of the Voluntary Bid on the Tender Offer Form. Subject to paragraph 2.9 below, should there be any doubt or dispute as to whether a European Certificated MAS Shareholder has accepted the Voluntary Bid or not, then such European Certificated MAS Shareholder will be deemed to have rejected the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3 If a Tender Offer Form and the relevant documents of title are not received by MAS' European Transfer Secretaries by 12:00 (11:00 UK time) on the Closing Date, such European Certificated MAS Shareholder will, subject to paragraph 2.9 below, be deemed to have rejected the Voluntary Bid. No late acceptances will be considered if received by MAS' European Transfer Secretaries after 12:00 (11:00 UK time) on the Closing Date. Acceptances of the Voluntary Bid that are sent by post are sent at the risk of the European Certificated MAS Shareholders concerned. Accordingly, European Certificated MAS Shareholders should take note of the postal delivery times so as to ensure that acceptances of the Voluntary Bid are received timeously. It is therefore recommended that such acceptances be sent by registered mail or delivered by hand, subject to paragraph 2.6.1 above, to MAS' European Transfer Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.4 **If a European Certificated MAS Shareholder accepts the Voluntary Bid in respect of all or some of their MAS Shares and surrenders the relevant documents of title, such European Certificated MAS Shareholder will not be able to trade their MAS Shares from the date of acceptance of the Voluntary Bid and surrender of the relevant documents of title in respect thereof until the Closing Date. If SARB Approval has not been obtained on or before the Closing Date, European Certificated MAS Shareholders who elected Consideration Instruments in respect of some or all of their Bid Shares will (i) be entitled to withdraw their Listed Only Election or Listed and Unlisted Election in accordance with paragraph 2.10 below; and (ii) not be able to trade their MAS Shares until such withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5 In its Tender Offer Form, a European Certificated MAS Shareholder is required to indicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.1 the number of MAS Shares that they wish to tender in terms of the Voluntary Bid, such MAS Shares being their Bid Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2 their election as to whether they elect to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2.1 Consideration Instruments in respect of all or some of their Bid Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2.1.1 if a European Certificated MAS Shareholder wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *only* in the event that SARB Approval is obtained and the Consideration Instruments list on the CTSE, such European Certificated MAS Shareholder should make the Listed Only Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2.1.2 if a European Certificated MAS Shareholder wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *regardless* of whether SARB Approval is obtained and the Consideration Instruments list on the CTSE, such European Certificated MAS Shareholder should make the Listed and Unlisted Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2.2 Cash Consideration in respect of all or some of their Bid Shares, subject to the total Cash Acceptances not exceeding the Maximum Cash Amount. If the total Cash Acceptances exceed the Maximum Cash Amount, such acceptances will be scaled back on an equitable basis and such European Certificated MAS Shareholders will be entitled to elect to receive Consideration Instruments in respect of any acceptances of the Cash Consideration which have been scaled back, by making the (i) Listed Only Election (in which case they will *only* receive Consideration Instruments in the event that SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE) or (ii) Listed and Unlisted Election (in which case they will receive Consideration Instruments *regardless* of whether SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE). **Accordingly, European Certificated MAS Shareholders are not required to accept Consideration Instruments as an alternative in the event of a scaling back of the Cash Consideration**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.5.2.3 a combination of the Consideration Instruments in respect of a portion of their Bid Shares and the Cash Consideration in respect of a portion of their Bid Shares, as contemplated in paragraphs 2.7.5.2.1 and 2.7.5.2.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.6 If the documents of title relating to the MAS Shares held by a European Certificated MAS Shareholder to be surrendered have been lost or destroyed, such European Certificated MAS Shareholder who wishes to accept the Voluntary Bid in respect of all or some of its MAS Shares should nevertheless return a duly completed and signed Tender Offer Form to MAS' European Transfer Secretaries using the addresses at paragraph 2.6.1 above together with a duly completed and signed indemnity form obtainable from MAS' European Transfer Secretaries on request. Only indemnity forms obtained from MAS' European Transfer Secretaries will be regarded as suitable. PKI shall be entitled to, in its absolute discretion, by way of written agreement in the instance in which satisfactory evidence has been provided that the documents of title have been lost or destroyed, waive the requirement that the European Certificated MAS Shareholder provides an indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.7 No receipt will be issued by MAS' European Transfer Secretaries or PKI for Tender Offer Forms or documents of title surrendered to MAS' European Transfer Secretaries in acceptance of the Voluntary Bid in respect of all or some of the MAS Shares of that European Certificated MAS Shareholder unless specifically requested to do so by the European Certificated MAS Shareholder in question. Lodging agents who require special transaction receipts are requested to prepare such receipts and to submit them for stamping by MAS' European Transfer Secretaries together with the Tender Offer Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.8 Documents of title surrendered by European Certificated MAS Shareholders prior to 12:00 (11:00 UK time) on the Closing Date will be held in trust by MAS' European Transfer Secretaries, at the European Certificated MAS Shareholder's risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.9 If any person who is not a registered holder of MAS Shares surrenders a document of title in respect of MAS Shares, together with a Tender Offer Form in respect of such MAS Shares purporting to have been properly completed by the registered holder thereof, such first mentioned person shall be entitled to receive settlement of the Bid Consideration pursuant to acceptance of the Voluntary Bid, provided that MAS' European Transfer Secretaries are satisfied that the Bid Consideration has not already been delivered or posted to the registered holder of such MAS Shares. PKI may require, in its sole discretion, to be furnished with an indemnity in a form and on terms acceptable to PKI, against any loss or damage, payment or expense which it or MAS, or any of their duly authorised representatives, may suffer or incur by reason of or arising from the settlement of the Bid Consideration to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.10 MAS Shareholders who dematerialised their MAS Shares through a CSDP or Broker on or before the Last Day to Trade must furnish such CSDP or Broker with their written instructions in respect of the Voluntary Bid in terms of their Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.11 If you have any queries in relation to the action required by European Certificated MAS Shareholders, please contact MAS' European Transfer Secretaries' helpline telephonically on +44 (0370) 702 0000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Dematerialised MAS Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1 Dematerialised MAS Shareholders who wish to accept the Voluntary Bid, in respect of all or some of their MAS Shares, should instruct their duly appointed CSDP or Broker in accordance with their Custody Agreement as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.1 the number of MAS Shares that they wish to tender in terms of the Voluntary Bid, such MAS Shares being their Bid Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2 their election as to whether they elect to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2.1 Consideration Instruments in respect of some or all of their Bid Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2.1.1 if a Dematerialised MAS Shareholders wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *only* in the event that SARB Approval is obtained and the Consideration Instruments list on the CTSE, such Dematerialised MAS Shareholder should make the Listed Only Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2.1.2 if a Dematerialised MAS Shareholder wishes to receive Consideration Instruments in respect of some or all of their Bid Shares *regardless* of whether SARB Approval is obtained and the Consideration Instruments list on the CTSE, such Dematerialised MAS Shareholder should make the Listed and Unlisted Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2.2 Cash Consideration in respect of all or some of their Bid Shares, subject to the total Cash Acceptances not exceeding the Maximum Cash Amount. If the total Cash Acceptances exceed the Maximum Cash Amount, such acceptances will be scaled back on an equitable basis and such Dematerialised MAS Shareholders will be entitled to elect to receive Consideration Instruments in respect of any acceptances of the Cash Consideration which have been scaled back, by making the (i) Listed Only Election (in which case they will *only* receive Consideration Instruments in the event that SARB Approval is obtained by the Consideration Instruments Cut-Off Date and the Consideration Instruments list on the CTSE) or (ii) the Listed and Unlisted Election (in which case they will receive Consideration Instruments *regardless* of whether SARB approval is obtained by the Consideration Instruments Cut-Off Date and the Consideration Instruments list on the CTSE). **Accordingly, Dematerialised MAS Shareholders are not required to accept Consideration Instruments as an alternative in the event of a scaling back of the Cash Consideration**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1.2.3 a combination of the Consideration Instruments in respect of a portion of their Bid Shares and the Cash Consideration in respect of a portion of their Bid Shares, as contemplated in paragraphs 2.8.1.2.1.1 and 2.8.1.2.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.2 The instruction to accept the Voluntary Bid must be provided to the Dematerialised MAS Shareholder's CSDP or Broker in the manner and by the cut-off time stipulated for such instruction in your Custody Agreement in order for such CSDP or Broker to take the necessary action to accept the Voluntary Bid prior to 12:00 on the Closing Date. Dematerialised MAS Shareholders are accordingly advised to confirm with their CSDP or Broker as to what the cut-off time will be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.3 Dematerialised MAS Shareholders **must not** complete the attached Form of Acceptance, Election and Transfer (*blue*) or a Tender Offer Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.4 **Dematerialised MAS Shareholders who notify their Broker or CSDP of their desire to accept the Voluntary Bid, will not be able to trade their MAS Shares from the date on which they notify their Broker or CSDP of their acceptance of the Voluntary Bid until the Closing Date. If SARB Approval has not been obtained on or before the Closing Date Dematerialised MAS Shareholders who elected Consideration Instruments in respect of some or all of their Bid Shares will: (a) be entitled to withdraw their Listed Only Election or Listed and Unlisted Election in accordance with paragraph 2.10 below; and (b) not be able to trade their MAS Shares until such withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.5 **Neither PKI nor any of its authorised agents will accept any responsibility nor be held liable under any applicable law, regulation or otherwise, for any action of, or omission by, any CSDP, Broker, or other service provider to, or other agent of, a Dematerialised MAS Shareholder who fails to communicate their acceptance of the Voluntary Bid timeously or at all, for whatsoever reason.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Reservation of rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1 PKI reserves the right, in its sole and absolute discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1.1 in respect of South African Certificated MAS Shareholders, treat as invalid Forms of Acceptance, Election and Transfer (*blue*) not accompanied by valid documents of title or not properly or fully completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1.2 in respect of European Certificated MAS Shareholders, treat as invalid Tender Offer Forms not accompanied by valid documents of title or not properly or fully completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1.3 in respect of South African Certificated MAS Shareholders, require proof of the authority of the person signing the Form of Acceptance, Election and Transfer (*blue*) where such proof has not been lodged with or recorded by MAS' SA Transfer Secretaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1.4 in respect of European Certificated MAS Shareholders, require proof of the authority of the person signing the Tender Offer Form where such proof has not been lodged with or recorded by MAS' European Transfer Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.2 Without prejudice to any of its rights, PKI reserves the right to condone, in its sole discretion, the non-performance by any Bid Participant of any of the terms of the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 **Right to Withdraw Listed Only Election and Listed and Unlisted Election** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1 If SARB Approval has not been obtained on or before the Closing Date, Bid Participants who made the Listed Only Election or the Listed and Unlisted Election in respect of all or some of their Bid Shares shall be entitled to withdraw such Listed Only Election or Listed and Unlisted Election at any time after the Closing Date but by no later than 12:00 on the Consideration Instrument Cut-Off Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1.1 Dematerialised MAS Shareholders are required to notify their CSDP's or Brokers of their withdrawal of the Listed Only Election or Listed and Unlisted Election in the manner and by the deadline stipulated in the Custody Agreement concluded between the holders of Dematerialised MAS Shares and their CSDP's or Brokers, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1.2 South African Certificated MAS Shareholders may withdraw acceptances by no later than 12:00 on the Consideration Instrument Cut-Off Date, by contacting MAS' SA Transfer Secretaries, for further instructions on the withdrawal procedure, as follows:

**by phone**: 0861 100 933 if calling from within South Africa and on +27 11 370 5000 if calling from outside of South Africa; or

**by email**: <u>corporate.events@computershare.co.za</u>; or

**in person**: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196,

provided that if MAS' SA Transfer Secretaries are not contacted on the above contact details, and the withdrawal is not received by 12:00 on the Consideration Instrument Cut-Off Date, the Listed Only Election or Listed and Unlisted Election will be deemed not to have been withdrawn. No late withdrawals will be considered if received by MAS' SA Transfer Secretaries after 12:00 on the Consideration Instrument Cut-Off Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1.3 European Certificated MAS Shareholders may withdraw acceptances by no later than 12:00 on the Consideration Instrument Cut-Off Date, by contacting MAS' European Transfer Secretaries for further instructions on the withdrawal procedure, as follows:

**by phone**: +44 (0370) 702 0000; or

**in person:** Computershare Investor Services (BVI) Limited c/o The Pavilions Bridgwater Road, Bristol BS13 8AE

provided that if MAS' European Transfer Secretaries are not contacted on the above contact details, and the withdrawal is not received by 12:00 on the Consideration Instrument Cut-Off Date, the Listed Only Election or Listed and Unlisted Election will be deemed not to have been withdrawn. No late withdrawals will be considered if received by the Transfer Secretaries after 12:00 on the Consideration Instrument Cut-Off Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2 **If a MAS Shareholder did not withdraw its Listed Only Election or Listed and Unlisted Election in accordance with paragraph 2.10.1.1 (in respect of Dematerialised MAS Shareholders), paragraph 2.10.1.2 (in respect of South African Certificated MAS Shareholders) or paragraph 2.10.1.3 (in respect of European Certificated MAS Shareholders), any Listed Only Election or Listed and Unlisted Election submitted by Shareholders to MAS' SA Transfer Secretaries, MAS' European Transfer Secretaries or their CSDP or Broker remain valid.** 

3. **SETTLEMENT OF BID CONSIDERATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Certificated MAS Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 Subject to the fulfilment or waiver by PKI of the Minimum Cash Acceptance Condition, South African Certificated MAS Shareholders who accepted the Voluntary Bid in respect of all or some of their MAS Shares and properly surrendered a Form of Acceptance, Election and Transfer (*blue*) and relevant documents of title by no later than 12:00 on the Closing Date and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.1 who elected to receive Consideration Instruments (Listed) by making the Listed Only Election in respect of all or some of their Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2 who elected to receive Consideration Instruments (Listed) or Consideration Instruments (Unlisted) by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2.1 has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the Consideration Instruments Settlement Date provided that if a South African Certificated MAS Shareholder does not have a CSDP or Broker account, PKI will deliver to such South African Certificated MAS Shareholder at the postal address stipulated in the Form of Acceptance, Election and Transfer (*blue*) the share certificates in respect of the Consideration Instruments (Unlisted) by not later than 10 business days after the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3 who elected the Cash Consideration in respect of all or some of their Bid Shares will, subject to any scaling back of the Cash Consideration, be paid by EFT into the bank account on record with MAS' SA Transfer Secretaries or set out in that Certificated MAS Shareholder's Form of Acceptance, Election and Transfer (*blue*), as the case may be, on the Cash Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3.1 who, in the event of a scaling back of the Cash Consideration, elected to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3.1.1 Consideration Instruments (Listed) in respect of some or all of the balance of their Bid Shares by making the Listed Only Election in respect of such Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the relevant Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3.1.2 Consideration Instruments (Listed) or Consideration Instruments (Unlisted) in respect of some or all of the balance of their Bid Shares by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3.1.2.1 has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3.1.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the Consideration Instruments Settlement Date provided that if a South African Certificated MAS Shareholder does not have a CSDP or Broker account, PKI will deliver to such South African Certificated MAS Shareholder at the postal address stipulated in the Form of Acceptance, Election and Transfer (*blue*) the share certificates in respect of the Consideration Instruments (Unlisted) by not later than 10 business days after the Consideration Instruments Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.4 South African Certificated MAS Shareholders who made the Listed Only Election in respect of some or all of their Bid Shares (including in connection with any scale back of Cash Acceptances to the Maximum Cash Amount) will, if SARB Approval has not been obtained by the Consideration Instrument Cut-Off Date, retain the MAS Shares in respect of which they made their Listed Only Election, and their documents of title in respect of such Bid Shares will be returned to them in accordance with paragraph 3.3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5 Subject to the fulfilment or waiver by PKI of the Minimum Cash Acceptance Condition, European Certificated MAS Shareholders who accepted the Voluntary Bid in respect of all or some of their MAS Shares and properly surrendered a Tender Offer Form and relevant documents of title by no later than 12:00 (11:00 UK time) on the Closing Date and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.1 who elected to receive Consideration Instruments (Listed) by making the Listed Only Election in respect of all or some of their Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.2 who elected to receive Consideration Instruments (Listed) or Consideration Instruments (Unlisted) by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.2.1 has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the relevant Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the relevant Consideration Instruments Settlement Date provided that if a European Certificated MAS Shareholder does not have a CSDP or Broker account, PKI will deliver to such European Certificated MAS Shareholder at the postal address stipulated in the Tender

Offer Form, the share certificates in respect of the Consideration Instruments (Unlisted) by not later than 10 business days after the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3 who elected the Cash Consideration in respect of all or some of their Bid Shares will, subject to any scaling back of the Cash Consideration, be paid by cheque dispatched to such European Certificated MAS Shareholder to the address specified in that European Certificated MAS Shareholder's Tender Offer Form on the Cash Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3.1 who, in the event of a scaling back of the Cash Consideration, elected to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3.1.1 Consideration Instruments (Listed) in respect of some or all of the balance of their Bid Shares by making the Listed Only Election in respect of such Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3.1.2 Consideration Instruments (Listed) or Consideration Instruments (Unlisted) in respect of some or all of the balance of their Bid Shares by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3.1.2.1 has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.5.3.1.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the Consideration Instruments Settlement Date provided that if a European Certificated MAS Shareholder does not have a CSDP or Broker account, PKI will deliver to such European Certificated MAS Shareholder at the postal address stipulated in the Tender Offer Form, share certificates in respect of the Consideration Instruments (Unlisted) by not later than 10 business days after the Consideration Instruments Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.6 European Certificated MAS Shareholders who made the Listed Only Election in respect of some or all of their Bid Shares (including in connection with any scale back of Cash Acceptances to the Maximum Cash Amount) will, if SARB Approval has not been obtained by the Consideration Instrument Cut-Off Date, retain the MAS Shares in respect of which they made their Listed Only Election, and documents of title in respect of such Bid Shares will be returned to them in accordance with paragraph 3.3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Certificated MAS Shareholders should note that Consideration Instruments (Listed) will only be delivered in dematerialised form. **Accordingly, if a Certificated MAS Shareholder does not provide their CSDP or Broker account details in the Form of Acceptance, Election and Transfer (*blue*) or Tender Offer Form (as applicable), the Consideration Instruments (Listed) received by such Certificated MAS Shareholder will be transferred to a CSDP account in the name of CTSE Nominees RF Proprietary Limited, who will hold such Consideration Instruments (Listed) for and on that Certificated MAS Shareholder's behalf for a period of 3 years after the Closing Date. The Consideration Instruments (Listed) can be claimed from CTSE Nominees RF Proprietary Limited during this period by providing CSDP or Broker account details and complying with certain other requirements relating to verification. If a Certificated MAS Shareholder does not claim the Consideration Instruments (Listed) within 3 years, such Consideration Instruments (Listed) will be sold on market for cash and the proceeds (after deduction of applicable taxes) will be paid to the benefit of the Guardian's Fund of the Master of the High Court of South Africa on behalf of the relevant Certificated MAS Shareholder. The aforesaid cash proceeds may be claimed by the relevant Certificated MAS Shareholder, subject to the requirements imposed by the Master of the High Court of South Africa. In this regard, each Certificated MAS Shareholder irrevocably authorises and appoints CTSE Nominees RF Proprietary Limited (or their successors-in-title), *in rem suam*, with full power of substitution, to act as its agent and in its name, place and stead to pay the aforesaid cash to the benefit of the Guardian's Fund of the Master of the High Court of South Africa. No interest will accrue or be paid on any consideration so held in trust.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 If a South African Certificated MAS Shareholder elected to receive Cash Consideration in respect of some or all of their Bid Shares and have timeously delivered Form of Acceptance, Election and Transfer (*blue*) to MAS' SA Transfer Secretaries, but have not completed the requisite EFT details in the Form of Acceptance, Election and Transfer (*blue*) or MAS' SA Transfer Secretaries do not have such details on record, MAS' SA Transfer Secretaries will hold the Cash Consideration due to such South African Certificated MAS Shareholder in trust until it is claimed by any person legally entitled to it for a maximum period of three years, after which period such funds shall be made over to the Guardian's Fund of the High Court of South Africa. No interest will accrue or be paid on any Cash Consideration so held in trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 If a European Certificated MAS Shareholders elected to receive Cash Consideration in respect of some or all of their Bid Shares and have timeously delivered the Tender Offer Form to MAS' European Transfer Secretaries, but have not completed the requisite address details in the Tender Offer Form or MAS' European Transfer Secretaries do not have such details on record, MAS' European Transfer Secretaries will hold the cheque in respect of the Cash Consideration due to such European Certificated MAS Shareholder until it is claimed by any person legally entitled to it for a maximum period of three years, after which period such funds shall be made over to the Guardian's Fund of the High Court of South Africa. No interest will accrue or be paid on any Cash Consideration so held by MAS' European Transfer Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Dematerialised MAS Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 Subject to the fulfilment or waiver by PKI of the Minimum Cash Acceptance Condition, Dematerialised MAS Shareholders who accept the Voluntary Bid in respect of all or some of their Bid Shares, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.1 who elected to receive Consideration Instruments (Listed) by making the Listed Only Election in respect of all or some of their Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the relevant Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.2 who elected to receive Consideration Instruments (Listed) or Consideration Instruments (Unlisted) by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.2.1 has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3 who elected to receive the Cash Consideration in respect of all or some of their Bid Shares, will, subject to any scaling back of the Cash Consideration, have their CSDP or Broker accounts debited with the relevant Bid Shares tendered in terms of the Voluntary Bid and credited with the relevant Cash Consideration, on the Cash Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3.1 who, in the event of a scaling back of the Cash Consideration, elected to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3.1.1 Consideration Instruments (Listed) in respect of some or all of the balance of their Bid Shares by making the Listed Only Election in respect of such Bid Shares, will, if SARB Approval has been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3.1.2 Consideration Instruments (Listed) or Consideration Instruments (Unlisted) in respect of some or all of the balance of their Bid Shares by making the Listed and Unlisted Election in respect of all or some of their Bid Shares, will, if SARB Approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3.1.2.1 has been obtained by the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Listed), on the Consideration Instruments Settlement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1.3.1.2.2 has not been obtained on or before the Consideration Instrument Cut-Off Date, have their CSDP or Broker accounts credited with Consideration Instruments (Unlisted), on the Consideration Instruments Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Return of Documents of Title** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 If a South African Certificated MAS Shareholder has timeously delivered a Form of Acceptance, Election and Transfer (*blue*) and surrendered documents of title to MAS' SA Transfer Secretaries and the Minimum Cash Acceptance Condition has not been fulfilled or waived by PKI, the documents of title of such South African Certificated MAS Shareholder will be returned to such South African Certificated MAS Shareholder, by registered post at the risk of such South African Certificated MAS Shareholder, at the postal address stipulated in the Form of Acceptance, Election and Transfer (*blue*), by not later than 10 business days after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 If a South African Certificated MAS Shareholder has timeously delivered a Form of Acceptance, Election and Transfer (*blue*) and surrendered documents of title to MAS' SA Transfer Secretaries and such South African Certificated MAS Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.1 elected to receive Consideration Instruments (Listed) by making the Listed Only Election in respect of some or all of their Bid Shares, but SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.2 elected to receive Consideration Instruments (Listed) in the event of a scaling back of the Cash Consideration by making the Listed Only Election in respect of the balance of their Bid Shares, but SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.3 did not make the Listed Only Election or the Listed and Unlisted Election in respect of the balance of their Bid Shares in the event of a scaling back of the Cash Consideration,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.4 if some, but not all, the Bid Shares in respect of which the South African Certificated MAS Shareholder surrendered documents of title for have been acquired by PKI, new documents in title in respect of the balance of the South African Certificated MAS Shareholder's MAS Shares not acquired by PKI will be issued by MAS' SA Transfer Secretaries and be returned to such South African Certificated MAS Shareholder, by registered post at the risk of such South African Certificated MAS Shareholder, at the postal address stipulated in the Form of Acceptance, Election and Transfer (*blue*), by not later than 10 business days after the Closing Date or the Consideration Instrument Cut-Off Date, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2.5 if none of the Bid Shares in respect of which the South African Certificated MAS Shareholder surrendered documents of title for have been acquired by PKI, the documents of title of such South African Certificated MAS Shareholder will be returned to such South African Certificated MAS Shareholder, by registered post at the risk of such South African Certificated MAS Shareholder, at the postal address stipulated in the Form of Acceptance, Election and Transfer (*blue*), by not later than 10 business days after the Closing Date or the Consideration Instrument Cut-Off Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 If a European Certificated MAS Shareholder has timeously delivered a Tender Offer Form and surrendered documents of title to MAS' European Transfer Secretaries and the Minimum Cash Acceptance Condition has not been fulfilled or waived by PKI, the documents of title of such European Certificated MAS Shareholder will be returned to such European Certificated MAS Shareholder, by registered post at the risk of such European Certificated MAS Shareholder, at the postal address stipulated in the Tender Offer Form, by not later than 10 business days after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 If a European Certificated MAS Shareholder has timeously delivered a Tender Offer Form and surrendered documents of title to MAS' European Transfer Secretaries and such European Certificated MAS Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4.1 elected to receive Consideration Instruments (Listed) by making the Listed Only Election in respect of some or all of their Bid Shares, but SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4.2 elected to receive Consideration Instruments (Listed) in the event of a scaling back of the Cash Consideration by making the Listed Only Election in respect of the balance of their Bid Shares, but SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4.3 did not make the Listed Only Election or the Listed and Unlisted Election in respect of the balance of their Bid Shares in the event of a scaling back of the Cash Consideration,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4.4 if some, but not all, the Bid Shares in respect of which the European Certificated MAS Shareholder surrendered documents of title for have been acquired by PKI, new documents in title in respect of the balance of the European Certificated MAS Shareholder MAS Shares not acquired by PKI will be issued by MAS' European Transfer Secretaries and be returned to such European Certificated MAS Shareholder, by registered post at the risk of such European Certificated MAS Shareholder, at the postal address stipulated in the Tender Offer Form, by not later than 10 business days after the Closing Date or the Consideration Instrument Cut-Off Date, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4.5 if none of the Bid Shares in respect of which the European Certificated MAS Shareholder surrendered documents of title for have been acquired by PKI, the documents of title of such European Certificated MAS Shareholder will be returned to such European Certificated MAS Shareholder, by registered post at the risk of such European Certificated MAS Shareholder, at the postal address stipulated in the Tender Offer Form, by not later than 10 business days after the Closing Date or the Consideration Instrument Cut-Off Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Cash Consideration will be funded by PKI from available cash balances and will not be subject to any lien, right of set-off, counterclaim or other analogous right to which PKI may otherwise be, or claim to be, entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 No interest shall accrue for the benefit of the Bid Participants on the Bid Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 If a Foreign Shareholder elects to receive Consideration Instruments pursuant to its acceptances, such Foreign Shareholder thereby irrevocably and unconditionally warrants to and in favour of PKI that the laws in its Applicable Jurisdiction permits such Foreign Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration. The Offeror may in its sole discretion make the issue of any Consideration Instruments to a Foreign Shareholder subject to such Foreign Shareholder proving to the Offeror's satisfaction that the issue of such Consideration Instruments to such Foreign Shareholder in its Applicable Jurisdiction will be legal and not impose any additional legal or regulatory obligations on the Offeror in such Applicable Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 MAS Shareholders who are South African corporates, trusts, partnerships, and private individuals and emigrants whose MAS Shares are restrictively endorsed and who elect to receive Consideration Instruments (Listed), if SARB Approval is obtained, will be able to freely receive Consideration Instruments (Listed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 MAS Shareholders who are South African corporates, trusts, partnerships, and private individuals and emigrants whose MAS Shares are restrictively endorsed and who elect to receive Consideration Instruments (Unlisted) must obtain exchange control approval from their Authorised Dealers or from the SARB through their Authorised Dealers. Each investor would have to approach its local bank (in its capacity as an Authorised Dealer) for the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6 South African institutional investors may receive the Consideration Instruments (Listed) and Consideration Instruments (Unlisted) using their permissible foreign portfolio investment allowances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7 MAS Shareholders who are South African residents should note that the settlement of the Bid Consideration will be made subject to the Exchange Control Regulations as set out in paragraph 6 of this Circular. If a MAS Shareholder who is a South African resident elects to receive Consideration Instruments pursuant to its acceptances, such MAS Shareholder thereby irrevocably and unconditionally warrants to and in favour of PKI that the Exchange Control Regulations permits such MAS Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration, and where required, that such MAS Shareholder has obtained the required approvals to elect, accept and receive Consideration Instruments. The Offeror may in its sole discretion make the issue of any Consideration Instruments to a MAS Shareholder who is a South African resident subject to such MAS Shareholder proving to the Offeror's satisfaction that the issue of such Consideration Instruments to such MAS Shareholder in South Africa will be legal and not impose any additional legal or regulatory obligations on the Offeror in South Africa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 For the sake of clarity, MAS Shares may not be dematerialised or re-materialised by Bid Participants between the day immediately following the Last Day to Trade and the Record Date of the Voluntary Bid, both days inclusive.

**IMPORTANT DATES AND TIMES**

The definitions and interpretations commencing on page 23 of this Circular apply *mutatis mutandis* to this section headed "*Important Dates and Times*".

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| | |
|:---|:---|
| | **2025** |
| **Opening Date of the Voluntary Bid** | Monday, 4 August |
| Last Day to Trade in MAS Shares in order to participate in the Voluntary Bid | Monday, 11 August |
| MAS Shares trade "*ex*" the entitlement to participate in the Voluntary Bid | Tuesday, 12 August |
| Last day and time for (i) the Forms of Acceptance, Election and Transfer (*blue*) and relevant documents of title to be lodged with MAS' SA Transfer Secretaries at 12:00 and (ii) the Tender Offer Form and relevant documents of title to be lodged with MAS' European Transfer Secretaries at 12:00 (11:00 UK time), on | Thursday, 14 August |
| Record Date of the Voluntary Bid | Thursday, 14 August |
| **Closing Date of the Voluntary Bid at 12:00 on** | **Thursday, 14 August** |
| Results of the Voluntary Bid to be announced on SENS | Tuesday, 19 August |
| **<u>Settlement of the Cash Consideration</u>** |  |
| ***Assuming that the Minimum Cash Acceptance Condition has been fulfilled or waived by PKI on or before 12:00 on the Closing Date, the following dates and times will apply in respect of the settlement of the Cash Consideration*** |  |
| Cash Consideration Settlement Date in respect of Dematarialised Bid Participants, on which date the Cash Consideration due to such Dematerialised Bid Participants will, subject to any scaling back of the Cash Consideration, by credited to the Dematerialised Bid Participants' CSDP or Broker accounts | Tuesday, 19 August |
| Cash Consideration Settlement Date in respect of South African Certificated MAS Shareholders who have lodged their Form of Acceptance, Election and Transfer (*blue*) and documents of title with the MAS' SA Transfer Secretaries prior to 12:00 on the Closing Date of the Voluntary Bid, on which date the Cash Consideration due to such South African Certificated MAS Shareholder will, subject to any scaling back of the Cash Consideration, be paid by EFT | Tuesday, 19 August |
| Cash Consideration Settlement Date in respect of European Certificated Bid Participants who have lodged their Tender Offer Form and documents of title with the MAS' European Transfer Secretaries prior to 12:00 (11:00 UK time) on the Closing Date of the Voluntary Bid, on which date such European Certificated MAS Shareholder, subject to any scaling back of the Cash Consideration, will have a cheque dispatched to the address specified in that European Certificated MAS Shareholder's Tender Offer Form | Tuesday, 26 August |
| **<u>Settlement of the Consideration Instruments</u>** |  |
| ***Assuming that SARB Approval has been obtained by the Closing Date, the following dates and times will apply in respect of the settlement of the Consideration Instruments. If SARB Approval is not obtained by the Closing Date, the Consideration Instrument Cut-Off Date and updated estimated dates and times for settlement of the Consideration Instruments will be published on SENS.*** |  |
| Consideration Instruments Settlement Date in respect of Dematerialised Bid Participants who made the Listed Only Election or the Listed and Unlisted Election, will have that Dematerialised Bid Participant's CSDP or Broker account credited with the Consideration Instruments (Listed) | Tuesday, 19 August |
| Consideration Instruments Settlement Date in respect of South African Certificated MAS Shareholders who have lodged their Form of Acceptance, Election and Transfer (blue) and documents of title with the MAS' SA Transfer Secretaries prior to 12:00 on the Closing Date of the Voluntary Bid and who made the Listed Only Election or the Listed and Unlisted Election, will have that South Africa Certificated MAS Shareholder's CSDP or Broker account credited with the Consideration Instruments (Listed) | Tuesday, 19 August |
| Consideration Instruments Settlement Date in respect of European Certificated MAS Shareholders who have lodged their Tender Offer Form and documents of title with the MAS' European Transfer Secretaries prior to 12:00 (11:00 UK time) on the Closing Date and who made the Listed Only Election or the Listed and Unlisted Election, will have that European Certificated MAS Shareholder's CSDP or Broker account credited with the Consideration Instruments (Listed) | Tuesday, 26 August |

---

**Notes**

1. Any change to the above dates and times will be agreed upon by PKI, CTSE (if required), and MAS Shareholders will be advised by release on SENS.

2. No dematerialisation or rematerialisation of MAS Shares will take place between the trading ex-date, Tuesday, 12 August 2025, and the Record Date of the Voluntary Bid, being Thursday, 14 August 2025, both days inclusive. The Registers of the Certificated MAS Shareholders will be closed between the trading ex-date, Tuesday, 12 August 2025, and the Record Date of the Voluntary Bid, being Thursday, 14 August 2025, both days inclusive.

**DEFINITIONS AND INTERPRETATIONS**

In this Circular, unless otherwise stated or clearly indicated by the context, the words in the first column have the meanings stated in the second column, an expression which denotes a gender includes the other genders, a natural person includes a juristic person and *vice versa*, the singular includes the plural and *vice versa* and cognate words and expressions shall bear corresponding meanings.

---

| | |
|:---|:---|
| "**35% Threshold**" | has the meaning given to such term in paragraph 5.6.1 of this Circular; |
| "**Applicable Jurisdiction**" | has the meaning given to such term in the paragraph titled "*Foreign Shareholders*" in the section headed "*Important Legal Notices*" of this Circular; |
| "**Applicable Pricing Supplement (Listed)**" | the pricing supplement completed by PKI in relation to the issue of the Consideration Instruments (Listed), setting out such additional and/or other terms and conditions as are applicable to the Consideration Instruments (Listed), the form of which the CTSE approved prior to the date of this Circular on condition that SARB Approval is received; |
| "**Applicable Pricing Supplement (Unlisted)**" | the pricing supplement completed by PKI in relation to the issue of the Consideration Instruments (Unlisted), setting out such additional and/or other terms and conditions as are applicable to the Consideration Instruments (Unlisted); |
| "**Authorised Dealer**" | a person authorised by the Financial Surveillance Department of the SARB to deal in foreign exchange; |
| "**Bid Announcement**" | the announcement of the Voluntary Bid published by MAS on SENS on 16 May 2025; |
| "**Bid Consideration**" | the consideration payable by PKI to the Bid Participants per MAS Share acquired by PKI in terms of the Voluntary Bid comprising the Cash Consideration, Consideration Instruments or a combination of the Cash Consideration and Consideration Instruments; |
| "**Bid Letter**" | the written bid letter in respect of the Voluntary Bid sent by PKI to MAS on 15 May 2025; |
| "**Bid Participants**" | the MAS Shareholders who validly and lawfully accept the Voluntary Bid by no later than 12:00 on the Closing Date, and who are thus entitled to receive the Bid Consideration in terms of the Voluntary Bid; |
| "**Bid Shares**" | the MAS Shares that the Bid Participants sell to PKI pursuant to the Voluntary Bid; |
| "**Broker**" | any person registered as a broking member (equities) in accordance with the provisions of the FMA; |
| "**Business Day**" | any day other than a Saturday, Sunday or an official public holiday in South Africa; |
| "**Cash Acceptances**" | the sum of the total cash amount of the Cash Consideration of all Bid Participants electing to receive the Cash Consideration in respect of all or some of their Bid Shares; |
| "**Cash Consideration**" | a cash consideration in an amount of EUR1.40 per Bid Share; |
| "**Cash Settlement Date**" | in relation to: |
| (i) | Bid Participants who were Dematerialised MAS Shareholders, the third Business Day after the Closing Date; |
| (ii) | Bid Participants who were South African Certificated MAS Shareholders, the third Business Day after the Closing Date; |
| (iii) | Bid Participants who were European Certificated MAS Shareholders, the seventh Business Day after the Closing Date; |
| "**Certificated Bid Participants**" | Bid Participants who are Certificated MAS Shareholders; |
| "**Certificated MAS Shareholders**" | registered holders of Certificated MAS Shares; |

---

---

| | |
|:---|:---|
| "**Certificated MAS Shares**" | MAS Shares represented by share certificates or other documents of title which have not been surrendered for dematerialisation in terms of the requirements of Strate; |
| "**CIPC**" | the Companies and Intellectual Property Commission, established in terms of section 185 of the South African Companies Act; |
| "**Circular**" | this bound document, dated 4 August 2025, in respect of the Voluntary Bid including all the annexures hereto and incorporating the Form of Acceptance, Election and Transfer (*blue*) and accompanied by the Prospectus and the Programme Memoranda; |
| "**Closing Date**" | the closing date of the Voluntary Bid as stipulated in the Timetable; |
| "**Common Monetary Area**" | South Africa, the Republic of Namibia, and the Kingdoms of Lesotho and Eswatini; |
| "**Computershare (BVI)**" | Computershare Investor Services (BVI) Limited, a company incorporated in the British Virgin Islands; |
| "**Computershare (Jersey)**" | Computershare Investor Services (Jersey) Limited, a company incorporated in Jersey; |
| "**Consideration Instrument Cut-Off Date**" | means: |
| "**Consideration Instrument Cut-Off Date**" (i) | if SARB Approval has been obtained on or before the Closing Date, the Closing Date; or |
| (ii) | if SARB Approval has not been obtained by the Closing Date, a date which is the earlier of (i) the date on which SARB Approval is obtained and (ii) the date falling 90 days after the Closing Date, provided that PKI shall be entitled, by announcement on SENS from time to time, to extend such 90-day period if SARB Approval has not been obtained by its expiry; |
| "**Consideration Instrument Ratio**" | for every Bid Share acquired by PKI pursuant to the Voluntary Bid, 100 Preferred Shares (Listed) or Preferred Shares (Unlisted), as applicable; |
| "**Consideration Instruments**" | means: |
| "**Consideration Instruments**" (i) | if SARB Approval is obtained on or before the Consideration Instrument Cut-Off Date, the Consideration Instruments (Listed); or |
| (ii) | if SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date, the Consideration Instruments (Unlisted); |
| "**Consideration Instruments (Listed)**" | the Preferred Shares (Listed) issued by PKI to Bid Participants pursuant to the Voluntary Bid in accordance with the Consideration Instrument Ratio; |
| "**Consideration Instruments Settlement Date**" | means in relation to: |
| "**Consideration Instruments Settlement Date**" (i) | Bid Participants who were Dematerialised MAS Shareholders, the third Business Day after the Consideration Instrument Cut-Off Date; |
| "**Consideration Instruments Settlement Date**" (ii) | Bid Participants who were South African Certificated MAS Shareholders, the third Business Day after Consideration Instrument Cut-Off Date; |
| (iii) | Bid Participants who were European Certificated MAS Shareholders, the seventh Business Day after the Consideration Instrument Cut-Off Date; |
| "**Consideration Instruments (Unlisted)**" | the Preferred Shares (Unlisted) issued by PKI to Bid Participants pursuant to the Voluntary Bid in accordance with the Consideration Instrument Ratio; |
| "**CSDP**" | a central securities depository participant, being a "participant" as defined in section 1 of the FMA; |
| "**CTSE**" | The Cape Town Stock Exchange Proprietary Limited (Registration number 2013/031754/07) (previously known as "4 Africa Exchange Proprietary Limited" or "4AX"), a private company duly incorporated in accordance with the laws of South Africa and licensed as an exchange in terms of the FMA; |
| "**CTSE Debt Listing Requirements**" | the CTSE Debt Listing Requirements, as amended; |

---

---

| | |
|:---|:---|
| "**CTSE News Service**" | the News Service of the CTSE; |
| "**Custody Agreement**" | a custody mandate agreement between a person and a CSDP or Broker, regulating their relationship in respect of Dematerialised MAS Shares held by the CSDP or Broker on behalf of that person; |
| "**dematerialise**" or "**dematerialisation**" | the process by which securities held by certificated shareholders are converted or held in an electronic form as uncertificated securities and recorded in the sub-register of security holders maintained by a CSDP or Broker; |
| "**Dematerialised Bid Participants**" | Bid Participants who are Dematerialised MAS Shareholders; |
| "**Dematerialised MAS Shareholders**" | registered holders of Dematerialised MAS Shares as reflected in the Uncertificated Securities Register; |
| "**Dematerialised MAS Shares**" | MAS Shares which are held in dematerialised form and are reflected as such in MAS' Uncertificated Securities; |
| "**DJV**" | PKM Development Ltd. (Registration number C 103521), a company duly registered in accordance with the laws of Malta, and the holding company of the Offeror; |
| "**DJV Available Profits**" | means "Available Profits" as defined in the DJVA (refer to paragraph 4.4.1 of the summary of the DJVA available at <u>https://masrei.com/wp-content/uploads/2025/07/Summary-of-DJV-Agreement.pdf)</u>; |
| "**DJVA**" | the 2017 Amended and Restated Framework Investment Agreement concluded between the DJV, MAS, MAS CEE and Prime Kapital, including all amendments thereto and the 2022 DJV Relationship Extension Letter, a comprehensive summary of which was prepared by Webber Wentzel and uploaded to MAS' website at <u>https://masrei.com/wp-content/uploads/2025/07/ Summary-of-DJV-Agreement.pdf</u>; |
| "**documents of title**" | share certificates and/or certificated transfer deeds and/or balance receipts or any other document/s of title in respect of the Bid Shares; |
| "**EFT**" | electronic funds transfer; |
| "**Enhanced Value Unlock Resolutions**" | the two ordinary advisory resolutions set out in the notice of extraordinary general meeting of MAS Shareholders which the MAS Board distributed to the MAS Shareholders on or about 20 June 2025; |
| "**European Certificated MAS Shareholders**" | the European MAS Shareholders who hold Certificated MAS Shares on the MAS European Register; |
| "**Exchange Control Regulations**" | the Exchange Control Regulations, 1961, promulgated under section 9 of the South African Currency and Exchanges Act, No. 9 of 1933, as amended; |
| "**Exemption**" | the letter dated 1 March 2024, from MAS to PCC; |
| "**FMA**" | the South African Financial Markets Act, No. 19 of 2012, as amended; |
| "**Foreign Shareholder**" | a MAS Shareholder who has a registered address in and/or who are nationals, citizens or residents of any country other than in South Africa; |
| "**Form of Acceptance, Election and Transfer (*blue*)**" | for purposes of South African Certificated MAS Shareholders accepting the Voluntary Bid, the Form of Acceptance, Election and Transfer (*blue*), attached to and forming part of this Circular for use only by Bid Participants holding Certificated MAS Shares on the MAS SA Register; |
| "**Information Statement (Listed)**" | the information statement prepared by PKI in connection with the Programme Memorandum (Listed); |
| "**Information Statement (Unlisted)**" | the information statement prepared by PKI in connection with the Programme Memorandum (Unlisted); |
| "**IFRS**" | International Financial Reporting Standards, the standards and interpretations adopted by the International Accounting Standards Board; |

---

---

| | |
|:---|:---|
| "**IOM Companies Act**" | the Isle of Man Companies Act of 2006; |
| "**Issue Date**" | has the meaning given to that term in the Programme Memoranda; |
| "**JSE**" | JSE Limited (Registration number 2005/022939/06), a public company duly incorporated in accordance with the laws of South Africa and licensed as an exchange under the FMA; |
| "**JSE Listings Requirements**" | the Listings Requirements of the JSE, as amended from time to time; |
| "**Last Day to Trade**" | the last day to trade in the Bid Shares in order to be recorded in the Register on the Closing Date and therefore be able to accept the Voluntary Bid and receive the Bid Consideration; |
| "**Last Practicable Date**" | Friday, 1 August 2025, being the last practicable date prior to the finalisation of the Circular; |
| "**Listed Only Election**" | the election by a Bid Participant to only receive Consideration Instruments in respect of all or some of their Bid Shares in the event that SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE; |
| "**Listed and Unlisted Election**" | the election by a Bid Participant to receive Consideration Instruments in respect of all or some of their Bid Shares regardless of whether SARB Approval is obtained and the Consideration Instruments list on the CTSE; |
| "**Malta**" | the Republic of Malta; |
| "**Malta Capital Markets Rules**" | the Capital Markets Rules issued by the Malta Financial Services Authority which *inter alia* regulate takeover bids; |
| "**Malta Companies Act**" | the Malta Companies Act (Chapter 386 of the laws of Malta); |
| "**Malta Financial Services Authority**" | the Malta Financial Services Authority established in terms of the Malta Financial Markets Act (Chapter.345 of the laws of Malta); |
| "**MAS**" | MAS P.L.C (Registration number C 99355), a company duly registered in accordance with the laws of Malta, the ordinary shares of which are inwardly listed on the JSE by way of a primary listing, and with a secondary listing on the A2X Limited; |
| "**MAS Articles**" | the articles of association of MAS as registered by the Malta Business Registry on February 7, 2023 and available at <u>https://masrei.com/wp-content/uploads/2023/02/MAS-PLC-Memorandum-and-articles-of-association-December-2022.pdf</u>; |
| "**MAS Board**" | the board of directors of MAS; |
| "**MAS CEE**" | means MAS CEE Holdings Ltd, a wholly owned subsidiary of MAS; |
| "**MAS European Register**" | the European securities register maintained by MAS' European Transfer Secretaries on behalf of MAS, including any Uncertificated Securities Register; |
| "**MAS' European Transfer Secretaries**" | Computershare (BVI) or Computershare (Jersey), as applicable; |

---

---

| | |
|:---|:---|
| "**MAS' Interpretation of the Distribution Waterfall**" | purely for purposes of the undertakings by PKI contained in paragraph 3 of this Circular, PKI's understanding of MAS' interpretation of the distribution waterfall under the DJVA, being in respect of any distribution of profits or capital (including reserves) made by DJV to its shareholders, payments made by DJV to MAS CEE in respect of A Preference Shares or payments made by DJV to Prime Kapital in respect of development margin: |
| (i) | in the first instance, effecting payment to MAS CEE in an amount equal to current and accrued fixed dividends at a coupon of 5% per annum on the 470,000,000 A Preference Shares held by MAS CEE in DJV; |
| (ii) | thereafter, effecting payment to MAS CEE in an amount equal to current and accrued fixed dividends at a coupon of 2.5% per annum on the 470,000,000 A Preference Shares held by MAS CEE in DJV and concomitantly therewith payment to Prime Kapital in an amount equal to current and accrued development margin outstanding to Prime Kapital; and |
| (iii) | thereafter effecting payment of the balance to MAS CEE and Prime Kapital as the holders of DJV's B ordinary shares in the proportions in which they hold DJV's B ordinary shares, being 40% in respect of MAS CEE and 60% in respect of Prime Kapital, |
|  | it being recorded, for the avoidance of doubt, that DJV shall not on account of this Circular be required to make distributions of profits or capital (including reserves) to its shareholders in accordance with this definition other than in accordance with the offers of undertakings in paragraph 3 of this Circular and only in the event that such offers of undertakings have been accepted and the condition to such undertakings have been satisfied; |
| "**MAS SA Register**" | the South African securities register maintained by MAS' SA Transfer Secretaries on behalf of MAS, including any Uncertificated Securities Register; |
| "**MAS' SA Transfer Secretaries**" | Computershare Investor Services Proprietary Limited (Registration number 2004/003647/07), a private company duly incorporated in accordance with the laws of South Africa; |
| "**MAS Share**" | a share in the issued share capital of MAS; |
| "**MAS Shareholders**" | the registered holders of MAS Shares from time to time, as reflected in the Register; |
| "**MAS' Transfer Secretaries**" | means, depending on the context, either: |
| "**MAS' Transfer Secretaries**" (i) | MAS' SA Transfer Secretaries; or |
| "**MAS' Transfer Secretaries**" (ii) | MAS' European Transfer Secretaries; or |
| (iii) | both MAS' SA Transfer Secretaries and MAS' European Transfer Secretaries, |
|  | as the case may be; |
| "**Maximum Cash Amount**" | an aggregate cash amount of EUR110,000,000, being the maximum amount which will be paid by the Offeror to Bid Participants in respect of the Cash Acceptances, provided that the Offeror reserves the right to increase the Maximum Cash Amount (any number of times) at any time prior to the first Cash Settlement Date; |
| "**Minimum Cash Acceptance Condition**" | the condition to the implementation of the Voluntary Bid as set out in paragraph 4.4 of this Circular; |
| "**Opening Date**" | the opening date of the Voluntary Bid as stipulated in the Timetable; |
| "**PCC**" | Petrichor Joint Family Office PCC Limited (Registration number 020506V), a protected cell company incorporated in accordance with the laws of the Isle of Man; |
| "**PK Parties**" | DJV, its direct and indirect subsidiaries (which includes the Offeror) and PCC, including all of its cells, and its direct and indirect subsidiaries (including Prime Kapital). For the avoidance of doubt, the aforementioned persons have been collectively defined in this Circular as the "PK Parties" purely for disclosure purposes, and not because such persons are acting in concert for any purpose; |
| "**PKI"** or **"the Offeror**" | PK Investments Limited (Registration number 014469V), a company duly incorporated in accordance with the laws of the Isle of Man; |

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---

| | |
|:---|:---|
| "**PKI Directors**" | the directors of PKI, the details of whom appear in the "***Corporate Information and Advisors***" section of the Circular, both of whom are executive directors; |
| "**Preferred Shares (Listed)**" | 5-year redeemable preferred shares, the terms of which are contained in the Programme Memorandum (Listed); |
| "**Preferred Shares (Unlisted)**" | 5-year redeemable preferred shares, the terms of which are contained in the Programme Memorandum (Unlisted); |
| "**Prime Kapital**" | Prime Kapital Holdings Ltd (Registration number 013332V), a company incorporated in accordance with the laws of the Isle of Man, a subsidiary of PCC, and the General Partner of the DJV; |
| "**Programme Memoranda**" | collectively, the Programme Memorandum (Listed) and the Programme Memorandum (Unlisted); |
| "**Programme Memorandum (Listed)**" | the programme memorandum in respect of the Preferred Shares (Listed) prepared in terms of the CTSE Debt Listing Requirements, which accompanies (but is not incorporated into) this Circular, including (i) the Applicable Pricing Supplement (Listed); and (ii) the Information Statement (Listed); |
| "**Programme Memorandum (Unlisted)**" | the programme memorandum which will govern the Preferred Shares (Unlisted) in the event that SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date including (i) the Applicable Pricing Supplement (Unlisted); and (ii) the Information Statement (Unlisted); |
| "**Prospectus**" | the prospectus in respect of PKI in relation to the Voluntary Bid published on 4 August 2025 and prepared in accordance with section 100 of the South African Companies Act and regulations 51 to 80 of the South African Companies Regulations, and all the annexures thereto, which accompanies (but is not incorporated into) this Circular. The prospectus has been approved by and registered with the CIPC; |
| "**Record Date of the Voluntary Bid**" | the last date on which a MAS Shareholder must be recorded in the Register in order to accept the Voluntary Bid as stipulated in the Timetable; |
| "**Register**" | MAS' securities registers, including the Uncertificated Securities Register; |
| "**SARB**" | the South African Reserve Bank, established in terms of section 9 of the South African Currency and Banking Act, No. 31 of 1920, as amended and currently governed by the South African Reserve Bank Act, No. 90 of 1989, as amended; |
| "**SARB Approval**" | the approval by SARB of the inward listing of the Consideration Instruments (Listed) on the CTSE; |
| "**SENS**" | the Stock Exchange News Service of the JSE; |
| "**South Africa**" | the Republic of South Africa; |
| "**South African Certificated MAS Shareholders**" | the Certificated MAS Shareholders who hold Certificated MAS Shares on the MAS SA Register; |
| "**South African Companies Act**" | the South African Companies Act, No. 71 of 2008, as amended; |
| "**South African Companies Regulations**" | the Companies Regulations, 2011, promulgated in terms of sections 120 of the South African Companies Act; |
| "**Strate**" | Strate Proprietary Limited (Registration number 1998/022242/07), a private company duly incorporated in accordance with the laws of South Africa, a registered central securities depository in terms of the FMA; |
| "**STT**" | securities transfer tax, levied in terms of the STT Act; |
| "**STT Act**" | the South African Securities Transfer Tax Act, No. 25 of 2007, as amended; |

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---

| | |
|:---|:---|
| "**Tender Offer Form**" | for purposes of European Certificated MAS Shareholders accepting the Voluntary Bid, the Tender Offer Form for use only by Bid Participants holding Certificated MAS Shares on the MAS European Register and which Tender Offer Form will be furnished by MAS' European Transfer Secretaries to each European Certificated MAS Shareholder; |
| "**Timetable**" | the timetable contained in the section headed *"Important Dates and Times"* of this Circular; |
| "**Transaction Sponsor**" | PSG Capital Proprietary Limited (Registration number 2006/015817/07), a company duly incorporated in accordance with the laws of South Africa which is the transaction sponsor to PKI in respect of the Voluntary Bid and transaction advisor and transaction sponsor in respect of the listing of the Consideration Instruments; |
| "**Uncertificated Securities Register**" | the record of Dematerialised MAS Shares administered and maintained by a CSDP and which forms part of the Register; |
| "**Voluntary Bid**" | the voluntary bid made by PKI to the MAS Shareholders, in terms of which PKI offers to acquire all of the MAS Shares not already held by it for the Bid Consideration on and subject to the terms and conditions set out in this Circular; and |
| "**ZAR EURO Exchange Rate**" | the rate of exchange at which FirstRand Bank Limited offers to sell ZAR to purchase EUR at the applicable date. |

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![](logo_001.jpg)

**PK Investments Limited**

(Incorporated in the Isle of Man)

(Registration number 014469V)

("**PKI**" or "**the Offeror**")

**VOLUNTARY BID CIRCULAR TO MAS SHAREHOLDERS**

1. **INTRODUCTION AND PURPOSE OF THIS CIRCULAR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Bid Announcement, MAS Shareholders were informed that MAS had received the Bid Letter from the Offeror, expressing its intention to make a conditional voluntary offer to all MAS Shareholders on the terms set out therein. The terms of the proposed offer were subsequently improved through announcements published on SENS on 28 May 2025 and 6 June 2025. PKI has since made substantial progress in relation to the previously announced conditions and is now making the Voluntary Bid subject only to the Minimum Cash Acceptance Condition being fulfilled or waived by PKI, and on the terms and conditions set out in this Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The purpose of this Circular is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 set out the terms on which the Voluntary Bid is made to the MAS Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 provide the MAS Shareholders with information relating to the Voluntary Bid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 inform the MAS Shareholders of the manner in which the Voluntary Bid may be accepted and will be implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 For further information relating to PKI and the terms relating to the Consideration Instruments, MAS Shareholders are referred to the Prospectus and the Programme Memoranda which accompany but do not form part of this Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 To obtain a full understanding of the terms and conditions of the Voluntary Bid, this Circular should be read in its entirety and should be read together with (i) the Form of Acceptance, Election and Transfer (*blue*) attached to and forming part of this Circular and (ii) the Prospectus and Programme Memoranda in respect of PKI and the Consideration Instruments which accompanies but does not form part of this Circular.

2. **INFORMATION ABOUT THE OFFEROR AND RATIONALE FOR THE VOLUNTARY BID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Information about the Offeror** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 PKI is an Isle of Man registered investment holding company. PKI is not supervised or regulated by the Isle of Man Financial Services Authority or any other financial regulator. PKI is a wholly-owned subsidiary of DJV. The shareholding of the DJV comprises of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1.1 MAS CEE, a wholly owned subsidiary of MAS, which holds (i) 470,000,000 A preference shares, constituting all of the DJV's preference shares and (ii) 20,000,000 B1 ordinary shares, constituting 40% of the DJV's B ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1.2 Prime Kapital, which holds 30,000,000 B2 ordinary shares, constituting 60% of the DJV's B ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 As at the Last Practicable Date, PKI holds 153 498 569 shares in MAS, being 21.94% of the total issued share capital of MAS (excluding treasury shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Rationale for the Voluntary Bid** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 PKI maintains a long-term investment horizon that aligns with the remaining term of DJV, and its general objective in purchasing MAS Shares is to maximise returns to DJV's shareholders. This objective is undermined by the continued trading of MAS Shares at a significant discount to their intrinsic value (i.e. net asset value per MAS Share), which exposes MAS to opportunistic and value-destructive takeover proposals, such as the recent unsuccessful bid by Hyprop Investments Limited, which was facilitated by the depressed share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 The Voluntary Bid is intended to protect against such value-destructive proposals and to unlock value for both PKI and other MAS Shareholders by offering the following flexible options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.1 MAS Shareholders can sell their MAS Shares, thereby becoming Bid Participants, for cash at a 50.1% premium to the MAS Share price on 15 May 2025, being the day prior to the release of the Bid Announcement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.2 subscribe for Consideration Instruments offering both downside protection and upside participation, and which PKI expects to fully redeem within 18 months from Issue Date; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.3 remain invested in MAS and, indirectly, the DJV over a longer term, with MAS' enhanced return potential supported by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.3.1 the appointment of appropriate independent non-executives to the MAS Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.3.2 DJV making distributions of surplus capital and/or capital profits to its shareholders in accordance with MAS' Interpretation of the Distribution Waterfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.3.3 DJV prioritising distributions of DJV Available Profits over new investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 MAS Shareholders are referred to the announcements published by MAS on SENS on 19 June 2025 and 20 June 2025 regarding the Enhanced Value Unlock Strategy (as defined in such announcements) proposed by the Offeror, DJV and Prime Kapital as an alternative to the Voluntary Bid, and to the extraordinary general meeting of MAS Shareholders held on 11 July 2025 for the purpose of considering, and if deemed fit, approving, the Enhanced Value Unlock Resolutions. As announced on SENS on 11 July 2025, the Enhanced Value Unlock Resolutions were not passed by the requisite majority of MAS Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 PKI notes the outcome of the vote and confirms that it is not proceeding with the Voluntary Bid for the purpose of implementing the value unlock strategy contemplated in the Enhanced Value Unlock Resolutions. PKI is therefore supportive of MAS continuing as a going concern focused on the Central and Eastern European market and has provided the undertakings in this Circular to protect the interests of minority shareholders in MAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 It is not the intention of PKI to delist MAS from the JSE following the implementation of the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 PKI is offering an exit opportunity to MAS Shareholders who do not support MAS' long-term strategy through a Voluntary Bid comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6.1 Cash Consideration, subject to the maximum cash acceptances not exceeding the Maximum Cash Amount; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6.2 the Consideration Instruments, which PKI expects to voluntarily redeem within 18 months of the Issue Date. The Consideration Instruments provide MAS Shareholders with an instrument which offers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6.2.1 downside protection in the form of a floor price of €1.50 per MAS Share, escalating at 7% p.a. (compounded semi-annually) beginning one year after the Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6.2.2 upside participation in the form of 90% of the of the underlying value of their investment in MAS and the DJV through the Consideration Instruments (refer to the Programme Memoranda which sets out the terms of the Preferred Shares (Listed) and Preferred Shares (Unlisted)).

3. **UNDERTAKINGS BY THE OFFEROR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 PKI hereby, as a term of the Voluntary Bid with effect from the first business day following the Closing Date, irrevocably offers to undertake to and in favour of MAS and MAS CEE, subject to the fulfilment or waiver by PKI of the Minimum Cash Acceptance Condition, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 if, pursuant to the Voluntary Bid, the PK Parties (including PKI) hold more than 50% of the MAS Shares in issue, PKI will not acquire any further MAS Shares in the market, and will procure that neither the DJV nor any of its subsidiaries acquire any further MAS Shares in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 provided that, pursuant to Bid Participants electing to receive the Cash Consideration, PKI acquired MAS Shares representing at least 10% of the total MAS Shares in issue, it will take all such steps as are legally permissible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.1 to procure that the DJV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.1.1 makes distributions of surplus capital and/or capital profits to its shareholders in accordance with MAS' Interpretation of the Distribution Waterfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.1.2 prioritises distributing DJV Available Profits over new investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2 to procure that the MAS Board gives written notice to commence winding down of the DJV as provided for in terms of the DJVA, by not later than 23 March 2035.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 For purposes of this paragraph 3, it shall be legally permissible for PKI to take any action or decision if the taking of such action or decision will not result in a breach or contravention by PKI or MAS of the rules or any order or directive of the JSE or the CTSE (or any other exchange on which the securities of PKI or MAS are listed), or any constitution, statute, by-law, code, ordinances, decree, judicial arbitral, administrative, ministerial, departmental or regulatory judgment; or common law in any jurisdiction, in each case which are applicable to PKI or MAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The offer of undertakings in paragraph 3.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 constitutes an offer in favour of MAS and MAS CEE capable of acceptance by MAS and MAS CEE at any time by written notice to PKI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 shall upon acceptance by MAS and MAS CEE result in binding undertakings by PKI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 shall be governed by the laws of Malta.

4. **THE VOLUNTARY BID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **The Voluntary Bid** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 PKI hereby makes a voluntary offer to all MAS Shareholders to acquire all the MAS Shares in issue not already held by it for a consideration comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1.1 the Consideration Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1.2 the Cash Consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1.3 a combination of the Consideration Instruments and the Cash Consideration,

subject to the terms and conditions set out this Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 The Voluntary Bid constitutes a "*Voluntary Bid*" as envisaged in Article 41 of the MAS Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **The Bid Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 The Bid Consideration will, at the election of each MAS Shareholder, be settled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1.1 by PKI issuing Consideration Instruments. MAS Shareholders will be entitled to elect Consideration Instruments in respect of 100% of the Bid Shares held by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1.2 by payment of the Cash Consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1.3 by a combination of the Cash Consideration and the Consideration Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 The Cash Consideration is subject to Cash Acceptances not exceeding the Maximum Cash Amount, provided that PKI reserves the right to increase the Maximum Cash Amount, by written notice to MAS (any number of times) at any time prior to the first Cash Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 If total acceptances of the Cash Consideration exceed the Maximum Cash Amount, such acceptances will be scaled back on an equitable basis and MAS Shareholders will be entitled to elect to receive Consideration Instruments in respect of any acceptances of Cash Consideration which have been scaled back by making the (i) Listed Only Election (in which case such MAS Shareholders will *only* receive Consideration Instruments in the event that SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE) or (ii) Listed and Unlisted Election (in which case they will receive Consideration Instruments *regardless* of whether SARB Approval is obtained by the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE). **Accordingly, no MAS Shareholder is required to accept Consideration Instruments as an alternative in the event of a scaling back of the Cash Consideration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 The Cash Consideration will be settled as follows, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4.1 European Certificated MAS Shareholders, in Euros on the applicable Cash Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4.2 South African Certificated MAS Shareholders and Dematerialised MAS Shareholder, in ZAR converted at the ZAR EURO Exchange Rate published on SENS by PKI on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 PKI has confirmed that it has (and will continue to have) sufficient Consideration Instruments available from which to deliver Consideration Instruments to Bid Participants who elect to receive Consideration Instruments or a combination of the Cash Consideration and Consideration Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 For details regarding the settlement of the Bid Consideration, MAS Shareholders are referred to paragraph 3 of the "*Action Required by MAS Shareholders*" section of this Circular for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Terms of the Preferred Shares** 

The full terms of (i) the Preferred Shares (Listed) are set out in the Programme Memorandum (Listed) and (ii) the Preferred Shares (Unlisted) are set out in the Programme Memorandum (Unlisted), which accompanies, but does not form part of, this Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Minimum Cash Acceptance Condition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 The implementation of the Voluntary Bid is subject to Bid Participants electing the Cash Consideration in respect of MAS Shares representing at least 10% of the total MAS Shares in issue ()"**Minimum Cash Acceptance Condition**") on or before 12:00 on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 The Minimum Cash Acceptance Condition may be waived by PKI in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 If the Minimum Cash Acceptance Condition is not fulfilled or waived by PKI, the Voluntary Bid will not be implemented, and the Voluntary Bid will lapse and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 The Voluntary Bid is not subject to the fulfilment or waiver of any other conditions precedent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Remaining MAS Shareholders** 

Those MAS Shareholders who do not sell all of their MAS Shares pursuant to the Voluntary Bid will remain MAS Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Bid Period** 

The Voluntary Bid will be open for acceptance by MAS Shareholders from 09:00 on the Opening Date until 12:00 on the Closing Date and accordingly, the Voluntary Bid will remain open for acceptance by those MAS Shareholders that are recorded in the Register at any time during that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Procedure for acceptance of the Voluntary Bid** 

MAS Shareholders are referred to the *"Action Required by MAS Shareholders*" section of the Circular, which sets out the procedure for acceptance of the Voluntary Bid and the action required by them in respect of the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Elections** 

MAS Shareholders are referred to the *"Action Required by MAS Shareholders"* section of the Circular, which sets out the action to be taken by them for purposes of electing a settlement option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 **Acceptances irrevocable** 

Subject to paragraph 2.10 of the "*Action Required by MAS Shareholders"* section of the Circular and the fulfilment or waiver of the Minimum Cash Acceptance Condition, all acceptances of the Voluntary Bid received by PKI and the applicable MAS Transfer Secretaries, and treated as valid by them, shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 **Applicable law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.1 The Voluntary Bid is made and is governed by and subject to the provisions of the laws of Malta and will be subject to the exclusive jurisdiction of the courts of Malta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.2 Each Bid Participant will be deemed by their acceptance to have consented and submitted to the exclusive jurisdiction of the courts of Malta in relation to all matters arising out of or in connection with the Voluntary Bid and acceptance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 **Foreign Shareholders** 

MAS Shareholders who are Foreign Shareholders are referred to the paragraph titled "*Foreign Shareholders*" in the section headed "*Important Legal Notices*" and paragraph 3.4.3 of the *"Action Required by MAS Shareholders*" section of the Circular for information relating to the acceptance of the Voluntary Bid by Foreign Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 **Approvals and consents received** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.1 PKI has obtained the necessary corporate consents and authorisations, to the extent applicable, to proceed with the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.2 The CTSE has approved the Programme Memorandum (Listed) in respect of the Preferred Shares (Listed) prepared in terms of the CTSE Debt Listing Requirements and the CTSE has approved the form of the Applicable Pricing Supplement (Listed) on condition that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.2.1 SARB Approval is received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.2.2 the Applicable Pricing Supplement (Listed) will be formally approved on the Consideration Instrument Cut-Off Date, after the signed Applicable Pricing Supplement (Listed), which includes the information relating to the total number of acceptances of Consideration Instruments by Bid Participants, has been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12.3 The CIPC has approved and registered the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 **Tax implications for Bid Participants** 

The tax implications for Bid Participants are dependent on the individual circumstances and the jurisdiction(s) and relevant tax laws of such jurisdiction(s) that may be applicable to such Bid Participants. Accordingly, it is recommended that if Bid Participants are uncertain about the tax treatment of the sale of the Bid Shares to PKI and the receipt of the Bid Consideration, they seek appropriate advice in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 **Other tax implications** 

The STT payable in respect of the transfer of the Bid Shares to PKI, will be payable by PKI.

5. **APPLICATION OF TAKEOVER LAW AND MAS ARTICLES TO THE VOLUNTARY BID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 MAS is a company registered in Malta in terms of Malta Companies Act. MAS has a primary inward listing on the JSE and has a secondary listing on the A2X Limited. It is not listed on any other regulated exchange. The Malta Companies Act does not regulate takeover bids and since MAS is a company registered in terms of the Malta Companies Act, the Voluntary Bid is not subject to the South African Companies Act, or the Takeover Regulations issued in terms of the South African Companies Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Voluntary Bid is not subject to Chapter 11 of the Malta Capital Markets Rules (formerly, the Malta Listing Rules) or the Listing Requirements issued by A2X Limited, and may be made for a purchase consideration and otherwise on terms and conditions determined by the Offeror in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Therefore, the Voluntary Bid is not subject to any takeover law regime in Malta, South Africa or in any other jurisdiction, and is not subject to the authority or supervision of any takeover regulator or the Malta Financial Services Authority. The JSE have formally confirmed that PKI is not bound by the provisions of the JSE Listings Requirements in respect of the Voluntary Bid, and that the JSE Listings Requirements do not regulate the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Article 41 of the MAS Articles provides for the applicability to MAS of certain "*Mandatory Bid*" provisions of the "*Malta Listing Rules*" (as such term is defined in the MAS Articles). Article 41.5 provides that the provisions of Rule 11.8 of the Malta Listing Rules are in terms of the MAS Articles made applicable to MAS and all MAS Shareholders from time to time, on the basis and subject to the modifications provided in Article 41 of the MAS Articles. MAS and all MAS Shareholders from time to time shall accordingly have the respective rights and obligations contemplated in Rule 11.8 of the Malta Listing Rules (on the basis and subject to the modifications provided in Article 41 of the MAS Articles) even though the Malta Listing Rules are not as a matter of law applicable to MAS and the MAS Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Article 41.6 of the MAS Articles read with Rule 11.8 of the Malta Listing Rules provides that if a person acquires a "*Controlling Interest*" (as such term is defined in the Malta Listing Rules) in MAS as a result of such person's own acquisition or the acquisition by persons "*Acting in Concert*" (as such term is defined in the Malta Listing Rules) with him, such a person shall make a mandatory bid as contemplated in Rule 11.8 of the Malta Listing Rules ()"**Mandatory Bid Requirement** "), unless the MAS Board has exempted that person or persons from the Mandatory Bid Requirement, which exemption may be granted without or subject to conditions and at the sole discretion of the MAS Board. For purposes of Article 41.6 of the MAS Articles, the percentage of the voting right required to establish "*Control*" or a "*Controlling Interest*" shall be 30% or 50% plus one (the "**50% Threshold** "), and not only the 50% Threshold as provided in Rule 11.8 of the Malta Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 In terms of the Exemption, the MAS Board exempted the PK Parties and each of the PCC shareholders ()"**PCC Shareholders**") from the Mandatory Bid Requirement. The Exemption was based on the provisions of Article 41.6 of the MAS Articles (as described in paragraph 5.5), and was subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 the Exemption will be valid subject to the total combined holding of the PK Parties not exceeding 35% of the total issued share capital of MAS after deducting the treasury shares, meaning 244,845,587 MAS Shares (the "**35% Threshold** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 compliance towards the 35% Threshold shall be measured by considering the total combined MAS shareholding of the PK Parties, in other words, all of the MAS Shares owned by PCC and its direct and indirect subsidiaries as a whole, by aggregating the holding of each cell which shall include the holding of MAS Shares by DJV and its subsidiaries (including the Offeror);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 the beneficiaries of the Exemption, under the conditions expressed in the Exemption, are the PK Parties and the PCC Shareholders (collectively, the "**Exempt Parties** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4 the Exemption remains valid for as long as MAS remains governed by the MAS Articles as these are valid in respect of Article 41 as at the date of the Exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 As at the date of the Bid Letter and this Circular, and notwithstanding that in terms of the Exemption compliance with the 35% Threshold is determined by calculating only the MAS Shares held by the PK Parties (refer to paragraph 5.6.2 above), the collective holdings of the Exempt Parties are below the 35% Threshold. In light of the aforesaid, the 35% Threshold has not been exceeded, and the Voluntary Bid constitutes a "*Voluntary Bid*" as contemplated in Rule 11.8 of the Malta Listing Rules, which is made applicable to MAS in terms of Article 41.5 of the MAS Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Furthermore, pursuant to Article 41.4 of the MAS Articles and the Exemption, if, as a result of acceptances of the Voluntary Bid, the total combined holdings of MAS Shares by the Exempt Parties and any person "*Acting in Concert*" (as such term is defined in the Malta Listing Rules) with any of the Exempt Parties exceeds the 35% Threshold or the 50% Threshold, the Exempt Parties and any person "*Acting in Concert*" (as such term is defined in the Malta Listing Rules) with the Exempt Parties will be exempt from the Mandatory Bid Requirement notwithstanding that their combined holdings of MAS Shares exceed the 35% Threshold or the 50% Threshold.

6. **SOUTH AFRICAN EXCHANGE CONTROL RULES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 The settlement of the Bid Consideration for both Certificated MAS Shareholders and Dematerialised MAS Shareholders will be made subject to the Exchange Control Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 MAS Shareholders who are not registered in or have a registered address outside South Africa must satisfy themselves to the full observance of the laws of the relevant jurisdiction concerning the receipt of the Bid Consideration, including obtaining any requisite governmental and other consents, observing any other requisite formalities and paying any transfer or other taxes due in such territory. If in doubt, MAS Shareholders should consult their professional advisors without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 Paragraph 6.2 contains a summary of Exchange Control Regulations as they apply to MAS Shareholders who accept the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 For additional information on the Exchange Control Regulations, please refer to the Programme Memoranda in respect of the Consideration Instruments accompanying this Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Summary of Exchange Control Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 *Election of Consideration Instruments by South African investors* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1.1 Subject to the approval of the SARB and the CTSE, the Consideration Instruments (Listed) will be listed on the CTSE under an approved inward listing in terms of the Exchange Control Regulations. Accordingly, upon listing of the Consideration Instruments (Listed) on the CTSE, South African institutional investors may invest in the Consideration Instruments (Listed) using their permissible foreign portfolio investment allowances, and South African corporates, trusts, partnerships, and private individuals may invest in the Consideration Instrument (Listed) without restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1.2 South African corporates, trusts, partnerships, and private individuals may accept the Consideration Instruments (Unlisted) as a Bid Consideration subject to the South African corporates, trusts, partnerships, and private individuals having obtained exchange control approval from their Authorised Dealers or from the SARB through their Authorised Dealers to the satisfaction of PKI. Each investor would have to approach its local bank (in its capacity as an Authorised Dealer) for the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2  ***Residents of the Common Monetary Area*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1 In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1.1 Bid Participants who are Certificated MAS Shareholders whose registered addresses in the Register are within the Common Monetary Area and whose documents of title are not restrictively endorsed in terms of the Exchange Control Regulations and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1.1.1 who elect to receive the Bid Consideration wholly or partly in cash, the Cash Consideration will be transferred by way of EFT; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1.1.2 who elect to receive all or part of the Bid Consideration in Consideration Instruments (Listed), if the SARB Approval is obtained, the Bid Consideration will be directly credited to the accounts nominated for the relevant Certificated MAS Shareholder by their duly appointed CSDP or Broker in terms of the provisions of the Custody Agreement with their CSDP or Broker (provided the relevant Certificated MAS Shareholder has not been restrictively designated in terms of the Exchange Control Regulations); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1.1.3 who elect to receive all or part of the Bid Consideration in Consideration Instruments (Unlisted), following receipt of the exchange control approval from an Authorised Dealer or from the SARB, the Consideration Instruments (Unlisted) will be settled in accordance with paragraph 3 of the "*Action Required by MAS Shareholders*" section of Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2.1.1.4 Bid Participants who are Dematerialised MAS Shareholders whose registered addresses in the Register are within the Common Monetary Area and whose accounts with their Broker or CSDP have not been restrictively designated in terms of the Exchange Control Regulations, the (i) Cash Consideration (ii) Consideration Instruments (Listed) if SARB Approval is obtained and (iii) Consideration Instruments (Unlisted) following receipt of the exchange control approval from an Authorised Dealer or from the SARB, will be directly credited to the accounts nominated for the relevant Bid Participants by their duly appointed Broker or CSDP in terms of the applicable Custody Agreement with their CSDP or Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 *All other non-residents of the Common Monetary Area (including emigrants from the Common Monetary Area)* 

In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.1 Bid Participants, who are Certificated MAS Shareholders and who are emigrants from the Common Monetary Area or are non-residents of the Common Monetary Area, whose documents of title are restrictively endorsed in terms of the Exchange Control Regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.1.1 who elect to receive all or part of the Bid Consideration in Cash Consideration, the Cash Consideration will be deposited with the Authorised Dealer in South Africa nominated by such Bid Participants. The details of the Authorised Dealer concerned should be provided to MAS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.1.2 who elect to receive all or part of the Bid Consideration in Consideration Instruments, the Bid Consideration will be transferred directly to the accounts nominated for the relevant Certificated MAS Shareholder by their duly appointed CSDP or Broker in terms of the provisions of the Custody Agreement with their CSDP or Broker (provided the relevant Certificated MAS Shareholder has not been restricted in terms of the Exchange Control Regulations);

**Note**: Bid Participants who are Certificated MAS Shareholders and elect to receive Consideration Instruments (Listed) should note that the Consideration Instruments (Listed) will only be delivered in Dematerialised form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.2 Bid Participants who are Dematerialised MAS Shareholders, who are emigrants from the Common Monetary Area and who have been restrictively designated in terms of the Exchange Control Regulations, the Cash Consideration and Consideration Instruments (Listed) will be credited directly to the accounts nominated for the relevant Dematerialised MAS Shareholder by their duly appointed CSDP or Broker in terms of the provisions of the Custody Agreement with their CSDP or Broker. The designated CSDP and Broker shall arrange for same to be credited directly to the emigrant's capital account of the Bid Participant concerned with their Authorised Dealer in foreign exchange based on the arrangement with the Bid Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.3 The emigrants from the Common Monetary Area and who have been restrictively designated in terms of the Exchange Control Regulations, who elect to receive Consideration Instruments (Unlisted) would require the exchange control approval from an Authorised Dealer or from the SARB through an Authorised Dealer. Each emigrant would have to approach its South African bank (in its capacity as an Authorised Dealer) for the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3.4 Bid Participants who are Foreign Shareholders, that elect to receive all or part of the Bid Consideration in Consideration Instruments, thereby irrevocably and unconditionally warrants to and in favour of PKI that the laws applicable in the jurisdiction in which such Foreign Shareholder has a registered address and/or of which such Foreign Shareholder is a national, citizen or resident permit such Foreign Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Information not provided** 

If the information regarding the Authorised Dealer, bank account, CSDP or Broker account or instructions are not given, as required, (i) the Consideration Instrument (Listed) and/or cash will be held by the MAS' Transfer Secretaries for the benefit of those Bid Participants concerned, pending receipt of the necessary information or instructions and (ii) share certificates in respect of the Consideration Instruments (Unlisted), will be posted to the applicable Bid Participants by PKI in accordance with paragraph 3 of the "*Action Required by MAS Shareholders*" section of Circular.

7. **DOCUMENTS AVAILABLE FOR INSPECTION** 

The following documents or copies thereof will be available for inspection during normal business hours at the registered office of PKI, or upon request from the Transaction Sponsor from the date of issue of this Circular until the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 a signed copy of this Circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 the Programme Memoranda; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 the articles of association of PKI.

Signed in Douglas, Isle of Man by Tim Callister on behalf of PKI and all the PKI Directors on 4 August 2025 in terms of a PKI Directors' written resolution.

*Director*

PK Investments Limited

![](logo_002.jpg)

**PK Investments Limited**

(Incorporated in the Isle of Man)

(Registration number 014469V)

("**PKI**" or "**the Offeror**")

**FORM OF ACCEPTANCE, ELECTION AND TRANSFER FOR THE VOLUNTARY BID (FOR USE BY SOUTH AFRICAN CERTIFICATED MAS SHAREHOLDERS ONLY)**

The definitions and interpretations commencing on page 23 of the Circular apply *mutatis mutandis* throughout this Form of Acceptance, Election and Transfer (*blue*) ("**Form**"), unless the context indicates a contrary intention.

**This Form should be read in conjunction with the Circular.**

This Form is only for use in respect of the Voluntary Bid proposed by PKI and Bid Participants holding Certificated MAS Shares on the MAS SA Register ("**Certificated Eligible Shareholders**").

**THE HOLDERS OF DEMATERIALISED MAS SHARES AND THE HOLDERS OF CERTIFICATED MAS SHARES ON THE MAS EUROPEAN REGISTER MUST NOT COMPLETE THIS FORM.**

**If you are in any doubt as to the action you should take arising from the Circular, you should consult your Broker, banker, CSDP, attorney, accountant or other professional advisor immediately.**

**INSTRUCTIONS:**

1. A separate Form is required for each Certificated Eligible Shareholder.

2. Certificated Eligible Shareholders must complete this Form in BLOCK CAPITALS and legible letters.

3. Details of the Voluntary Bid are contained in the Circular to which this Form is attached and forms part of. By completing and signing this Form, you warrant to and in favour of PKI that (i) you are in possession of the Circular and are aware of and understand the contents thereof; (ii) you are the owner of and/or otherwise entitled to deal with (including dispose of) the tendered MAS Shares referred to herein; (iii) you have the legal capacity and are authorised to deal with the tendered MAS Shares contemplated herein; and (iv) you are duly authorised to complete and sign this Form.

4. This Form is split into two sections, Section 1 (*Acceptance of Voluntary Bid and Surrender of Bid Shares*), and Section 2 (*Bid Consideration election*). Section 1 (*Acceptance of Voluntary Bid and Surrender of Bid Shares*) must be completed by all Certificated Eligible Shareholders who wish to accept the Voluntary Bid in respect of all or some of their MAS Shares. Section 2 (*Bid Consideration election*) must be completed by all Certificated Eligible Shareholders who completed Section 1 (*Acceptance of Voluntary Bid and Surrender of Bid Shares*).

5. The completed and signed Form and the documents of title in respect of the Bid Shares tendered must be returned to MAS' SA Transfer Secretaries so as to be received by not later than 12:00 on the Closing Date.

6. Once this Form is received by MAS' SA Transfer Secretaries, your acceptance of the Voluntary Bid will be irrevocable, subject to the Minimum Cash Acceptance Condition being fulfilled or waived, and paragraph 2.10 of the "*Action Required by MAS Shareholders*" section of the Circular.

7. If you do not validly accept the Voluntary Bid by 12:00 on the Closing Date, you will be deemed to have rejected the Voluntary Bid.

8. If this Form is returned with the relevant documents of title to the Bid Shares prior to 12:00 on the Closing Date will be held in trust by MAS' SA Transfer Secretaries, at the Certificated Eligible Shareholder's risk.

9. Persons who have acquired MAS Shares after the date of the issue of the Circular to which this Form is attached, may obtain copies of the Form, the Circular (and the accompanying Prospectus and Programme Memoranda) from the registered offices of PKI and at the address of the Transaction Sponsor set out in the "*Corporate Information and Advisors*" section of the Circular, during South African normal office hours from the date of issue of this Circular until the Closing Date (both days inclusive).

10. If you have any queries in relation to the action required by you as a Certificated Eligible Shareholder, please contact MAS' SA Transfer Secretaries helpline via email at <u>corporate.events@computershare.co.za</u> or telephonically on 086 1100 634 if calling from within South Africa and on +27 11 370 5000 if calling from outside of South Africa.

![](img_010.jpg)

**SECTION 1**

**ACCEPTANCE OF VOLUNTARY BID AND SURRENDER OF BID SHARES**

If you wish to accept the Voluntary Bid in respect of all or some of your MAS Shares, you **must** complete this section.

If you do not complete this Form (including this Section 1 and Section 2) and return same, with the relevant documents of title, to MAS' SA Transfer Secretaries by no later than 12:00 on the Closing Date of the Voluntary Bid, you will be deemed to have rejected the Voluntary Bid and will accordingly not sell any of your MAS Shares to PKI.

**To: Computershare Investor Services Proprietary Limited**

---

| | |
|:---|:---|
| **If delivered by hand:** | **If delivered by post:** |
| Computershare Investor Services | Computershare Investor Services |
| Proprietary Limited | Proprietary Limited |
| 1st Floor | Private Bag X3000 |
| Rosebank Towers | Saxonwold, 2132 |
| 15 Biermann Avenue | South Africa |
| Rosebank, 2916 |  |
| South Africa |  |

---

**TO BE COMPLETED BY ALL CERTIFICATED ELIGIBLE SHAREHOLDER WHO WISH TO ACCEPT THE VOLUNTARY BID IN RESPECT OF ALL OR SOME OF THEIR MAS SHARES**

I/We accept the Voluntary Bid in respect of the number of MAS Shares held by me/us as indicated below (such number being the Bid Shares), and surrender the enclosed documents of title in respect of such Bid Shares and authorise MAS' SA Transfer Secretaries to transfer all or any portion of these Bid Shares to PKI pursuant to the Voluntary Bid.

**Tendered MAS Shares and Document(s) of Title**

---

| | | |
|:---|:---|:---|
| **Name of Certificated Eligible Shareholders<br> (separate form for each holder)** | **Certificate number(s)**<br> **(in numerical order)** | **Number of MAS Shares tendered in terms of the<br> Voluntary Bid and covered by each certificate(s) enclosed** |
|  | **Total** |  |

---

---

| |
|:---|
| Surname: |
| First names (in full): |
| Title (Mr., Mrs., Miss., Ms., etc): |
| Identity number/company registration number: |
| Address to which the Bid Consideration must be sent: |
| Postal code: |
| Country: |

---

---

| | |
|:---|:---|
| **Signature of MAS Shareholder** | **Name and address of agent lodging this form (if any)** |
| Assisted by (if applicable) | |
| (State full name and capacity) | |
| Date | |
| Cell phone number | |
| Office phone number | |
| Home phone number | |
| Postal address | |

---

**Notes**

1. PKI reserves the right to accept or reject, in their sole discretion, any Form which is not completed in full compliance with the instructions contained herein and the Circular.

2. No receipt will be issued for documents lodged, unless specifically requested. Persons requiring special transaction receipts must prepare such receipt and submit it together with this Form and their documents of title surrendered.

3. If this Form is signed under a power of attorney, then such power of attorney, or a notarially certified copy thereof, must be sent with this Form for noting (unless it has already been noted by MAS' SA Transfer Secretaries).

4. Where the Certificated Eligible Shareholder is a company or a close corporation or other juristic person, unless it has already been registered with MAS' SA Transfer Secretaries, a certified copy of the directors' or members' or other resolution authorising the signing of this Form must be submitted with this Form, unless waived by PKI.

5. A minor must be assisted by his or her parent or guardian unless the relevant documents establishing his or her legal capacity are produced or have been registered by MAS' SA Transfer Secretaries.

6. Where there are joint holders of any MAS Shares, only that holder whose name appears first in the Register in respect of those Bid Shares needs sign this Form.

7. Any alteration or correction made to this Form, other than the deletion of alternatives, must be initialled by the signatory/ies.

![](img_010.jpg)

**SECTION 2**

**BID CONSIDERATION ELECTION**

If you have completed Section 1 and accept the Voluntary Bid, you must also complete this Section 2 to indicate how you want the Bid Consideration which is due to you to be settled.

Instructions for completion:

1. Part A must be completed by all Bid Participants who are Certificated Eligible Shareholders.

2. Part B must be completed by all Bid Participants who are Certificated Eligible Shareholders and who elect to receive the Bid Consideration in a form which includes cash.

3. Part C must be completed by all Bid Participants who are Certificated Eligible Shareholders and elect to receive the Bid Consideration in a form which includes Consideration Instruments. As a result, Bid Participants who are Certificated Eligible Shareholders who elect to receive Consideration Instruments, must complete this part. **Importantly**, if you wish to elect to receive Consideration Instruments following a scale back of Cash Acceptances to the Maximum Cash Amount, you must complete Part C.

4. Part D must be completed by all Bid Participants who are Certificated Eligible Shareholders and emigrants from the Common Monetary Area and whose Bid Shares have not been released.

5. Part E must be completed by all Bid Participants who are Certificated Eligible Shareholders and non-residents of the Common Monetary Area or emigrants from the Common Monetary Area, whose Bid Shares have been released and who wish to have the Bid Consideration paid to an Authorised Dealer.

**To:**

**Computershare Investor Services Proprietary Limited**

---

| | |
|:---|:---|
| **If delivered by hand:** | **If delivered by post:** |
| Computershare Investor Services | Computershare Investor Services |
| Proprietary Limited | Proprietary Limited |
| 1st Floor | Private Bag X3000 |
| Rosebank Towers | Saxonwold, 2132 |
| 15 Biermann Avenue | South Africa |
| Rosebank, 2916 |  |
| South Africa |  |

---

**PART A**

**TO BE COMPLETED BY ALL BID PARTICIPANTS WHO ARE CERTIFICATED ELIGIBLE SHAREHOLDERS**

In terms of the Voluntary Bid, Bid Participants have an election as to how the Bid Consideration should be settled, as described in the section of the Circular headed "*Action Required by MAS Shareholders*".

Please indicate with an "**X**" in the table below your election in respect of the Bid Consideration. If you select a combination of Consideration Instruments in respect of a portion of your Bid Shares and Cash Consideration in respect of a portion of your Bid Shares, please indicate the number of Bid Shares for which you wish to receive Cash Consideration and the number of your Bid Shares in respect of which you wish to receive Consideration Instruments.

---

| | | | |
|:---|:---|:---|:---|
| **Bid Shares**<br> INDICATE THE NUMBER OF MAS SHARES TO BE TENDERED | Number of Bid Shares tendered for cash | Number of Bid Shares tendered for Consideration Instruments (Listed) | Number of Bid Shares tendered for Consideration Instruments (Listed and Unlisted) |
|  | In the event that my acceptance of Cash Consideration is scaled back pursuant to the total Cash Acceptances exceeding the Maximum Cash Amount: |  |  |
|  | Number of Bid Shares tendered for Consideration Instruments (Listed) |  |  |
|  | Number of Bid Shares tendered for Consideration Instruments (Listed and Unlisted) |  |  |

---

**ANY BID PARTICIPANT WHO IS A FOREIGN SHAREHOLDER AND WHO ELECTS TO RECEIVE CONSIDERATION INSTRUMENTS HEREBY IRREVOCABLY AND UNCONDITIONALLY WARRANTS TO AND IN FAVOUR OF PKI THAT SUCH FOREIGN SHAREHOLDER IS PERMITTED BY LAW TO RECEIVE AND HOLD SUCH CONSIDERATION INSTRUMENTS IN TERMS OF THE LAWS OF THE JURISDICTION IN WHICH SUCH FOREIGN SHAREHOLDER HAS ITS REGISTERED ADDRESS AND/OR OF WHICH SUCH NATIONAL RESIDENT IS A NATIONAL, CITIZEN, OR RESIDENT**

**Notes**

1. If you elect (i) to receive Consideration Instruments in respect of some or all your Bid Shares, (ii) to receive Cash Consideration in respect of some or all of your Bid Shares and you wish to receive Consideration Instruments (Listed) or Consideration Instruments (Listed and Unlisted) in respect of any Cash Consideration which is scaled back pursuant to the total Cash Acceptances exceeding the Maximum Cash Amount, you will need to provide the details of your CSDP or Broker in Section 2 Part B of this Form, as Consideration Instruments (Listed) will only be delivered in dematerialised form.

2. An election made in relation to whether you want to receive Cash Consideration, Consideration Instruments or a combination thereof, in terms of this Form is irrevocable and may not be withdrawn once submitted, subject to paragraph 2.10 of the "*Action Required by MAS Shareholders*" section of the Circular.

3. The notes to Section 1 of this Form apply equally to this Section 2.

![](img_010.jpg)

**PART B**

**TO BE COMPLETED BY BID PARTICIPANTS WHO ARE CERTIFICATED ELIGIBLE SHAREHOLDERS AND WHO ELECT TO RECEIVE THE BID CONSIDERATION IN A FORM WHICH INCLUDES CASH**

**NB: PART A must also be completed.**

I/We, being a holder(s) of MAS Shares, have elected to receive the Bid Consideration in a form which includes cash and hereby request that such Bid Consideration be paid to me/us by EFT into my/our bank account, the details of which are as follows:

---

| |
|:---|
| **Name of Bid Participant:** |
| Bank account name |
| Bank account number |
| Bank name |
| Branch |
| SWIFT/Branch code (if applicable) |
| Contact person |
| Contact number |

---

PKI does not take any responsibility for verification of the banking details provided above nor for the authenticity of the signature below. Bid Participants warrant the correctness of the above details and indemnify and hold PKI harmless against any loss suffered by such Bid Participant due to funds having been paid into the account, details of which have been provided above.

---

| |
|:---|
| Signature of Bid Participant: |
| Assisted by me (if applicable) |
| (State full name and capacity) |
| Date |
| Telephone number (home) |
| Telephone number (work) |
| Cell phone number |
| Postal Address |

---

**Note**: In order to comply with the requirements of the Financial Intelligence Centre Act 38 of 2001, as amended, MAS' SA Transfer Secretaries will be unable to record any changes of address or payment mandates unless the following documentation is received from the relevant Bid Participant:

1. a certified true copy of the original identification document (in respect of changes of address and payment mandate); and

2. a certified true copy of an original bank statement (in respect of a bank mandate).

**PART C**

**TO BE COMPLETED BY BID PARTICIPANTS WHO ARE CERTIFICATED ELIGIBLE SHAREHOLDERS AND ELECT TO RECEIVE THE BID CONSIDERATION IN A FORM WHICH INCLUDES CONSIDERATION INSTRUMENTS**

**NB:**

● **PART A must also be completed.** 

● **If you wish to elect to receive Consideration Instruments following a scale back of Cash Acceptances to the Maximum Cash Amount, you must complete this Part C.** 

**Note: To be able to receive Consideration Instruments (Listed), a Certificated Eligible Shareholder must have a nominated Broker/CSDP account**

I/We, being a holder(s) of MAS Shares, have elected to receive the Bid Consideration in a form that includes Consideration Instruments and hereby request that such Bid Consideration (which includes Consideration Instruments) to which I/we are entitled be credited to my CSDP/Broker account as follows:

---

| |
|:---|
| **Name of Bid Participant:** |
| Name of Client/Shareholder |
| Name of CSDP |
| CSD Participant BP ID |
| CSA Account held at Strate |
| Broker name |
| Client Safe Keeping Account Number |
| Contact person |
| Contact number |
| Postal address |

---

PKI does not take any responsibility for verification of the CSDP/Broker account details provided above nor for the authenticity of the signature below. Bid Participants warrant the correctness of the above details and indemnify and hold PKI harmless against any loss suffered by such Bid Participant due to funds having been paid or Consideration Instruments having been transferred into the account, details of which have been provided above.

---

| |
|:---|
| **Signature of Bid Participant:** |
| Assisted by me (if applicable) |
| (State full name and capacity) |
| Date |
| Telephone number (home) |
| Telephone number (work) |
| Cell phone number |
| Postal address |

---

![](img_010.jpg)

**PART D**

**TO BE COMPLETED BY BID PARTICIPANTS WHO ARE CERTIFICATED ELIGIBLE SHAREHOLDERS AND EMIGRANTS FROM THE COMMON MONETARY AREA AND WHOSE BID SHARES HAVE NOT BEEN RELEASED**

**NB: PART A must also be completed.**

**Note: To be able to receive Consideration Instruments, a Certificated Eligible Shareholder must have a nominated Broker/CSDP account**

The Bid Consideration due to Bid Participants who are Certificated Eligible Shareholders and are emigrants from the Common Monetary Area and whose Bid Shares have not been released, will be forwarded to the Authorised Dealer controlling his/her blocked assets and credited to the emigrant's blocked account. Accordingly, a Foreign Shareholder who is an emigrant from the Common Monetary Area must provide the following information:

---

| |
|:---|
| **Name of Authorised Dealer** |
| Account number |
| Address |

---

If no detail of the Authorised Dealer is made above, the Bid Consideration due to such Foreign Shareholder will be held in trust by MAS' SA Transfer Secretaries until a written instruction is received as to the disposal of such amount. No interest will accrue or be paid on any Bid Consideration so held in trust.

**PART E**

**TO BE COMPLETED BY BID PARTICIPANTS WHO ARE CERTIFICATED ELIGIBLE SHAREHOLDERS AND NON-RESIDENTS OF THE COMMON MONETARY AREA OR EMIGRANTS FROM THE COMMON MONETARY AREA, WHOSE BID SHARES HAVE BEEN RELEASED AND WHO WISH TO HAVE THE BID CONSIDERATION PAID TO AN AUTHORISED DEALER**

**NB: PART A must also be completed.**

**Note: To be able to receive Consideration Instruments, a Certificated Eligible Shareholder must have a nominated Broker/CSDP account**

The Bid Consideration due to Bid Participants who are Certificated Eligible Shareholders and have registered addresses outside South Africa (other than Certificated MAS Shareholders who are emigrants from the Common Monetary Area and whose Bid Shares have not been released) and whose MAS Share share certificates are endorsed as non-resident must nominate an Authorised Dealer to whom such Bid Consideration should be paid. Alternatively, the Certificated MAS Shareholder must complete Part B to receive the Bid Consideration in cash by EFT.

---

| |
|:---|
| **Name of Authorised Dealer** |
| Account number |
| Address |

---

If no detail of the Authorised Dealer is made above, the Bid Consideration due to such Foreign Shareholder will be held in trust by MAS' Transfer Secretaries until a written instruction is received as to the disposal of such amount. No interest will accrue or be paid on any Bid Consideration so held in trust.

**Note**: In order to comply with the requirements of the Financial Intelligence Centre Act 38 of 2001, as amended, MAS' Transfer Secretaries will be unable to record any changes of address or payment mandates unless the following documentation is received from the relevant Bid Participant:

1. a certified true copy of the original identification document (in respect of changes of address and payment mandate); and

2. a certified true copy of an original account statement (in respect of updating the CSDP/Broker details).

**Notes**:

1. Emigrants from the Common Monetary Area must complete Part D. If Part D is not properly completed, the Bid Consideration will be held in trust by MAS' SA Transfer Secretaries pending receipt of the necessary nomination or instruction. No interest will accrue or be paid on any Bid Consideration so held in trust.

2. All other non-residents of the Common Monetary Area must complete Part E if they wish the Bid Consideration to be paid to an Authorised Dealer in South Africa.

3. The notes to Section 1 of this Form apply equally to this Section 2.

---

| | | |
|:---|:---|:---|
| **Signed at** | **on** | **20** |
| **Signature:** | **Signature:** |  |
| Assisted by me (if applicable) | Assisted by me (if applicable) |  |
| (State full name and capacity) | (State full name and capacity) |  |
| Address | Address |  |
| Telephone number (home) | Telephone number (home) |  |
| Telephone number (work) | Telephone number (work) |  |
| Cell phone number | Cell phone number |  |

---

![](img_010.jpg)

## Exhibit 99.2

**Exhibit 99.2**

**This Prospectus is a copy of a registered prospectus which, accompanied by the documents referred to under the paragraph titled "*Documents available for inspection*" as set out in section 4, paragraph 10 on page 26 of this Prospectus, was filed with the CIPC for registration on or about Wednesday, 30 July 2025 and registered on Friday, 1 August 2025. This Prospectus is issued in terms of the South African Companies Act and the South African Companies Regulations. This Prospectus must be read together with the Circular and the Programme Memoranda, which accompany this Prospectus. [reg 51(4)(a)]**

**This Prospectus is also issued in terms of section 45 of the IoM Companies Act. This Prospectus has not been approved by or filed with any regulatory authority in the Isle of Man. It is not required for this Prospectus or the Circular or the Programme Memoranda which accompany this Prospectus to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.**

**The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* throughout this Prospectus, including this cover page unless specifically defined otherwise, or the context indicates a contrary intention.**

![](logo_001.jpg)

**PK Investments Limited**

(Incorporated in the Isle of Man)

(Registration number 014469V)

("**PKI**")

**PROSPECTUS**

This Prospectus is issued for the purpose of providing statutorily required information to MAS Shareholders in relation to PKI and the Consideration Instruments. This Prospectus is issued in connection with PKI's Voluntary Bid to MAS Shareholders (being PKI's voluntary offer to MAS Shareholders to acquire all the MAS Shares not already held by it) as set out in detail in the Circular, which is accompanied by this Prospectus and the Programme Memoranda. The consideration for the Voluntary Bid will be settled (subject to the Minimum Cash Acceptance Condition being fulfilled or waived by PKI), at the election of each MAS Shareholder through: (i) the issue of Consideration Instruments (being certain preferred shares to be issued by PKI); (ii) the payment of Cash Consideration; or (iii) a combination of Consideration Instruments and Cash Consideration.

The Voluntary Bid is subject to the terms set out in the Circular, and to understand the terms and conditions of the Voluntary Bid and the Consideration Instruments to be issued thereunder, the Circular should be read in its entirety, together with the Programme Memoranda and this Prospectus which accompanies it.

The offer to MAS Shareholders to subscribe for Consideration Instruments pursuant to the Voluntary Bid constitutes an offer to the public in terms of section 95(1)(h) of the South African Companies Act. This Prospectus is therefore issued in terms of the South African Companies Act and Part C of Chapter 4 of the South African Companies Regulations.

**MAS Shareholders are referred to the detail contained in the section headed "*Important dates and times*" on page 9 of this Prospectus, for important dates and times applicable to the Voluntary Bid.**

---

| | |
|:---|:---|
| **South African Legal Advisor to PKI in respect of the issue and<br> listing of the Consideration Instruments** | **South African Legal Advisor to PKI in respect<br> of the Voluntary Bid** |
| ![](img_004.jpg) | ![](img_001.jpg) |
| **Transaction Sponsor to PKI in respect of the Voluntary Bid and<br> Transaction Advisor and Transaction Sponsor in respect of<br> the issue and listing of the Consideration Instruments** | **Malta Legal Advisor to PKI in respect of<br> the Voluntary Bid** |
| ![](img_002.jpg) | ![](img_003.jpg) |
| **Isle of Man Legal Advisor to PKI in respect of the Voluntary Bid<br> and the issue and listing of the Consideration Instruments** | **PKI's Auditors** |
| ![](img_005.jpg) | ![](img_007.jpg) |

---

**PKI's Transfer Secretaries in respect of the**

**Preferred Shares**

![](img_006.jpg)

**Date of issue: Monday, 4 August 2025**

*This Prospectus (which accompanies the Circular and the Programme Memoranda) is available in English only. Copies of this Prospectus (and the Circular and Programme Memoranda) may be obtained from the registered o ces of PKI and at the address of the Transaction Sponsor set out in the "Corporate information and advisors" section on page I of this Prospectus, during normal business hours from the date of issue of this Prospectus until the Closing Date of the Voluntary Bid, expected to be on Thursday, 14 August 2025 (both days inclusive). An electronic copy of this Prospectus (and the Circular and the Programme Memoranda) will be available on PKI's website <u>www.primekapital.com/pk-investments</u> during the same period.*

*The contents of the Circular and the Programme Memoranda do not form part of, but accompany and should be read together with, this Prospectus.*

**CORPORATE INFORMATION AND ADVISORS**

**Company information and registered office of PKI**

PK Investments Limited

(Registration number 014469V)

Exchange House

Part of the Second Floor

54-62 Athol Street

Douglas, IM1 1JD

Isle of Man

**PKI Directors**

M Zoradova

TM Callister

**Place and date of incorporation of PKI**

Incorporated in the Isle of Man on 17 February 2017

**Website** <u>www.primekapital.com/pk-investments</u>

**Registered Agent**

Atla Fiduciaries Limited

(Registration number 029711C)

Ground Floor

Dorchester House

Belmont Hill, Douglas

Isle of Man

IM1 4RE

**Transaction Sponsor to PKI in respect of the Voluntary Bid and Transaction Advisor and Transaction Sponsor in respect of the issue and listing of the Consideration Instruments**

PSG Capital Proprietary Limited

(Registration number 2006/015817/07)

1<sup>st</sup> Floor, Ou Kollege Building

35 Kerk Street

Stellenbosch

7600

South Africa

(PO Box 7403, Stellenbosch, 7599, South Africa)

and

The Place, First Floor

1 Sandton Drive, North Towers

Sandhurst, Sandton

2196

South Africa

**PKI's Auditors**

PricewaterhouseCoopers LLC

(Registration number 000934L)

Sixty Circular Road, Douglas

Isle of Man

IM1 1 SA

**South African Legal Advisor to PKI in respect of the issue and listing of the Consideration Instruments**

Bowman Gilfillan Inc. t/a Bowmans

(Registration number 1998/021409/21)

11 Alice Lane

Sandton, Johannesburg

2196

South Africa

(PO Box 785812, Sandton, 2146, South Africa)

**South African Legal Advisor to PKI in respect of the Voluntary Bid**

Solaris Law Proprietary Limited

(Registration number 2019/334232/07)

3<sup>rd</sup> Floor, The Hudson

30 Hudson Street

De Waterkant

Cape Town

8001

South Africa

**Malta Legal Advisor to PKI in respect of the Voluntary Bid**

Ganado Advocates

171, Old Bakery Street

Valletta VLT 1455

Malta

**Isle of Man Legal Advisor to PKI in respect of the Voluntary Bid and the issue and listing of the Consideration Instruments**

Simcocks Advocates Limited

(Registration number 104672C)

Ridgeway House

Ridgeway Street

Douglas

Isle of Man IM1 1EL,

Isle of Man

**PKI's Transfer Secretaries**

In respect of the Preferred Shares

CTSE Registry Services Proprietary Limited

(Registration number 2016/396777/07)

The Woodstock Exchange Building

Block B, 5<sup>th</sup> Floor, 66-68 Albert Road

Woodstock, Cape Town

7925

South Africa

I

**IMPORTANT INFORMATION**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section headed "*Important information*".

**NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.**

**The Voluntary Bid detailed in the Circular which accompanies this Prospectus is only being made to and is only addressed to persons to whom it may lawfully be made.**

**This Prospectus may not be distributed or published in any jurisdiction except under circumstances that will be in compliance with applicable laws and regulations.**

**DISCLAIMER**

Notwithstanding that this document constitutes a prospectus for purposes of the South African Companies Act, it is not an offer to the general public to subscribe for the Consideration Instruments or other securities in PKI and only constitutes an offer to the MAS Shareholders to participate in the Voluntary Bid, and does not constitute an offer or invitation or solicitation of an offer to subscribe for securities of PKI in any jurisdiction in which such an offer or invitation would be unlawful, or which would otherwise require PKI to change the material terms or conditions of the Voluntary Bid in any way, to submit to any additional filing to, or to perform any additional action in relation to, any governmental, regulatory or legal authority, and is only addressed to persons to whom it may lawfully be made, and should not be relied on by any other persons in any form whatsoever.

The release, publication or distribution of this Prospectus in jurisdictions other than South Africa may be restricted by law and therefore persons who are subject to the laws of any jurisdiction other than South Africa into which this Prospectus is released, published or distributed should inform themselves about and observe any such restrictions. No action has been taken or will be taken to permit the possession or distribution of this Prospectus (or any other offering or publicity materials relating to the Voluntary Bid) in any jurisdiction where action for that purpose may be required or doing so is restricted or prohibited by law. Accordingly, neither this Prospectus, nor any advertisement, nor any other offering material, may be distributed or published except under circumstances that will comply with any applicable laws and regulations. Persons into whose possession this Prospectus comes should inform themselves about and observe any such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable laws, PKI disclaims any responsibility or liability for the violation of such requirements by any person.

It is the responsibility of the person (including, without limitation, nominees, agents and trustees for such person) wishing to receive this Prospectus and/or subscribe for Consideration Instruments or otherwise participate in the Voluntary Bid to satisfy themselves as to the full observance of the applicable laws of any relevant territory, including obtaining any requisite governmental or other consents, observing any other requirements or formalities and paying any issue, transfer or other taxes due in such territories. Any MAS Shareholder who is in doubt about their position, including and without limitation their tax status, should consult an appropriate professional advisor in the relevant jurisdiction without delay.

The information contained in this Prospectus constitutes factual information as contemplated in section 1(3)(a) of the South African Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended, and should not be construed as an express or implied recommendation, guide or proposal that the Voluntary Bid, or the present or future business or investments of PKI and/or MAS is appropriate to the particular investment objectives, financial situations or needs of any MAS Shareholder or prospective investor, and nothing in this Prospectus should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa.

MAS Shareholders who wish to subscribe for Consideration Instruments are advised to read this Prospectus, as well as the Programme Memoranda and the Circular, with care and in full. Any decision to participate in the Voluntary Bid, to subscribe for Consideration Instruments or analysis of and/or election in respect of the Voluntary Bid and/or other matters dealt with in this Prospectus, the Programme Memoranda and the Circular, should be made only on the basis of the information contained in such documents.

**SPECIAL NOTE REGARDING THIS PROSPECTUS**

This Prospectus has been prepared on the assumption that the Voluntary Bid, will be proceeded with and implemented in accordance with the terms and conditions set out in the Circular, the Programme Memoranda and this Prospectus.

**FORWARD-LOOKING STATEMENTS AND RISKS**

This Prospectus contains statements about PKI or MAS that are, or may be, forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning: strategy; the economic outlook for the industry; production; cash costs and other operating results; growth prospects and outlook for operations, individually or in the aggregate; liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation proceedings. These forward-looking statements are not based on historical facts, but rather reflect current expectations concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as "*believe*", "*aim*", "*expect*", "*anticipate*", "*intend*", "*foresee*", "*forecast*", "*likely*", "*should*", "*planned*", "*may*", "*estimated*", "*potential*" or similar words and phrases.

Examples of forward-looking statements include statements regarding a future financial position or future profits, cash flows, corporate strategy, anticipated levels of growth, estimates of capital expenditures, acquisition strategy, expansion prospects or future capital expenditure levels and other economic factors, such as, *inter alia*, interest rates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements as well as expectations based on existing disclosures regarding current or historical events and conditions. In addition to the information regarding these risks, uncertainties, assumptions and other factors set forth in the Circular, this Prospectus and the Programme Memoranda, important risk factors that may cause such a difference, and which should be considered in connection with a decision to participate in the Voluntary Bid. PKI cautions that forward-looking statements are not guarantees of future performance. Actual results, financial and operating conditions, liquidity and the developments within the industry in which PKI operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this Prospectus.

All these forward-looking statements about PKI are based on estimates and assumptions regarding PKI, as made by PKI, and although PKI believes them to be reasonable, are inherently uncertain. Such estimates, assumptions or statements may not eventuate. Factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in those statements or assumptions include other matters not yet known to PKI or not currently considered material by PKI.

MAS Shareholders should keep in mind that any forward-looking statement made in this Prospectus or elsewhere is applicable only at the date on which such forward-looking statement is made. New factors that could cause the business of PKI not to develop as expected may emerge from time to time and it is not possible to predict all of them. Further, the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement are not known. PKI has no duty to, and does not intend to, update or revise the forward-looking statements contained in this Prospectus after the date of this Prospectus, except as may be required by law.

Any forward-looking statement has not been reviewed nor reported on by the external auditors.

**FOREIGN SHAREHOLDERS**

<u>General</u>

This Prospectus is governed by, and will be construed and implemented in accordance with, the laws of South Africa and will be subject to the exclusive jurisdiction of the South African courts. These South African laws may be different from the laws applicable in other jurisdictions. Certain MAS Shareholders who have a registered address in and/or who are nationals, citizens or residents of any country other than in South Africa ("**Applicable Jurisdiction**") may be prohibited from participating in the Voluntary Bid and/or acquiring Consideration Instruments and should consult and obtain advice from a professional advisor in the relevant Applicable Jurisdiction without delay.

No action has been taken by PKI to obtain any approval, authorisation or exemption to permit the issue of Consideration Instruments, or the possession or distribution of this Prospectus (or any other publicly available documents relating to the Voluntary Bid), in any jurisdiction other than South Africa.

If a MAS Shareholder elects to receive Consideration Instruments or a combination of Cash Consideration and Consideration Instruments in respect of all or a portion of the Bid Consideration, such MAS Shareholder thereby irrevocably and unconditionally warrants to and in favour of PKI that the laws applicable in the Applicable Jurisdiction permit such MAS Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration. PKI may in its sole discretion make the issue of any Consideration Instruments to a MAS Shareholder in any Applicable Jurisdiction subject to such MAS Shareholder proving to PKI's satisfaction that the issue of such Consideration Instruments to such MAS Shareholder in its Applicable Jurisdiction will be legal and not impose any additional legal or regulatory obligations on PKI in such Applicable Jurisdiction.

PKI reserves the right, but shall not be obliged, to treat as invalid any person's election or application to participate in the Voluntary Bid and/or subscribe for Consideration Instruments which appears to PKI or its agents that, if it is effected, it will involve a breach of the securities laws or regulations of any jurisdiction, or if PKI believes (in its discretion) or its agents believe that the same may violate applicable legal or regulatory requirements, or if PKI believes (in its discretion) that it is prohibited or unduly onerous or impractical to issue, distribute or transfer the Consideration Instruments to, or for the benefit of, any person in terms of the Voluntary Bid.

<u>MAS Shareholders in the Isle of Man</u>

Any offer such as the Voluntary Bid that is the subject of this Prospectus made within the Isle of Man can only be made: (i) by an Isle of Man financial services licence holder licensed under section 7 of the IoM Financial Services Act; or (ii) in accordance with any relevant exclusion contained in the Isle of Man Regulated Activities Order 2011, as amended or in terms of an exemption contained in the Isle of Man Financial Services (Exemptions) Regulations 2011, as amended.

This Prospectus (and the accompanying Circular and the Programme Memoranda) and the transactions contemplated by this Prospectus (and the accompanying Circular and the Programme Memoranda) have not been approved by or filed with any regulatory authority in the Isle of Man, including the Isle of Man Financial Services Authority. It is not required for this Prospectus (and the accompanying Circular and the Programme Memoranda) to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of its publication. As a matter of law in the Isle of Man, MAS Shareholders in the Isle of Man are entitled to accept the Voluntary Bid and/or Consideration Instruments without restriction.

<u>MAS Shareholders in the United States</u>

MAS Shareholders in the United States of America ("**United States**" or "**US**") should note that the Consideration Instruments are securities issued by a company registered in the Isle of Man, and the Voluntary Bid is subject to procedural and disclosure requirements which are different from those of the United States. The financial information with respect to PKI referred to in this Prospectus that accompanies the Circular has been prepared in accordance with International Financial Reporting Standards ("**IFRS**") and thus may not be comparable to financial information of companies in the United States or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

MAS Shareholders should note that it may be difficult for US holders of Consideration Instruments to enforce their rights and any claim they may have arising under the federal securities laws, since PKI is located in a foreign country, and some or all of its officers and the PKI Directors may be residents of a foreign country. US holders of Consideration Instruments may not be able to sue PKI or its officers or the PKI Directors in a foreign court for violations of the US securities laws. It may be difficult for US holders of Consideration Instruments to compel a foreign company (being PKI) and its affiliates to subject themselves to a US court's judgment.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States or other jurisdiction, and, subject to certain limited exceptions, may not be offered or sold within the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Consideration Instruments to be issued pursuant to the Voluntary Bid are not, and will not be, registered under the U.S. Securities Act and will be issued in reliance on the exemption from registration provided by Rule 802 under the U.S. Securities Act.

Neither the Securities and Exchange Commission nor any securities commission of any state of the United States has approved the Voluntary Bid, passed upon the fairness of the Voluntary Bid or passed upon the adequacy or accuracy of this Prospectus, the Circular and the Programme Memoranda. Any representation to the contrary is a criminal offence in the United States. In accordance with the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder with respect to the Consideration Instruments to be issued in connection with the Voluntary Bid, PKI will submit to the U.S. Securities and Exchange Commission any informational document it publishes or otherwise disseminates to holders of MAS Shares related to the Voluntary Bid.

Any decision to accept the Voluntary Bid should be made on the basis of the information in the Circular, the Programme Memoranda and this Prospectus (and the publicly available information referred to therein and herein).

<u>MAS Shareholders in the European Economic Area</u>

The Consideration Instruments are not being and will not be offered to the public in any Member State of the European Economic Area, except in such cases where the offer falls within any of the circumstances (and the resulting exemption from the obligation to publish a prospectus) set out in Article 1(4) of Prospectus Regulation (EU) 2017/1129.

<u>MAS Shareholders in the United Kingdom</u>

In relation to the United Kingdom, the Circular, the Programme Memoranda and this Prospectus and any other material in relation to the Consideration Instruments is only directed at, and any investment or investment activity to which the Circular, the Programme Memoranda and this Prospectus and any other material in relation to the Consideration Instruments relate, is available only as follows: (i) to any legal entity which is a qualified investor as defined under Article 2 of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (a "**UK Qualified Investor**"); (ii) to fewer than 150 natural or legal persons (other than UK Qualified Investors); or (iii) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000.

Any MAS Shareholder which is resident in the United Kingdom and not a UK Qualified Investor is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration.

<u>MAS Shareholders in Australia</u>

PKI is not registered as a foreign company in Australia.

The provision of the Circular, the Programme Memoranda and this Prospectus to any person does not constitute an offer of Consideration Instruments to that person or an invitation to that person to apply for Consideration Instruments. It is only available to persons who are residents in Australia where they are receiving the offer to acquire Consideration Instruments under the Voluntary Bid. The Circular, the Programme Memoranda and this Prospectus is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

The Circular, the Programme Memoranda and this Prospectus is not a disclosure document under Chapter 6D of the Corporations Act 2001 ("**Australian Corporations Act**") or a product disclosure statement under Part 7.9 of the Australian Corporations Act. It is not required to, and does not, contain all the information which would be required in a disclosure document or a product disclosure document. It has not been lodged with the Australian Securities and Investments Commission.

No person referred to in the Circular, the Programme Memoranda and this Prospectus holds an Australian financial services licence. The information in the Circular, the Programme Memoranda and this Prospectus has been prepared without taking into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.

The Circular, the Programme Memoranda and this Prospectus has not been prepared specifically for Australian investors. It: (i) may contain references to dollar amounts which are not Australian dollars; (ii) may contain financial information which is not prepared in accordance with Australian law or practices; (iii) may not address risks associated with investment in foreign currency denominated investments; and (iv) does not address Australian tax issues.

The Circular, the Programme Memoranda and this Prospectus is issued by PKI. PKI is not licensed in Australia to provide financial product advice in relation to the Consideration Instruments. An investor in the Consideration Instruments will not have cooling off rights.

<u>MAS Shareholders in Switzerland</u>

The Circular, the Programme Memoranda and this Prospectus is not intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("**FinSA**") and no application has or will be made to admit the Consideration Instruments to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither the Circular, the Programme Memoranda and this Prospectus nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the FinSA, and neither the Circular, the Programme Memoranda and this Prospectus nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Switzerland.

The Voluntary Bid and any related materials are directed only at MAS Shareholders who are resident or located in Switzerland and qualify as professional clients within the meaning of article 4 paragraph 3 FinSA, or where another exemption under articles 36 or 37 FinSA applies. Any MAS Shareholder in Switzerland who does not meet such requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each MAS Shareholder located or resident in Switzerland who accepts the Voluntary Bid will be deemed to have represented and warranted that it qualifies as a professional client or satisfies another applicable exemption under FinSA and that it is aware of and complies with the restrictions described above.

<u>MAS Shareholders in Namibia</u>

The Circular, the Programme Memoranda and this Prospectus is not intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in the Republic of Namibia ("**Namibia**") in contravention of the Namibian Companies Act, No. 28 of 2004, as amended ("**Namibian Companies Act**"), the Banking Institutions Act, 1998, as amended ("**Namibian Banking Institutions Act**") the Namibian Exchange Control Regulations, 1961, and/or any other applicable laws of Namibia in force from time to time.

Neither the Circular, the Programme Memoranda and this Prospectus nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the Namibian Companies Act, and neither the Circular, the Programme Memoranda and this Prospectus nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Namibia.

In terms of the Namibian Stock Exchanges Control Act, 1985, as amended (until such time as it is repealed and replaced by the Financial Institutions and Markets Act, 2021, as amended) ("**Namibian Stock Exchanges Control Act**"), no person, firm, company, corporation, government, state, or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing, may carry on the business of buying and selling securities in Namibia unless such person is either a registered banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker. Accordingly, any person engaging in the business of buying or selling the Consideration Instruments in Namibia may be required to register as a stockbroker in terms of the Namibian Stock Exchanges Control Act.

Any MAS Shareholder in Namibia who does not meet the abovementioned requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each MAS Shareholder located or resident in Namibia who accepts the Voluntary Bid will be deemed to have represented and warranted that it is registered as a banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stockbroker or satisfies another applicable exemption under Namibian law and that it is aware of and complies with the restrictions described above.

**PROSPECTUS COMPLIES WITH THE SOUTH AFRICAN COMPANIES ACT AND THE IOM COMPANIES ACT**

This Prospectus complies with section 100 of the South African Companies Act and Parts B and C of Chapter 4 of the South African Companies Regulations.

To the extent required, the written consents of the experts and advisors set out in the section headed "*Corporate information and advisors*" on page I of this Prospectus have been attached to the copy of the Prospectus filed with the CIPC. Each of the aforementioned experts and advisors (as applicable) have consented to the use of any statement made by them in this Prospectus and/or the use of their names in this Prospectus (as applicable) and have not withdrawn such consents as at the date of this Prospectus.

The number of each applicable regulation of the South African Companies Regulations is given in square brackets after appropriate headings or sub-headings of this Prospectus and marked "reg".

It is important to note that the registration of this Prospectus by the CIPC does not indicate any support or qualify the potential investment as a good investment opportunity. Registration of this Prospectus by the CIPC merely indicates the compliance of this Prospectus to the minimum requirements set out in the South African Companies Act and the South African Companies Regulations.

This Prospectus complies with section 45 of the IoM Companies Act which requires that the PKI Directors ensure that this Prospectus contains all material information relating to the Voluntary Bid that the MAS Shareholders would reasonably expect to be included in order to enable them to make an informed decision as to whether or not to accept the Voluntary Bid or make the application referred to herein; and of which the PKI Directors are aware at the time of issue of this Prospectus (or of which they would have been aware had they made such enquiries as would have been reasonable in all the circumstances). Such information is required to be set out fairly and accurately.

**REGULATORY AUTHORITY**

The contents of this Prospectus have not been approved by any regulatory authority in any jurisdiction, other than the CIPC in South Africa. The JSE have formally confirmed that PKI is not bound by the provisions of the Listings Requirements of the JSE, as amended ("**Listings Requirements**") in respect of the Voluntary Bid, and that the Listings Requirements do not regulate the Voluntary Bid.

This Prospectus (and the accompanying Circular and the Programme Memoranda) has not been approved by or filed with any regulatory authority in the Isle of Man. It is not required for this Prospectus to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.

This Prospectus (and the accompanying Circular and the Programme Memoranda) do not take into account the investment objectives, financial situation or needs of any particular person. Further, the contents of this Prospectus (and the accompanying Circular and the Programme Memoranda) do not constitute legal advice or purport to comprehensively deal with the legal, regulatory and tax implications of any matter contained in this Prospectus (and the accompanying Circular and the Programme Memoranda) for each MAS Shareholder. MAS Shareholders are accordingly advised to consult their professional advisors about their personal legal, regulatory and tax positions regarding the matters contained in this Prospectus (and the accompanying Circular and the Programme Memoranda).

**DATES AND TIMES**

Unless the context clearly indicates otherwise, all information in this Prospectus is provided as at the Last Practicable Date.

All references in this Prospectus to time are to South African Standard Time.

**CURRENCIES**

All references in this Prospectus to "Rand", "R" or "ZAR" or "cents" are references to the lawful currency of South Africa. All references in this Prospectus to "€" "Euro", "EUR" or "EURcents" are references to the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty on the Functioning of the European Union.

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| [**CORPORATE INFORMATION AND ADVISORS**](#b_001) | [**CORPORATE INFORMATION AND ADVISORS**](#b_001) | I |
| [**IMPORTANT INFORMATION**](#b_002) | [**IMPORTANT INFORMATION**](#b_002) | 1 |
| [**IMPORTANT DATES AND TIMES**](#b_003) | [**IMPORTANT DATES AND TIMES**](#b_003) | 9 |
| [**DEFINITIONS AND INTERPRETATION**](#b_004) | [**DEFINITIONS AND INTERPRETATION**](#b_004) | 10 |
| [**SECTION 1 – INFORMATION ABOUT PKI \[REG 56\]**](#b_005) | [**SECTION 1 – INFORMATION ABOUT PKI \[REG 56\]**](#b_005) | 13 |
| [**1.**](#b_006) | [**NAME, ADDRESS, INCORPORATION \[REG 57\]**](#b_006) | 13 |
| [**2.**](#b_007) | [**DIRECTORS, OTHER OFFICE HOLDERS AND MATERIAL THIRD PARTIES \[REG 58\]**](#b_007) | 13 |
| [**3.**](#b_008) | [**HISTORY, STATE OF AFFAIRS AND PROSPECTS OF PKI AND MAS**](#b_008) | 16 |
| [**4.**](#b_009) | [**SHARE CAPITAL OF PKI**](#b_009) | 17 |
| [**5.**](#b_010) | [**OPTIONS AND OTHER PREFERENTIAL RIGHTS IN RESPECT OF SHARES \[REG 61\]**](#b_010) | 20 |
| [**6.**](#b_011) | [**COMMISSIONS PAID OR PAYABLE IN RESPECT OF UNDERWRITING \[REG 62\]**](#b_011) | 20 |
| [**7.**](#b_012) | [**MATERIAL CONTRACTS \[REG 63\]**](#b_012) | 20 |
| [**8.**](#b_013) | [**DIRECTOR AND PROMOTER INTERESTS \[REG 64\]**](#b_013) | 20 |
| [**9.**](#b_014) | [**LOANS AND BORROWINGS \[REG 65\]**](#b_014) | 20 |
| [**10.**](#b_015) | [**SECURITIES ISSUED OTHER THAN FOR CASH \[REG 66\]**](#b_015) | 20 |
| [**11.**](#b_016) | [**PROPERTY UNDERTAKINGS \[REG 67\]**](#b_016) | 20 |
| [**12.**](#b_017) | [**AMOUNTS PAID OR PAYABLE TO PROMOTERS \[REG 68\]**](#b_017) | 20 |
| [**13.**](#b_018) | [**PRELIMINARY AND ISSUE EXPENSES \[REG 69\]**](#b_018) | 21 |
| [**SECTION 2 – DETAILS OF THE VOLUNTARY BID**](#b_019) | [**SECTION 2 – DETAILS OF THE VOLUNTARY BID**](#b_019) | 22 |
| [**1.**](#b_020) | [**PURPOSE OF THE VOLUNTARY BID \[REG 70\]**](#b_020) | 22 |
| [**2.**](#b_021) | [**TIME AND DATE OF THE OPENING AND OF THE CLOSING OF THE VOLUNTARY BID \[REG 71\]**](#b_021) | 22 |
| [**3.**](#b_022) | [**DETAILS OF THE CONSIDERATION INSTRUMENTS \[REG 72\]**](#b_022) | 22 |
| [**4.**](#b_023) | [**MINIMUM SUBSCRIPTION FOR THE CONSIDERATION INSTRUMENTS \[REG 73\]**](#b_023) | 22 |
| [**SECTION 3 – STATEMENTS AND REPORTS RELATING TO PKI**](#b_024) | [**SECTION 3 – STATEMENTS AND REPORTS RELATING TO PKI**](#b_024) | 23 |
| [**1.**](#b_025) | [**STATEMENTS AS TO ADEQUACY OF CAPITAL \[REG 74\]**](#b_025) | 23 |
| [**2.**](#b_026) | [**REPORTS BY DIRECTORS AS TO MATERIAL CHANGES \[REG 75\]**](#b_026) | 23 |
| [**3.**](#b_027) | [**STATEMENTS AS TO LISTING ON A STOCK EXCHANGE \[REG 76\]**](#b_027) | 23 |
| [**4.**](#b_028) | [**REPORT BY AUDITOR WHERE BUSINESS UNDERTAKING TO BE ACQUIRED \[REG 77\]**](#b_028) | 23 |
| [**5.**](#b_029) | [**REPORT BY AUDITOR OF PKI \[REG 79\]**](#b_029) | 23 |
| [**SECTION 4 – ADDITIONAL INFORMATION**](#b_030) | [**SECTION 4 – ADDITIONAL INFORMATION**](#b_030) | 24 |
| [**1.**](#b_031) | [**GENERAL DESCRIPTION OF THE PREFERENCE SHARE PROGRAMME**](#b_031) | 24 |
| [**2.**](#b_032) | [**STATUS OF THE PRICING SUPPLEMENT**](#b_032) | 25 |
| [**3.**](#b_033) | [**RISK FACTORS**](#b_033) | 25 |
| [**4.**](#b_034) | [**MINIMUM CASH ACCEPTANCE CONDITION**](#b_034) | 26 |

---

---

| | | |
|:---|:---|:---|
| [**5.**](#b_035) | [**UNDERTAKINGS BY THE OFFEROR**](#b_035) | 26 |
| [**6.**](#b_036) | [**APPLICATION OF TAKEOVER LAW AND MAS ARTICLES TO THE VOLUNTARY BID**](#b_036) | 26 |
| [**7.**](#b_037) | [**EXCHANGE CONTROL**](#b_037) | 26 |
| [**8.**](#b_038) | [**TAXATION**](#b_038) | 26 |
| [**9.**](#b_039) | [**CONSENTS \[SECTION 102\]**](#b_039) | 26 |
| [**10.**](#b_040) | [**DOCUMENTS AVAILABLE FOR INSPECTION \[REG 53\]**](#b_040) | 26 |
| [**11.**](#b_041) | [**DOCUMENTS/INFORMATION REFERRED TO**](#b_041) | 27 |
| [**SECTION 5 – INAPPLICABLE OR IMMATERIAL MATTERS**](#b_042) | [**SECTION 5 – INAPPLICABLE OR IMMATERIAL MATTERS**](#b_042) | 28 |
| [**ANNEXURE 1 – REGULATION 79 AND INDEPENDENT AUDITORS REPORT**](#b_043) | [**ANNEXURE 1 – REGULATION 79 AND INDEPENDENT AUDITORS REPORT**](#b_043) | 29 |

---

**IMPORTANT DATES AND TIMES**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section headed "*Important dates and times*".

The timetable below lists certain expected key dates for the Voluntary Bid and issue of the Consideration Instruments, if applicable. MAS Shareholders are, however, cautioned that the dates below are not certain and are subject to change. This timetable is subject to and should be read in accordance with the detailed timetable set out in the "*Important dates and times*" section on page 22 of the Circular.

---

| | |
|:---|:---|
| | **2025** |
| **Opening date of the Voluntary Bid** | **Monday, 4 August** |
| Last day to trade in MAS Shares to participate in the Voluntary Bid | Monday, 11 August |
| MAS Shares trade "*ex*" the entitlement to participate in the Voluntary Bid | Tuesday, 12 August |
| Last day and time for: (i) the Forms of Acceptance, Election and Transfer (*blue*) and relevant documents of title to be lodged with MAS' South African transfer secretaries at 12:00; and (ii) the Tender Offer Form and relevant documents of title to be lodged with MAS' European transfer secretaries at 12:00 (11:00 UK time) | Thursday, 14 August |
| Record date of the Voluntary Bid | Thursday, 14 August |
| **Closing Date of the Voluntary Bid at 12:00 on** | **Thursday, 14 August** |
| Results of the Voluntary Bid to be announced on SENS | Tuesday, 19 August |
| **<u>Settlement of the Cash Consideration</u>** |  |
| ***Assuming that the Minimum Cash Acceptance Condition has been fulfilled or waived by PKI in accordance with the Circular, the following dates and times will apply in respect of the settlement of the Cash Consideration:*** |  |
| Date on which the Cash Consideration will be credited to dematerialised Bid Participants' CSDP or Broker accounts, on the terms set out in the Circular | Tuesday, 19 August |
| Settlement Date of the Cash Consideration in respect of South African certificated MAS Shareholders who have lodged their Form of Acceptance, Election and Transfer (*blue*) and documents of title with MAS' South African transfer secretaries prior to 12:00 on the Closing Date of the Voluntary Bid, on the terms set out in the Circular | Tuesday, 19 August |
| Settlement Date of the Cash Consideration in respect of European certificated Bid Participants who have lodged their Tender Offer Form and documents of title with the MAS' European transfer secretaries prior to 12:00 (11:00 UK time) on the Closing Date of the Voluntary Bid, on the terms set out in the Circular | Tuesday, 26 August |
| **<u>Settlement of the Consideration Instruments</u>** |  |
| ***Assuming that SARB Approval has been obtained by the Closing Date, the following dates and times will apply in respect of the settlement of the Consideration Instruments. If SARB Approval is not obtained by the Closing Date, the Consideration Instrument Cut-Off Date and updated estimated dates and times for settlement of the Consideration Instruments will be published on SENS:*** |  |
| Date on which the Consideration Instruments (*Listed*) will be credited to dematerialised Bid Participants' CSDP or Broker accounts, on the terms set out in the Circular | Tuesday, 19 August |
| Consideration Instruments Settlement Date in respect of South African certificated MAS Shareholders who have lodged their Form of Acceptance, Election and Transfer (*blue*) and documents of title with MAS' South African transfer secretaries prior to 12:00 on the Closing Date of the Voluntary Bid, on the terms set out in the Circular | Tuesday, 19 August |
| Consideration Instruments Settlement Date in respect of European certificated Bid Participants who have lodged their Tender Offer Form and documents of title with MAS' European transfer secretaries prior to 12:00 (11:00 UK time) on the Closing Date, on the terms set out in the Circular | Tuesday, 26 August |

---

**Notes:**

1. Any change to the above dates and times will be agreed upon by PKI and the CTSE (if required), and MAS Shareholders will be advised by release on SENS.

2. Settlement of the Bid Consideration will take place on the Settlement Date. No payment of the Bid Consideration will be made prior to the Settlement Date.

**DEFINITIONS AND INTERPRETATION**

In this Prospectus and the Annexures hereto, unless the context indicates otherwise, a word or an expression which denotes any gender includes the other genders, a natural person includes a juristic person and *vice versa*, the singular includes the plural and *vice versa*, and the following words and expressions bear the meanings assigned to them below:

---

| | |
|:---|:---|
| "**A2X**" | A2X Proprietary Limited (registration number 2014/147138/07), a company duly incorporated in accordance with the laws of South Africa and licensed as an exchange in terms of the South African Financial Markets Act; |
| "**Bid Consideration**" | the consideration payable by PKI to MAS Shareholders who validly and lawfully accept the Voluntary Bid comprising, at the election of each MAS Shareholder, the Cash Consideration, Consideration Instruments or a combination of the Cash Consideration and Consideration Instruments; |
| "**Bid Participants**" | the MAS Shareholders who validly and lawfully accept the Voluntary Bid by no later than 12:00 on the Closing Date, and who are thus entitled to receive the Bid Consideration in terms of the Voluntary Bid; |
| "**Bid Shares**" | the MAS Shares that the MAS Shareholders who validly and lawfully accept the Voluntary Bid sell to PKI pursuant to the Voluntary Bid; |
| "**Broker**" | any person registered as a broking member (equities) in accordance with the provisions of the South African Financial Markets Act; |
| "**Business Day**" | any day other than a Saturday, Sunday or an official public holiday in South Africa; |
| "**Cash Consideration**" | a cash consideration in an amount of EUR1.40 per Bid Share; |
| "**certificated**" | the process by which electronic records of ownership of shares are replaced with paper share certificates and/or other documents of title; |
| "**CIPC**" | the Companies and Intellectual Property Commission, established in terms of section 185 of the South African Companies Act, or its successor body; |
| "**Consideration Instrument Cut-Off Date**" | shall have the meaning given thereto in the Circular; |
| "**Constitutional Documents**" | the certificate of incorporation and articles of association of PKI, as amended from time to time and available at <u>www.primekapital.com/pk-investments</u>; |
| "**Circular**" | the circular to be issued by PKI in respect of the Voluntary Bid dated Monday, 4 August 2025, which this Prospectus and the Programme Memoranda accompanies (but are not incorporated into); |
| "**Closing Date**" | the closing date of the Voluntary Bid at 12:00, which closing date is anticipated to be on Thursday, 14 August 2025; |
| "**Consideration Instruments**" | the Preferred Shares (*Listed*) or Preferred Shares (*Unlisted*), as the case may be, to be issued by PKI to Bid Participants who have elected to receive Consideration Instruments pursuant to the Voluntary Bid in accordance with the Consideration Instrument Ratio; |
| "**Consideration Instruments Ratio**" | for every Bid Share acquired by PKI pursuant to the Voluntary Bid, 100 Preferred Shares (*Listed*) or Preferred Shares (*Unlisted*), as the case may be; |
| "**Consideration Instruments Settlement Date**" | shall have the meaning given thereto in the Circular; |
| "**CSDP**" | a central securities depository participant, being a "participant" as defined in section 1 of the South African Financial Markets Act; |
| "**CTSE**" | The Cape Town Stock Exchange Proprietary Limited (registration number 2013/031754/07) (previously known as "4 Africa Exchange Proprietary Limited" or "4AX"), a company duly incorporated in accordance with the laws of South Africa and licensed as an exchange in terms of the South African Financial Markets Act; |
| "**dematerialised**" | the process by which securities held by certificated shareholders are converted or held in an electronic form as uncertificated securities and recorded in the sub-register of security holders maintained by a CSDP or Broker; |
| "**DJV**" | PKM Development Ltd (registration number C 103521), a company duly registered in accordance with the laws of Malta; |
| "**documents of title**" | share certificates and/or certificated transfer deeds and/or balance receipts or any other document(s) of title in respect of the certificated Bid Shares; |

---

---

| | |
|:---|:---|
| "**IoM Companies Act**" | the Isle of Man Companies Act 2006, as amended; |
| "**IoM Financial Services Act**" | the Isle of Man Financial Services Act 2008, as amended; |
| "**JSE**" | the stock exchange licensed under the South African Financial Markets Act operated by the JSE Limited (registration number 2005/022939/06), a company duly incorporated in accordance with the laws of South Africa; |
| "**Last Practicable Date**" | Tuesday, 29 July 2025, being the last practicable date prior to the finalisation of this Prospectus; |
| "**Malta**" | the Republic of Malta; |
| "**MAS**" | MAS P.L.C (registration number C 99355), a company duly incorporated in accordance with the laws of the Isle of Man on 3 July 2008 and redomiciled from the British Virgin Islands to Malta with effect from 12 October 2021, the ordinary shares of which are inwardly listed on the JSE by way of a primary listing and with a secondary listing on the A2X; |
| "**MAS Articles**" | the memorandum and articles of association of MAS as registered by the Malta Business Registry on February 7, 2023 and available at <u>https://masrei.com/governance/documents</u>; |
| "**MAS Shareholders**" | the registered holders of MAS Shares from time to time, as reflected in the Register; |
| "**MAS Shares**" | ordinary shares in the issued share capital of MAS; |
| "**Minimum Cash Acceptance Condition**" | shall have the meaning given thereto in the Circular; |
| "**PCC**" | Petrichor Joint Family Office PCC Limited (registration number 020506V), a protected cell company duly incorporated in accordance with the laws of the Isle of Man; |
| "**PKI**" | PK Investments Limited (registration number 014469V), a company duly incorporated in accordance with the laws of the Isle of Man; |
| "**PKI Board**" **or** "**PKI Directors**" | the directors of PKI from time to time, comprising, as at the Last Practicable Date, the executive directors whose names appear in the section headed "*Corporate information and advisors*" on page I of this Prospectus; |
| "**Preferred Shares**" | collectively, the Preferred Shares (*Listed*) and the Preferred Shares (*Unlisted*); |
| "**Preferred Shares (*Listed*)**" | 5-year redeemable preferred shares, to be listed on the CTSE, the terms of which are contained in the Programme Memorandum (*Listed*); |
| "**Preferred Shares (*Unlisted*)**" | 5-year unlisted redeemable preferred shares, the terms of which are contained in the Programme Memorandum (*Unlisted*); |
| "**Prime Kapital**" | Prime Kapital Holdings Limited (registration number 013332V), a company duly incorporated in accordance with the laws of the Isle of Man, a subsidiary of PCC, and the general partner of the DJV; |
| "**Programme Memoranda**" | collectively, the Programme Memorandum (*Listed*) and the Programme Memorandum (*Unlisted*); |
| "**Programme Memorandum (*Listed*)**" | the programme memorandum to be issued by PKI in respect of the Preferred Shares (*Listed*) prepared in terms of the CTSE Debt Listing Requirements, as amended, and including any pricing supplement and information statement published in terms thereof from time to time, which accompanies (but is not incorporated into), the Circular and this Prospectus; |
| "**Programme Memorandum (*Unlisted*)**" | the programme memorandum to be issued by PKI in respect of the Preferred Shares (*Unlisted*), and including any pricing supplement and information statement published in terms thereof from time to time, which accompanies (but is not incorporated into), the Circular and this Prospectus; |
| "**Prospectus**" | this entire document to be issued by PKI in respect of the Consideration Instruments prepared in terms of the South African Companies Act and the South African Companies Regulations, and all the Annexures to it, dated Monday, 4 August 2025; |
| "**Register**" | MAS' securities registers, including the record of dematerialised MAS Shares administered and maintained by a CSDP and which forms part of the register; |
| "**SARB**" | the South African Reserve Bank, established in terms of section 9 of the South African Currency and Banking Act, No. 31 of 1920, as amended and currently governed by the South African Reserve Bank Act, No. 90 of 1989, as amended; |
| "**SARB Approval**" | the approval by SARB of the inward listing of the Consideration Instruments on the CTSE; |
| "**SENS**" | the Stock Exchange News Service of the JSE; |
| "**Settlement Date**" | shall have the meaning given thereto in the Circular; |
| "**South Africa**" | the Republic of South Africa; |

---

---

| | |
|:---|:---|
| "**South African Companies Act**" | the South African Companies Act, No. 71 of 2008, as amended; |
| "**South African Companies** **Regulations**" | the South African Companies Regulations, 2011, as amended, promulgated in terms of section 120 of the South African Companies Act; |
| "**South African Financial Markets Act**" | the South African Financial Markets Act, No. 19 of 2012, as amended; |
| "**subsidiary**" | a "subsidiary" company, as defined in section 3 of the South African Companies Act; |
| "**Transaction Sponsor**" | PSG Capital Proprietary Limited (registration number 2006/015817/07), a company duly incorporated in accordance with the laws of South Africa which is the transaction sponsor to PKI in respect of the Voluntary Bid and transaction advisor and transaction sponsor in respect of the issue and listing of the Consideration Instruments; and |
| "**Voluntary Bid**" | the voluntary bid made by PKI to MAS Shareholders, in terms of which PKI offered to acquire all the MAS Shares not already held by it for the Bid Consideration on and subject to the terms and conditions set out in the Circular. |

---

**SECTION 1**

**INFORMATION ABOUT PKI [REG 56]**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section 1 headed "*Information about PKI*".

1. **NAME, ADDRESS, INCORPORATION [REG 57]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Name and registration number [reg 57(1)(a)]** 

PK Investments Limited, registration number 014469V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Address and website [reg 57(1)(b)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>Registered office</u>: Exchange House, Part of the Second Floor, 54-62 Athol Street, Douglas, IM1 1JD, Isle of Man.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Address of PKI's Transfer Secretaries</u>: Set out in the section headed "*Corporate information and advisors*" on page I of this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 <u>Website of PKI: www.primekapital.com/pk-investments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Date and place of incorporation [reg 57(1)(c) and 57(2)(a) and (b)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 <u>Date of incorporation</u>: 17 February 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 <u>Place of incorporation</u>: The Isle of Man.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 PKI does not conduct business in South Africa and is not registered as an external company in terms of section 23 of the South African Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4 In accordance with section 99(1)(b) of the South African Companies Act, PKI filed a copy of its Constitutional Documents and a list of the names and addresses of the PKI Directors with the CIPC on Thursday, 24 July 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Details of PKI's holding company [reg 57(3)(a)]** 

PKI is a wholly owned subsidiary of the DJV, being PKM Development Ltd. (registration number C 103521), a company duly registered in accordance with the laws of Malta with registered address: Suite 11, Marina Business Centre, Abate Rigord Street, Ta' Xbiex, XBX1129, Malta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Details of subsidiaries of PKI [reg 57(3)(b)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 PKH Limited (registration number 021944V) a company duly incorporated on 19 August 2024 in accordance with the laws of the Isle of Man is a wholly-owned subsidiary of PKI, which is, at the Last Practicable Date, a dormant company with no assets, liabilities or operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 For completeness, PKI indirectly holds, as its sole asset, 153,498,569 MAS Shares being at the Last Practicable Date 21.94% of the total issued share capital of MAS (excluding treasury shares).

2. **DIRECTORS, OTHER OFFICE HOLDERS AND MATERIAL THIRD PARTIES [REG 58]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 In terms of the Constitutional Documents, the minimum number of PKI Directors is one and there is no maximum number of PKI Directors. As at the Last Practicable Date, the PKI Board comprises: [reg 58(2)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 TM Callister; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 M Zoradova.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The full names, nationalities, occupations and business addresses of the PKI Directors are set out below: [reg 58(2)(a)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 **Timothy Mark Callister** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.1 <u>Nationality</u>: British

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.2 <u>Occupation</u>: Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.3 <u>Business address</u>: Exchange House, Part of the Second Floor, 54-62 Athol Street, Douglas, IM1 1JD, Isle of Man

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.4 <u>Position</u>: Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 **Monika Zoradova** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.1 <u>Nationality</u>: Slovakian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.2 <u>Occupation</u>: Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.3 <u>Business address</u>: Exchange House, Part of the Second Floor, 54-62 Athol Street, Douglas, IM1 1JD, Isle of Man

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.4 <u>Position</u>: Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 As at the Last Practicable Date, PKI did not intend to appoint any additional directors to the PKI Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 As at the Last Practicable Date PKI did not have any prescribed officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The names and business addresses of PKI's auditors and legal advisors are set out in the section headed "*Corporate information and advisors*" on page I of this Prospectus. [reg 58(2)(b)(i) and (ii)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Company secretary</u>: [reg 58(2)(b)(iii)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 The laws of the Isle of Man do not require that PKI appoint a company secretary. However, PKI is always required to have a registered agent in the Isle of Man. The registered agent must be appropriately licensed in the Isle of Man pursuant to the IoM Financial Services Act. Pursuant to section 78 of the IoM Companies Act, PKI is required to keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.1 signed copies of the Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.2 PKI's register of members (or a copy thereof) maintained under section 62 of the IoM Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.3 the register of PKI Directors (or a copy thereof) maintained under section 101 of the IoM Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.4 the register of charges (or a copy thereof) maintained under section 137(1) of the IoM Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.5 copies of all notices and other documents filed by PKI pursuant to the IoM Companies Act in the previous six years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.6 originals or copies provided in accordance with section 80(4B) of the IoM Companies Act, of the accounting records required to be kept by PKI under the IoM Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1.7 originals of any PKI financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 The name and business address of PKI's registered agent is set out in the section headed "*Corporate information and advisors*" on page I of this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The following information is presented in respect of the PKI Directors: [reg 58(3)(a) – (c)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1 <u>Term of office</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1.1 Each PKI Director holds office for the term, if any, fixed by the resolution of PKI shareholders or the resolution of the PKI Directors appointing such person, or until such person's earlier death, resignation or removal or until such person is no longer permitted to act as a director under section 93 of the IoM Companies Act. If no term is fixed on the appointment of a PKI Director, the PKI Director serves indefinitely until such person's earlier death, resignation or removal or until such person is no longer permitted to act as a director under section 93 of the IoM Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1.2 Neither of the PKI Directors have been appointed for a particular term and accordingly will serve indefinitely until the earlier of their death, resignation, removal or disqualification pursuant to the Constitutional Documents and/or the IoM Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2 <u>Manner and terms of appointment, including the particulars of any right held by any person relating to the appointment</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2.1 The PKI Directors may be appointed by a resolution of the PKI shareholders entitled to vote in respect of such resolution or by a resolution of the PKI Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2.2 PKI Directors may be removed from office by a: (i) resolution passed by PKI shareholders entitled to vote in respect of such resolution at a meeting of PKI shareholders called for the purpose of removing the PKI Director, or for purposes including the removal of the PKI Director, or by a written resolution consented to by a PKI shareholder(s) entitled to vote in respect of such resolution holding at least 75% of the voting rights in relation thereto; or (ii) resolution of the PKI Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3 <u>Remuneration or proposed remuneration</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3.1 The PKI Directors may, by resolution, fix the emoluments of PKI Directors with respect to services to be rendered in any capacity to PKI. The PKI Directors may also, by resolution, pay the PKI Directors all expenses properly incurred by the PKI Directors in the discharge of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3.2 In the three years preceding the date of this Prospectus, PKI did not pay salary and incentives to any of the PKI Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.4 <u>Borrowing powers exercisable in respect of PKI</u>:

The PKI Directors may exercise all the powers of PKI to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of PKI or of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The business and affairs of PKI will be managed by or under the direction of the PKI Board. No part of the business of PKI is managed, or proposed to be managed, by any third party under a contract of management. [reg 58(3)(d)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Approach to corporate governance [reg 54(1)b]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.1 PKI is a company registered in the Isle of Man and as such is subject to the laws of the Isle of Man. The principal legislation under which PKI operates in the Isle of Man is the IoM Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.2 The liability of members of PKI is limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.3 As a foreign entity, PKI has not historically complied with the guidelines of corporate governance set out in the King IV Report on Corporate Governance for South Africa, 2016 ()"**King Code** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.4 Furthermore, once the Consideration Instruments are listed on the CTSE (if applicable), PKI will not be required, as a foreign issuer, to comply with the King Code and there is no equivalent corporate governance code in its jurisdiction of incorporation (being the Isle of Man).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5 PKI is, however, committed to the highest standards of corporate governance, ethics and integrity and is subject to the requirements of the IoM Companies Act and the common law, which *inter alia*, imposes several general fiduciary duties and duties of care, skill and diligence on directors of Isle of Man companies. Amongst others, directors of Isle of Man companies are subject to the following common law duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5.1 to act in good faith in what they believe to be the best interests of the company as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5.2 to exercise their powers for the purposes for which the powers were conferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5.3 to exercise their powers fairly as between different sections of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5.4 save so far as permitted by the constitution of the company, not (without the informed consent of the company) to put themselves in a position in which their personal interests or duties to others are liable to conflict with their duties to the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.5.5 to exercise their independent judgment in relation to the exercise of their powers, and not to abdicate them or (save where necessary in the interests of the company) to fetter them or (save where permitted under the constitution of the company or where necessary in the interests of the company) to delegate them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.6 Isle of Man law also contains provisions which enable the Isle of Man High Court to make orders disqualifying individuals from acting as directors. In particular, the Isle of Man Company Officers (Disqualification) Act 2009 permits the Isle of Man High Court to make disqualification orders of between two and 15 years where the Court is satisfied that a person's conduct renders them unfit to be an officer of a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.7 Furthermore, as noted above, PKI's sole asset is its shares in MAS. MAS is listed on the JSE, and is subject to a comprehensive corporate governance framework, including compliance with the Listings Requirements and the King Code. An overview of MAS's corporate governance framework can be found here <u>https://masrei.com/governance/framework</u> and a copy of MAS's King Code application register can be found here <u>https://masrei.com/governance/documents</u>.

3. **HISTORY, STATE OF AFFAIRS AND PROSPECTS OF PKI AND MAS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **History and general business description [reg 59(2)(b) and (3)(a)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 PKI is an Isle of Man registered investment holding company. PKI is not supervised or regulated by the Isle of Man Financial Services Authority or any other financial regulator. PKI is a wholly owned subsidiary of the DJV. The shareholding of the DJV comprises of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.1 MAS CEE Holdings Limited ()"**MAS CEE** "), a wholly owned subsidiary of MAS, which holds: (i) 470 000 000 A preference shares, constituting all the DJV's preference shares; and (ii) 20 000 000 B1 ordinary shares, constituting 40% of the DJV's B ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2 Prime Kapital, a subsidiary of PCC, which holds 30 000 000 B2 ordinary shares, constituting 60% of the DJV's B ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Prime Kapital is the general partner of the DJV and controls the board of directors of the DJV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 The main business objects of PKI are the making of, purchasing of or investing in loans, securities or other financial assets in other companies, partnerships, joint ventures, or enterprises. PKI may acquire by subscription, purchase, and exchange or in any other manner any stock, shares and other participation securities, bonds, debentures, certificates of deposit and other debt instruments issued by any public or private entity whatsoever. It may also participate in the creation, development, management and control of any company or enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 However, currently PKI's sole asset is its shareholding in MAS, described in paragraph 1.5.2 of section 1 above, and this will remain the position following completion of the Voluntary Bid. It does not have any other material assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 Following the completion of the Voluntary Bid it is expected that MAS may become a subsidiary of PKI. As existing shareholders in MAS, MAS Shareholders are familiar with the business of MAS and will have access to the publicly available information which MAS is required to publish as a public company listed on the JSE. However, for ease of reference, further information on MAS can be found on MAS's website at <u>https://masrei.com/</u>. MAS Shareholders are referred in particular to the MAS annual reports for 2022, 2023 and 2024, the audited condensed consolidated financial results of the MAS group for the financial years ending 30 June 2022, 2023 and 2024, the separate financial statements of MAS for the years ended 30 June 2022, 2023 and 2024, the condensed consolidated interim financial results of the MAS group for the six months ended 31 December 2024 and the reviewed condensed consolidated interim financial results of the MAS group for the six months ended 31 December 2024 which can be found here <u>https://masrei.com/investors/financials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 Please note that this is publicly available information which is published by MAS in terms of its reporting obligations and is available to all MAS Shareholders. PKI is not responsible for the preparation and publication of such information and cannot take any responsibility for the accuracy or completeness of such information. [reg 54(2)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Material changes [reg 59(3)(b)]** 

There have been no material changes to the business of PKI since its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Prospects [reg 59(3)(c)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 The PKI Directors intend to acquire additional MAS Shares as a result of the Voluntary Bid with a view to maximising returns by unlocking the value in MAS Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 As at the date of this Prospectus, PKI does not control MAS. However, as noted above, MAS is listed on the JSE, and therefore a significant amount of information on its historic performance and potential prospects is in the public domain. In this regard, MAS Shareholders are referred to MAS's website at <u>https://masrei.com/</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **State of affairs [reg 59(3)(d)]** 

As of the date of this Prospectus, PKI's sole asset is its shareholding in MAS, and it has no material liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Property [reg 59(3)(e) and (f)]** 

At the Last Practicable Date, PKI did not have or occupy any principal immovable properties or any established commitments for the purchase, construction or installation of buildings, plant or machinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Company particulars [reg 59(3)(g) and 79(1)(b)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 Separate financial statements for the years to 30 June 2024, 30 June 2023 and 30 June 2022 ()"**Financial Statements**") have been prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 The separate financial statements to 30 June 2022 are the first PKI has prepared in accordance with IFRS as adopted by the European Union. PKI has applied IFRS 1, ' *First-time Adoption of International Financial Reporting Standards* ', to prepare these separate financial statements. These are PKI's first IFRS-compliant separate financial statements, there are no previously prepared and published separate annual financial statements for PKI in respect of earlier years. Prior to this, PKI prepared separate management accounts in accordance with the group's accounting policies, which were aligned with IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 Particulars of PKI's turnover, profits or losses (before and after tax) and dividends (as applicable) for the preceding three years to 30 June 2024, 30 June 2023 and 30 June 2022 are included in the Financial Statements, which are incorporated herein by reference. MAS Shareholders are referred to PKI's website at <u>www.primekapital.com/pk-investments</u> for the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.4 For completeness, MAS Shareholders are also referred to PKI's website at <u>www.primekapital.com/pk-investments</u> for PKI's independent reviewed interim financial statements for the period ended 31 March 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.5 The report by PKI's auditors in terms of regulation 79 of the South African Companies Regulations is set out in **Annexure 1** to this Prospectus.

4. **SHARE CAPITAL OF PKI** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Authorised and issued share capital [reg 60(a)]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 In terms of the laws of the Isle of Man, PKI is not required to have an authorised share capital or a stated share capital. The Constitutional Documents do not contain any restriction regarding the number of shares which may be issued by PKI. Shares may be issued with or without a par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 As at the Last Practicable Date, the issued share capital of PKI was as follows:

---

| | |
|:---|:---|
| **Class of shares** | **Issued** |
| Ordinary shares | 1 |
| Preferred Shares | – |
| **Total issued share capital** | **1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Assuming maximum Consideration Instruments are taken up in terms of the Voluntary Bid, it is anticipated that the issued share capital of PKI after the Voluntary Bid will be as follows:

---

| | |
|:---|:---|
| **Class of shares** | **Issued** |
| Ordinary shares | 1 |
| Preferred Shares | 54606025400 |
| **Total issued share capital** | **54606025401** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The following information is presented in respect of PKI's ordinary shares: [reg 60(a)(ii) and (iii)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 As at the Last Practicable Date, PKI's sole issued ordinary share is held by the DJV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Issue of shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2.1 Subject to the IoM Companies Act and the Constitutional Documents, shares may be issued (including in different classes) and options to acquire shares may be granted at such times, to such persons, for such consideration and on such terms as the PKI Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2.2 PKI may issue fractional shares, bonus shares, nil or partly paid shares and redeemable preferent shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <u>Rights of shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3.1 Subject to any specific rights or restrictions attached to any ordinary shares, each ordinary share confers upon the shareholder the right to: (i) one vote at a meeting or resolution of ordinary shareholders; (ii) an equal share in any dividend paid by PKI in respect of the ordinary shares; and (iii) subject to the Constitutional Documents, an equal share in the distribution of the surplus assets of PKI on its winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3.2 The terms of, and rights attached to, the Preferred Shares are set out in the sections headed "*Preferred Share Terms and Conditions*" commencing on page 21 of the Programme Memorandum (*Listed*) and on page 18 of the Programme Memorandum (*Unlisted*), respectively, as the case may be, which are incorporated herein by reference. [reg 60(a) (ii) and (iii)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3.3 If at any time the shares are divided into different classes, the rights attached to any class may only be varied by resolution of the shareholders of that class passed by a shareholder(s) holding at least 66.67% of the voting rights exercised in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3.4 The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <u>Redemption of shares</u>:

Subject to the IoM Companies Act, the Constitutional Documents and the Programme Memoranda and if shares are expressed to be redeemable (as the Consideration Instruments are), PKI may purchase, redeem or otherwise acquire its own shares for any consideration provided that PKI continues to have at least one shareholder at all times and that PKI satisfies the solvency test set out in section 49 of the IoM Companies Act. PKI may not purchase, redeem or otherwise acquire any ordinary shares whilst any Consideration Instruments remain issued and outstanding and unredeemed by PKI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 <u>Lien</u>:

PKI has (unless the PKI Directors resolve to the contrary in respect of any share) a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 <u>Call on shares</u> 

Subject to the terms of issue of any shares, the PKI Directors may make calls upon the shareholders in respect of any moneys unpaid on their shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 <u>Forfeiture</u>:

Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in the Constitutional Documents, and for this purpose, shares issued for unpaid consideration such as a promissory note, other written obligation to contribute money or property, or a contract for future services are deemed not to be fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8 <u>Transfer</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.1 Save where a transfer is in favour of a minor, an undischarged bankrupt, any person suffering from a mental disorder or to a Prohibited Person (as defined below), there are no restrictions on transfer of the ordinary shares, and the PKI Directors may not resolve to refuse or delay the transfer of an ordinary share unless the shareholder has failed to pay an amount due in respect of that share. A Prohibited Person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.1.1 any person in breach of any law or requirement of any country or by virtue of which such person is not qualified to own ordinary shares and, in the sole and conclusive determination of the PKI Board, such ownership or holding or continued ownership or holding of those ordinary shares (whether on its own or in conjunction with any other circumstance appearing to the PKI Board to be relevant) would in the reasonable opinion of the PKI Board, cause a pecuniary or tax disadvantage to PKI or any other holder of ordinary shares or other securities of PKI which it or they might not otherwise have suffered or incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.1.2 any person that is an employee benefit plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended ()"**ERISA** "), or other plan subject to Section 4975 of the US Internal Revenue Code of 1986, as amended, and in the opinion of the PKI Board the assets of PKI may be considered "plan assets" within the meaning of Section 3(42) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.1.3 any person to whom a transfer of shares or whose ownership or holding of any ordinary shares might in the opinion of the PKI Board require registration of PKI as an investment company under the US Investment Company Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.1.4 any "United States Person" (as defined in Section 957(c) of the US Internal Revenue Code of 1986, as amended) and such person's shareholding amounts to 10%, or more of the ordinary shares, unless otherwise approved by the PKI Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.2 All transfers of shares which are in uncertificated form shall be effected by means of a relevant system unless the Isle of Man Uncertificated Securities Regulations provide otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8.3 The procedures applicable to the transfer of the Consideration Instruments are set out in the sections headed "*Settlement, Clearing and Transfers of Preferred Shares*" commencing on page 44 of the Programme Memorandum (*Listed*) and page 40 of the Programme Memorandum (*Unlisted*), respectively, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9 <u>Voluntary winding up</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9.1 Pursuant to PKI's Constitutional Documents, Preferred Shares including the Consideration Instruments will rank in priority to the ordinary shares with respect to: (i) the payment of dividends by PKI; and (ii) the distribution of assets of PKI in the event of the liquidation, dissolution or winding-up of PKI whether voluntary or involuntary, or any other distribution of assets of PKI whether for the winding up its affairs or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9.2 Subject to PKI's Constitutional Documents and the Programme Memoranda, if PKI is being wound up, the liquidator may, with the sanction of a resolution of the shareholders, divide among the shareholders *in specie* the whole or any part of the assets of PKI and may, for that purpose, value any assets and determine how the division shall be carried out as between the shareholders or the shareholders of different classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9.3 The liquidator may, with the sanction of a resolution of the shareholders, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the shareholders as the liquidator with the like sanction determines, but no shareholder shall be compelled to accept any assets upon which there is a liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Alterations to the share capital [reg 60(b)]** 

Save for the creation of the Consideration Instruments, no alterations to the share capital of PKI have been affected during the three years preceding the date of this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Public offers [reg 60(c)]** 

There have been no offers for subscription or sale of any shares in PKI to the public prior to the date of issue of this Prospectus, save for the Consideration Instruments proposed to be issued to the MAS Shareholders in consideration for the Bid Shares tendered under the Voluntary Bid as contemplated in this Prospectus.

5. **OPTIONS AND OTHER PREFERENTIAL RIGHTS IN RESPECT OF SHARES [REG 61]** 

There are no options or preferential rights to subscribe for shares in PKI which are capable of being exercised at the date of this Prospectus or in future.

6. **COMMISSIONS PAID OR PAYABLE IN RESPECT OF UNDERWRITING [REG 62]** 

No commissions have been paid or are payable in the last two years by PKI, and no commissions are payable in respect of the Voluntary Bid, to any person for subscribing or agreeing to subscribe, or procuring or agreeing to procure, subscription for and/or underwriting of any securities of PKI.

7. **MATERIAL CONTRACTS [REG 63]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 PKI does not have existing contracts or proposed contracts, either written or oral, relating to the PKI Directors' and managerial remuneration, royalties, and secretarial and technical fees payable by PKI or any subsidiary of PKI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 PKI and any subsidiary of PKI has not entered into any material agreement, within two years prior to the date of this Prospectus.

8. **DIRECTOR AND PROMOTER INTERESTS [REG 64]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 No consideration has been paid, or agreed to be paid, within the three years immediately before the date of issue of this Prospectus to any PKI Director or a related person, or to another company in which the PKI Director is beneficially interested or of which a PKI Director is also a director, or to any partnership, syndicate or other association of which a PKI Director is a member, to induce a PKI Director to become a director of PKI, or to qualify as a PKI Director, or for services rendered by them or by a company, partnership, syndicate or other association in connection with the promotion of PKI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 No PKI Director or promoter has any direct or indirect material interest in the promotion of PKI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 PKI will not acquire any property pursuant to the implementation of the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 PKI has not acquired or proposed to acquire any property during the three years immediately before the date of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 At the Last Practicable Date, none of the PKI Directors held any PKI Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 PKI Directors may freely participate in the Voluntary Bid to the extent that they hold any MAS Shares.

9. **LOANS AND BORROWINGS [REG 65]** 

As at the date of this Prospectus, PKI had no material loans payable and had no material loans advanced to any party, other than in the ordinary course of business.

10. **SECURITIES ISSUED OTHER THAN FOR CASH [REG 66]** 

Save for the Consideration Instruments proposed to be issued to the MAS Shareholders in consideration for the Bid Shares tendered under the Voluntary Bid, there have been no issues or offers of any shares in PKI (other than for cash) and investment entities in the three years preceding the Last Practicable Date.

11. **PROPERTY UNDERTAKINGS [REG 67]** 

PKI does not own any property and has not disposed of any property in the three years preceding the date of this Prospectus.

12. **AMOUNTS PAID OR PAYABLE TO PROMOTERS [REG 68]** 

As at the Last Practicable Date, and in respect of the three years preceding the date of this Prospectus, no amount has been paid or is proposed to be paid and no benefit has been or will be given by PKI, to any promoter, or to any partnership, syndicate or other association of which the promoter is or was a member.

13. **PRELIMINARY AND ISSUE EXPENSES [REG 69]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 All the expenses of PKI and MAS in respect of the Voluntary Bid are paid, or payable by, PKI and MAS, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The PKI costs are estimated to be ZAR21,664,000, comprised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Transaction advisory – ZAR7,980,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 Legal advisory – ZAR11,300,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3 Listing costs – ZAR100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4 Audit costs – ZAR1,140,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.5 Printing and posting costs – ZAR104,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.6 Miscellaneous – ZAR1,040,000.

**SECTION 2**

**DETAILS OF THE VOLUNTARY BID**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section 2 headed "*Details of the Voluntary Bid*".

1. **PURPOSE OF THE VOLUNTARY BID [REG 70]** 

The rationale for the Voluntary Bid is set out in paragraph 2.2 on page 31 of the Circular, which is incorporated herein by reference.

2. **TIME AND DATE OF THE OPENING AND OF THE CLOSING OF THE VOLUNTARY BID [REG 71]** 

MAS Shareholders are referred to the section headed "*Important dates and times*" on page 9 of this Prospectus, for important dates and times applicable to the Voluntary Bid. These dates and times are subject to and should be read in accordance with the detailed timetable set out in the "*Important dates and times*" section commencing on page 22 of the Circular.

3. **DETAILS OF THE CONSIDERATION INSTRUMENTS [REG 72]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Full details of the Voluntary Bid and the Consideration Instruments to be issued in terms thereof to Bid Participants who elect to receive such instruments are set out in paragraph 4 commencing on page 32 of the Circular and in the sections headed "*Preferred Share Terms and Conditions*" commencing on page 21 of the Programme Memorandum (*Listed*) and on page 18 of the Programme Memorandum (*Unlisted*), respectively, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 PKI has not issued any securities in the three years immediately preceding the date of this Prospectus. [reg 72(2)]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 PKI has not issued any securities for a premium in the three years immediately preceding the date of this Prospectus. [reg 72(3)]

4. **MINIMUM SUBSCRIPTION FOR THE CONSIDERATION INSTRUMENTS [REG 73]** 

The Consideration Instruments that are issued in terms of the Voluntary Bid are issued as consideration for the purchase of the Bid Shares by PKI. Accordingly, subject to the Minimum Acceptance Condition being fulfilled or waived by PKI, no minimum amount for subscription, as contemplated in section 108(2) of the South African Companies Act, read with regulation 73 of the South African Companies Regulations, will apply to the Voluntary Bid. Further, there is no applicable minimum subscription required under the IoM Companies Act or the Constitutional Documents.

**SECTION 3**

**STATEMENTS AND REPORTS RELATING TO PKI**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section 3 headed "*Statements and reports relating to PKI*".

1. **STATEMENTS AS TO ADEQUACY OF CAPITAL [REG 74]** 

The PKI Directors are of the opinion that the issued share capital and working capital of PKI will be adequate for the purpose of the business of PKI and any subsidiary of PKI, for at least 12 months after the issue date of this Prospectus.

2. **REPORTS BY DIRECTORS AS TO MATERIAL CHANGES [REG 75]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 As at the date of this Prospectus, and since 30 June 2024, amounts totalling EUR72,260,000 have been contributed by the DJV into PKI as non-stipulated share premiums. In addition, it is intended that PKI will receive a non-stipulated share premium contribution up to the amount of the Maximum Cash Amount (as such term is defined in the Circular) from the DJV for the purposes of funding the Voluntary Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The PKI Directors report that other than in the ordinary course of business and in terms of this Prospectus (including paragraph 2.1 above) and the implementation of the Voluntary Bid, there has been no material change in the assets or liabilities of PKI between the date of the most recent annual financial statements of PKI, being 30 June 2024, and the issue date of this Prospectus.

3. **STATEMENTS AS TO LISTING ON A STOCK EXCHANGE [REG 76]** 

Subject to the approval of the SARB, application will be made for the inward listing of the Consideration Instruments on the CTSE. If the SARB Approval is not obtained before the Consideration Instruments Cut-Off Date (as such term is defined in the Circular), the Consideration Instruments will remain unlisted. Further details of the listing of the Consideration Instruments (if applicable) will be announced on SENS in due course (if applicable).

4. **REPORT BY AUDITOR WHERE BUSINESS UNDERTAKING TO BE ACQUIRED [REG 77]** 

Although PKI will be acquiring additional MAS Shares as a result of the Voluntary Bid, it is not contemplated that any business undertaking will be acquired in connection with the Voluntary Bid.

5. **REPORT BY AUDITOR OF PKI [REG 79]** 

In terms of regulation 79 of the South African Companies Regulations, PKI's auditors are required to prepare a report on the profits and losses, dividends and assets and liabilities of PKI in respect of each of the three financial years immediately preceding the date of this Prospectus. In this regard MAS Shareholders are referred to the paragraph titled "*Company particulars*" as set out in section 1, paragraph 3.6 on page 17 of this Prospectus and **Annexure 1** to this Prospectus.

**SECTION 4**

**ADDITIONAL INFORMATION**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section 4 headed "*Additional information*".

1. **GENERAL DESCRIPTION OF THE PREFERENCE SHARE PROGRAMME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Consideration Instruments will consist of Preferred Shares to be issued by PKI. If SARB Approval is obtained by the Consideration Instrument Cut-Off Date, the Consideration Instruments issued to the relevant Bid Participants will be Preferred Shares (*Listed*) and will be listed on the CTSE. If SARB Approval is not obtained by the Consideration Instrument Cut-Off Date, the Consideration Instruments issued to relevant Bid Participants will be Preferred Shares (*Unlisted*) and will not be listed on any exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Preferred Shares (</u> *<u>Listed</u>* <u>)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 The Preferred Shares (*Listed*) form part of a ZAR20,000,000,000 ()"**Programme Amount**") Preferred Share Programme (the "**Listed Programme** "), in terms of which PKI may from time to time issue redeemable Preferred Shares (*Listed*) on the terms and conditions contained in the Programme Memorandum (*Listed*) and supplemented, if required, by a pricing supplement based upon the *pro forma* pricing supplement set out in the Programme Memorandum (*Listed*) headed "*Pro Forma Applicable Pricing Supplement*" ("  ***Pro Forma* Listed Pricing Supplement**") as it relates to any specific tranche of Preferred Shares (*Listed*) to be issued under the Listed Programme. The aggregate outstanding amount of all the Preferred Shares (*Listed*) issued under the Listed Programme from time to time may not exceed the Programme Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 A tranche of Preferred Shares (*Listed*) may be listed on the CTSE or on such other or additional financial exchange(s) as may be determined by PKI, subject to applicable laws. Unlisted Preferred Shares may not be issued under the Listed Programme. The pricing supplement described in paragraph 1.2.1 of this section 4 above will specify on which exchange(s) a tranche of Preferred Shares (*Listed*) will be listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 PKI may wish to increase the Programme Amount from time to time and may do so, subject to applicable laws, without the consent of holders of Preferred Shares (*Listed*), by delivering notice thereof in accordance with the provisions of the Programme Memorandum (*Listed*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 A summary of the Listed Programme and the terms and conditions of the Preferred Shares (*Listed*) appears in the section headed "*Summary of the Programme*" commencing on page 9 of the Programme Memorandum (*Listed*) and the *Pro Forma Listed Pricing Supplement* is set out in the section headed "*Pro Forma Applicable Pricing Supplement*" commencing on page 16 of the Programme Memorandum (*Listed*), which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Preferred Shares (</u> *<u>Unlisted</u>* <u>)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 If the Consideration Instruments that are to be issued to any Bid Participants are Preferred Shares (*Unlisted*), they will be issued under a Euro one billion Preferred Share Programme (the "**Unlisted Programme** "), in terms of which PKI may from time to time issue redeemable Preferred Shares (*Unlisted*) on the terms and conditions contained in the Programme Memorandum (*Unlisted*) and supplemented, if required, by a pricing supplement based upon the *pro forma* pricing supplement set out in the Programme Memorandum (*Unlisted*) in relation to any specific tranche of Preferred Shares (*Unlisted*) issued under the Unlisted Programme (the "  ***Pro Forma* Unlisted Pricing Supplement** "). The aggregate outstanding amount of all the Preferred Shares (*Unlisted*) issued under the Unlisted Programme from time to time may not exceed Euro one billion (as increased from time to time by PKI on notice in terms of the Programme Memorandum (*Unlisted*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 A summary of the Unlisted Programme and the terms and conditions of the Preferred Shares (*Unlisted*) appears in the section headed "*Summary of the Programme*" commencing on page 8 of the Programme Memorandum (*Unlisted*) and the *Pro Forma Unlisted Pricing Supplement* is set out in the section headed "*Pro Forma Applicable Pricing Supplement*" commencing on page 14 of the Programme Memorandum (*Unlisted*), which are incorporated herein by reference.

2. **STATUS OF THE PRICING SUPPLEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 In relation to the Preferred Shares (*Listed*) that are to be issued as Consideration Instruments to relevant Bid Participants (if applicable), the CTSE has approved a draft pricing supplement based upon the *Pro Forma* Listed Pricing Supplement, which has been provided with the Progamme Memorandum (*Listed*) for information purposes only and is available on PKI's website <u>www.primekapital.com/pk-investments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Please note that the final pricing supplement in relation to the Preferred Shares (*Listed*) will be completed and signed by PKI once finally approved by the CTSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 In relation to the Preferred Shares (*Unlisted*) that are to be issued as Consideration Instruments to relevant Bid Participants (if applicable), a final pricing supplement based upon the *Pro Forma* Unlisted Pricing Supplement will be completed and signed by PKI in due course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 In each case, the completed and signed pricing supplements will be made available on PKI's website <u>www.primekapital.com/pk-investments</u> and can be requested via email from <u>PKIcontact@primekapital.com</u> with effect from the date on which the relevant Consideration Instruments will be issued to those Bid Participants who have elected to receive Consideration Instruments as part of their Bid Consideration on the terms set out in the Circular, expected to be, Tuesday, 19 August 2025.

3. **RISK FACTORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Full details of the material risk factors considered by PKI are set out in the sections headed "*Investor Considerations/ Risk Factors*" commencing on page 6 of the information statements included as part of the Programme Memorandum (*Listed*) and the Programme Memorandum (*Unlisted*), respectively (the "**Information Statements** "), which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The table below sets out the heading of each material risk factor considered by PKI as at the date of this Prospectus, together with the relevant page number(s) in the Information Statements:

---

| | |
|:---|:---|
| **Information Statements title of risk** | **Information<br> Statements page<br> number** |
| Material risks relating to the Issuer's business | 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Funding and liquidity* 

● *Concentration risk* 

● *Economic and/or political uncertainty* 

Risks relating to the Preferred Shares 6 to 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Ranking of the Preferred Shares* 

● *The Preferred Shares may not be a suitable investment for all investors* 

● *There may not be an active trading market for the Preferred Shares* 

● *The Preferred Shares may be redeemed prior to maturity* 

● *Since uncertificated Preferred Shares are held in the CSD, investors will have to rely on their procedures for transfer, payment and communication with the Issuer* 

● *Credit Rating* 

Risks related to the structure of a particular issue of Preferred Shares 8 to 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Preferred Shares subject to early redemption at the option of the Issuer* 

● *Preferred Shares issued at a substantial discount or premium* 

● *Variable Rate Preferred Shares with a multiplier or other leverage factor* 

● *Fixed/Floating Rate Preferred Shares* 

Risks related Preferred Shares generally 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Modification and waivers and substitution* 

● *Change of law* 

● *Compliance with sections 49 and 50 of the IoM Companies Act* 

● *Legal investment considerations may restrict certain investments* 

4. **MINIMUM CASH ACCEPTANCE CONDITION** 

The implementation of the Voluntary Bid is subject to the Minimum Cash Acceptance Condition being fulfilled or waived by PKI in its sole discretion.

5. **UNDERTAKINGS BY THE OFFEROR** 

As a term of the Voluntary Bid, subject to the conditions specified in the Circular, PKI gives irrevocable undertakings in favour of MAS and MAS CEE which are set out in paragraph 3 commencing on page 32 of the Circular, which accompanies this Prospectus.

6. **APPLICATION OF TAKEOVER LAW AND MAS ARTICLES TO THE VOLUNTARY BID** 

Details regarding the application of takeover law and the MAS Articles to the Voluntary Bid are set out in paragraph 5 commencing on page 34 of the Circular, which accompanies this Prospectus.

7. **EXCHANGE CONTROL** 

In relation to the Voluntary Bid (including the settlement of the Bid Consideration), a general description as to the relevant exchange control laws of South Africa is set out in paragraph 6 commencing on page 35 of the Circular which accompanies this Prospectus. The exchange control considerations in relation to the Preferred Shares is set in the section headed "*Exchange Control*" commencing on page 51 of the Programme Memorandum (*Listed*), and the section headed "*Exchange Control*" commencing on page 46 of the Programme Memorandum (*Unlisted*), as the case may be, each of which accompanies this Prospectus.

8. **TAXATION** 

In relation to the Voluntary Bid (including the subscription of Consideration Instruments), a general description as to the relevant tax laws of South African and the Isle of Man is set out in the section headed "*Taxation*" commencing on page 46 of the Programme Memorandum (*Listed*) and page 42 of the Programme Memorandum (*Unlisted*), each of which accompanies this Prospectus.

9. **CONSENTS [SECTION 102]** 

To the extent required, each of the advisors named in the section headed "*Corporate information and advisors*" on page I of this Prospectus have consented in writing to act in the capacities stated and to their names appearing in this Prospectus and have not withdrawn their consent prior to the publication of this Prospectus.

10. **DOCUMENTS AVAILABLE FOR INSPECTION [REG 53]** 

The following documents, or copies thereof, will be available for inspection during normal business hours at the registered offices of PKI and at the address of the Transaction Sponsor, the details of which are set out in the section headed "*Corporate information and advisors*" on page I of this Prospectus, from the date of issue of this Prospectus until the Closing Date, both days inclusive, or can be requested via email from <u>PKIcontact@primekapital.com</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 a signed copy of this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 the Circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 the Programme Memoranda;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 PKI's Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 the written consents detailed in paragraph 9 of this section 4 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 the relevant power of attorney documents, or resolutions authorising the signing of this Prospectus.

11. **DOCUMENTS/INFORMATION REFERRED TO** 

The following additional information has been referred to in this Prospectus and is available for viewing as set out in the table below:

---

| | |
|:---|:---|
| **Description** | **Available on** |
| Circular | <u>www.primekapital.com/pk-investments</u> |
| Programme Memoranda | <u>www.primekapital.com/pk-investments</u> |
| Information Statements | <u>www.primekapital.com/pk-investments</u> |
| PKI's Financial Statements | <u>www.primekapital.com/pk-investments</u> |
| PKI's independent reviewed interim financial statements for the period ended 31 March 2025 | <u>www.primekapital.com/pk-investments</u> |
| Annual reports for MAS for 2022, 2023 and 2024 | <u>https://masrei.com/investors/financials</u> |
| Audited condensed consolidated financial results of the MAS group for the financial years ending 30 June 2022, 2023 and 2024 | <u>https://masrei.com/investors/financials</u> |
| Separate financial statements of MAS for the years ended 30 June 2022, 2023 and 2024 | <u>https://masrei.com/investors/financials</u> |
| Condensed consolidated interim financial results of the MAS group for the six months ended 31 December 2024 | <u>https://masrei.com/investors/financials</u> |
| Reviewed condensed consolidated interim financial results of the MAS group for the six months ended 31 December 2024 | <u>https://masrei.com/investors/financials</u> |
| Overview of MAS's corporate governance framework | <u>https://masrei.com/governance/framework</u> |
| King Code application register for MAS | <u>https://masrei.com/governance/documents</u> |

---

**SECTION 5**

**INAPPLICABLE OR IMMATERIAL MATTERS**

The definitions and interpretations commencing on page 10 of this Prospectus apply *mutatis mutandis* to this section 5 headed "*Inapplicable or immaterial matters*".

For purposes of this Prospectus, the following provisions of the South African Companies Regulations are not applicable:

---

| | |
|:---|:---|
| **Regulation number** | **Regulation heading** |
| 54(2) | Acquisition of business undertaking or property |
| 55 | Specific matters to be addressed for a limited offer |
| 59(2)(a) | History, state of affairs and prospects of the company in a prospectus contemplated in regulation 55 |
| 64(2)(c) | Interest of directors and promoters |
| 77 | Report by auditor where business undertaking to be acquired |
| 78 | Report by auditor where company will acquire a subsidiary |
| 80 | Requirements for prospects of mining company |

---

By order of the PKI Board [reg 52]

**4 August 2025**

Signed at Douglas, Isle of Man on behalf of all of the PKI Directors in terms of powers of attorney granted by them.

**Monika Zoradova**

PKI Director

**Timothy Mark Callister**

PKI Director

**ANNEXURE 1**

**REGULATION 79 AND INDEPENDENT AUDITORS REPORT**

![](img_007.jpg)

The Directors

PK Investments Limited

Part of the Second Floor

Exchange House

54-62 Athol Street

Douglas

Isle of Man

IM1 1JD

28 July 2025

Dear Ladies and Gentlemen

**Report of factual findings in terms of Regulation 79 of the Companies Act, No. 71 of 2008, ("Companies Act"), on the financial information for the years ended 30 June 2024, 30 June 2023 and 30 June 2022 included in the prospectus of PK Investments Limited ("Prospectus")**

PricewaterhouseCoopers LLC are the appointed auditors of PK Investments Limited (the "**Company**").

**Purpose of this Report of Factual Findings**

This report is produced in accordance with the terms of our agreement dated 11 July 2025. The procedures were performed solely to assist the directors of the Company in connection with and for the purpose of assisting in the company's compliance with Regulation 79 of the Companies Act of South Africa and may not be suitable for another purpose.

---

| | |
|:---|:---|
|  | PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas, Isle of Man, IM1 1SA |
|  | +44 (01624) 689689 |
| www.pwc.com/im | PricewaterhouseCoopers LLC is an Isle of Man limited liability company with incorporation number 00934L and principal place of business at the above address. A list of members' names is available to view on our website <u>www.pwc.com/im/members</u>. PwC refers to the Isle of Man member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see <u>www.pwc.com/stucture</u> for further details. |

---

**Regulation 79 Financial Information**

Regulation 79 of the Companies Act requires us to report on the following financial information for the years ended 30 June 2024, 30 June 2023 and 30 June 2022, which is included in the Prospectus:

● the profits or losses of the Company;

● the assets and liabilities of the Company as at the end of those financial periods; and

● the dividends paid by the Company in respect of each class of securities for those financial periods, including particulars of each class of share on which dividends were paid and cases where no dividends were paid in respect of a particular class of shares,

(collectively the "**Regulation 79 Financial Information**").

The Regulation 79 Financial Information has been extracted from the separate financial statements of the Company for the years to 30 June 2024, 30 June 2023 and 30 June 2022 ("**Financial Statements**"), prepared in accordance with IFRS Accounting Standards ("**IFRS**"), which are incorporated by reference in the Prospectus and available on the Company's website at the following weblink <u>www.primekapital.com/pk-investments</u>.

**Your Responsibilities**

The directors of the Company are responsible for the Financial Statements and for the creation and maintenance of all accounting and other records supporting their contents. The Company's directors are also responsible for identifying and ensuring that the Company complies with Regulation 79 of the Companies Act.

You are responsible for determining that the scope of the services is sufficient for your purposes and have confirmed that the procedures described herein are appropriate for the purpose for which the services were engaged.

**Our Responsibilities**

We have performed the procedures agreed with you and listed below on the Regulation 79 Financial Information. Our work was performed in accordance with the International Standard on Related Services (ISRS) 4400 (Revised) 'Agreed-Upon Procedures Engagements'.

We have complied with the ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants, which obliges us to perform the services with objectivity. For the purpose of this engagement, there are no independence requirements with which we are required to comply.

An agreed-upon procedures engagement involves performing the procedures that have been agreed with you, and reporting the findings, which are the factual results of the agreed-upon procedures performed. We make no representation regarding the appropriateness of the agreed-upon procedures.

We have applied International Standard on Quality Management 1 'Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements' and, accordingly, we maintain a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

**Procedures and Findings**

We performed the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;1. Agreed the profit/loss before tax and the profit/loss after tax of the Company for the years ended 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information, to the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;2. Agreed the asset and liability balances of the Company as at 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information, to the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;3. Agreed the fact that no dividends were paid for the years ended 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information, to the statement of cash flows included in the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;4. Where any subsidiaries have incurred losses, document the details of the subsidiaries and amount of the losses incurred and the manner in which provision was made for those losses;

&nbsp;&nbsp;&nbsp;&nbsp;5. Inspected the latest management accounts of the Company following the date of the latest audited financial statements for the year ended 30 June 2024 and compare the categories of assets and liabilities to the audited financial statements for the year ended 30 June 2024 in order to identify any material change (being any movement in excess of 10%) and document the details of the assets and liabilities in excess of 10%;

&nbsp;&nbsp;&nbsp;&nbsp;6. Inspected the minutes of meetings of the board of directors of the Company since the date of the last audited financial statements for the year ended 30 June 2024, and up to the date of this report, to identify any matters relating to material changes in assets or liabilities, e.g. the sale or purchase of a significant asset, and document any material changes (being any movement in excess of 10%) identified; and

&nbsp;&nbsp;&nbsp;&nbsp;7. Obtained a letter of representation from management of the Company confirming that there have been no material changes (being any movement in excess of 10%) in the assets and liabilities of the Company from the date of the last audited financial statements for the year ended 30 June 2024.

Based on the above procedures we found:

&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to Regulation 79(1)(a) (and based on procedure 1 above), the profit/loss before tax and the profit/loss after tax of the Company for the years ended 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information agrees with the profit/loss before tax and the profit/loss after tax in the statements of profit or loss and other comprehensive income for the years to 30 June 2024, 30 June 2023 and 30 June 2022 included in the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to Regulation 79(1)(a) (and based on procedure 2 above), the assets and liabilities of the Company as at 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information agrees with the statements of financial position on 30 June 2024, 30 June 2023 and 30 June 2022 included in the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to Regulation 79(1)(b) (and based on procedure 3 above), we agreed the fact that no dividends were paid for the years ended 30 June 2024, 30 June 2023 and 30 June 2022 in the Regulation 79 Financial Information, to the statement of cash flows for the years to 30 June 2024, 30 June 2023 and 30 June 2022 included in the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to procedure 4 above, this procedure is not applicable as the Company did not have any subsidiaries other than a dormant subsidiary incorporated subsequent to the year ended 30 June 2024;

&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to Regulation 79(4)(v) (and based on procedure 5 above), set out below are the material changes in the assets and liabilities between the 31 March 2025 management accounts and the last audited historical financial information:

● Per the 31 March 2025 management accounts the financial investments of the Company is €nil as compared to €111,322,091 per the historical financial information at 30 June 2024;

● Per the 31 March 2025 management accounts the Company's investment in equity-

accounted investee is €254,141,723 as compared to €nil per the historical financial information at 30 June 2024;

● Per the 31 March 2025 management accounts the cash and cash equivalents of the Company is €2,058,574 as compared to €4,349,870 per the historical financial information at 30 June 2024;

● Per the 31 March 2025 management accounts the Company's intercompany loans payable is €nil as compared to €6,535,727 per the historical financial information at 30 June 2024;

● Per the 31 March 2025 management accounts the share premium of the Company is €66,860,000 as compared to €56,400,000 per the historical financial information at 30 June 2024;

&nbsp;&nbsp;&nbsp;&nbsp;6. Furthermore, following procedure 6 above, we did not identify any material changes in assets or liabilities from inspecting the minutes of meetings of the board of directors of the Company since the date of the last audited financial statements for the year ended 30 June 2024 other than as follows:

● Effective various dates between 10 September 2024 and 10 October 2024, the Company received additional cash contributions amounting to €10,460,000 from its sole shareholder as non-stipulated increases in share premium.

● Effective 1 April 2025, the Company received a non-stipulated share premium contribution of €10,000,000 from its sole shareholder.

● The Company increased its ownership of MAS shares over the period, with the minutes dated 25 April 2025 referring to the Company holding 153,498,569 shares at that date, representing 21.83% of the total issued share capital in MAS (excluding treasury shares).

● On 13 June 2025, the Company received a non-stipulated share premium contribution of €51,791,325 from its sole shareholder. The contribution receivable was off set against the outstanding payable balance totaling €51,791,325 to PKM Development Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to procedure 7 above, we obtained a letter of representation from management of the Company confirming that there have been no material changes (being any movement in excess of 10%) in the assets and liabilities of the Company from the date of the last audited historical financial statements for the year ended 30 June 2024, except for the items notes in items 5 and 6 above.

With respect to Regulation 79(4)(a), we completed our audits of the Financial Statements, prepared in accordance with IFRS, on which we issued unmodified opinions on 16 July 2025. Our audits were performed in accordance with International Standards on Auditing.

With respect to Regulation 79(4)(b)(i-iv), in terms of ISRS 4400 we can only provide a report of factual findings and the user is required to draw their own conclusions based on the factual findings of the procedures performed. Although we cannot perform procedures to support the statement required by Regulation 79(4)(b)(i-iv) in terms of ISRS 4400 due to the nature of the balances and the degree of judgement involved in reporting these requirements, based on the results of work performed during our audit of the Financial Statements, we did not identify any material misstatements with regard to:

● debtor and creditor balances including any material amounts that were not trade accounts other than already disclosed in the Financial Statements,

● the adequacy of the provision for doubtful debts,

● the adequacy of provisions for inventory obsolescence (the Company did not hold any inventory and as such there was no provision for inventory obsolescence),

● the elimination of intercompany profits (there were no intercompany profits within PK Investments Limited and therefore no elimination in the Financial Statements).

Our procedures, as stated in our agreement, did not constitute an audit or assurance engagement made in accordance with generally accepted auditing or assurance standards, the objective of which would be the expression of assurance on the contents of the Regulation 79 Financial Information presented in the Prospectus. We do not express such assurance.

We draw attention to paragraph 3.6 of Section 1 of the Prospectus, which refers to financial information included on the Company's website. At the date of our report, the links included in paragraph 3.6 of Section 1 of the Prospectus and our report are accurate. We have no responsibility for the accuracy of the links and content beyond the date of our report.

Had we performed additional procedures, or had we performed an audit or assurance engagement on the Regulation 79 Financial Information, other matters might have come to our attention that we would have reported to you. This report relates only to the agreed upon procedures in respect of the Regulation 79 Financial Information and does not extend to any financial statements of the Company taken as a whole.

Our obligations in respect of this report are entirely separate from, and our responsibility and liability is in no way changed by, any other role we may have (or may have had) as auditors of the Company or otherwise. Nothing in this report, nor anything said or done in the course of or in connection with the services, will extend any duty of care we may have in our capacity as auditors of any financial statements of the Company.

This report is solely for your use in connection with the purpose specified above and as set out in our agreement. No part of this report is to be copied or distributed to any other party except as permitted under the terms of our agreement. We do not accept any liability or responsibility to any third party.

Copies of our report may be made available to your professional advisers provided that it is clearly understood by the recipients that they enjoy such receipt for information only and that we accept no duty of care to them in respect of our reports and letters. Furthermore, the reports and letters are to be used by them only for the purposes stated herein. The report must not be made available or copied in whole or in part to any other party without our prior written consent, which consent may be given or withheld at our absolute discretion. This limitation will obviously not apply to the provision of this report in compliance with any order of court, subpoena or other judicially enforceable directive or to inclusion of the report in the Prospectus to be issued on or about 29 July 2025, to which we consent.

Yours faithfully

![](img_008.jpg)

**PricewaterhouseCoopers LLC**

**Chartered Accountants**

**Douglas, Isle of Man**

Date: 28 July 2025

## Exhibit 99.3

**Exhibit 99.3**

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(Incorporated in the Isle of Man under registration number 014469V)*

**ZAR20,000,000,000**

**PREFERRED SHARE PROGRAMME**

Under this ZAR20,000,000,000 Preferred Share Programme (the **Programme**), PK Investments Limited (the **Issuer**) may from time to time issue redeemable preferred shares denominated in South African Rand on the terms and conditions contained in the section of this programme memorandum (this **Programme Memorandum**) headed "*Preferred Share Terms and Conditions*" (the **Preferred Share Terms and Conditions**).

Capitalised terms used below shall have the meanings ascribed thereto in the Preferred Share Terms and Conditions. Any reference in this Programme Memorandum to a Condition is to that Condition of the Preferred Share Terms and Conditions, and any reference to this Programme Memorandum or the Preferred Share Terms and Conditions shall mean this Programme Memorandum or the Preferred Share Terms and Conditions, as the case may be, as amended, varied, restated, novated or supplemented from time to time.

Any Preferred Shares issued are subject to the Debt Listings Requirements of the Cape Town Stock Exchange Proprietary Limited (the **CTSE**) and/or the listings requirements of any other Financial Exchange(s) as may be determined by the Issuer. The Programme has been registered with the CTSE and this Programme Memorandum was approved by the CTSE.

A Tranche of Preferred Shares may comprise, without limitation, Fixed Rate Preferred Shares, Floating Rate Preferred Shares, Mixed Rate Preferred Shares and/or such other type of Preferred Shares as may be determined by the Issuer and the relevant Dealer(s) and specified in the Applicable Pricing Supplement. Preferred Shares will be issued in individual Tranches which, together with other Tranches, may form a Class of Preferred Shares. Each Preferred Share will be in a specified Class, as indicated in the Applicable Pricing Supplement. A Tranche of Preferred Shares will be issued on, and subject to, the Preferred Share Terms and Conditions, as replaced, amended and/or supplemented by the terms and conditions of that Tranche of Preferred Shares set out in the Applicable Pricing Supplement. Before the Issuer issues any Tranche of Preferred Shares, the Issuer shall complete and sign an Applicable Pricing Supplement based on the *pro forma* Applicable Pricing Supplement included in this Programme Memorandum, setting out details of such Preferred Shares. The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify other terms and conditions, which are not inconsistent with the general terms and conditions set out or incorporated by reference in the Articles of Association, which shall, to the extent so specified, supplement the Preferred Share Terms and Conditions for the purpose of such Tranche of Preferred Shares.

The Programme Amount will not exceed ZAR20,000,000,000 unless such Programme Amount is increased as set out in the section of this Programme Memorandum headed "*General Description of the Programme".*

Any reference to the CTSE in any documents in respect of the Programme shall apply only in relation to any Tranche of Preferred Shares listed on the CTSE. A Tranche of Preferred Shares may be listed on the CTSE or on such other or further Financial Exchange(s) as may be determined by the Issuer and the Dealer(s) and subject to any Applicable Laws. With respect to a Tranche of Preferred Shares listed on the CTSE, the Applicable Pricing Supplement(s) relating to that Tranche will be delivered to the CTSE and the CSD before the Issue Date, and the Preferred Shares in that Tranche may be traded by or through members of the CTSE from the date specified in the Applicable Pricing Supplement. The trading of Preferred Shares listed on the CTSE will take place in accordance with the rules and operating procedures for the time being of the CTSE. The settlement of trades on the CTSE will take place in accordance with the electronic settlement procedures of the CTSE and the CSD. The settlement and redemption procedures for a Tranche of Preferred Shares listed on another Financial Exchange, irrespective of whether that Tranche is listed on the CTSE as well, will be specified in the Applicable Pricing Supplement.

In terms of the Currency and Exchanges Manual for Authorised Dealers issued in terms of the Exchange Control Regulations, 1961, promulgated under section 9 of the Currency and Exchanges Act, 1933 (the **Exchange Control Regulations**), Unlisted Preferred Shares may not be issued under this Programme.

Preferred Shares may be issued on a continuing basis and be placed by one or more Dealer(s) appointed by the Issuer from time to time, which appointment may be for a specific issue or on an ongoing basis.

As at the Programme Date, the Issuer and the Programme are not rated. Tranches of Preferred Shares issued under the Programme may be rated on or before their Issue Date by a Rating Agency and, if so, this rating as well as the Rating Agency(ies) which assigned such rating(s) will be available on the Issuer's website and contained in the Applicable Pricing Supplement. Unrated Tranches of Preferred Shares may also be issued.

The Issuer may determine that Preferred Shares may be issued in a form and on terms not contemplated by the Preferred Share Terms and Conditions in which case a supplementary programme memorandum, if appropriate, will be made available which will describe the terms and conditions upon which such Preferred Shares will be issued.

This Programme Memorandum does not constitute, advertise or relate to an offer to the public (as defined in the SA Companies Act) for the sale of or subscription for, or the solicitation of an offer to acquire or subscribe for, Preferred Shares. Unless specified otherwise in an Applicable Pricing Supplement, Preferred Shares will only be offered by way of private placement to, and such offer will only be capable of acceptance by, (i) persons falling within the exemptions set out in section 96(1)(a) of the SA Companies Act; or (ii) persons who subscribe, as principal, for Preferred Shares at a minimum aggregate Issue Price as envisaged in section 96(1)(b) of the SA Companies Act (each a Qualifying Investor) and this Programme Memorandum is only being made available to such Qualifying Investors. Should any person who is not a Qualifying Investor receive this Programme Memorandum, they should not and will not be entitled to acquire or subscribe for any Preferred Shares as described in this Programme Memorandum or otherwise act thereon. The Prospectus and this Programme Memorandum have not been approved by any regulatory authority in the Isle of Man. It is not required for the Prospectus or Programme Memorandum to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.

Nothing in this Programme Memorandum should be viewed, or construed, as "*advice*" as that term is used in the SA Financial Markets Act and/or the Financial Advisory and Intermediary Services Act, 2002, and nothing in this Programme Memorandum should be construed as constituting the canvassing for, or marketing or advertising of, financial services.

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| | | |
|:---|:---|:---|
| **Arranger** | **Dealers** | **Debt Issuer Agent** |
| ![](img_009.jpg) | ![](logo_001.jpg) | ![](img_009.jpg) |
|  | ![](img_009.jpg) |  |

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**Programme Memorandum dated 1 August 2025**

**GENERAL**

***Capitalised terms used in this section headed "General" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section, or this is clearly inappropriate from the context.***

*The Issuer certifies that, to the best of its knowledge and belief, there are no facts that have been omitted from this Programme Memorandum which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Programme Memorandum contains all information required by Applicable Laws and the CTSE Debt Listings Requirements. The Issuer accepts full responsibility for the accuracy of the information contained in this Programme Memorandum, the Applicable Pricing Supplements and/or the Issuer's annual financial statements and any amendments or any supplement to the aforementioned documents, except as otherwise stated therein.*

*Neither the CTSE nor the CTSE Registry take any responsibility or liability of whatsoever nature for the contents of this Programme Memorandum, any Applicable Pricing Supplement, the Issuer's annual financial statements and/or any other information incorporated by reference into this Programme Memorandum and any amendments or supplements to the aforementioned documents. Neither the CTSE nor the CTSE Registry make any representation as to the accuracy or completeness of this Programme Memorandum, any Applicable Pricing Supplement, the Issuer's annual financial statements and/or any other information incorporated by reference into this Programme Memorandum and any amendments or supplements to the aforementioned documents and both the CTSE and the CTSE Registry expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the aforementioned documents. The CTSE's approval of the registration of this Programme Memorandum and the listing of the Preferred Shares is not to be taken in any way as an indication of the merits of the Issuer or of the Preferred Shares and that, to the extent permitted by Applicable Law, the CTSE will not be liable for any claim whatsoever.*

*The Issuer, having made all reasonable enquiries, confirms that this Programme Memorandum contains or incorporates all information which is material in the context of the issue and the offering of Preferred Shares, that the information contained or incorporated in this Programme Memorandum is true and accurate in all material respects and is not misleading, that the opinions and the intentions expressed in this Programme Memorandum are honestly held and that there are no other facts, the omission of which would make this Programme Memorandum or any such information or expression of any of such opinions or intentions misleading in any material respect.*

*This Programme Memorandum is to be read and construed with any amendment or supplement thereto and in conjunction with any other documents that are deemed to be incorporated herein by reference (see the section of this Programme Memorandum headed "Documents Incorporated by Reference") and, in relation to any Tranche of Preferred Shares, should be read and construed together with the Applicable Pricing Supplement. This Programme Memorandum shall be read and construed on the basis that such documents are incorporated into and form part of this Programme Memorandum.*

*No person has been authorised by the Issuer to give any information or make any representation not contained in or which is inconsistent with this Programme Memorandum or any other information supplied in connection with the Programme and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Arranger, the Dealer(s) or the other professional advisers. Nevertheless, if any such information is given or representation made, it must not be relied upon as having been authorised by the CSTE, the Issuer, the Debt Issuer Agent, the Arranger or the Dealer(s), or any of their respective Subsidiaries or holding companies or any Subsidiary of their respective holding companies (****Affiliates****) or professional advisers. Neither the delivery of this Programme Memorandum nor any offer, sale, allotment or solicitation made in connection with the offering of the Preferred Shares shall, in any circumstances, create any implication or constitute a representation that there has been no change in the affairs of the Issuer since the date hereof or that the information contained in this Programme Memorandum is correct at any time subsequent to the Programme Date.*

*Neither the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger, the Dealer(s) nor any other professional advisers accept any liability in relation to the information contained in this Programme Memorandum or any other information provided by the Issuer in connection with the Programme. Neither the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger, the Dealer(s) nor any other professional advisers have separately verified the information contained in this Programme Memorandum. Accordingly, none of the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger, the Dealer(s) nor any of their respective Affiliates or professional advisers make any representation, express or implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information in this Programme Memorandum or any other information supplied in connection with the Programme. Each person receiving this Programme Memorandum acknowledges that such person has not relied on the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger, the Dealer(s), or any of their Affiliates or professional advisers, in connection with its investigation of the accuracy of such information or its investment decision.*

*The delivery of this Programme Memorandum does not at any time imply that the information contained herein concerning the Issuer is correct at any time subsequent to the Programme Date or that any other financial statements or other information supplied in connection with the Programme is correct as at any time subsequent to the date indicated in the document containing the same. Investors should review, among others, the most recent financial statements of the Issuer when deciding whether to subscribe for and/ or purchase any Preferred Shares.*

*Neither this Programme Memorandum nor any other information supplied in connection with the Preferred Shares is intended to provide the basis of any credit or other evaluation, or should be considered as a recommendation by the CTSE, the CTSE Registry, the Issuer, the Debt Issuer Agent, the Arranger or the Dealer(s) that any recipient of this Programme Memorandum, or any other information supplied in connection with the Programme, should subscribe for or purchase any Preferred Shares.*

*Each person contemplating making an investment in the Preferred Shares must make its own investigation and analysis of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer, and its own determination of the suitability of any such investment, with particular reference to its own investment objectives and experience, and any other factors which may be relevant to it in connection with such investment. None of the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger or the Dealer(s) undertake to review the financial condition or affairs of the Issuer or to advise any investor or potential investor in the Preferred Shares of any information coming to the attention of the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger or the Dealer(s).*

*The obligations under the Preferred Shares will be obligations of the Issuer. The obligations under the Preferred Shares will not be obligations of, or the responsibility of, or guaranteed by the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger or the Dealer(s). No liability whatsoever in respect of any failure by the Issuer to pay any amount due under the Preferred Shares shall be accepted by the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger or the Dealer(s).*

*None of the Issuer, the CTSE, the CTSE Registry, the Debt Issuer Agent, the Arranger or the Dealer(s) make any representation or warranties as to the settlement procedures of the CSD or the CTSE or any other relevant Financial Exchange.*

***This Programme Memorandum does not constitute an offer or an invitation by or on behalf of the Issuer, the Debt Issuer Agent, the Arranger, the Dealer(s) or to any person to subscribe for or purchase any of the Preferred Shares****.*

*The distribution of this Programme Memorandum and any Applicable Pricing Supplement, and the issue, sale or offering of the Preferred Shares may be restricted by law in certain jurisdictions. No representation is made by the Issuer, the Debt Issuer Agent, the Arranger or the Dealer(s) that this Programme Memorandum may be lawfully distributed, or that the Preferred Shares may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder and none of them assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Debt Issuer Agent, the Arranger or the Dealer(s) which would permit a public offering of the Preferred Shares or distribution of this Programme Memorandum in any jurisdiction where action for that purpose is required. Accordingly, the Preferred Shares may not be offered or sold, directly or indirectly, and neither this Programme Memorandum, any Applicable Pricing Supplement nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any Applicable Laws. Persons into whose possession this Programme Memorandum and/or any Applicable Pricing Supplement come are required by the Issuer, the Debt Issuer Agent, the Arranger and the Dealer(s) to inform themselves about and to observe any such restrictions. In particular, there are restrictions on the distribution of this*

*Programme Memorandum and the offer or sale of Preferred Shares in the Isle of Man and South Africa and certain other jurisdictions. The Preferred Shares have not been and will not be registered under the United States Securities Act of 1933, as amended. Subject to certain exceptions, Preferred Shares may not be offered, sold or delivered within the United States or to any U.S. persons. For a more complete description of certain restrictions on the offering, sale and delivery of Preferred Shares and distribution of this Programme Memorandum, see the section of this Programme Memorandum headed "Subscription and Sale" below.*

*The terms of this Programme Memorandum, if sent to persons resident in jurisdictions outside of South Africa, may be affected by the laws of the relevant jurisdiction. Such persons should inform themselves about and observe any applicable legal requirements in any such jurisdiction. It is the responsibility of any such person wishing to subscribe for or purchase the Preferred Shares to satisfy itself as to the full observance of the laws of the relevant jurisdiction. If and to the extent that any offer of Preferred Shares under the Programme is illegal in any jurisdiction, it is not and will not be made in such jurisdiction and this Programme Memorandum is sent to persons in such jurisdiction for information purposes only.*

*In addition, in the ordinary course of its business activities, any Dealer and its Affiliates may make loans or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such loans, investments and securities activities may involve securities and/or instruments of the Issuer or its Affiliates (including the Preferred Shares). Each Dealer and its Affiliates may hedge their credit exposure to the Issuer or its respective Affiliates in a manner consistent with their customary risk management policies.*

*In connection with the issue and distribution of any Tranche of Preferred Shares under the Programme, the relevant Dealer(s), if any, that is specified in the Applicable Pricing Supplement as the Stabilising Manager (or any Person acting for the Stabilising Manager) may, if specified in that Applicable Pricing Supplement and only if such stabilising is permitted by the CTSE Debt Listings Requirements and approved by the CTSE, over-allot or effect transactions with a view to supporting and maintaining the market price of the Preferred Shares at a level higher than that which might otherwise prevail for a limited period. However, there may be no obligation on the Stabilising Manager (or any agent of the Stabilising Manager) to do this. Such stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited period. Such stabilising shall be in compliance with all Applicable Laws, regulations and rules.*

*Where any term is defined within the context of any particular clause or section in this Programme Memorandum, the term so defined, unless it is clear from the clause or section in question that the terms defined has limited application to the relevant clause or section, shall bear the meaning ascribed to it for all purposes in this Programme Memorandum, unless qualified by the terms and conditions of any particular Tranche of Preferred Shares as set out in the Applicable Pricing Supplement, or unless the context otherwise requires.*

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [DOCUMENTS INCORPORATED BY REFERENCE](#c_001) | 5 |
| [GENERAL DESCRIPTION OF THE PROGRAMME](#c_002) | 7 |
| [INVESTOR CONSIDERATIONS/RISK FACTORS](#c_003) | 8 |
| [SUMMARY OF THE PROGRAMME](#c_004) | 9 |
| [FORM OF THE PREFERRED SHARES](#c_005) | 14 |
| [*PRO FORMA* APPLICABLE PRICING SUPPLEMENT](#c_006) | 16 |
| [PREFERRED SHARE TERMS AND CONDITIONS](#c_007) | 21 |
| [USE OF PROCEEDS](#c_008) | 42 |
| [DESCRIPTION OF THE ISSUER](#c_009) | 43 |
| [SETTLEMENT, CLEARING AND TRANSFERS OF PREFERRED SHARES](#c_010) | 44 |
| [TAXATION](#c_011) | 46 |
| [EXCHANGE CONTROL](#c_012) | 51 |
| [SUBSCRIPTION AND SALE](#c_013) | 52 |
| [GENERAL INFORMATION](#c_014) | 53 |
| [CORPORATE INFORMATION](#c_015) | 55 |

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**DOCUMENTS INCORPORATED BY REFERENCE**

*Capitalised terms used in this section headed "Documents Incorporated by Reference" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

For so long as this Programme Memorandum remains registered with the CTSE, the following documents shall be deemed to be incorporated in, and to form part of, this Programme Memorandum:

(a) all amendments and supplements to this Programme Memorandum prepared by the Issuer from time to time;

(b) each Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued and outstanding under the Programme;

(c) the constitutional documents of the Issuer, including its Articles of Association, as amended or restated from time to time;

(d) as at the Programme Date, the information statement dated 1 August 2025, together with any future information statement, as and when such information statement becomes available (the **Information Statement**);

(e) as at the Programme Date, the Issuer's published audited annual financial statements prepared in terms of IFRS, together with such statements, reports and the notes attached to or intended to be read with such financial statements of the Issuer for the financial years ended 30 June 2022, 30 June 2023 and 30 June 2024, as well as the published audited annual financial statements, and notes thereto, of the Issuer in respect of further financial years, as and when such published audited financial statements become available;

(f) as at the Programme Date, the unaudited interim financial statements of the Issuer, together with such statements, reports and notes attached thereto or intended to be read with such unaudited interim financial statements, for the period ended 31 March 2025 and the unaudited interim financial statements, and notes thereto, in respect of further financial years, as and when such unaudited interim financial statements become available; and

(g) all information pertaining to the Issuer which is relevant to the Programme and/or this Programme Memorandum, which is electronically submitted, after the Programme Date, on the CTSE News Service, or such other similar service, established by the CTSE,

save that any statement contained in this Programme Memorandum or in any of the documents incorporated by reference in and forming part of this Programme Memorandum shall be deemed to be modified or superseded for purposes of this Programme Memorandum to the extent that a statement contained in any document subsequently incorporated by reference modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). The Issuer will publish an announcement on the CTSE News Service if the information incorporated herein by reference has been amended or updated, together with a link to the Issuer's website where the amended or updated information is available.

The Issuer will, for so long as this Programme Memorandum remains registered with the CTSE, provide at its registered office as set out at the end of this Programme Memorandum, without charge, upon request of a person, a copy of this Programme Memorandum and any amendments and/or supplements thereto, the Applicable Pricing Supplements relating to any issue of any Tranche of Preferred Shares issued and outstanding under the Programme, the constitutional documents of the Issuer, and any or all of the documents which are incorporated herein by reference, unless such documents have been modified or superseded in which case the modified or superseding documents will be provided. Requests for the documents should be directed to the Issuer at its registered office as set out at the end of this Programme Memorandum.

This Programme Memorandum, and those documents listed in items (a) to (f) above, unless such documents have been modified or superseded, in which case the modified or superseding documents, are also available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.

In addition, this Programme Memorandum, any amendments and/or supplements thereto and the Applicable Pricing Supplements will be filed with the CTSE and will be available on the CTSE website, <u>www.ctexchange.co.za</u>.

The Issuer will, for so long as this Programme Memorandum remains registered with the CTSE, review this Programme Memorandum or any supplement to this Programme Memorandum on an annual basis to consider if any information contained in relation to the Issuer, specifically excluding the Preferred Share Terms and Conditions, is outdated in a material respect.

If such information is deemed by the Issuer to be outdated, the Issuer shall update this Programme Memorandum or any supplement to this Programme Memorandum, subject to approval by the CTSE. The Issuer will release an announcement, by electronically publishing such announcement on the CTSE News Service, or any other similar service, established by the CTSE, containing a summary of the changes and a statement that the updated Programme Memorandum or any supplement to this Programme Memorandum will be available for inspection on the relevant website, together with a link to the website.

The Issuer will, for so long as this Programme Memorandum remains registered with the CTSE, publish a new Programme Memorandum or a supplement to this Programme Memorandum, as the case may be, if:

(a) a material change in the condition (financial or otherwise) of the Issuer occurs, which is material in the context of the Preferred Shares so listed and the Issuer's payment obligations thereunder; or

(b) a material event has occurred which affects any matter contained in this Programme Memorandum, the disclosure of which would reasonably be required by the holders of Preferred Shares and/or potential investors in the Preferred Shares; or

(c) any of the information contained in this Programme Memorandum becomes outdated in a material respect; or

(d) this Programme Memorandum no longer contains all the materially correct information required by the Applicable Procedures,

provided that, in the circumstances set out in paragraphs (c) and (d) above, no new Programme Memorandum or supplement to this Programme Memorandum, as the case may be, is required in respect of the Issuer's audited annual financial statements if such audited annual financial statements are incorporated by reference into this Programme Memorandum and such audited annual financial statements are published and submitted to the CTSE within three months after the financial year end of the Issuer.

The Issuer will, for so long as this Programme Memorandum remains registered with the CTSE, announce by electronically publishing such announcement on the CTSE News Service, or any other similar service established by the CTSE, when the Issuer's audited annual financial statements are available.

**GENERAL DESCRIPTION OF THE PROGRAMME**

*Capitalised terms used in this section headed "General Description of the Programme" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or it is clearly inappropriate from the context.*

Under the Programme, the Issuer may from time to time issue Preferred Shares provided that the aggregate outstanding amount of all of the Preferred Shares issued under the Programme from time to time does not exceed the Programme Amount. The applicable terms of any Preferred Shares are set out in the Preferred Share Terms and Conditions, as modified and supplemented by the Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme. A summary of the Programme and the Preferred Share Terms and Conditions appears in the section of this Programme Memorandum headed "*Summary of the Programme*".

A Tranche of Preferred Shares may be listed on the CTSE or on such other or additional Financial Exchange(s) as may be determined by the Issuer, subject to Applicable Law. In terms of the Exchange Control Regulations, Unlisted Preferred Shares may not be issued under the Programme. The Applicable Pricing Supplement will specify on which Financial Exchange(s) a Tranche of Preferred Shares will be listed.

As at the Programme Date, the Programme Amount is ZAR20,000,000,000. This Programme Memorandum will only apply to Preferred Shares issued under the Programme in an aggregate amount which do not exceed the Programme Amount, unless such amount is increased as set out below.

The Issuer may wish to increase the Programme Amount from time to time. Subject to the Applicable Procedures, all Applicable Laws and the Programme Agreement, the Issuer may, without the consent of the Preferred Shareholders, increase the Programme Amount by delivering notice thereof to (i) the Debt Issuer Agent; (ii) the Preferred Shareholders; (iii) the relevant Financial Exchange(s); (iv) the Transfer, Paying, Settlement and Calculation Agents; (v) the Arranger; and (vi) the Dealer(s) in accordance with the Preferred Share Terms and Conditions and the Applicable Procedures. Upon such notices being given, all references in this Programme Memorandum or any other agreement, deed or document in relation to the Programme and the Programme Amount, shall be, and shall be deemed to be, references to the increased Programme Amount.

Investing in the Preferred Shares involves certain risks (see the section of this Programme Memorandum headed "*Investor Considerations/Risk Factors*").

The "*Summary of the Programme*" and the "*Preferred Share Terms and Conditions*" appear below.

**INVESTOR CONSIDERATIONS/RISK FACTORS**

*All information pertaining to Investor Considerations/Risk Factors, as set out in the Information Statement, as amended and updated from time to time, is incorporated by reference in, and forms part of this Programme Memorandum, and is available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.*

**SUMMARY OF THE PROGRAMME**

*Capitalised terms used in this section headed "Summary of the Programme" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or it is clearly inappropriate from the context.*

*The applicable terms of any Preferred Shares are set out in the Preferred Share Terms and Conditions, as modified and supplemented by the Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme.*

*A summary of the Programme and the Preferred Share Terms and Conditions appears in this section of the Programme Memorandum headed "Summary of the Programme".*

*The information set out below is a brief summary of certain aspects of the Programme. This summary should be read in conjunction with, and is qualified in its entirety by, the remainder of this Programme Memorandum and, in relation to any particular Tranche of Preferred Shares, the Applicable Pricing Supplement.*

*Parties*

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| | |
|:---|:---|
| **Issuer** | PK Investments Limited, registration number 014469V, a limited liability company duly incorporated in accordance with the laws of the Isle of Man, with its date of registration being 17 February 2017. |
| **Arranger** | PSG Capital Proprietary Limited, registration number 2006/015817/07, a limited liability private company duly incorporated in South Africa (**PSG Capital**), and/or such other person(s) appointed by the Issuer from time to time in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis. |
| **Auditor** | PricewaterhouseCoopers LLC, registration number 000934L or such other auditor (or firm of auditors) as may be appointed by the Issuer from time to time. |
| **Calculation Agent** | PK Investments Limited, or, in relation to any particular Tranche or Class of Preferred Shares, such other person(s) appointed by the Issuer as specified in the Applicable Pricing Supplement. |
| **CSD** | Strate Proprietary Limited, registration number 1998/022242/07, a private company with limited liability duly incorporated in accordance with the company laws of South Africa and licensed as a central securities depository in terms of the SA Financial Markets Act or such additional, alternative or successor central securities depository as may be agreed between the Issuer and the relevant Dealer(s), in terms of the SA Financial Markets Act. |
| **CTSE** | Cape Town Stock Exchange Proprietary Limited, registration number 2013/031754/07, a private company duly incorporated in accordance with the company laws of South Africa and a licensed financial exchange in terms of the SA Financial Markets Act, or any exchange which operates as a successor exchange to the CTSE. |
| **Dealer(s)** | PSG Capital, PK Investments Limited and/or such other person(s) appointed by the Issuer from time to time in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis. |
| **Debt Issuer Agent** | PSG Capital and/or such other person(s) appointed by the Issuer from time to time in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis. |
| **Paying Agent** | FirstRand Bank Limited (acting through its Rand Merchant Bank division), registration number 1929/001225/06, a public company duly incorporated in accordance with the laws of South Africa (**RMB**) or such other person(s) appointed by the Issuer from time to time, as specified in the Applicable Pricing Supplement. |

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| | |
|:---|:---|
| **Preferred Shareholders** | The holders of Preferred Shares as recorded in the Register. |
| **Settlement Agent** | RMB and/or such other person(s) appointed by the Issuer from time to time, as specified in each Applicable Pricing Supplement. |
| **Strate Issuer Agent** | RMB or such other entity as may be appointed as Strate Issuer Agent by the Issuer from time to time pursuant to the debt instrument solution system of the CSD, in which event that other entity will act as Strate Issuer Agent, as specified in the Applicable Pricing Supplement. |
| **Transfer Agent** | CTSE Registry Services Proprietary Limited, registration number 2016/396777/07, a private company duly incorporated in accordance with the laws of South Africa, or such other person with whom the Issuer enters into an agreement in terms of which such person agrees to provide registry services to the Issuer. |

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*Programme Description*

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| | |
|:---|:---|
| **Description of the Programme** | PK Investments Limited ZAR20,000,000,000 Preferred Share Programme. |
| **Size of the Programme** | The Programme Amount will not exceed ZAR20,000,000,000. The Issuer may, without the consent of Preferred Shareholders, increase the Programme Amount in accordance with the Programme Agreement, Applicable Laws and subject to any required regulatory approvals. The Programme Amount at the time of the issue of any Tranche of Preferred Shares will be set out in each Applicable Pricing Supplement. |
| **Listing** | Preferred Shares issued under the Programme may, subject to the Programme having been registered with the CTSE, be listed on the CTSE, or such other or further Financial Exchange(s) as may be selected by the Issuer and any relevant Dealer(s) and subject to Applicable Laws. In terms of the Exchange Control Regulations, Unlisted Preferred Shares may not be issued under the Programme. The Applicable Pricing Supplement in respect of a Tranche of Preferred Shares will specify on which Financial Exchange(s) such Preferred Shares will be listed. |
| **Credit Rating** | As at the Programme Date, the Issuer and the Programme are not rated. Tranches of Preferred Shares issued under the Programme may, on or before the Issue Date, be rated by a Rating Agency and, if so, this Credit Rating will be available on the Issuer's website and contained in the Applicable Pricing Supplement. Unrated Tranches of Preferred Shares may also be issued. Each Applicable Pricing Supplement will reflect the Credit Rating which has been assigned to the Issuer and/or a Tranche of Preferred Shares, as well as the Rating Agency(s) which assigned such Credit Rating(s) and the date on which such Credit Rating was assigned. Any changes to the Credit Rating of the Issuer and/or a Tranche of Preferred Shares, as well as any changes to the Rating Agency(s) which assigned such Credit Rating(s), will be notified to the Preferred Shareholders in accordance with the Preferred Share Terms and Conditions. |

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| | | |
|:---|:---|:---|
| **Preferred Shares** |  | Preferred Shares listed on the CTSE or any other Financial Exchange(s). The description of, and terms and conditions applicable to, Preferred Shares other than those specifically described in this Programme Memorandum will be set out in each Applicable Pricing Supplement. |
|  |  | Subject to each Applicable Pricing Supplement, Preferred Shares shall be redeemable preferred shares. |
|  |  | Preferred Shares will bear the characteristics described under "*Status of Preferred Shares*" below. Preferred Shares will be issued with a Redemption Date, as specified in the Applicable Pricing Supplement. Preferred Shares may, subject to the Articles of Association, comprise any of the following: |
|  |  | *Fixed Rate Preferred Shares*: Fixed Rate Preferred Shares will accrue dividends at a fixed rate, as indicated in the Applicable Pricing Supplement, and more fully described in Condition 7.2; |
|  | | *Floating Rate Preferred Shares*: Floating Rate Preferred Shares will accrue dividends at a floating rate, as indicated in the Applicable Pricing Supplement, and more fully described in Condition 7.3;<br> *Mixed Rate Preferred Shares*: Mixed Rate Preferred Shares will accrue dividends over respective periods at the rates applicable for any combination of Fixed Rate Preferred Shares or Floating Rate Preferred Shares, as indicated in the Applicable Pricing Supplement; or |
|  | | *Other Preferred Shares*: terms applicable to Preferred Shares other than those specifically contemplated under this Programme Memorandum will be set out in each Applicable Pricing Supplement. |
| **Form of Preferred Shares** |  | Preferred Shares will be issued in the form described in the section of this Programme Memorandum headed "*Form of the Preferred Shares*". Preferred Shares will not be issued in bearer form or in order form. The section of this Programme Memorandum headed "*Settlement, Clearing and Transfers of Preferred Shares*" describes how Beneficial Interests are created and what the rights of holders of Beneficial Interests are. |
| **Currency** |  | Preferred Shares will be issued in Rand, the lawful currency of South Africa. |
| **Terms and Conditions** |  | The terms and conditions of the Preferred Shares are set out in the section of this Programme Memorandum headed "*Preferred Share Terms and Conditions*". The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify other terms and conditions, which are not inconsistent with the general terms and conditions set out or incorporated by reference in the Articles of Association, which shall, to the extent so specified, supplement the Preferred Share Terms and Conditions for the purpose of such Tranche of Preferred Shares. |
| **Issue Price** |  | Preferred Shares will be issued at an issue price as specified in the Applicable Pricing Supplement. |
| **Denomination of Preferred Shares** |  | Preferred Shares will be issued in such denominations as will be specified in the Applicable Pricing Supplement. |
| **Maturities** |  | Preferred Shares will be subject to a minimum maturity of three years and one day. The maturity of each Tranche of Preferred Shares will be specified in the Applicable Pricing Supplement. |
| **Dividend Rate and Dividend Payment Dates** |  | If applicable, the Dividend Rate and Dividend Payment Dates in respect of each Tranche of Preferred Shares will be specified in the Applicable Pricing Supplement. |
| **Emigrant's Capital Account** |  | Rand held in an emigrant's capital account may be used for the subscription for or purchase of Preferred Shares, subject to the Exchange Control Regulations. |

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| | | |
|:---|:---|:---|
| **Redemption** |  | Preferred Shares may be redeemed before their stated maturity at the option of the Issuer, if so specified in the Applicable Pricing Supplement, or following a Redemption Event. |
|  |  | The following provisions may apply: |
|  |  | *Final Redemption:* Unless previously redeemed or purchased and cancelled and subject to the Issuer satisfying the solvency test set out in section 49 of the IoM Companies Act and any other requirements of that Act, a Tranche of Preferred Shares will be redeemed by the Issuer, on the Final Redemption Date, at its Issue Price or at such other Final Redemption Amount as specified in the Applicable Pricing Supplement. |
|  | | *Early Redemption at the option of the Issuer:* If specified as being applicable in the Applicable Pricing Supplement, the Issuer may, having given not less than 10 Business Days' revocable notice to the Preferred Shareholders in accordance with Condition 13, and having complied with the Applicable Procedures, redeem the Preferred Shares in whole, or, if so specified in the Applicable Pricing Supplement, in part, on the Early Redemption Dates, in accordance with Condition 8.2. |
|  |  | *Early Redemption following a Redemption Event:* Upon the occurrence of a Redemption Event and receipt by the Issuer of a Special Resolution of Preferred Shareholders, all of the Preferred Shares shall become forthwith redeemable in accordance with Condition 8.4. |
| **Status of the Preferred Shares** |  | Each Preferred Share will, unless specified otherwise in the Applicable Pricing Supplement, rank in regard to the payment of dividends and a return of capital on the winding-up of the Issuer equally among themselves, and senior to the Ordinary Shares. |
| **Securities Transfer Tax** |  | The SA Securities Transfer Tax Act imposes STT (subject to certain exemptions stipulated in the SA Securities Transfer Tax Act) on the transfer and/or redemption of a Preferred Share (see the section of this Programme Memorandum headed "*Taxation*"). |
| **Withholding Tax** |  | Part VIII of Chapter II of the SA Income Tax Act imposes a withholding tax on dividends declared by (i) a company which is a resident; and (ii) a company which is not a resident if the share in respect of which that dividend is paid is listed on the CTSE. Section 64F of the SA Income Tax Act exempts various different types of entities from the withholding tax on dividends. Amongst others, resident companies and pension funds are exempt from Dividends Tax. Non-residents are, however, subject to Dividends Tax although it is possible that in specific instances a non-resident could obtain relief (or partial relief) from Dividends Tax in terms of a double taxation agreement. |
| **Tax Status** |  | A summary of applicable current South African and Isle of Man tax legislation in respect of the Preferred Shares as at the Programme Date appears in the section of this Programme Memorandum headed "*Taxation*". The section does not constitute tax advice and potential investors in the Preferred Shares should, before making an investment in the Preferred Shares, consult their own professional advisers as to the potential tax consequences of, and their tax positions in respect of, an investment in the Preferred Shares. |
| **Governing Law** |  | The Preferred Share Terms and Conditions and Preferred Shares will be governed by, and construed in accordance with, the laws of the Isle of Man. |
| **Distribution** |  | Preferred Shares may be offered by way of private placement or any other means permitted by Applicable Law, as determined by the Issuer and reflected in the Applicable Pricing Supplement. |

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| | |
|:---|:---|
| **Method of Transfer** | The method of transfer of Beneficial Interests in the Preferred Shares is by electronic book entry in the securities accounts of the Participants or the CSD, as the case may be; in all cases subject to the restrictions described in this Programme Memorandum. The Preferred Shares will be fully paid up on the Issue Date and freely transferable. |
| **Register** | The Register to be maintained in accordance with the Preferred Share Terms and Conditions, the IoM Companies Act and the Articles of Association. |
| **Selling Restrictions** | The distribution of this Programme Memorandum and any offering or sale of a particular Tranche of Preferred Shares may be restricted by law in certain jurisdictions, and are restricted by law in, amongst others, the Isle of Man and South Africa. Any relevant selling restrictions and other restrictions as may be required to be met in relation to an offering or sale of a particular Tranche of Preferred Shares shall be included in the Applicable Pricing Supplement. Persons who come into possession of this Programme Memorandum or any Applicable Pricing Supplement must inform themselves about and observe such restrictions. |
| **Settlement** | Preferred Shares will be cleared and settled in accordance with the Applicable Procedures. Preferred Shares have been accepted for clearance by the Participants through the CSD, which forms part of the CTSE clearing system that is managed by the CSD and may be accepted for clearing through any additional clearing system as may be agreed. As of the Programme Date, the Participants are Absa Bank Limited, Citibank N.A., South Africa Branch, FirstRand Bank Limited, Nedbank Limited, The Standard Bank of South Africa Limited, Standard Chartered Bank, Johannesburg Branch, JSE Investor Services Limited and Computershare Investor Services Proprietary Limited. |
| **Use of Proceeds** | The Issuer will use the issue proceeds of the Preferred Shares as described in the Applicable Pricing Supplement. |

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**FORM OF THE PREFERRED SHARES**

Capitalised terms used in this section entitled "Form of Preferred Shares" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.

Each Tranche of Preferred Shares may be listed on the CTSE or on such other Financial Exchange(s) as may be determined by the Issuer and the Dealer(s) and subject to any Applicable Laws. In terms of the Exchange Control Regulations, Unlisted Preferred Shares may not be issued under the Programme.

Each Tranche of Preferred Shares will be issued in the form of registered Preferred Shares in accordance with the Preferred Share Terms and Conditions and in uncertificated form in terms of section 33 of the SA Financial Markets Act. Each Tranche of Preferred Shares will not be represented by Certificates.

**Preferred Shares issued in uncertificated form**

The Issuer will, subject to Applicable Laws, issue the Preferred Shares in uncertificated form to be held in the CSD.

Preferred Shares issued in uncertificated form will not be represented by any Certificate or written instrument.

All transactions in uncertificated securities as contemplated in the SA Financial Markets Act will be cleared and settled in accordance with the Applicable Procedures. All the provisions relating to Beneficial Interests in the Preferred Shares held in the CSD will apply to Preferred Shares issued in uncertificated form.

The Issuer will record in the Register, the total number of the Preferred Shares issued by it.

**Beneficial Interests in Preferred Shares held in the CSD**

The CSD and Participants will maintain records of the Beneficial Interests in Preferred Shares held in the CSD.

The CSD will hold each Tranche of Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures.

Accordingly, and except where the contrary is provided in the Preferred Share Terms and Conditions, all amounts to be paid in respect of the Preferred Shares issued in uncertificated form and held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

While a Tranche of Preferred Shares is held in its entirety in the CSD, the Nominee will be named in the Register as the sole holder of the Preferred Shares in that Tranche.

The CSD maintains central securities accounts only for Participants.

Beneficial Interests which are held by Participants will be held directly through the CSD, and the CSD will hold such Beneficial Interests, on behalf of such Participants, through the central securities accounts maintained by the CSD for such Participants.

The Participants are in turn required to maintain securities accounts for their clients. Beneficial Interests which are held by clients of Participants will be held indirectly through such Participants, and such Participants will hold such Beneficial Interests, on behalf of such clients, through the securities accounts maintained by such Participants for such clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

Euroclear Bank S.A./N.V. as operator of the Euroclear System and Clearstream Banking S.A. may hold Preferred Shares through their Participants.

In relation to each person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the number of such Preferred Shares standing to the credit of the account of such person shall be prima facie proof of such Beneficial Interest. The Nominee (as the registered holder of such Preferred Shares named in the Register) will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of such Preferred Shares for all purposes.

Transfers of Beneficial Interests in the CSD to and from clients of the Participants occur by electronic book entry in the central securities accounts of the clients of the Participants. Transfers among Participants of Preferred Shares held in the CSD system occur through electronic book entry in the Participants' central security accounts with the CSD. Beneficial Interests may be transferred only in accordance with the Preferred Share Terms and Conditions and the Applicable Procedures. Holders of Beneficial Interests vote in accordance with the Applicable Procedures. Holders of Beneficial Interests in Preferred Shares must exercise their respective rights to vote through their respective Participants. The respective Participants will vote in accordance with the respective instructions conveyed to them by the respective holders of Beneficial Interests in Preferred Shares, in accordance the Applicable Procedures.

The Issuer shall regard the Register as the conclusive record of title to the Preferred Shares.

**Other Preferred Shares**

The Issuer may, without the consent of the respective holders of any Preferred Shares, agree with any Dealer appointed in relation to the relevant Tranche of Preferred Shares that such Tranche of Preferred Shares be issued in a form not contemplated by the Preferred Share Terms and Conditions, in which case a supplement to this Programme Memorandum or the Applicable Pricing Supplement, if appropriate, will be issued which will describe the effect of the agreement reached in relation to such Tranche of Preferred Shares.

***PRO FORMA* APPLICABLE PRICING SUPPLEMENT**

Set out below is the form of Applicable Pricing Supplement, which will be completed for each Tranche of Preferred Shares issued under the Programme:

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(incorporated in the Isle of Man under registration number 014469V)*

**Issue of ZAR[●],000,000 [Title of Preferred Shares]**

**Under its ZAR20,000,000,000 Preferred Share Programme**

This Applicable Pricing Supplement must be read in conjunction with the Programme Memorandum prepared by the Issuer dated [ ] 2025, as may be amended, varied, restated, novated or supplemented from time to time (the **Programme Memorandum**) and the general preferences, rights, limitations and other terms attaching to each Preferred Share, as set out or incorporated by reference in the Articles of Association.

References in this Applicable Pricing Supplement to the General Preferred Share Terms are to the section of the Programme Memorandum headed "*Preferred Share Terms and Conditions*" (**General Preferred Share Terms**). References to any Condition in this Applicable Pricing Supplement are to that Condition of the General Preferred Share Terms.

Any capitalised terms not defined in this Applicable Pricing Supplement shall have the meanings ascribed to them in the General Preferred Share Terms.

This document constitutes the Applicable Pricing Supplement relating to the issue of the Preferred Shares described herein.

This Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with the General Preferred Share Terms, which shall, to the extent so specified supplement the General Preferred Share Terms for the purpose of such Tranche of Preferred Shares.

To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of the Applicable Pricing Supplement shall prevail.

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| | | |
|:---|:---|:---|
| **PARTIES** | **PARTIES** |  |
| 1. | Issuer | PK Investments Limited |
|  | Registered Office | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 2. | Dealer | [ ] |
|  | Specified Address | [ ] |
| 3. | Managers | [ ] |
|  | Specified Address | [ ] |
| 4. | Paying Agent | [ ] |
|  | Specified Address | [ ] |
| 5. | Calculation Agent | [ ] |
|  | Specified Address | [ ] |
| 6. | Transfer Agent | [ ] |
|  | Specified Address | [ ] |
| 7. | Strate Issuer Agent | [ ] |
|  | Specified Address | [ ] |
| 8. | Settlement Agent | [ ] |
|  | Specified Address | [ ] |
| 9. | Debt Issuer Agent | [ ] |
|  | Specified Address | [ ] |

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| | | |
|:---|:---|:---|
| **DESCRIPTION OF THE PREFERRED SHARES** | **DESCRIPTION OF THE PREFERRED SHARES** |  |
| 10. | Status of the Preferred Shares | Redeemable Preferred Shares |
| 11. | Listed/Unlisted | Listed |
| 12. | Class | [ ] |
| 13. | Tranche number | [ ] |
| 14. | Aggregate Issue Price of this Tranche | [ ] |
| 15. | Number of Preferred Shares | [ ] |
| 16. | Dividend/Payment Basis | [ ] |
| 17. | Issue Date | [ ] |
| 18. | Minimum Aggregate Issue Price per subscriber, acting as principal | ZAR[●],000,000 |
| 19. | Issue Price | [ ] per Preferred Share |
| 20. | Dividend Commencement Date | [ ] |
| 21. | Final Redemption Date | [ ] or, if such day is not a Business Day, the Business Day as determined in accordance with the Applicable Business Day Convention and the Applicable Procedures |
| 22. | Final Redemption Amount | [ ] |
| 23. | Applicable Business Day Convention | [Business Day convention described in Condition 9.2/ Following Business Day/Modified Following Business Day/ Preceding Business Day/other convention – insert details] |
| 24. | Set out the relevant description of any additional/other Preferred Share Terms and Conditions relating to the Preferred Shares (including additional covenants, if any) | [ ] |
| **FIXED RATE PREFERRED SHARES** | **FIXED RATE PREFERRED SHARES** |  |
| 25. | Fixed Dividend Rate | [ ]% per annum nacq/nacm/nacs/naca |
| 26. | Dividend Payment Date(s) | [ ] of each calendar year] or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and the Applicable Procedures |
| 27. | Dividend Compounding Date(s) | [ ] |
| 28. | Dividend Period(s) | [ ]/[Each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention)] |
| 29. | Any other items relating to the particular Method of calculating Preferred Dividends | [ ] |

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| | | |
|:---|:---|:---|
| **FLOATING RATE PREFERRED SHARES** | **FLOATING RATE PREFERRED SHARES** |  |
| 30. | Dividend Rates(s) | [ ] of the Prime Rate |
| 31. | Dividend Payment Date(s) | [ ] of each calendar year or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and subject to the Applicable Procedures |
| 32. | Dividend Compounding Date(s) | [ ] of each calendar year or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and subject to the Applicable Procedures |
| 33. | Dividend Period(s) | [ ]/[Each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention)] |
| 34. | Manner in which the Dividend Rate is to be determined | [Screen Rate Determination/other (insert details)] |
| 35. | Margin/Spread for the Dividend Rate | [(+/-)[ ]% per annum to be added to/subtracted from the relevant Reference Rate] |
| 36. | Minimum Dividend Rate | [ ]% |
| 37. | Maximum Dividend Rate | [ ] |
| 38. | If ISDA Determination |  |
| a) | Floating Rate (including relevant period) | [ ] |
| b) | Floating Rate Option | [ ] |
| c) | Reset Date(s) | [ ] |
| d) | ISDA definitions to apply | [ ] |
| 39. | If Screen Determination |  |
| a) | Reference Rate (including relevant period by reference to which the Dividend Rate is to be calculated) | [e.g. Prime Rate] |
| b) | Dividend Rate Determination Date(s) | [The first Business Day of each Dividend Period] |
| c) | Relevant Screen page and Reference Code | [ ] |
| d) | Relevant Time | [ ] |
| 40. | If Dividend Rate to be calculated otherwise than by reference to Screen Rate Determination, insert basis for determining Dividend Rate/Margin/Fall back provisions | [ ] |
| 41. | Any other terms relating to the particular method of calculating Preferred Dividends | [ ] |

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| | | |
|:---|:---|:---|
| **MIXED RATE PREFERRED SHARES** | **MIXED RATE PREFERRED SHARES** |  |
| 42. | Period(s) during which the Dividend Rate for the Mixed Rate Preferred Shares will be (as applicable): |  |
| a) | Fixed Rate Preferred Shares | [ ] |
| b) | Floating Rate Preferred Shares | [ ] |
| c) | Other Preferred Shares | [ ] |
| 43. | The Dividend Rate and other pertinent details are set out under the headings relating to the applicable forms of Preferred Shares |  |
| **OTHER PREFERRED SHARES** | **OTHER PREFERRED SHARES** | **OTHER PREFERRED SHARES** |
| 44. | If the Preferred Shares are not Fixed Rate Preferred Shares, Floating Rate Preferred Shares or Mixed Rate Preferred Shares or if the Preferred Shares are a combination of the above and some other Preferred Shares, set out the relevant description of any additional Preferred Share Terms and Conditions relating to such Preferred Shares | [ ] |
| **PROVISIONS REGARDING REDEMPTION** | **PROVISIONS REGARDING REDEMPTION** |  |
| 45. | Early Redemption Amount and method, if any, of calculation of such amount | [As per Condition 8.5] |
| **GENERAL** | **GENERAL** |  |
| 46. | International Securities Identification Number (ISIN) | [ ] |
| 47. | Stock Code | [ ] |
| 48. | Financial Exchange | [ ] |
| 49. | Method of distribution | [ ] |
| 50. | Credit Rating assigned to the Issuer/the Programme/ this Tranche of Preferred Shares (if any), and date of such Credit Rating | [ ] |
| 51. | Rating Agency (if any) | [ ] |
| 52. | Governing Law | Isle of Man |
| 53. | Last Day to Trade | The "*Last Day to Trade*" as set out in the Applicable Procedures |
| 54. | Record Date | The date on which the holdings of Preferred Shares, upon which the Event entitlement is based, is ascertained, being the "*Record Date*" as set out in the Applicable Procedures |
| 55. | Programme Amount | ZAR20,000,000,000 |
| 56. | Aggregate Issue Price of all Preferred Shares in issue on the Issue Date of this Tranche | ZAR[ ], excluding this Tranche of Preferred Shares and any other Tranche(s) of Preferred Shares to be issued on the Issue Date |
| 57. | Use of proceeds | [General corporate purposes]/[ ] |
| 58. | Additional Redemption Events | [ ] |
| 59. | Exchange Control Approval | [ ] |
| 60. | Other provisions | [ ] |

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**Responsibility:**

The Issuer certifies that to the best of its knowledge and belief there are no facts that have been omitted from the Programme Memorandum or this Applicable Pricing Supplement which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Applicable Pricing Supplement contains all information required by Applicable Laws and the CTSE Debt Listings Requirements. The Issuer accepts full responsibility for the accuracy of the information contained in the Programme Memorandum, this Applicable Pricing Supplement and all documents incorporated by reference (see section of the Programme Memorandum headed "*Documents Incorporated by Reference*").

Neither the CTSE nor the CTSE Registry take any responsibility for the contents of the Programme Memorandum, this Applicable Pricing Supplement, the Issuer's annual financial statements and any amendments or supplements to the aforementioned documents. Neither the CTSE nor the CTSE Registry make any representation as to the accuracy or completeness of the Programme Memorandum, this Applicable Pricing Supplement, the Issuer's annual financial statements and any amendments or supplements to the aforementioned documents, and expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the aforementioned documents. The CTSE's approval of the registration of the Programme Memorandum and listing of the Preferred Shares are not to be taken in any way as an indication of the merits of the Issuer or of the Preferred Shares and, to the extent permitted by Applicable Law, the CTSE will not be liable for any claim whatsoever.

**Programme Amount:**

As at the date of this Applicable Pricing Supplement the Issuer confirms that the authorised Programme Amount of ZAR20,000,000,000 has not been exceeded.

**Listing:**

Application is hereby made to list Tranche [●] of the Preferred Shares on the CTSE [**on ● ●●**].

**SIGNED** at ______________________________ on this _________________ day of __________________________________________ 2025

For and on behalf of

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| | | | |
|:---|:---|:---|:---|
| **PK Investments Limited** | **PK Investments Limited** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

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**PREFERRED SHARE TERMS AND CONDITIONS**

*The following are the General Preferred Share Terms attaching to each Preferred Share, as set out or incorporated by reference in the Articles of Association, which will be supplemented, in respect of each Tranche of Preferred Shares to be issued by the Issuer, by the Applicable Pricing Supplement. The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify further terms and conditions, which are not inconsistent with these General Preferred Share Terms, which shall, to the extent so specified, supplement these General Preferred Share Terms for the purpose of such Tranche of Preferred Shares.*

*Preferred Shares will be issued in individual Tranches which, together with other Tranches, may form a Class of Preferred Shares. Before the Issuer issues any Tranche of Preferred Shares, the Board will pass a Board Resolution determining the Specific Preferred Share Terms of that Tranche of Preferred Shares; and the Board will also pass the Board Resolution authorising the issue of that Tranche of Preferred Shares; and the Issuer shall complete and sign the Applicable Pricing Supplement, based on the Pro Forma Applicable Pricing Supplement.*

*To the extent that there is any conflict or inconsistency between the contents of this Programme Memorandum and the Applicable Pricing Supplement, the provisions of the Applicable Pricing Supplement shall prevail.*

1. **Definitions and Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Preferred Share Terms and Conditions, unless inconsistent with the context or separately defined in the Applicable Pricing Supplement in a manner not inconsistent with these General Preferred Share Terms, the following expressions shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 **Accrued Preferred Dividends** at any time, any and all Preferred Dividends which have accrued (whether declared or not), but which have not been paid at that time;

1.1.2 **Actual Redemption Date** in relation to a Preferred Share, the date upon which that Preferred Share is redeemed in full by the Issuer;

1.1.3 **Applicable Business **Day Convention** the Business Day convention described in Condition 9.2;

1.1.4 **Applicable Laws** in relation to a person, all and any statutes and subordinate legislation, regulations and ordinances, by-laws, judgements and decisions of any competent authority, present or future common law, codes of practice, circulars, guidance notices, judgements and decisions of any competent authority, and other similar provisions, from time to time;

1.1.5 **Applicable Pricing Supplement** in relation to a Tranche of Preferred Shares, the pricing supplement completed and signed by the Issuer in relation to the issue of that Tranche of Preferred Shares, setting out such additional and/or other terms and conditions as are applicable to that Tranche of Preferred Shares, based upon the *pro forma* pricing supplement which is set out in the section of the Programme Memorandum headed "*Pro Forma Applicable Pricing Supplement* ";

1.1.6 **Applicable Procedures** the rules, listings requirements (including the CTSE Debt Listings Requirements) and operating procedures for the time being of the CSD, Settlement Agents, CTSE and/or any other applicable Financial Exchange, as the case may be;

1.1.7 **Arranger** PSG Capital and/or such other person(s) appointed by the Issuer in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis;

1.1.8 **Articles of Association** the Articles of Association of the Issuer, including its annexures and/or schedules;

1.1.9 **Authorisation** an authorisation, consent, approval, resolution, licence, permit, exemption, filing, notarisation, lodgement or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10 **Beneficial Interest** in relation to a Tranche of Preferred Shares an interest as co-owner of an undivided interest in a Preferred Share held in uncertificated form in accordance with the SA Financial Markets Act;

1.1.11 **Board** the board of directors of the Issuer from time to time;

1.1.12 **Board Resolution** in respect of each Tranche of Preferred Shares, a resolution of the Board (i) determining the Specific Preferred Share Terms of that Tranche of Preferred Shares; and (ii) authorising the issue of that Tranche of Preferred Shares;

1.1.13 **Business Day** a day (other than a Saturday or Sunday or public holiday within the meaning of the South African Public Holidays Act 36 of 1994, as amended from time to time) on which commercial banks settle Rand payments in Johannesburg, South Africa;

1.1.14 **Calculation Agent** PK Investments Limited or, in relation to any particular Tranche or Class of Preferred Shares, such other person(s) appointed by the Issuer as specified in the Applicable Pricing Supplement;

1.1.15 **Certificate** a certificate representing Preferred Shares registered in the name of the relevant Preferred Shareholder;

1.1.16 **Class** a Tranche of Preferred Shares, together with any further Tranche or Tranches of Preferred Shares, which are (i) expressed in the Applicable Pricing Supplement to form part of the same Class as another Tranche of Preferred Shares; and (ii) identical in all respects (including as to listing) except for their respective Issue Dates;

1.1.17 **Class of Preferred Shareholders** the holders of a Class of Preferred Shares;

1.1.18 **Condition** a numbered term or condition of the Preferred Shares forming part of the Preferred Share Terms and Conditions;

1.1.19 **Corporate Actions** in respect of the CTSE Debt Listings Requirements, Schedule 13, as these may be amended from time to time or any successor documents to such schedules;

1.1.20 **Credit Rating** in relation to a Class of Preferred Shares, the Programme or the Issuer, a rating, if any, granted by a Rating Agency, as specified in the Applicable Pricing Supplement;

1.1.21 **CSD** Strate Proprietary Limited, registration number 1998/022242/07, a private company with limited liability duly incorporated in accordance with the company and banking laws of South Africa and registered as a central securities depository in terms of the SA Financial Markets Act or such additional, alternative or successor central securities depository as may be agreed between the Issuer and the relevant Dealer(s);

1.1.22 **CTSE** Cape Town Stock Exchange Proprietary Limited, registration number 2013/031754/07, a private company duly incorporated in accordance with the company laws of South Africa and a licensed financial exchange in terms of the SA Financial Markets Act, or any exchange which operates as a successor exchange to the CTSE;

1.1.23 **CTSE Debt Listings Requirements** the debt listings requirements of the CTSE pursuant to the provisions of the SA Financial Markets Act for the listing of debt securities on the CTSE, as amended from time to time;

1.1.24 **CTSE News Service** the news service operated by the CTSE;

1.1.25 **CTSE Registry** CTSE Registry Services Proprietary Limited, registration number 2016/396777/07, a private company duly incorporated in accordance with the laws of South Africa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.26 **Dealer(s)** PSG Capital, PK Investments Limited and/or such other person(s) appointed by the Issuer in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis;

1.1.27 **Debt Issuer Agent** PSG Capital and/or such other person(s) appointed by the Issuer in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis;

1.1.28 **Dividend Commencement Date** if applicable, in relation to a Tranche of Preferred Shares, the first date from which Preferred Dividends on such Tranche will accrue, being the Issue Date of that Tranche or such other date as specified in the Applicable Pricing Supplement;

1.1.29 **Dividend Compounding Date(s)** if applicable, in relation to a Class of Preferred Shares, the last day of each Dividend Period, unless otherwise specified in the Applicable Pricing Supplement;

1.1.30 **Dividend Payment Date(s)** if applicable, in relation to a Class of Preferred Shares, the date(s) specified as such in the Applicable Pricing Supplement;

1.1.31 **Dividend Period** if applicable, in relation to a Class of Preferred Shares, each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention);

1.1.32 **Dividend Rate** if applicable, in relation to a Class of Preferred Shares, the dividend rate(s) specified in the Applicable Pricing Supplement;

1.1.33 **Dividend Rate Determination Date** if applicable, in respect of a Class of Preferred Shares, the date(s) specified in the Applicable Pricing Supplement;

1.1.34 **Dividends Tax** the withholding tax on dividends imposed under Part VIII of Chapter II of the SA Income Tax Act;

1.1.35 **Early Redemption** in relation to a Class of Preferred Shares, has the meaning specified in the Applicable Pricing Supplement (as applicable);

1.1.36 **Early Redemption Amount** the Early Redemption Amount as calculated in the Applicable Pricing Supplement;

1.1.37 **Early Redemption Date** in relation to a Class of Preferred Shares, the date of the Early Redemption of the applicable Preferred Shares;

1.1.38 **Event** an action taken by the Issuer or any other person which affects the Preferred Shareholders in terms of entitlements or notifications;

1.1.39 **Final Redemption Amount** in relation to a Class of Preferred Shares, the amount payable in respect of each Preferred Share in the Class (other than in relation to any Accrued Preferred Dividends) upon final redemption thereof, as specified in the Applicable Pricing Supplement;

1.1.40 **Final Redemption Date** in relation to a Class of Preferred Shares, the final date upon which the Preferred Shares are to be redeemed, as specified in the Applicable Pricing Supplement;

1.1.41 **Financial Exchange** the CTSE and/or such other or further financial exchange(s) as may be selected by the Issuer and the relevant Dealer, subject to Applicable Law;

1.1.42 **Fixed Rate Preferred Shares** Preferred Shares which will bear dividends at a fixed Dividend Rate, as specified in the Applicable Pricing Supplement and more fully described in Condition 7.2;

1.1.43 **Floating Rate Preferred Shares** Preferred Shares which will bear dividends at a floating Dividend Rate, as specified in the Applicable Pricing Supplement and more fully described in Condition 7.3;

1.1.44 **General Preferred Share Terms** the preferences, rights, limitations and other terms attaching to each Preferred Share, as set out herein;

1.1.45 **IASB** the International Accounting Standards Board;

1.1.46 **IFRS** the international financial reporting standards issued by the IASB and interpretations issued by the Financial Reporting Interpretations Committee of the IASB (as amended or reissued from time to time);

1.1.47 **Insolvency Event** the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an order is made for the liquidation or winding-up (whether provisional or final) of the Issuer;

(ii) an order is made for the appointment of a liquidator (whether provisional or final);

(iii) a resolution is passed in respect of the liquidation, winding-up or dissolution of the Issuer; or

(iv) a
receiver or receiver and manager is appointed over a material part of the assets of the Issuer, in each case, and where applicable, other than for purposes of a solvent reconstruction or amalgamation in which the Issuer remains the debtor under the Preferred Shares;

1.1.48 **IoM Companies Act** the Isle of Man Companies Act, 2006;

1.1.49 **Isle of Man** the Isle of Man as constituted from time to time;

1.1.50 **Issue Date** in relation to each Preferred Share, the date on which the Issuer issues that Preferred Share to the subscriber thereof, as specified in the Applicable Pricing Supplement;

1.1.51 **Issue Price** in relation to each Preferred Share, the subscription price payable as consideration for the issue of that Preferred Share, as specified in the Applicable Pricing Supplement;

1.1.52 **Issuer** PK Investments Limited, registration number 014469V, a limited liability company duly incorporated in accordance with the laws of the Isle of Man, with its date of registration being 17 February 2017;

1.1.53 **Last Day to Trade** the "*Last Day to Trade*" as set out in the Applicable Procedures;

1.1.54 **Margin** in relation to a Class of Floating Rate Preferred Shares, has the meaning ascribed thereto in the Applicable Pricing Supplement;

1.1.55 **Minimum Aggregate Issue Price** if applicable, the minimum aggregate Issue Price in respect of any Tranche of Preferred Shares for which any single person, acting as principal, may subscribe;

1.1.56 **Mixed Rate Preferred Shares** Preferred Shares which will attract dividends over respective periods at differing Dividend Rates applicable to any combination of Fixed Rate Preferred Shares, Floating Rate Preferred Shares or other Preferred Shares, as more fully described in Condition 7.4 and in the Applicable Pricing Supplement;

1.1.57 **Nominee** PLC Nominees Proprietary Limited, registration number 1989/002235/07, or such additional, alternative or successor nominee, custodian, or trustee as may be appointed from time to time, who will receive Preferred Shares in uncertificated form to hold on behalf of the Beneficial Interest holders of the Preferred Shares;

1.1.58 **Ongoing Preferred Dividends** if applicable, the cumulative cash preferred dividends which are payable in respect of a Preferred Share in accordance with the Preferred Share Terms and Conditions and the Applicable Pricing Supplement;

1.1.59 **Ordinary Shares** ordinary shares in the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.60 **Outstanding Preferred Share** at any time, any Preferred Share which has been issued, but which has not been redeemed;

1.1.61 **Participants** a person that holds in custody and administers securities or an interest in securities and that has been accepted by the CSD as a participant in terms of the SA Financial Markets Act. As of the Programme Date, the Participants are Absa Bank Limited, Citibank N.A., South Africa Branch, FirstRand Bank Limited (acting through its Rand Merchant Bank division), Nedbank Limited, The Standard Bank of South Africa Limited, Standard Chartered Bank, Johannesburg Branch, JSE Investor Services Limited and Computershare Investor Services Proprietary Limited;

1.1.62 **Paying Agent** RMB or such other person(s) appointed by the Issuer from time to time, as specified in the Applicable Pricing Supplement;

1.1.63 **Preferred Dividend** each dividend accrued and/or paid in relation to any Preferred Share, including the Ongoing Preferred Dividends and any other dividends specified in the Preferred Share Terms and Conditions;

1.1.64 **Preferred Shareholders** the holders of the Preferred Shares (as recorded in the Register);

1.1.65 **Preferred Share** a redeemable non-voting preferred share in the Issuer, having the preferences, rights, limitations and other terms set out in the Preferred Share Terms and Conditions and which will be listed on the CTSE or any other Financial Exchange(s);

1.1.66 **Preferred Share Terms and Conditions** these General Preferred Share Terms, as supplemented by the Specific Preferred Share Terms;

1.1.67 **Prime Rate** the publicly quoted basic rate of interest (percent, per annum, compounded monthly in arrear and calculated on a 365 day year (irrespective of whether or not the year is a leap year)) from time to time published by RMB as being its prime overdraft rate as certified by any authorised official of the Issuer, whose appointment, designation or authority need not be proved;

1.1.68 **Programme** the PK Investments Limited ZAR20,000,000,000 Preferred Share Programme;

1.1.69 **Programme Agreement** the agreement concluded between the Issuer, the Arranger, the Debt Issuer Agent, if any, and the Dealer(s) relating to the procuring of subscriptions for the Preferred Shares;

1.1.70 **Programme Amount** the maximum aggregate Issue Price of all of the Preferred Shares in issue under the Programme at any one point in time, being ZAR20,000,000,000 or such increased amount as is determined by Board of the Issuer from time to time, subject to and in accordance with all Applicable Laws, the Programme Agreement, the requirements of the CTSE and/or any such other Financial Exchange(s) on which the Preferred Shares may be listed;

1.1.71 **Programme Date** the date of the Programme Memorandum, being 1 August 2025;

1.1.72 **Programme Memorandum** the programme memorandum dated 1 August 2025, issued by the Issuer providing information about the Issuer and the Preferred Shares, and incorporating the Preferred Share Terms and Conditions, as amended, varied, restated, novated or supplemented from time to time;

1.1.73 **PSG Capital** PSG Capital Proprietary Limited, registration number 2006/015817/07, a limited liability private company duly incorporated in accordance with the laws of South Africa, with its date of registration being 24 May 2006;

1.1.74 **Rand** South African Rand, the lawful currency of South Africa;

1.1.75 **Rating Agency** any of Standard & Poor's, Moody's Investor Service Limited and/or such other rating agency, if any, appointed by the Issuer to assign a Credit Rating to a Class of Preferred Shares, the Programme or the Issuer, as specified in the Applicable Pricing Supplement;

1.1.76 **Record Date** the date on which the holdings of Preferred Shares, upon which the Event entitlement is based, are ascertained, which will be determined in accordance with the Applicable Procedures;

1.1.77 **Redemption Amount** in respect of each Preferred Share, the amount per Preferred Share payable on redemption of that Preferred Share, in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.77.1 in the case of redemption on the Early Redemption Date, its Early Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Early Redemption Date;

1.1.77.2 in the case of redemption in terms of Conditions 8.3, 8.4 or 11, its Final Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Redemption Date; and

1.1.77.3 in the case of redemption on the Final Redemption Date, its Final Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Final Redemption Date;

1.1.78 **Redemption Date** each date on which any Preferred Share is to be redeemed, in terms of the Preferred Share Terms and Conditions, including:

1.1.78.1 the Final Redemption Date;

1.1.78.2 any Early Redemption Date;

1.1.78.3 the date on which the Issuer will redeem that Preferred Share in accordance with Conditions 8.3, 8.4 or 11; and

1.1.78.4 the date of payment of a return of capital, in the event of the liquidation, dissolution or winding-up of the Issuer;

1.1.79 **Redemption Event** in relation to any Preferred Shares, any of the events specified as such in Condition 11;

1.1.80 **Reference Banks** four leading banks in the South African inter-bank market selected by the Calculation Agent and approved by the Issuer (where the Issuer does not act as the Calculation Agent);

1.1.81 **Reference Rate** in relation to a Class of Floating Rate Preferred Shares, such rate as is specified in the Applicable Pricing Supplement;

1.1.82 **Register** the register of shareholders or branch register of shareholders of the Issuer to be maintained in accordance with the IoM Companies Act, the Articles of Association and the Preferred Share Terms and Conditions, into which particulars of the Preferred Shares will be entered;

1.1.83 **Registrar of Banks** the Registrar of Banks designated under section 4 of the SA Banks Act;

1.1.84 **Regulatory Event** on or after the Issue Date of any Preferred Shares, any:

1.1.84.1 change in Applicable Laws (including any changes to the IoM Companies Act, the Isle of Man Financial Services Act, 2008 (and any order or regulations made pursuant thereto), the SA Banks Act, the SA Companies Act or the Exchange Control Regulations) or in the interpretation or general application of any Applicable Laws (including in or of the aforesaid specific legislation), whether in force before or after the Issue Date of the relevant Preferred Shares), or the introduction of any new Applicable Law;

1.1.84.2 change in banking practice as it affects or is applied generally by any financial institution in South Africa;

1.1.84.3 requirement or request by any statutory or monetary authority, to pay any amounts, or maintain special deposits or reserve assets, in addition to those currently paid or reserved by the Issuer;

1.1.84.4 compliance by the Issuer with any reserve, capital adequacy, cash ratio, special deposit or liquidity requirement (or any other similar requirement) in terms of any Applicable Law, or as otherwise required by a regulator, in respect of the relevant Preferred Shares in addition to those required (if any) of the Issuer as at the Issue Date of such Preferred Shares; or

1.1.84.5 change in the Applicable Procedures, which the Issuer, in each case, determines has, or is likely to have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.84.5.1 the effect that it will be contrary to Applicable Laws for the relevant Preferred Shares to remain in issue;

1.1.84.5.2 an adverse financial implication to the Issuer in respect of the relevant Preferred Shares; or

1.1.84.5.3 the effect that the Issuer will be subject to materially less favourable regulatory treatment in respect of the relevant Preferred Shares;

1.1.85 **Relevant Date** the date on which a payment first becomes due and payable in accordance with the Preferred Share Terms and Conditions, except that in relation to monies payable to the CSD in accordance with the Preferred Share Terms and Conditions, the claim in respect of any payment under the Preferred Shares will prescribe three years after the date on which (i) the full amount of such monies has been received by the CSD, (ii) such monies are available for payment to the holders of Beneficial Interests, and (iii) notice to that effect has been duly given to such holders in accordance with the Applicable Procedures;

1.1.86 **Relevant Screen Page** the page, section or other part of a particular information service (including Reuters) specified as the Relevant Screen Page in the Applicable Pricing Supplement, or such other page, section or other part as may replace it on that information service or such other information service, in each case, as may be nominated by the person providing or sponsoring the information appearing there for the purpose of displaying rates or prices comparable to the Reference Rate;

1.1.87 **Relevant Time** the time specified as the Relevant Time in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.88 **Representative** a person duly authorised to act on behalf of a Preferred Shareholder, who may be regarded by the Issuer, the Transfer Agent and the Paying Agent (all acting in good faith) as being duly authorised based upon the tacit or express representation thereof by such Representative, in the absence of express notice to the contrary from such Preferred Shareholder;

1.1.89 **RMB** FirstRand Bank Limited (acting through its Rand Merchant Bank division), registration number 1929/001225/06, a public company duly incorporated in accordance with the laws of South Africa;

1.1.90 **SA Banks Act** the South African Banks Act, 1990;

1.1.91 **SA Companies Act** the South African Companies Act, 2008, as amended;

1.1.92 **SA Financial Markets Act** the South African Financial Markets Act, 2012;

1.1.93 **SA Income Tax Act** the South African Income Tax Act, 1962, as amended from time to time;

1.1.94 **SA Securities Transfer Tax Act** the South African Securities Transfer Tax Act, 2007;

1.1.95 **Settlement Agents** those Participants who are approved by the CSD from time to time, in terms of the Applicable Procedures, as settlement agents to perform electronic settlement of funds and scrip on behalf of market participants;

1.1.96 **South Africa** the Republic of South Africa as constituted from time to time;

1.1.97 **Special Resolution** a resolution of at least 66.67% the Preferred Shareholders;

1.1.98 **Specific Preferred Share Terms** the preferences, rights, limitations and other terms attaching to each Preferred Share, to be determined by the Board at the time of allotment and issue thereof and set out in the Applicable Pricing Supplement, to supplement these General Preferred Share Terms;

1.1.99 **Specified Office** in relation to each of the Issuer, the Calculation Agent, the Transfer Agent or any other applicable person, the address of the office specified in respect of such person in the Applicable Pricing Supplement, or such other address as is notified by such person (or, where applicable, a successor to such person) to the Preferred Shareholders in accordance with the Preferred Share Terms and Conditions;

1.1.100 **Strate Issuer Agent** RMB or such other entity appointed by the Issuer as Strate Issuer Agent pursuant to the debt instrument solution system of the CSD, in which event that other entity will act as Strate Issuer Agent;

1.1.101 **STT** securities transfer tax levied under the SA Securities Transfer Tax Act;

1.1.102 **Subsidiary** a "subsidiary" within the meaning of section 220 of the IoM Companies Act;

1.1.103 **Taxes** all present and future taxes, duties, imposts, levies, charges, fees withholdings or deductions of whatever nature imposed, levied, collected, withheld or assessed by, or on behalf of, any governmental, fiscal or other competent authority in South Africa or the Isle of Man, as the case may be, (including any penalty payable in connection with any failure to pay, or delay in paying, any of the same) and "Tax" and "Taxation" will be construed accordingly;

1.1.104 **Tranche** all Preferred Shares which are identical in all respects (including as to listing) and are issued in a single issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.105 **Transfer Agent** CTSE Registry or such other person with whom the Issuer enters into an agreement in terms of which such person agrees to provide registry services to the Issuer;

1.1.106 **Unlisted Preferred Shares** Preferred Shares that are not listed on the CTSE or on any other Financial Exchange(s); and

1.1.107 **ZAR** South African Rand, the lawful currency of South Africa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the Preferred Share Terms and Conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 clause headings are for convenience only and are not to be used in the interpretation of the Preferred Share Terms and Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 an expression which denotes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.1 any gender includes the other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.2 a natural person includes a juristic person and *vice versa*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.3 the singular includes the plural and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 a reference to a person includes a reference to that person's successors in title and assigns allowed at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 a reference to a consecutive series of two or more Conditions is deemed to be inclusive of both the first and last mentioned Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Any reference in the Preferred Share Terms and Conditions to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 "**days**" is a reference to calendar days, unless expressly stated otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 "**person**" includes any natural person, company, close corporation, trust, partnership, joint venture, association, unincorporated association, governmental body, or other entity whether or not having separate legal personality, and includes that person's permitted successor, transferee, assignee, cessionary and/or delegate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 "**asset**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4 "**disposal**" a sale, transfer, grant, lease or other disposal (whether voluntary or involuntary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5 a time of day is a reference to Johannesburg time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The words "**include**" and "**including**" mean "include without limitation" and "including without limitation". The use of the words "**include**" and "**including**" followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Any substantive provision, conferring rights or imposing obligations on a person and appearing in any of the definitions in this Condition 1 or elsewhere in the Preferred Share Terms and Conditions, shall be given effect to as if it were a substantive provision in the body of the Preferred Share Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 A reference to any statutory enactment shall be construed as a reference to that enactment as at the Programme Date and as amended or substituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 The use of any expression in the Preferred Share Terms and Conditions covering a process available under Isle of Man law, such as winding-up, shall, if any person is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Any reference to the Preferred Share Terms and Conditions or to any other agreement or document shall be construed as a reference to the Preferred Share Terms and Conditions or, as the case may be, such other agreement or document, as amended, varied, restated, novated or supplemented from time to time.

2. **Issue** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Issuer may issue Preferred Shares from time to time, subject to these General Preferred Share Terms, which will be supplemented, in respect of each Class of Preferred Shares to be issued by the Issuer, by the Specific Preferred Share Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Preferred Shares will be issued in individual Tranches which may form a Class of Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Before the Issuer issues any Tranche of Preferred Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 the Board will pass the Board Resolution determining the Specific Preferred Share Terms of that Tranche of Preferred Shares and authorising the issue of that Tranche of Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 the Issuer will complete and sign the Applicable Pricing Supplement in respect of that Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Applicable Pricing Supplement for each Tranche of Preferred Shares supplements these General Preferred Share Terms in respect of that Tranche of Preferred Shares. The Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with these General Preferred Share Terms, in which event such other terms and conditions shall supplement these General Preferred Share Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Copies of the Applicable Pricing Supplements will be available for inspection at the Specified Office of the Issuer.

3. **Form** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Preferred Shares will be issued in uncertificated form to be held in the CSD for such Minimum Aggregate Issue Price per subscriber, acting as principal, as is determined by the Issuer and specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Each Preferred Share will be issued in a specified Class, as set out in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 A Tranche of Preferred Shares may be listed on the CTSE or on such other or further Financial Exchange(s) as may be determined by the Issuer, subject to Applicable Law. In terms of the Exchange Control Regulations, Unlisted Preferred Shares may not be issued under the Programme. The Applicable Pricing Supplement will specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 on which Financial Exchange(s) a Tranche of Preferred Shares are to be listed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 if such Tranche of Preferred Shares is to be listed on the CTSE, the relevant platform or sub-market of the CTSE on which such Tranche of Preferred Shares are to be listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Each Class of Preferred Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 be redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 be issued with a Final Redemption Date which falls more than three years after the Issue Date, as indicated in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 be issued as fully paid up shares in the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 be issued in accordance with the IoM Companies Act and the Articles of Association, and accordance with the Applicable Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 be issued at such Issue Price as is specified in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6 if applicable, be Fixed Rate Preferred Shares, Floating Rate Preferred Shares, Mixed Rate Preferred Share or such other type of Preferred Shares, in each case as may be determined by the Issuer and specified in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7 if applicable, be cumulative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.8 have the status set out in Condition 6.

4. **Beneficial Interests in Preferred Shares held in the CSD** 

The CSD will hold Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures. All amounts to be paid in respect of Preferred Shares held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

5. **Title** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 The Isle of Man Uncertificated Securities Regulations 2006 (**Regulations**) made under the IoM Companies Act permit paperless (i.e. computerised) securities settlement systems to operate in respect of the securities of companies incorporated in the Isle of Man which have chosen to participate in such systems as operated by certain "Operators" identified as such in the Regulations. However, the CSD and the Strate system are not identified as "Operators" in the Regulations. As a consequence, legal title to the Preferred Shares will be registered in the Register in the name of the Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Any reference in these General Preferred Share Terms to the relevant Participant shall, in respect of Beneficial Interests, be a reference to the Participant appointed to act as such by a holder of such Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Preferred Shares issued in uncertificated form** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The Nominee will be named in the Register as the registered holder of each Tranche Preferred Shares which is issued in uncertificated form and held in the CSD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 The Nominee will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of those uncertificated Preferred Shares for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Beneficial Interests in Preferred Shares held in the CSD** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Beneficial Interests in Preferred Shares held in uncertificated form will, in terms the Applicable Procedures, be transferred through the CSD by way of book entry in the central securities accounts of the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Beneficial Interests which are held by clients of Participants will be held indirectly through such Participants, and such Participants will hold such Beneficial Interests, on behalf of such clients, through the securities accounts maintained by such Participants for such clients. The clients of Participants may include the holders of Beneficial Interests or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 In relation to each Person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in a particular number of Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the aggregate number of such Preferred Shares standing to the account of such Person shall be *prima facie* proof of such Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 Beneficial Interests in Preferred Shares may be transferred only in accordance with the Applicable Procedures. Transfer of Beneficial Interests in Preferred Shares issued in uncertificated form will not be recorded in the Register and the Nominee will continue to be reflected in the Register as the registered holder of such Preferred Shares, notwithstanding such transfers.

6. **Status of Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Ranking** 

The Preferred Shares of each Class of Preferred Shares will rank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 equally among themselves, with every other Class of Preferred Shares, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.1 the payment of dividends by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding-up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 in priority to the rights of all other classes of shares in the Issuer, including the Ordinary Shares, but excluding any other Preferred Shares, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2.1 the payment of dividends by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Right of the Preferred Shares on liquidation, dissolution or winding-up** 

Each Preferred Share shall confer on the holder thereof, the right of the holder to receive, in the event of the liquidation, dissolution or winding-up of the Issuer, a preferential right in priority to the rights of all other classes of shares in the Issuer, including the Ordinary Shares, but excluding any other Preferred Shares, to a return of capital in an amount equal to the Final Redemption Amount in respect of such Preferred Share, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid, calculated on the date on which payment of that return of capital is made by the Issuer to the holder of such Preferred Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Non-participating Preferred Shares** 

Save as set out in Conditions 6.2 and 7, the Preferred Shares do not confer on the Preferred Shareholders any further right to participate in the profits or assets of the Issuer nor, upon a winding-up, to any surplus assets of the Issuer.

7. **Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Right to Preferred Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 As specified in the Applicable Pricing Supplement and subject to Condition 7.1.2, each Preferred Share will confer on the holder thereof a right to receive, in priority to any payments of dividends to the holders of any lower ranking shares in the Issuer, a cumulative preferential cash dividend, determined and payable in accordance with this Condition 7 and the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 If the Issuer is specified in the Applicable Pricing Supplement as having a discretion to declare and pay Preferred Dividends, no Preferred Dividend shall accrue or be payable to the Preferred Shareholders if the Issuer does not declare such Preferred Dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Dividends on Fixed Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 **Fixed Dividend Rate** 

Each Fixed Rate Preferred Share will have associated with it the right of the holder of such Fixed Rate Preferred Share to receive a cumulative preferential cash dividend during each Dividend Period commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 **Dividend Payment Dates** 

The Ongoing Preferred Dividends will be payable in arrears on each Dividend Payment Date. The first payment of Ongoing Preferred Dividends will be made on the Dividend Payment Date following the Dividend Commencement Date. If any Dividend Payment Date falls upon a day which is not a Business Day, the provisions of Condition 9.2 shall determine the date of payment of dividends due upon such Dividend Payment Date. The Ongoing Preferred Dividend in respect of any Dividend Period shall accrue to and be paid on the relevant Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 **Calculation of Ongoing Preferred Dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.1 The Calculation Agent will calculate the Ongoing Preferred Dividend payable in respect of each Class of Fixed Rate Preferred Shares for each Dividend Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.2 Unless stated otherwise in the Applicable Pricing Supplement, the Ongoing Preferred Dividend shall be calculated in respect of each Dividend Period at the Dividend Rate on an amount equal to the aggregate of the Issue Price of each Fixed Rate Preferred Share together with all Preferred Dividends which have accrued and been compounded in accordance with Condition 7.2.3.3, but which have not been paid, on the basis of the actual number of days in such Dividend Period and a 365 day year, whether or not the year is a leap year, rounded to the nearest cent, half a cent being rounded upwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.3 The Ongoing Preferred Dividend will be deemed to and calculated as though it accrues on a daily basis and be compounded in arrears on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Dividends on Floating Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 **Floating Dividend Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1.1 Each Floating Rate Preferred Share will have associated with it the right of the holder of such Floating Rate Preferred Share to receive a cumulative preferential cash dividend during each Dividend Period commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1.2 Notwithstanding the foregoing, in respect of Floating Rate Preferred Shares that have a Dividend Rate calculated with reference to the Prime Rate, such Dividend Rate will be determined and applied on a daily basis and compounded on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 **Dividend Payment Dates** 

The Ongoing Preferred Dividend will be payable in arrears on each Dividend Payment Date. The first payment of Ongoing Preferred Dividends will be made on the Dividend Payment Date following the Dividend Commencement Date. If any Dividend Payment Date falls upon a day which is not a Business Day, the provisions of Condition 9.2 shall determine the date of payment of dividends due upon such Dividend Payment Date. The Ongoing Preferred Dividend in respect of any Dividend Period shall accrue to and be paid on the relevant Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 **Determination of Floating Dividend Rate and calculation of Ongoing Preferred Dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.1 The Calculation Agent will, on each Dividend Rate Determination Date, determine the Dividend Rate applicable to a Class of Floating Rate Preferred Shares for the Dividend Period commencing on that Dividend Rate Determination Date and calculate the Ongoing Preferred Dividend payable in respect of each Floating Rate Preferred Share in that Class for that Dividend Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.2 Unless stated otherwise in the Applicable Pricing Supplement, the Ongoing Preferred Dividend shall be calculated in respect of each Dividend Period at the Dividend Rate on an amount equal to the aggregate of the Issue Price of each Floating Rate Preferred Share together with all Preferred Dividends which have accrued and been compounded in accordance with Condition 7.3.3.3, but which have not been paid, on the basis of the actual number of days in such Dividend Period and a 365 day year, whether or not the year is a leap year, rounded to the nearest cent, half a cent being rounded upwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.3 The Ongoing Preferred Dividend will accrue on a daily basis and be compounded in arrears on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 **Basis of determining the Dividend Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1 The Dividend Rate will be determined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1.1 on the basis of Screen Rate Determination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1.2 on such other basis as may be determined by the Issuer,

all as indicated in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2 *Screen Rate Determination* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1 Where Screen Rate Determination is specified in the Applicable Pricing Supplement as the manner in which the Dividend Rate is to be determined, the Dividend Rate for each Dividend Period will, subject as provided below, be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1.1 the offered quotation (if there is only one quotation on the Relevant Screen Page); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1.2 the arithmetic mean (rounded if necessary to the fifth decimal place in respect of JIBAR, with 0,000005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of the offered quotations (if there is more than one quotation on the Relevant Screen Page) and subject to adjustment in terms of the CTSE's approved methodology,

for the Reference Rate(s) which appear(s) on the Relevant Screen Page as at 11h00 on the Dividend Rate Determination Date in question, as determined and published by the CTSE, plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any), all as determined by the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.2 If the Relevant Screen Page is not available or if, in the case of Condition 7.3.4.2.1.1, no such offered quotation appears or, in the case of Condition 7.3.4.2.1.2, fewer than three such offered quotations appear, in each case at the time specified in Condition 7.3.4.2.1, the Calculation Agent shall request the principal Johannesburg office of each of the Reference Banks to provide the Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 12h00 on the Dividend Rate Determination Date in question. If two or more of the Reference Banks provide the Calculation Agent with such offered quotations, the Dividend Rate for such Dividend Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place, in respect of JIBAR, with 0,000005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of such offered quotations plus or minus (as appropriate) the Margin (if any), all as determined by the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.3 If the Dividend Rate cannot be determined by applying the provisions of Condition 7.3.4.2.2, the Dividend Rate for the relevant Dividend Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, in respect of JIBAR, with 0,00005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of the rates, as communicated to (and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks offered, at approximately 12h00 on the relevant Dividend Rate Determination Date, in respect of deposits in an amount approximately equal to the Issue Price of the Preferred Shares, for a period equal to that which would have been used for the Reference Rate, to Reference Banks in the Johannesburg inter-bank market plus or minus (as appropriate) the Margin (if any). If fewer than two of the Reference Banks provide the Calculation Agent with such offered rates, the Dividend Rate for the relevant Dividend Period will be determined by the Calculation Agent as the arithmetic mean (rounded as provided above) of the rates for deposits in an amount approximately equal to the Issue Price of the Preferred Shares, for a period equal to that which would have been used for the Reference Rate, quoted at approximately 12h00 on the relevant Dividend Rate Determination Date, by the Reference Banks (selected by the Calculation Agent and approved by the Issuer) plus or minus (as appropriate) the Margin (if any). If the Dividend Rate cannot be determined in accordance with the foregoing provisions of this Condition 7.3.4.2, the Dividend Rate shall be determined as at the last preceding Dividend Rate Determination Date (though substituting, where a different Margin is to be applied to the relevant Dividend Period from that which applied to the last preceding Dividend Period, the Margin relating to the relevant Dividend Period, in place of the Margin relating to that preceding Dividend Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.4 If the Reference Rate from time to time in respect of Floating Rate Preferred Shares is specified in the Applicable Pricing Supplement as being other than the JIBAR rate, the Dividend Rate in respect of such Preferred Shares will be determined, in the manner provided above, or as may be provided in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Dividends on Mixed Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 Each Mixed Rate Preferred Share will have associated with it the right of the holder of such Mixed Rate Preferred Share to receive a cumulative preferential cash dividend for such Dividend Period(s), as is specified for this purpose in the Applicable Pricing Supplement, commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate applicable to the relevant form of Preferred Share (be it a Fixed Rate Preferred Share or Floating Rate Preferred Share) specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 Unless otherwise specified in the Applicable Pricing Supplement, a Class of Mixed Rate Preferred Shares shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2.1 for the Dividend Period(s) during which such Class applies the Dividend Rate applicable to Fixed Rate Preferred Shares, be construed for all purposes as a Class of Fixed Rate Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2.2 for the Dividend Period(s) during which such Class applies the Dividend Rate applicable to Floating Rate Preferred Shares, be construed for all purposes as a Class of Floating Rate Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Publication by the Calculation Agent of Dividend Rates and Preferred Dividends payable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.1 The Calculation Agent will cause the Dividend Rate for each Class of Preferred Shares (other than Fixed Rate Preferred Shares) determined upon each Dividend Rate Determination Date to be notified to the Preferred Shareholders (in the manner set out in Condition 13), the Issuer (where the Issuer does not act as the Calculation Agent) and the relevant Financial Exchange(s), as soon as practicable after such determination but in any event on the date required by the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.2 The Calculation Agent will, on the date required by the Applicable Procedures, cause the aggregate Preferred Dividends payable on such Dividend Payment Date to be notified to the Preferred Shareholders (in the manner set out in Condition 13), the Issuer (where the Issuer does not act as the Calculation Agent) and the relevant Financial Exchange(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Calculations final and limitation of liability** 

All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained by the Calculation Agent pursuant to the exercise or non-exercise by it of its powers, duties and discretions under the Preferred Share Terms and Conditions, will, in the absence of wilful deceit, bad faith or manifest error, be binding on the Issuer (where the Issuer does not act as the Calculation Agent) and all Preferred Shareholders, and the Calculation Agent will not have any liability to the Issuer (where the Issuer does not act as the Calculation Agent) or the Preferred Shareholders in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Accumulated Preferred Dividends** 

To the extent that all or any part of a Preferred Dividend has accrued and has become payable in accordance with the Preferred Share Terms and Conditions, the Issuer shall be liable to pay, and the Preferred Shareholders shall be entitled to be paid, by no later than the Redemption Date all Preferred Dividends that have accrued or become payable in relation to the Preferred Shares in accordance with the Preferred Share Terms and Conditions and which have not been paid on the applicable Dividend Payment Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Payment of Preferred Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.1 Each Preferred Dividend that is due and payable shall be paid on its Dividend Payment Date in accordance with the provisions of Condition 9 and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.2 The Issuer must satisfy the solvency test set out in section 49 of the IoM Companies Act (the **Solvency Test**) in respect of the declaration and payment of each Preferred Dividend.

8. **Redemption and Purchase** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Final Redemption of the Preferred Shares** 

Unless previously redeemed or purchased and cancelled as specified below, provided that the Issuer satisfies the Solvency Test immediately following such redemption, each Preferred Share in a Class of Preferred Shares shall be redeemed by the Issuer on the Final Redemption Date at its Final Redemption Amount, subject to Condition 9, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid, on the Final Redemption Date and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Early Redemption at the option of the Issuer** 

If the Issuer is specified in the Applicable Pricing Supplement as having an option to early redeem the Preferred Shares in a Class of Preferred Shares, the Issuer shall be entitled, having given not less than 10 Business Days' notice to the Preferred Shareholders, in accordance with Condition 13 (which notice shall be revocable), to redeem all or some of the Outstanding Preferred Shares in that Class of Preferred Shares, on the Early Redemption Date(s) and at the Early Redemption Amount(s) specified in, or determined in the manner specified in, the Applicable Pricing Supplement, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Early Redemption Date(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Redemption following the happening of a Regulatory Event** 

If a Regulatory Event occurs in relation to all, or any particular Class, of the Preferred Shares, then the Issuer shall be entitled, having given not less than 10 Business Days' notice to the Preferred Shareholders, or the Preferred Shareholders of that Class, as the case may be, in accordance with Condition 13 (which notice shall be revocable), and in accordance with the Applicable Procedures, to redeem all, and not some only, of the Outstanding Preferred Shares, or the Outstanding Preferred Shares of the relevant Class, as the case may be, on the next Dividend Payment Date and at the Early Redemption Amount set out in Condition 8.5 (or the amount as specified in the Applicable Pricing Supplement), together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Early Redemption following a Redemption Event** 

Upon the occurrence of a Redemption Event and receipt by the Issuer of a Special Resolution of Preferred Shareholders requiring that the Preferred Shares held by all of the Preferred Shareholders be forthwith redeemed in accordance with Condition 11, provided that the Issuer satisfies the Solvency Test immediately following such redemption, such Preferred Shares shall become forthwith redeemable at the Early Redemption Amount set out in Condition 8.5 (or the amount as specified in the Applicable Pricing Supplement), together with Accrued Preferred Dividends (if any) which have not yet been paid calculated up to the date of payment, in accordance with Condition 11 and the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Early Redemption Amounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 For the purpose of Conditions 8.3, 8.4 and 11 (and otherwise as stated herein), the Preferred Shares will be redeemed at the Early Redemption Amount calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1.1 in the case of Preferred Shares with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1.2 in the case of Preferred Shares with a Final Redemption Amount which is or may be less or greater than the Issue Price (to be determined in the manner specified in the Applicable Pricing Supplement), at that Final Redemption Amount or, if no such amount or manner is so specified in the Applicable Pricing Supplement, at their Issue Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2 Where such calculation is to be made for a period which is not a whole number of years, it shall be calculated on the basis of actual days elapsed divided by 365, or such other calculation basis as may be specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Purchases** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1 The Issuer may at any time, subject to Applicable Laws, purchase Preferred Shares at any price in the open market or otherwise. In the event of the Issuer purchasing Preferred Shares, such Preferred Shares shall be held in treasury pursuant to the IoM Companies Act (Treasury Share) Regulations 2014, resold or at the option of the Issuer cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2 The Issuer is not obliged to undertake any market making in respect of the Preferred Shares save to the extent required by the applicable Financial Exchange or the listings requirements of such Financial Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Cancellation** 

All Preferred Shares which are redeemed or are purchased by the Issuer will forthwith be cancelled. Upon receipt of the Redemption Amount, the Preferred Shareholder shall have no further rights against the Issuer in respect of the Preferred Shares so redeemed or arising out of any subscription agreement entered into between the Issuer and that Preferred Shareholder in respect of such Preferred Shares. The Issuer shall notify the CSD and the relevant Financial Exchange(s), of any cancellation or redemption of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **Cessation of Preferred Dividends** 

To the extent applicable, each Preferred Share will cease to bear Preferred Dividends from the applicable Redemption Date unless, upon due presentation thereof, payment of the Redemption Amount, or any portion thereof, due and payable on the Redemption Date or payment of Preferred Dividends, or any portion thereof, due and payable on a Dividend Payment Date, as the case may be, is improperly withheld or refused or such payment may not, in terms of the IoM Companies Act, be made. In circumstances where such non-payment does not constitute a Redemption Event contemplated in Condition 11, Preferred Dividends will continue to accrue on the outstanding amount due and payable in respect of such Preferred Share, at the Dividend Rate, from (and including) the applicable Redemption Date or the relevant Dividend Payment Date, as the case may be, to (but excluding) the date on which such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **Procedure for Redemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1 Subject to the provisions of Applicable Laws and the Applicable Procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.1 the Board shall, prior to the applicable Redemption Date, consider the Solvency Test and if the Board is satisfied on reasonable grounds that the Issuer will satisfy the Solvency Test immediately after paying all Accrued Preferred Dividends and the aggregate Redemption Amount in respect of the Preferred Shares being redeemed, the Board shall pass a resolution acknowledging that the Board has considered the Solvency Test and has concluded that they are satisfied, on reasonable grounds, that the Issuer will satisfy the Solvency Test immediately after paying all Accrued Preferred Dividends and the aggregate Redemption Amount in respect of the Preferred Shares being redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.2 the Issuer shall, on the applicable Redemption Date, if applicable, pay, in respect of each Preferred Share being redeemed, all Accrued Preferred Dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.3 the Issuer shall, on the applicable Redemption Date, redeem the relevant Preferred Shares for, and by paying, the aggregate Redemption Amount in respect of all of the Preferred Shares being redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.2 The Preferred Shares of each Class held by each Preferred Shareholder shall be redeemed in the proportion that the Preferred Shares of that Class held by that Preferred Shareholder bears to the total number of Outstanding Preferred Shares in that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.3 The Issuer shall be liable for any STT and/or any other similar duty which may be or become payable by the Issuer and/or a Preferred Shareholder in respect of the redemption of any Preferred Shares for any reason. To the extent that any Preferred Shareholder becomes liable to pay such STT or any other similar duty, the Issuer shall pay to the relevant Preferred Shareholder on demand an amount equal to such STT and/or other similar duty paid by that Preferred Shareholder and the Issuer hereby indemnifies and holds that Preferred Shareholder harmless accordingly.

9. **Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Method of payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Payments of all amounts in respect of a Tranche of Preferred Shares will be made to the CSD pursuant to the Applicable Procedures, which in turn will transfer such funds, via the Participants, to the holders of Beneficial Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 The Issuer will be discharged of its payment obligations by proper payment in the name of, and for the account of the CSD and/or the Participants, in respect of each amount so paid. Each of the persons shown in the records of the CSD and the Participants, as the case may be, shall look solely to the CSD or the Participant, as the case may be, for his share of each payment so made by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Payments will be subject in all cases to any Taxation or other laws, directives and regulations applicable to such payment in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Payment Day** 

Notwithstanding anything to the contrary contained in the Preferred Share Terms and Conditions, but subject to the Applicable Procedures, if the only date or the last date for the exercise of any right or performance of any obligation (including the payment of any amount payable in respect of any Preferred Share) is not a Business Day, then such date shall be, in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 the Final Redemption Date, the following Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 any other date, the following Business Day, unless such following Business Day would fall in the next calendar month, in which case such date shall be the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Calculation and notice of Redemption Amounts** 

The Calculation Agent will calculate the aggregate Redemption Amounts due and payable by the Issuer in respect of the Preferred Shares prior to the Relevant Date(s) that payment of such Redemption Amounts is due and payable as specified in the Applicable Pricing Supplement. The Calculation Agent will, on the date required by the Applicable Procedures, and in accordance with the principles and timelines applicable to Corporate Actions, cause such Redemption Amounts to be notified to the Preferred Shareholders (in the manner set out in Condition 13), the Issuer (where the Issuer does not act as the Calculation Agent), the CSD, if applicable, and the relevant Financial Exchange(s).

10. **Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and Strate Issuer Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 There will at all times be a Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and Strate Issuer Agent with a Specified Office. The Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and Strate Issuer Agent act solely as the agents of the Issuer and do not assume any obligation towards or relationship of agency or trust for or with any Preferred Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Issuer is entitled to vary or terminate the appointment of the Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and/or Strate Issuer Agent and/or to appoint additional or other agents. The Issuer shall notify the Preferred Shareholders (in the manner set out in Condition 13), the CSD (if applicable) and the relevant Financial Exchange(s), in the event of a change in the identity of the Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and/or Strate Issuer Agent.

11. **Redemption Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Redemption Events relating to the Preferred Shares** 

A Redemption Event in relation to a Class of Preferred Shares shall arise if any of the following events occurs and is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 *Non-payment*: the Issuer fails to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.1 any Preferred Dividend in respect of any Preferred Share in that Class in full on the relevant Dividend Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.2 the Redemption Amount in respect of any Preferred Share in that Class in full on the relevant Redemption Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.3 any other amount in respect of any Preferred Share in that Class on the due date for payment thereof,

and such failure remains unremedied for three Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 *Breach of other obligations*: the Issuer fails to perform any of its other obligations under or in respect of the Preferred Shares in that Class, and such failure, if capable of remedy, remains unremedied for 15 Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 *Consents, licences and Authorisations*: the Issuer fails to maintain any Authorisation now or in future necessary for the establishment of the Programme or the issue of Preferred Shares under the Programme or any such Authorisation ceases to remain in full force and effect, resulting in the Issuer being unable to perform any of its obligations under the Preferred Shares or the Programme, and such failure or cessation continues for more than 10 Business Days after the Issuer becomes aware of such event and the position remains unremedied for a further 10 Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4 *Insolvency*: an Insolvency Event occurs in respect of the Issuer and the position remains unremedied for one Business Day after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5 *Illegality or Unenforceability*: the Preferred Share Terms and Conditions become illegal, unenforceable, invalid or not binding, or it becomes unlawful for the Issuer to perform any of its obligations in terms of the Preferred Shares and the position is not rectified within one Business Day of receipt by the Issuer of written notice from the Preferred Shareholder in question requiring the position to be rectified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6 *Additional Redemption Events*: any other Redemption Event specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Steps following a Redemption Event relating to the Preferred Shares** 

Upon the happening of a Redemption Event, the holders of Preferred Shares of a relevant Class may by Special Resolution declare all of the Preferred Shares in that Class to be immediately due and payable, and require the relevant Preferred Shares to be redeemed at the Early Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Notice of a Redemption Event** 

If a Redemption Event occurs, the Issuer will forthwith upon becoming aware of such Redemption Event, give notice thereof in writing to the Transfer Agent, the Calculation Agent, the Debt Issuer Agent, if any, and the Preferred Shareholders holding the relevant Preferred Shares (via a CTSE News Service announcement) and to the relevant Financial Exchange(s), and to the CSD.

12. **Register** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Register will be maintained by or on behalf of the Issuer in accordance with the IoM Companies Act, the Articles of Association and the Preferred Share Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Subject to Applicable Laws and the Applicable Procedures, title to Beneficial Interests held by Preferred Shareholders through the CSD will pass on transfer thereof by electronic book entry in the central securities accounts maintained by the CSD or the relevant Participants for such Preferred Shareholders. Beneficial Interests may be transferred only in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 The Participants, or the CSD, as the case may be, shall be responsible for altering their records in respect of any change of name, address or account number of any holder of Beneficial Interests of which it is notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Except as may be required by Applicable Law, the Issuer will only recognise a Preferred Shareholder as the owner of the Preferred Shares registered in that Preferred Shareholder's name as per the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 For the avoidance of doubt, where Preferred Shares are held in the Nominee, the Nominee will be named in the Register as the sole holder of Preferred Shares.

13. **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 For so long as the Preferred Shares are held in their entirety by the CSD, notice may be given by the delivery of the relevant notice to the CSD, the Participants and the relevant Financial Exchange(s), for communication by them to the holders of Beneficial Interests in the Preferred Shares, in accordance with the Applicable Procedures and Corporate Actions. Each such notice will be deemed to have been received by the holders of Beneficial Interests on the Day of delivery of such notice to the relevant Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Where any provision of the Preferred Share Terms and Conditions requires notice to be given to the Preferred Shareholders of any matter other than a meeting of Preferred Shareholders, such notice will be given *mutatis mutandis* as set out in Condition 13.1 subject to compliance with any other time periods prescribed in the provision concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 All notices (including all communications, demands and/or requests under the Preferred Share Terms and Conditions) to be given by or on behalf of any Preferred Shareholder to the Issuer or the Transfer Agent, as the case may be, will be in writing and given by delivering the notice, by hand or by registered post to the Specified Office of the Issuer or the Specified Office of the Transfer Agent, as the case may be. Any notice to the Issuer or the Transfer Agent, as the case may be, will be deemed to have been received by the Issuer or the Transfer Agent, as the case may be, on the 2<sup>nd</sup> Business Day after being delivered by hand to the Specified Office of the Issuer or the Transfer Agent, as the case may be, or on the 10<sup>th</sup> Business Day after the day on which it is mailed by registered post to the Specified Office of the Issuer or the Transfer Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Notices to be given by any holder of a Beneficial Interest to the Issuer shall be given by such holder through such holder's Participant in accordance with the Applicable Procedures and Corporate Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Copies of any notices to Preferred Shareholders delivered as set out above, including of meetings and any amendments to the Preferred Share Terms and Conditions, shall be published on CTSE News Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 For purpose of clarity and notwithstanding anything to the contrary contained in these General Preferred Share Terms, all notices to Preferred Shareholders will comply with the Applicable Procedures, the IoM Companies Act and Corporate Actions.

14. **Amendment of these General Preferred Share Terms and the Specific Preferred Share Terms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Any amendment to these General Preferred Share Terms may be made only with the prior authorisation of a Special Resolution of the Preferred Shareholders of each Class of Preferred Shares (either passed at a separate meeting of each such Class of Preferred Shares, or by way of separate written resolutions of each such Class of Preferred Shares) and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Any amendment to the Specific Preferred Share Terms of a particular Class of Preferred Shares may be made only with the prior authorisation of a Special Resolution of the Preferred Shareholders of that Class of Preferred Shares (either passed at a separate meeting of that Class of Preferred Shares, or by way of separate written resolutions of that Class of Preferred Shares) and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 No proposed amendment will be made to the Preferred Share Terms and Conditions of any Class of Preferred Shares, unless the Issuer has first obtained formal approval of such proposed amendment from the relevant Financial Exchange(s) in compliance with the Applicable Procedures.

15. **No voting rights on Preferred Shares held by any Subsidiary** 

No Subsidiary will have any voting rights in respect of Preferred Shares which are beneficially held by or on behalf of such Subsidiary.

16. **Prescription** 

Any claim for payment of Redemption Amounts and/or Preferred Dividends in respect of the Preferred Shares will prescribe three years after the Relevant Date.

17. **Notices of Meetings and Voting Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Preferred Shareholders shall not be entitled to receive notice of, to be present at, or to have any voting rights, at any meeting of the Ordinary Shareholders, or in respect of any resolution in writing proposed to be passed by the Ordinary Shareholders, unless any one or more of the following circumstances is prevailing at the time of such meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 any Preferred Dividend or part thereof in respect of that Class of Preferred Shares remains unpaid for a period of more than five Business Days from its applicable Dividend Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 any Redemption Amount or part thereof in respect of that Class of Preferred Shares remains unpaid for a period of more than five Business Days from its applicable Redemption Date; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 a resolution of the Issuer is proposed for its winding-up or reduction of capital of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 At every shareholders meeting of the Issuer at which both the Preferred Shareholders and the holders of Ordinary Shares are entitled to be present and to exercise voting rights, or in respect of any resolution in writing proposed to be passed in respect of which both the Preferred Shareholders and the holders of Ordinary Shares are entitled to vote, each Preferred Shareholder shall in respect of each Preferred Share held by it be entitled to exercise one vote for every Preferred Share held, subject to all Preferred Shares in aggregate carrying a maximum of 24.99% of the voting rights exercisable by all the shareholders at such meeting. Should the voting rights that would be exercisable by the holders of the Preferred Shares in the absence of the above limitation exceed 24.99% of the voting rights exercisable by all the shareholders at such meeting, then the number of votes exercisable by the holders of the Preferred Shares will be reduced *pro rata*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 At every meeting of the Preferred Shareholders, whether of all Preferred Shareholders or of a separate Class of Preferred Shareholders, or in respect of any resolution in writing proposed to be passed by the Preferred Shareholders, each Preferred Shareholder shall in respect of each Preferred Share held by it be entitled to exercise one vote for every Preferred Share held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 In respect of every meeting of the Preferred Shareholders, or in respect of any resolution in writing proposed to be passed by the Preferred Shareholders, whether of all Preferred Shareholders or of a separate Class of Preferred Shareholders, the provisions of the IoM Companies Act and the Articles of Association relating to shareholders meetings and resolutions in writing of the Issuer shall apply *mutatis mutandis*, including in respect of notice of meetings, conduct of meetings, meeting quorums and adjournment and the circulation of resolutions in writing. In addition to the above, the Issuer will, in respect of every meeting of Preferred Shareholders holding a Class of Preferred Shares, comply with the Applicable Procedures.

18. **Representations and warranties** 

The Issuer makes the following representations and warranties to each Preferred Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 the Issuer is a company with limited liability duly incorporated and validly existing under the laws of the Isle of Man;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 the Issuer has the power in terms of its Articles of Association to issue the Preferred Shares and it does not have any class of preferred shares or other shares which rank in priority to the Preferred Shares with respect to -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 the payment of dividends by the Issuer; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding-up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 the Preferred Shares will be validly allotted and issued and the directors of the Issuer have the necessary authority and have taken the necessary steps to determine that the allotment and issue of the Preferred Shares should be made subject to the rights and privileges set out in the Preferred Share Terms and Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 the Issuer will satisfy the Solvency Test as at the date of each distribution to be made by the Issuer in respect of the Preferred Shares and shall otherwise comply with the provisions of the IoM Companies Act in respect of those distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 on each Issue Date, the issue of the Preferred Shares does not conflict with any Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 on each Dividend Payment Date, the payment of the Preferred Dividends to be paid by the Issuer shall not conflict with any Applicable Law.

19. **Governing law** 

The Preferred Shares and the Preferred Share Terms and Conditions are governed by, and will be construed in accordance with, the laws of the Isle of Man.

**SIGNED** at ______________________________ this _________________ day of __________________________________________ 2025

For and on behalf of

---

| | | | |
|:---|:---|:---|:---|
| **PK INVESTMENTS LIMITED** | **PK INVESTMENTS LIMITED** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

---

**USE OF PROCEEDS**

*Capitalised terms used in this section headed "Use of Proceeds" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

The net proceeds from each issue of Preferred Shares will be applied as described in the Applicable Pricing Supplement.

**DESCRIPTION OF THE ISSUER**

*All information pertaining to, inter alia, the description of the Issuer, its business, management and corporate governance, is set out in the Information Statement, which will be amended and restated from time to time, which is incorporated by reference in, and forms part of this Programme Memorandum, and is available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.*

**SETTLEMENT, CLEARING AND TRANSFERS OF PREFERRED SHARES**

*Capitalised terms used in this section headed "Settlement, Clearing and Transfer of Preferred Shares" shall bear the same meanings as those used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or are clearly inappropriate from the context.*

**Preferred Shares listed on the CTSE and/or held in the CSD**

Each Tranche of Preferred Shares which is listed on the CTSE will be held in the CSD.

**Preferred Shares held in the CSD**

*Clearing systems*

Each Tranche of Preferred Shares which is listed on the CTSE and issued in uncertificated form, will be cleared through the CSD which, as the operator of an electronic clearing system, has been appointed by the CTSE to match, clear and facilitate the settlement of transactions concluded on the CTSE. Each such Tranche of Preferred Shares will be issued, cleared and transferred in accordance with the Applicable Procedures and the Preferred Share Terms and Conditions. Each such Tranche of Preferred Shares will be settled through Participants who will comply with the electronic settlement procedures prescribed by the CTSE and the CSD. The Preferred Shares may be accepted for clearance through any additional clearing system as may be agreed between the CTSE, the Issuer and the Dealer(s).

*Participants*

The CSD maintains accounts only for the Participants. The Participants are also approved settlement agents of the CTSE. The Participants are in turn required to maintain securities accounts for their clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares in uncertificated form or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through the Participants. Euroclear Bank S.A./N.V., as operator of the Euroclear System and Clearstream Banking société anonyme (Clearstream Luxembourg) will settle offshore transfers through their South African Participant.

*Settlement and clearing*

Participants will be responsible for the settlement of script and payment transfers through the CSD, the CTSE and the South African Reserve Bank.

While a Tranche of Preferred Shares is held in the CSD, the Nominee will be named in the Register as the sole holder of the Preferred Shares in that Tranche. All amounts to be paid in respect of Preferred Shares held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

In relation to each Person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in a particular aggregate number of Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to aggregate number of Preferred Shares, as the case may be, standing to the account of such Person shall be *prima facie* proof of such Beneficial Interest. The Nominee (as the registered holder of the applicable Preferred Shares named in the Register) will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of that aggregate number of Preferred Shares, as applicable, for all purposes.

Payments of all amounts in respect of a Tranche of Preferred Shares which is listed on the CTSE in uncertificated form and/ or held in the CSD will be made to the CSD, which in turn will transfer such funds, via the Participants, to the holders of Beneficial Interests. Each of the persons reflected in the records of the CSD or the relevant Participant, as the case may be, as the holders of Beneficial Interests in Preferred Shares shall look solely to the CSD or the relevant Participant, as the case may be, for such Person's share of each payment so made by (or on behalf of) the Issuer.

**Preferred Shares issued in uncertificated form**

The Issuer will, subject to Applicable Laws, issue Preferred Shares that are to be listed on the CTSE in uncertificated form.

Preferred Shares issued in uncertificated form will not be represented by any Certificate or written instrument.

All transactions in uncertificated securities as contemplated in the SA Financial Markets Act will be cleared and settled in accordance with the Applicable Procedures. All the provisions relating to Beneficial Interests in the Preferred Shares held in the CSD will apply to Preferred Shares issued in uncertificated form.

**Beneficial Interests**

The CSD will hold each Tranche of Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures.

Accordingly, and except where the contrary is provided in the Preferred Share Terms and Conditions, all amounts to be paid in respect of the Preferred Shares issued in uncertificated form and held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

The CSD maintains central securities accounts only for Participants.

The Participants are in turn required to maintain securities accounts for their clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

In relation to each person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in the Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the number of such Preferred Shares standing to the account of such person shall be *prima facie* proof of such Beneficial Interest. However, the registered holder of such Preferred Shares named in the Register will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of that outstanding amount of such Preferred Shares for all purposes.

Payments of dividends and principal in respect of Preferred Shares held in uncertificated form, will be made in accordance with Condition 9 to the CSD, and the Issuer will be discharged by proper payment to or to the order of the CSD in respect of each amount so paid. The CSD will in turn transfer such funds, via the Participants, to the holders of Beneficial Interests.

Each of the persons shown in the records of the CSD and the relevant Participant, as the case may be, as the holders of Beneficial Interests will look solely to the CSD or the relevant Participant, as the case may be, for such person's share of such payment so made by the Issuer to, or to the order of, the registered holder of such Preferred Shares.

Transfers of Beneficial Interests in the Preferred Shares held in the CSD to and from clients of the Participants occur by electronic book entry in the central securities accounts of the clients of the Participants. Transfers among Participants of Preferred Shares held in the CSD system occur through electronic book entry in the Participants' central security accounts with the CSD. Beneficial Interests may be transferred only in accordance with the Preferred Share Terms and Conditions and the rules and operating procedures for the time being of the CSD, Participants and the CTSE.

The Issuer shall regard the Register as the conclusive record of title to the Preferred Shares.

**Records of payments, trust and voting**

Neither the Issuer nor the Paying Agent will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, Beneficial Interests, or for maintaining, supervising or reviewing any records relating to Beneficial Interests. Neither the Issuer nor the Paying Agent nor the Transfer Agent will be bound to record any trust in the Register or to take notice of or to accede to the execution of any trust (express, implied or constructive) to which any Preferred Shares may be subject to. Holders of Beneficial Interests vote in accordance with the Applicable Procedures.

**Preferred Shares listed on any Financial Exchange(s) other than (or in addition to) the CTSE**

Each Tranche of Preferred Shares which is listed on any Financial Exchange(s) other than (or in addition to) the CTSE will be issued, cleared and settled in accordance with the rules and settlement procedures of that Financial Exchange(s). The settlement, clearing and redemption procedures for trades of a Tranche of Preferred Shares issued on an exchange other than (or in addition to) the CTSE will be specified in the Applicable Pricing Supplement.

**TAXATION**

*The comments below are intended as a general guide to the current position under the laws of South Africa and the Isle of Man. The contents of this section headed "Taxation" do not constitute tax advice and persons should consult their professional advisers.*

*The information contained below is intended to be a general guide to the relevant tax laws of South Africa and the Isle of Man as at the Programme Date and is not intended as comprehensive advice and does not purport to describe all of the considerations that may be relevant to a prospective purchaser of Preferred Shares. Prospective purchasers of Preferred Shares should consult their own professional advisers in regard to the purchase of Preferred Shares and the tax implications thereof. Accordingly, the Issuer makes no representation and gives no warranty or undertaking, express or implied, and accepts no responsibility for the accuracy or completeness of the information contained in this section. The information contained below sets out guidelines on the current position regarding South African taxation for taxpayers who hold the Preferred Shares as capital assets. Traders in these Preferred Shares should consult their own advisers.*

**South Africa**

***Residents***

Under current South African tax laws, a "resident" (as defined in section 1 of the SA Income Tax Act) is subject to South African income tax on his/her worldwide income. Accordingly, all Preferred Shareholders who are "residents" of South Africa will generally be subject to income tax, subject to available deductions, allowances and exemptions, on any income (including income in the form of dividends) earned in respect of the Preferred Shares.

A natural person is a resident of South Africa for tax purposes if (i) he/she is ordinarily resident in South Africa, or (ii) he/she is not ordinarily resident in South Africa but is physically present in South Africa for certain periods specified in the SA Income Tax Act. A juristic person is a resident of South Africa for tax purposes if it is incorporated, established or formed in South Africa or if it has its place of effective management in South Africa.

***Non-Residents***

Non-residents of South Africa are subject to income tax in South Africa on all income derived from a South African source (subject to relief which may be available in terms of domestic exemptions and/or applicable double taxation agreements). Any relief under an applicable double taxation agreement may be subject to the application of the Multilateral Convention to implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (**MLI**). Depending on the nature of the amount, different domestic rules regarding the determination of source will be applicable.

1. **Withholding Tax on Dividends** 

Part VIII of Chapter II of the SA Income Tax Act imposes a withholding tax on any "dividend" (which is currently levied at a rate of 20%) declared by the Issuer. A "dividend" in this part includes a "foreign dividend" paid by a foreign company if the share in respect of which that foreign dividend is paid is a listed share.

Section 64F of the SA Income Tax Act exempts various taxpayers from the withholding tax on dividends. These include, *inter alia*, South African resident companies, the Government of South Africa, approved public benefit organisations, pension funds, pension preservation funds, non-residents who receive dividends from a foreign company in respect of a listed share, and any person to the extent that the dividend constitutes "income".

Non-resident Preferred Shareholders should therefore be exempt from Dividends Tax in respect of any dividends on the Preferred Shares (by virtue of the exemption contained in section 64F(1)(j)).

South African resident Preferred Shareholders will generally be subject to Dividends Tax in respect of any dividends on the Preferred Shares (unless one of the exemptions in section 64F applies, for example where the Preferred Shareholder is a South African resident company).

A South African resident Preferred Shareholder who receives a foreign dividend which is subject to Dividends Tax should investigate whether they can claim a rebate if any foreign taxes are imposed on the payment by the government of another country. The rebate will be limited to the amount of Dividends Tax payable.

Dividends Tax must generally be withheld by the company declaring the dividend. However, as the Preferred Shares will be listed on a recognised exchange, (i) the Issuer will pay the dividends, without withholding tax, via the CSD to a Participant (being a "regulated intermediary") and (ii) the Participant will deduct the withholding tax prior to making payment of the applicable dividends to the Preferred Shareholders. Documentary requirements exist to rely on exemptions from, or reductions in, the rate of Dividends Tax and must be submitted by the Preferred Shareholder to a Participant before the dividend is paid.

Accordingly, a Participant is obliged to deduct the Dividends Tax from any dividends which it pays over to a Preferred Shareholder, except if the Preferred Shareholder (i) is exempt from the Dividends Tax, and (ii) has delivered a declaration and written undertaking (in the prescribed form) to such effect to the Participant.

2. **Income Tax** 

A monetary amount paid by the Issuer to a Preferred Shareholder, in respect of a Preferred Share, will constitute either a "foreign dividend" or a "foreign return of capital" for South African income tax purposes. The determination of which form the amount comprises is made with reference to the treatment of the amount according to tax law relating to companies in the Isle of Man (or in the absence of tax law, company law in the Isle of Man), being the country in which the place of effective management of the Issuer is located.

In essence, an amount will comprise a "foreign return of capital" if it does not comprise a "foreign dividend" (i.e., if it is treated as another form of distribution or similar payment for purposes of tax laws applicable to companies in the Isle of Man). It is understood that distributions made in respect of the Preferred Shares will generally comprise dividends for income tax purposes in the Isle of Man and will accordingly generally comprise foreign dividends for South African income tax purposes.

<u>Non-Resident Preferred Shareholders</u>

*Dividends*

An amount is received by or accrues to a person from a source <u>outside</u> South Africa if that amount constitutes a "foreign dividend" received by or accrued to that person.

Accordingly, provided that dividends on the Preferred Shares are treated as dividends or similar payments in the Isle of Man, being the country in which the place of effective management of the Issuer is located, the dividends should not constitute income from a South African source and non-resident Preferred Shareholders should not be subject to income tax in South Africa on these dividends.

*Redemption*

On the redemption of the Preferred Shares, the South African tax treatment will depend on whether such redemption constitutes a "foreign dividend", or a "foreign return of capital" (see above).

To the extent that an amount payable by the Issuer to a non-resident Preferred Shareholder on redemption of the Preferred Shares constitutes a "foreign return of capital", such an amount should not be subject to income tax in South Africa.

To the extent that an amount payable by the Issuer to a non-resident Preferred Shareholder on redemption of the Preferred Shares constitutes a "foreign dividend", such an amount should not be subject to income tax in South Africa and should also be exempt from dividends withholding tax.

The income tax treatment of the Preferred Shares may differ from what is set out above if the provisions of section 8E or 8EA apply (see below).

<u>South African Resident Preferred Shareholders</u>

*Dividends*

Foreign dividends which are received by or accrue to a person in respect of a listed share should not be subject to income tax (by virtue of an exemption contained in section 10B(2)(d) of the SA Income Tax Act, which exemption is subject to a number of exclusions contained in section 10B(4)).

*Redemption*

On the redemption of the Preferred Shares, the South African tax treatment will depend on whether such redemption constitutes a "foreign dividend", or a "foreign return of capital" (see above).

To the extent that an amount payable by the Issuer to a South African resident Preferred Shareholder on redemption of the Preferred Shares constitutes a "foreign dividend", it should not be subject to income tax (by virtue of the exemption contained in section 10B(2)(d) of the SA Income Tax Act, which exemption is subject to a number of exclusions contained in section 10B(4)).

To the extent that an amount payable by the Issuer to a South African resident Preferred Shareholder on redemption of the Preferred Shares constitutes a "foreign return of capital", such an amount should not be included in the "gross income" of the South African resident Preferred Shareholder and should therefore not be subject to income tax. There may, however, be capital gains tax implications (see below).

The income tax treatment of the Preferred Shares may differ from what is set out above if the provisions of section 8E or 8EA apply (see below).

3. **Section 8E and 8EA** 

*Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether the Preferred Shares may be subject to the provisions of section 8E and 8EA. If the Preferred Shares are subject to these provisions, the tax consequences may differ from what is set out in this Programme Memorandum.*

Sections 8E and 8EA operate to re-characterise foreign dividends as "income" as a result of shares constituting "hybrid equity instruments" or "third-party backed shares" under section 8E or section 8EA of the SA Income Tax Act.

In terms of section 8E, if a share qualifies as a "hybrid equity instrument", foreign dividends which accrue in respect of that share are regarded as income in the hands of the recipient and are taxable as such.

Section 8E defines a "hybrid equity instrument" to include, *inter alia*, any share, other than an equity share, if (i) the issuer of that share is obliged to redeem it within three years of its date of issue, or (ii) its holder has the option to have the share redeemed within three years of its date of issue. Further, if the Preferred Share is secured by a financial instrument in the form of an interest-bearing arrangement or subject to a negative pledge over a financial instrument in the form of an interest-bearing arrangement, the Preferred Share will be deemed a "hybrid equity instrument", unless the Preferred Share was issued for a "qualifying purpose" as defined in section 8EA, which includes, among other things, the direct or indirect acquisition of shares in an operating company (and transactions generally involving the re-financing of such acquisitions).

Section 8EA applies to Preferred Shares if they are subject to "enforcement rights", such as where the Preferred Shareholder has an enforcement right against any person (guarantor) other than the Issuer to, *inter alia*, acquire that Preferred Share from the Preferred Shareholder or make any payment in respect of that Preferred Share in terms of a guarantee, indemnity or similar arrangement, as a result of any amount of any specified foreign dividend or foreign return of capital attributable to that Preferred Share not being received by, or accruing to, the Preferred Shareholder. If Preferred Shares fall within the provisions of section 8EA, the Preferred Shares will constitute a "third-party backed share" and the foreign dividends will be deemed to be income in the Preferred Shareholder's hands, unless an exemption applies, for example, if there are excluded guarantors under section 8EA(3)(b).

4. **Capital Gains** 

*Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether a disposal of Preferred Shares will result in a capital gains tax liability in South Africa.*

The South African tax system distinguishes between the tax treatment of receipts and accruals of a revenue nature and those of a capital nature. Capital receipts are subject to capital gains tax (**CGT**), while revenue receipts are subject to normal income tax.

The determination of whether shares are held as capital assets is generally a question of fact and depends primarily upon the intention with which the shares were acquired and held, and will be determined by applying South African common law principles as well as the "safe harbour" rules in terms of section 9C of the SA Income Tax Act (if applicable). Section 9C provides that if an "equity share" is held for a continuous period of at least three years, any gains or losses derived from the disposal of such share will be deemed to be capital in nature irrespective of what the actual intention was. Prospective Preferred Shareholders are advised to consult their own profession advisers as to whether section 9C would apply to them.

<u>South Africa Resident Preferred Shareholders</u>

Any disposal of the Preferred Shares, by a Preferred Shareholder who is a South African resident, may be subject to CGT, where applicable, determined in accordance with the CGT provisions contained in the Eighth Schedule to the SA Income Tax Act.

Where a Preferred Shareholder receives a "foreign return of capital" prior to the disposal of its Preferred Shares, the Preferred Shareholder must reduce their base cost for CGT purposes by the amount received. If the amount received exceeds the base cost of the Preferred Shares, the excess portion will be treated as a capital gain in the hands of a Preferred Shareholder for the year of assessment in which the foreign return of capital is received by or accrues to the Preferred Shareholder and will be subject to CGT.

Additionally, paragraph 43A of the Eighth Schedule to the SA Income Tax Act may apply to a South African resident Preferred Shareholder that is a company and that holds at least 10% of the equity shares and voting rights in the Issuer (whether alone or together with any other company forming part of the same group of companies) where that Preferred

Shareholder disposes of a Preferred Share and:

● a Preferred Shareholder, at any time within 18 months prior to the date of disposal, held a "qualifying interest" in the Issuer;

● as part of the disposal of the Preferred Shares, or within 18 months prior to that disposal, the Issuer paid an "exempt dividend" (being a foreign dividend that is exempt from both normal tax and Dividends Tax) to a Preferred Shareholder; and

● a portion of those "exempt dividends" constitute "extraordinary dividends". A foreign dividend on the Preferred Shares will be an "extraordinary dividend" where the Preferred Share is a "preference share" as defined in section 8EA, to the extent that the foreign dividends in respect of that share exceed a rate of 15% per annum.

If paragraph 43A applies, the extraordinary exempt dividends will be deemed to form part of the proceeds of the disposal of the Preferred Shares (and will be subject to CGT). Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether paragraph 43A of the Eighth Schedule may apply to them.

Capital gains are subject to CGT at an effective tax rate of 21.6% for companies (which is the inclusion rate of the gain into taxable income at 80% multiplied by the corporate tax rate of 27%), or up to 18% for individuals (which is the inclusion rate at 40% multiplied by the highest marginal tax rate of 45%). For individual shareholders, an annual exclusion from capital gains of R40,000 can be applied against a capital gain.

<u>Non-Resident Preferred Shareholders</u>

Preferred Shareholders who are not tax resident in South Africa will generally not be subject to CGT (if any) on the disposal of Preferred Shares unless the Preferred Shares are attributable to the permanent establishment of such non-resident located in South Africa.

5. **Securities Transfer Tax** 

The SA Securities Transfer Tax Act will impose STT on the transfer and on the redemption of the Preferred Shares at a rate equal to, as at the Programme Date, 0.25%. The issue of the Preferred Shares will not attract STT.

In the case of a transfer of the Preferred Shares, STT will be calculated on the amount of the consideration declared by the person who acquires that security or if no consideration was declared or the amount declared was less than the lowest price of the security, the amount will be payable on the closing price of the security. The person to whom a Preferred Share is transferred will be liable for such STT.

In the case of a redemption of the Preferred Shares, STT will be calculated on the amount of the consideration declared by the Issuer (the person who acquires that security) or if no consideration was declared by the Issuer or the amount declared was less than the lowest price of the security, the amount will be calculated on the closing price of the security. The Issuer will be liable for such STT, unless otherwise specified in the Applicable Pricing Supplement.

6. **Value-Added Tax** 

No value-added tax (**VAT**) is payable on the issue or transfer of the Preferred Shares in terms of the South African Value-Added Tax Act 89 of 1991 (the **VAT Act**). The issue, sale or transfer of the Preferred Shares constitute "financial services" as defined in section 2 of the VAT Act. In terms of section 2 of the VAT Act, the issue, allotment or transfer of ownership of an equity security or a participatory security constitutes a financial service, which is exempt from VAT in terms of section 12(a) of the VAT Act.

However, commissions, fees or similar charges raised for the facilitation of the issue, allotment or transfer of ownership of the Preferred Shares will be subject to VAT at the standard rate (currently 15% (fifteen per cent)), except where the recipient is a non-resident as contemplated below.

Services (including exempt financial services) rendered to non-residents of South Africa who are not in South Africa when the services are rendered, are subject to VAT at the zero rate in terms of section 11(2)(l) of the VAT Act.

7. **Definitions** 

**Isle of Man**

***Isle of Man Taxation***

The statements set out below are intended only as a general guide to current aspects of Isle of Man taxation. The summary does not purport to be an exhaustive analysis of all potential Isle of Man tax. If you are in any doubt as to your tax position or if you may be subject to tax in any other jurisdiction, you are strongly recommended to consult an appropriate professional adviser.

***Tax residence in the Isle of Man***

The Issuer is resident for taxation purposes in the Isle of Man by virtue of being incorporated in the Isle of Man.

***Capital taxes in the Isle of Man***

The Isle of Man has a regime for the taxation of income, but there are no capital duties, stamp taxes or inheritance taxes in the Isle of Man. No Isle of Man stamp duty will be payable on the issue or transfer of, or any other dealing in, the Preferred Shares.

***Zero rate of corporate income tax in the Isle of Man***

The Isle of Man now operates a zero rate of tax for most corporate taxpayers. This will include the Issuer. Under this regime, the Issuer is subject to corporate income tax in the Isle of Man at the standard rate of zero percent; there is no withholding to be made by the Issuer on account of Isle of Man tax in respect of dividends paid by the Issuer.

**EXCHANGE CONTROL**

*Capitalised terms used in this section headed "Exchange Control" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

*The information below is intended as a general guide to the current position under the Exchange Control Regulations as at the date of this Programme Memorandum. The contents of this section headed "Exchange Control" do not constitute exchange control advice and do not purport to describe all of the considerations that may be relevant to a prospective subscriber for or purchaser of any Preferred Shares. Prospective subscribers for or purchasers of any Preferred Shares should consult their professional advisers in this regard.*

*For purposes of this section, Common Monetary Area means South Africa, Lesotho, Namibia, and Eswatini.*

**Non-South African resident holders of Preferred Shares and emigrants from the Common Monetary Area**

Dealings in the Preferred Shares and the performance by the Issuer of its obligations under the Preferred Shares and the applicable Preferred Share Terms and Conditions may be subject to the Exchange Control Regulations.

**Emigrant Capital Accounts**

Funds in an Emigrant's Capital Account (i.e. a South African bank account holding remaining assets of the Emigrant) may be used for the subscription for or purchase of Preferred Shares.

**Emigrants from the Common Monetary Area**

In the event that a Beneficial Interest in Preferred Shares is held by an emigrant from the Common Monetary Area through the CSD and the Preferred Shares were funded from the Emigrant's Capital Account, the securities account maintained for such emigrant by the relevant Participant will be flagged "Emigrant".

Any payments of principal due to a Preferred Shareholder who is an emigrant from the Common Monetary Area and whose Preferred Shares were funded from the Emigrant's Capital Account will be deposited into such Preferred Shareholder's Emigrant's Capital Account, as maintained by an authorised dealer in foreign exchange. The amounts are not freely transferable from the Common Monetary Area and may only be dealt with in terms of the Exchange Control Regulations.

Any dividend or discount payments due to a Preferred Shareholder who is an emigrant from the Common Monetary Area will be either deposited into such emigrant Preferred Shareholder's "non-resident" Rand account, as maintained by an authorised dealer in foreign exchange or transferred into the Preferred Shareholder's bank account offshore. The amount represents income which is freely transferable from the Common Monetary Area.

**Non-residents of the Common Monetary Area**

In the event that a Beneficial Interest in Preferred Shares is held by a non-resident of the Common Monetary Area through the CSD, the securities account maintained for such Preferred Shareholder by the relevant Participant will be flagged "Non-Resident".

It will be incumbent on any such non-resident Preferred Shareholder to instruct the non-resident's nominated authorised dealer in foreign exchange as to how any funds due to such non-resident in respect of Preferred Shares are to be dealt with. Such funds may, in terms of the Exchange Control Regulations, be remitted abroad only if the relevant Preferred Shares are acquired with foreign currency introduced into South Africa or Rand from a non-resident Rand account held with an authorised dealer in foreign exchange in South Africa and provided that the relevant securities account has been flagged as a "Non-Resident".

**Exchange control** – **Issuer**

As at the date of this Programme Memorandum, the Issuer has obtained the necessary exchange control approval for this Programme.

**SUBSCRIPTION AND SALE**

*Capitalised terms used in this section entitled "Subscription and Sale" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

In terms of (and subject to) the Programme Agreement, PSG Capital have been appointed as Dealer on an on-going basis for the duration of the Programme. The Issuer may appoint one or more Dealers for a specific issue of one or more Tranches of Preferred Shares or on an on-going basis. In terms of (and subject to) the Programme Agreement, the Issuer may from time to time agree with any Dealer(s) to issue, and any Dealer(s) may agree to place, one or more Tranches of Preferred Shares.

**Selling restrictions**

<br> **South Africa**

Prior to the issue of any Tranche of Preferred Shares under the Programme by the Issuer, each Dealer for that Tranche of Preferred Shares will be required to represent and agree that it will not solicit any offers for subscription for or sale of the Preferred Shares in that Tranche of Preferred Shares, and will itself not sell Preferred Shares, in South Africa, in contravention of the SA Companies Act, the SA Banks Act, the Exchange Control Regulations and/or any other Applicable Laws and regulations in force from time to time.

In particular, without limitation, this Programme Memorandum does not, nor is it intended to, constitute a registered prospectus (as that term is defined in the SA Companies Act) and each Dealer will be required to represent and agree that it will not make "an offer to the public" (as that term is defined in the SA Companies Act) of any of the Preferred Shares in that Tranche of Preferred Shares (whether for subscription or sale), for purposes of which Preferred Shares will not be offered to any person other than (i) persons falling within the exemptions set out in section 96(1)(a) of the Companies Act; or (ii) persons who subscribe, as principal, for Preferred Shares at a minimum aggregate Issue Price as envisaged in section 96(1)(b) of the Companies Act.

Information made available in this Programme Memorandum should not be considered as "*advice*" as defined in the Financial Advisory and Intermediary Services Act, 2002.

**Isle of Man**

Any offer for subscription or sale of the Preferred Shares made within the Isle of Man can only be made: (i) by an Isle of Man financial services licence holder licensed under section 7 of the Isle of Man Financial Services Act; or (ii) in accordance with any relevant exclusion contained in the Isle of Man Regulated Activities Order 2011, as amended or in terms of an exemption contained in the Isle of Man Financial Services (Exemptions) Regulations 2011, as amended.

This Programme Memorandum has not been approved by or filed with any regulatory authority in the Isle of Man, including the Isle of Man Financial Services Authority.

**General**

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to agree that:

(a) it will (to the best of its knowledge and belief) comply with all Applicable Laws in force in each jurisdiction in which it purchases, subscribes or procures subscriptions for, offers or sells Preferred Shares in that Tranche or has in its possession or distributes this Programme Memorandum and will obtain any consent, approval or permission required by it for the purchase, subscription, offer or sale by it of Preferred Shares in that Tranche under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, subscriptions, offers or sales; and

(b) it will comply with such other or additional restrictions as the Issuer and such Dealer agree and as are set out in the Applicable Pricing Supplement.

Neither the Issuer nor any of the Dealers represent that the Preferred Shares may at any time lawfully be subscribed for or sold in compliance with any applicable registration or other requirements in any jurisdiction or pursuant to any exemption available thereunder or assumes any responsibility for facilitating such subscription or sale.

**GENERAL INFORMATION**

*Capitalised terms used in this section entitled "General Information" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

**Authorisations**

All consents, approvals, Authorisations or other orders of all regulatory authorities required by the Issuer under the laws of South Africa and the Isle of Man have been given for the establishment of the Programme and the issue of Preferred Shares under the Programme and for the Issuer, Transfer Agent, Settlement Agent, Calculation Agent and Paying Agent to undertake and perform their respective obligations in terms of the Preferred Shares.

If exchange control approval is required for the issue of any Tranche of Preferred Shares, such exchange control approval will be obtained prior to the issue of such Tranche of Preferred Shares.

**Listing**

This Programme Memorandum was approved by the CTSE and has been registered with the CTSE. Preferred Shares to be issued under the Programme may be listed on the CTSE or any successor exchange and/or such other or further Financial Exchange(s) as may be agreed between the Issuer and the Dealer(s) and subject to any relevant ruling law. In terms of the Exchange Control Regulations, Unlisted Preferred Shares may not be issued.

**Documents available**

For so long as the Programme Memorandum remains registered with the CTSE, copies of the following documents will, when published, be available from the registered office of the Issuer as set out at the end of this Programme Memorandum:

(a) the documents incorporated under the section headed "*Documents Incorporated by Reference* ", unless such documents have been modified or superseded, in which case the modified or superseding documentation will be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>;

(b) all amendments and supplements to this Programme Memorandum prepared by the Issuer from time to time in accordance with the terms of the Programme Agreement and will also be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>;

(c) the published audited annual financial statements of the Issuer and the interim financial statements of the Issuer will also be available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>;

(d) each Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme and will also be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>; and

(e) all information pertaining to the Issuer which is relevant to the Programme and/or this Programme Memorandum which is electronically submitted by CTSE News Service to CTSE News Service subscribers, if required.

In addition, this Programme Memorandum, together with any supplement and/or amendment thereto, and the Applicable Pricing Supplements relating to any issue of Preferred Shares will be filed with the CTSE.

**Clearing systems**

The Preferred Shares listed on the CTSE have been accepted for clearance through the CSD, which forms part of the CTSE clearing system and may be accepted for clearance through any additional clearing system as may be agreed between the CTSE, the Issuer and the Dealer(s).

The settlement, clearing and redemption procedures for trades of Preferred Shares issued on an exchange other than the CTSE, irrespective of whether the Preferred Shares are listed on the CTSE as well, will be specified in the Applicable Pricing Supplements.

**Auditors**

PricewaterhouseCoopers LLC have acted as the auditors of the financial statements of the Issuer for the financial years ended 30 June 2022, 30 June 2023 and 30 June 2024 and, in respect thereof, have issued an unqualified audit report.

**Litigation**

The Issuer has not been involved in any legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) that may have or have had a material effect on the financial position of the Issuer in the previous twelve months.

**Material Change**

As at the date of this Programme Memorandum, following due and careful enquiry, there has been no material change in the financial or trading position of the Issuer and its Subsidiaries, if applicable, that has occurred since the date of publication of the Issuer's unaudited interim financial results for the nine month period ended 31 March 2025.

**Compliance**

The Issuer is incorporated in terms of and in compliance with the provisions of*, inter alia*, the IoM Companies Act and is acting in conformity with its Articles of Association.

**CORPORATE INFORMATION**

**ISSUER**

**PK Investments Limited**

(Registration number 014469V)

Part of the Second Floor

Exchange House

54-62 Athol Street

Douglas

Isle of Man IM1 1JD

Contact: Mr Timothy Mark Callister

Tel: +44 7624 461 949

**ARRANGER**

**PSG Capital Proprietary Limited**

(Registration number 2006/015817/07)

1st Floor, Ou Kollege Building

35 Kerk Street

Stellenbosch

7600

South Africa

and

The Place, First Floor

1 Sandton Drive, North Towers

Sandhurst, Sandton

2196

South Africa

Contact: Ms Monica Griessel

Tel: +27 (0) 10 978 2434

---

| | |
|:---|:---|
| **DEALERS** | **DEALERS** |
| **PSG Capital Proprietary Limited** | **PK Investments Limited** |
| (Registration number 2006/015817/07) | (Registration number 014469V) |
| 1st Floor, Ou Kollege Building | Part of the Second Floor |
| 35 Kerk Street | Exchange House |
| Stellenbosch | 54-62 Athol Street |
| 7600 | Douglas |
| South Africa | Isle of Man IM1 1JD |
|  | Contact: Mr Timothy Mark Callister |
| and | Tel: +44 7624 461 949 |
| The Place, First Floor |  |
| 1 Sandton Drive, North Towers |  |
| Sandhurst, Sandton |  |
| 2196 |  |
| South Africa |  |
| Contact: Ms Monica Griessel |  |
| Tel: +27 (0) 10 978 2434 |  |

---

**DEBT ISSUER AGENT**

**PSG Capital Proprietary Limited**

(Registration number 2006/015817/07)

1st Floor, Ou Kollege Building

35 Kerk Street

Stellenbosch

7600

South Africa

and

The Place, First Floor

1 Sandton Drive, North Towers

Sandhurst, Sandton

2196

South Africa

Contact: Ms Monica Griessel

Tel: +27 (0) 10 978 2434

**STRATE ISSUER AGENT, PAYING AGENT AND SETTLEMENT AGENT**

**FirstRand Bank Limited**

**(acting through its Rand Merchant Bank division)**

(Registration number 1929/001225/06)

1 Merchant Place

Cnr Fredman Drive and Rivonia Road

Sandton, Gauteng

2146

South Africa

Contact: Head – Debt Finance Group

Tel: +27 (0) 11 282 8000

**CALCULATION AGENT**

**PK Investments Limited**

(Registration number 014469V)

Part of the Second Floor

Exchange House

54-62 Athol Street

Douglas

Isle of Man IM1 1JD

Contact: Mr Timothy Mark Callister

Tel: +44 7624 461 949

**TRANSFER AGENT**

**CTSE Registry Services Proprietary Limited**

(Registration number 2016/396777/07)

The District

Block B, 6th Floor

41 Sir Lowry Road

Woodstock

Cape Town

7925

South Africa

Contact: Ms Estelle de Jager

Tel: +27 (0) 11 100 8352

**LEGAL ADVISERS TO THE ISSUER, ARRANGER AND DEALERS AS TO SOUTH AFRICAN LAW**

**Bowman Gilfillan Incorporated t/a Bowmans**

(Registration number 1998/021409/21)

11 Alice Lane

Sandton

2196

South Africa

Contact: Mr Casper van Heerden

Tel: +27 (0) 669 9354

**LEGAL ADVISERS TO THE ISSUER, ARRANGER AND DEALERS AS TO ISLE OF MAN LAW**

**Simcocks Advocates Limited, Isle of Man**

(Registration number 104672C)

Ridgeway House

Ridgeway Street

Douglas

Isle of Man

IM1 1EL

Contact: Mr Alex Spencer

Tel: +44 1624 690352

**AUDITORS TO THE ISSUER**

**PricewaterhouseCoopers LLC**

(Registration number 000934L)

Sixty Circular Road

Douglas

Isle of Man

IM1 1SA

Contact: Mr James Gumbley

Tel: +44 1624 689689

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(incorporated in the Isle of Man under registration number 014469V)*

**Issue of ZAR[●],000,000 Redeemable, Non-Participating Preferred Shares**

**Under its ZAR20,000,000,000 Preferred Share Programme**

This Applicable Pricing Supplement must be read in conjunction with the Programme Memorandum prepared by the Issuer dated 1 August 2025, as may be amended, varied, restated, novated or supplemented from time to time (the **Programme Memorandum**) and the general preferences, rights, limitations and other terms attaching to each Preferred Share, as set out or incorporated by reference in the Issuer's Articles of Association.

References in this Applicable Pricing Supplement to the General Preferred Share Terms are to the section of the Programme Memorandum headed "*Preferred Share Terms and Conditions*" (the **General Preferred Share Terms**). References to any Condition in this Applicable Pricing Supplement are to that Condition of the General Preferred Share Terms.

Any capitalised terms not defined in this Applicable Pricing Supplement shall have the meanings ascribed to them in the General Preferred Share Terms.

This document constitutes the Applicable Pricing Supplement relating to the issue of the Class A Preferred Shares described herein (the **Class A Preferred Shares**).

This Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with the General Preferred Share Terms, which shall, to the extent so specified supplement the General Preferred Share Terms for the purpose of such Tranche of Class A Preferred Shares.

To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of the Applicable Pricing Supplement shall prevail.

**PARTIES**

---

| | | |
|:---|:---|:---|
| 1. | Issuer | PK Investments Limited |
|  | Registered Office | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 2. | Dealer | PK Investments Limited |
|  | Specified Address | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 3. | Managers | N/A |
| 4. | Paying Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |
| 5. | Calculation Agent | PK Investments Limited |
|  | Specified Address | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 6. | Transfer Agent | CTSE Registry Services Proprietary Limited |
|  | Specified Address | 15 Biermann Avenue, Woodstock Exchange Building, Block B, 5th Floor, 66-68 Allbert Road, Woodstock |
| 7. | Strate Issuer Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |

---

---

| | | |
|:---|:---|:---|
| 8. | Settlement Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |
| 9. | Debt Issuer Agent | PSG Capital Proprietary Limited |
|  | Specified Address | 1st Floor, Ou Kollege Building, 35 Kerk Street, Stellenbosch, 7600, South Africa; and The Place, First Floor, 1 Sandton Drive, North Towers, Sandhurst, Sandton, 2196, South Africa |
| **DESCRIPTION OF THE PREFERRED SHARES** | **DESCRIPTION OF THE PREFERRED SHARES** |  |
| 10. | Status of the Preferred Shares | Redeemable, non-participating Preferred Shares |
| 11. | Listed/Unlisted | Listed |
| 12. | Class | Class A |
| 13. | Tranche number | 1 |
| 14. | Aggregate Issue Price of this Tranche | ZAR[ ] |
| 15. | Number of Preferred Shares | [ ] |
| 16. | Dividend/Payment Basis | N/A, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 17. | Issue Date | [ ] 2025 |
| 18. | Minimum Aggregate Issue Price per subscriber, acting as principal | Not applicable |
| 19. | Issue Price | ZAR[ ] per Preferred Share |
| 20. | Dividend Commencement Date | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 21. | Final Redemption Date | The 5<sup>th</sup> anniversary of the Issue Date or, if such day is not a Business Day, the next Business Day determined in accordance with the Applicable Business Day Convention and the Applicable Procedures |
| 22. | Final Redemption Amount | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 23. | Applicable Business Day Convention | Following Business Day |
| 24. | Set out the relevant description of any additional/other Preferred Share Terms and Conditions relating to the Preferred Shares (including additional covenants, if any) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| **FIXED RATE PREFERRED SHARES** | **FIXED RATE PREFERRED SHARES** | Not applicable |
| **FLOATING RATE PREFERRED SHARES** | **FLOATING RATE PREFERRED SHARES** | Not applicable |
| **MIXED RATE PREFERRED SHARES** | **MIXED RATE PREFERRED SHARES** | Not applicable |
| **OTHER PREFERRED SHARES** | **OTHER PREFERRED SHARES** |  |
| 25. | If the Preferred Shares are not Fixed Rate Preferred Shares, Floating Rate Preferred Shares or Mixed Rate Preferred Shares or if the Preferred Shares are a combination of the above and some other Preferred Shares, set out the relevant description of any additional Preferred Share Terms and Conditions relating to such Preferred Shares | See Schedule 1 entitled "*Additional Terms and Conditions*" |
| **PROVISIONS REGARDING REDEMPTION MATURITY** | **PROVISIONS REGARDING REDEMPTION MATURITY** |  |
| 26. | Redemption at the option of the Issuer: | Yes, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| a) | Early Redemption Date(s) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| b) | Early Redemption Amount(s) and method, if any, of calculation of such amount(s) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| c) | Redeemable in part | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| d) | Other terms applicable on Redemption | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |

---

---

| | | |
|:---|:---|:---|
| **GENERAL** | **GENERAL** |  |
| 27. | International Securities Identification Number (ISIN) | ZAE [**●**] |
| 28. | Stock Code | 4PKI01 |
| 29. | Financial Exchange | Debt Market of the Cape Town Stock Exchange Proprietary Limited |
| 30. | Method of distribution | Public Offer |
| 31. | Credit Rating assigned to the Issuer/the Programme/this Tranche of Preferred Shares (if any), and date of such Credit Rating | N/A |
| 32. | Rating Agency (if any) | N/A |
| 33. | Governing Law | Isle of Man |
| 34. | Last Day to Trade | The "*Last Day to Trade* as set out in the Applicable Procedures |
| 35. | Record Date | The date on which the holdings of Preferred Shares, upon which the Event entitlement is ascertained, being the "Record Date" as set out in the Applicable Procedures |
| 36. | Programme Amount | ZAR20,000,000,000 |
| 37. | Aggregate Issue Price of all Preferred Shares in issue on the Issue Date of this Tranche | ZAR0 |
| 38. | Use of proceeds | To acquire additional shares in the issued share capital of MAS pursuant to the Voluntary Bid (as defined in Schedule 1 entitled "Additional Terms and Conditions") |
| 39. | Additional Redemption Events | N/A |
| 40. | Exchange Control Approval | [Yes] |
| 41. | Other provisions | See Schedule 1 entitled *"Additional Terms and Conditions"* and Schedule 2 entitled *"Selling restrictions"* |

---

**Responsibility:**

The Issuer certifies that to the best of its knowledge and belief there are no facts that have been omitted from the Programme Memorandum or this Applicable Pricing Supplement which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Applicable Pricing Supplement contains all information required by Applicable Law and the CTSE Debt Listings Requirements. The Issuer accepts full responsibility for the accuracy of the information contained in the Programme Memorandum, this Applicable Pricing Supplement and all documents incorporated by reference (see section of the Programme Memorandum headed *"Documents Incorporated by Reference"*).

Neither CTSE nor CTSE Registry take any responsibility for the contents of the Programme Memorandum, this Applicable Pricing Supplement, the Issuer's annual financial statements and any amendments or supplements to the aforementioned documents. Neither CTSE nor CTSE Registry make any representation as to the accuracy or completeness of the Programme Memorandum, this Applicable Pricing Supplement, the Issuer's annual financial statements and any amendments or supplements to the aforementioned documents, and expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the aforementioned documents. The CTSE's approval of the registration of the Programme Memorandum and listing of the Class A Preferred Shares are not to be taken in any way as an indication of the merits of the Issuer or of the Class A Preferred Shares and, to the extent permitted by Applicable Law, the CTSE will not be liable for any claim whatsoever.

**Listing:**

Application is hereby made to list the Class A Preferred Shares on the CTSE on [●] 2025.

**SIGNED** at ______________________________ on this _________________ day of __________________________________________ 2025

For and on behalf of

---

| | | | |
|:---|:---|:---|:---|
| **PK Investments Limited** | **PK Investments Limited** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

---

**SCHEDULE 1: ADDITIONAL TERMS AND CONDITIONS**

*The following are additional terms and conditions (the* ***Additional Terms and Condition****s) which apply to the Class A Preferred Shares contemplated in this Applicable Pricing Supplement and which will be incorporated by reference into the Class A Preferred Shares, except that all references in the Programme Memorandum to "the Preferred Shares" shall be deemed to be references to these Class A Preferred Shares.*

1. **Additional definitions** 

In this Applicable Pricing Supplement, unless inconsistent with the context, the following expressions shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **2024 Accounting Principles** means MAS' accounting policies, including management's judgements, accounting estimates and assumptions that affect the application of MAS' accounting policies, as applied in MAS' condensed consolidated interim financial statements for the six-month period to 31 December 2024 prepared in terms of IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Adjusted NAV** means the equity attributable to owners of the MAS Group as reflected in the consolidated statement of financial position contained in the Reference Financials adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 deducting the disclosed sum of the preferred equity in PKM Development Limited and arrears coupon on such preferred equity as reflected in the Reference Financials, being the sum of preferred equity and arrears coupon adjusted for any fair valuation or impairment adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 adding the sum of preferred equity and arrears coupon as at the date of the Reference Financials, calculated as the sum of preferred equity and arrears coupon excluding any fair valuation or impairment adjustments, multiplied by 85%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 adding the deferred taxation liabilities as reflected in the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 deducting the sum of the deferred taxation on each of MAS's assets, determined individually for each asset based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.1 the book value of that asset as reflected in the Reference Financials less the fiscal tax base of that asset; multiplied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.2 the applicable statutory tax rate as at the date of the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 deducting the deferred taxation assets and intangible assets as reflected in the Reference Financials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 deducting all cash and other distributions which have been declared and paid by MAS to the extent not already accounted for as a liability by MAS in the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Adjusted NAV per Share** means (i) the Adjusted NAV, divided by (ii) the number of issued shares used by MAS to determine the net asset value per share for IFRS purposes, in each case based on the Reference Financials and adjusted to reverse the effects of any MAS share consolidations, capitalization issues, MAS share splits or other MAS share capital reorganisations by MAS after the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Approved Auditors** means PricewaterhouseCoopers, KPMG, Ernst Young, Deloitte & Touche, BDO and Forvis Mazars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Cash Distributions** means any and all cash distributions received by the Issuer from MAS in its capacity as shareholder of MAS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Cash Receipts** means all Cash Distributions and the net proceeds (after any necessary costs and taxes incurred) received by the Issuer from a disposal of any MAS shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **Cumulative Distributions per Share** means the sum of all distributions (including Cash Distributions) per share declared and paid by MAS between the Issue Date and the Redemption Date, adjusted to reverse the effects of any MAS share consolidations, capitalization issues, MAS share splits or other MAS share capital reorganisations by MAS after the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **Early Redeem** has the meaning given to it in paragraph 2.1.1 below and **Early Redemption** shall have a similar meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 **Early Redemption Amount** means an amount equal to the Issue Price per Class A Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 **EUR Face Value** means the ZAR face value in an amount equal to EURc1.50 multiplied by the ZAR Euro Exchange Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 **EUR Face Value Increase Amounts** means, with effect from the First Anniversary, the EUR Face Value increased at a rate equal to 7% per annum, compounded on each Face Value Calculation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 **Face Value Calculation Dates** means the end of every 6 months after the First Anniversary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 **Final Redemption** shall have the meaning given to it in paragraph 2.2.1 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 **Final Redemption Amount** means an amount equal to the Issue Price per Class A Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 **First Anniversary** means the first anniversary of the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 **Floor Value** means per Class A Preferred Share an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.1 the EUR Face Value of the Class A Preferred Share; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.2 all EUR Face Value Increase Amounts attributable to that Class A Preferred Share on all previous Face Value Calculation Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 **Independent Expert** means any of the Approved Auditors, provided that such firm is not at such time the appointed auditor of the Issuer, any of its Affiliates or MAS, which Approved Auditors shall act as expert and not as arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 **MAS** means MAS P.L.C. a company registered in Malta with Registration number C 99355;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 **MAS Group** means all the entities within the MAS group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 **Redemption Dividend** means the higher of:

90% of the sum of (i) the Adjusted NAV per Share and (ii) Cumulative Distributions per Share divided by 100; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20.1 the Floor Value of each Preferred Share,

minus the Issue Price per Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 **Reference Financials** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.1 as at any relevant date, MAS' latest publicly available financial statements prepared in terms of IFRS and, if applicable, as amended in terms of paragraph 4; and specifically

in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.2 an Early Redemption pursuant to paragraph 2.1, MAS' latest publicly available financial statements prepared in terms of IFRS as at the date of the notice in terms of paragraph 2.1.1 in respect of that Early Redemption and, if applicable, as amended in terms of paragraph 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.3 a Final Redemption pursuant to paragraph 2.2, MAS' latest publicly available financial statements prepared in terms of IFRS as at the Final Redemption Date and, if applicable, as amended in terms of paragraph 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 **Restricted Period** means, in relation to a Preferred Share, the period commencing on the Issue Date of that Preferred Share and ending on the day after the third anniversary of its Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 **Voluntary Bid** means the voluntary bid made by the Issuer to the MAS shareholders, in terms of which the Issuer offers to acquire all of the MAS shares not already held by it on and subject to the terms and conditions set out in the circular posted to the MAS shareholders on or about 4 August 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 **ZAR Euro Exchange Rat** e means the rate of exchange at which FirstRand Bank Limited offers to sell ZAR to purchase EUR in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24.1 the determination of the EUR Face Value, the last practicable date prior to the date of the implementation of the Voluntary Bid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24.2 the determination of an Early Redemption Amount, at the Final Redemption Amount or a Redemption Dividend, the last practicable date prior to the applicable Redemption Date.

2. **REDEMPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Early Redemption</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 During the Restricted Period, the Issuer shall be entitled (but not obliged) to voluntarily redeem at the Early Redemption Amount any of the Class A Preferred Shares (**Early Redeem**) provided that the Issuer gives written notice in terms of 8.2 of the Programme Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Following the Restricted Period, the Issuer must redeem the Class A Preferred Shares on the basis as set out in paragraph 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 The Issuer shall redeem the Class A Preferred Shares pro rata to the total number of outstanding Class A Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 The Early Redemption Amount and Redemption Dividend will be settled in ZAR at the ZAR Euro Exchange Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Final Redemption Dates</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 The Issuer shall on the Final Redemption Date be obliged to redeem all of the unredeemed Class A Preferred Shares in accordance with 8.1 of the Programme Memorandum (**Final Redemption**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 The Final Redemption Amount and Redemption Dividend will be settled in ZAR at the ZAR Euro Exchange Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Redemption Dividend</u> 

Upon Early Redemption or Final Redemption the Issuer are obliged to pay the Redemption Dividend per Preferred Share being redeemed.

3. **CASH RECEIPTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 During the Restricted Period, the Issuer may not use any of the Cash Receipts received, other than, at its election, for Early Redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 After the Restricted Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 the Issuer shall apply all Cash Receipts received up to date, which have not been used to voluntarily redeem the Class A Preferred Shares in accordance with paragraph 2.1 above, to Early Redeem the Class A Preferred Shares by not later than 21 days after the later of (i) the end of the Restricted Period or (ii) if the Adjusted NAV and/or Adjusted NAV per Share is/are disputed in terms of paragraph 4.5, the date of final determination thereof by the Independent Expert in terms of paragraph 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 any further Cash Receipts received by the Issuer shall be applied to Early Redeem the Class A Preferred Shares within 21 days of the later of (i) receipt of such Cash Receipt or (ii) if the Adjusted NAV and/ or Adjusted NAV per Share is/are disputed in terms of paragraph 4.5, the date of final determination thereof by the Independent Expert in terms of paragraph 4.6.

4. **Adjusted NAV and Adjusted NAV per Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The determination of Adjusted NAV and Adjusted NAV per Share will be done by applying the 2024 Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Any changes to the 2024 Accounting Principles after the Issue Date, including from new standards and amendments or improvements to existing standards and interpretations of IFRS, or any changes to management's judgements, accounting estimates and assumptions that affect the application of the 2024 Accounting Principles, other than in respect of correction of an error, will be reversed with the revised accounting treatment applied on a basis consistent with the 2024 Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Issuer will take all such steps as are legally permissible to procure that the Adjusted NAV and Adjusted NAV per Share will be determined by the auditors of MAS and included in all financial statements published by MAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Notwithstanding paragraph 4.3, if the Adjusted NAV and/or Adjusted NAV per Share are not determined by the auditors of MAS and/or included in any financial statement published by MAS, then this will not constitute a Redemption Event and the Issuer will determine the Adjusted NAV and Adjusted NAV per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 If, the Adjusted NAV and/or Adjusted NAV per Share are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 set out in MAS' financial statements and (i) the Issuer or (ii) the holders of a majority of Class A Preferred Shares, dispute any calculation of the Adjusted NAV and/or Adjusted NAV per Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 determined by the Issuer pursuant to paragraph 4.4 and communicated to the holders of the Class A Preferred Shares in the manner set out in Condition 13 (Notices), and the holders of a majority of Class A Preferred Shares dispute any calculation of the Adjusted NAV and/or Adjusted NAV per Share,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 where the Issuer is the disputing party, the Issuer shall refer this dispute to an Independent Expert, within 20 Business Days of the publication of the applicable MAS financial statements, who shall determine the calculation of Adjusted NAV and/or Adjusted NAV per Share in accordance with paragraph 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4 where the holders of a majority of Class A Preferred Shares constitute the disputing party, the following provisions shall apply –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.1 any holder of the Class A Preferred Shares holding at least 10% of the Class A Preferred Shares in issue shall be entitled to provide the Issuer with written notice that such holder (i) is entitled and duly authorised to exercise all rights in respect of at least 10% of the Class A Preferred Shares; (ii) disputes the Adjusted NAV and/or Adjusted NAV per Share **(Dispute Notice)** and (iii) wishes to propose a resolution of Class A Preferred Shareholders (either at a meeting of the Class A Preferred Shareholders or by written resolution) that the Adjusted NAV and/or Adjusted NAV per Share be referred to an Independent Expert for determination **(Expert Determination Resolution)**. The Dispute Notice must be provided by not later than 20 Business Days after publication of the Adjusted NAV and/or Adjusted NAV per Share as contemplated in paragraph 4.5.1 or 4.5.2, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.2 the Issuer shall, within 10 Business Days after receipt of such Dispute Notice, send notice of the Expert Determination Resolution to all the Class A Preferred Shareholders convening a separate meeting of the holders of the Class A Preferred Shares, or proposing a written resolution of the Class A Preferred Shareholders (in either case, as specified in the Dispute Notice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.3 if the Expert Determination Resolution is adopted by more than 50% of the Class A Preferred Shares (either at a separate meeting of the Class A Preferred Shares or by way of a written resolution of the Class A Preferred Shares) (the **Disputing Preferred Shareholders**), the Issuer shall refer the dispute to an Independent Expert within 10 Business Days of the receipt of this resolution, who shall determine the calculation of the Adjusted NAV and/or Adjusted NAV per Share in accordance with paragraph 4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Independent Expert will determine the calculation of the Adjusted NAV and/or Adjusted NAV per Share, as the case may be, on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 the Independent Expert shall act as an expert and not an arbitrator in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 the Independent Expert shall take relevant factors into account in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 the Independent Expert shall be requested to make its determination as speedily as possible, but in any event within 10 Business Days of the date on which the Issuer refers the dispute to the Independent Expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 the Independent Expert shall in writing advise the Issuer of its determination, shall give written reasons for its decision, and shall in such notice provide reasonable detail of its calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 any determination by the Independent Expert shall, in the absence of manifest error, be final and binding on the Issuer and the holders of the Class A Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 the liability for the Independent Expert's costs shall be borne by the Issuer if its determination is incorrect or if the Disputing Preferred Shareholders are incorrect, they will bear the costs on a pro rata basis, being the total costs incurred dividend by the number of votes exercised by each Disputing Preferred Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.7 For the purposes of this Applicable Pricing Supplement, it is shall be legally permissible for the Issuer to take any action or decision if the taking of such action or decision will not result in a breach or contravention by the Issuer or MAS of the rules or any order or directive of the licensed financial exchange operated by JSE Limited (Registration number 2005/022939/06) or the CTSE (or any other exchange on which the securities of the Issuer or MAS are listed), or any constitution, statute, by-law, code, ordinances, decree, judicial arbitral, administrative, ministerial, departmental or regulatory judgment; or common law in any jurisdiction, in each case which are applicable to the Issuer or MAS.

**SCHEDULE 2: SELLING RESTRICTIONS**

*Capitalised terms used in this Schedule 2 headed "Selling Restrictions" shall bear the same meanings as used in the General Preferred Share Terms and this Applicable Pricing Supplement, except to the extent that they are separately defined in this Schedule 2 or this is clearly inappropriate from the context.*

*The following selling restrictions are in addition to, and shall be read together with, the selling restrictions set out in the section entitled "Subscription and Sale" in the Programme Memorandum. These additional restrictions apply to the Class A Preferred Shares described in this Applicable Pricing Supplement.*

**General**

This Applicable Pricing Supplement does constitute, advertise and relate to an offer to the public in South Africa (as defined in the SA Companies Act) for the sale of or subscription for, or the solicitation of an offer to acquire or subscribe for, Class A Preferred Shares. Accordingly, this Programme Memorandum should be read together with the prospectus registered under the SA Companies Act and published on 4 August 2025, which accompanies this Applicable Pricing Supplement and which complies with the substance and form requirements for prospectuses set out in the SA Companies Act and the Companies Regulations of 2011 (the **Prospectus**). The Prospectus is also issued in terms of section 45 of the IoM Companies Act. The Prospectus and this Applicable Pricing Supplement have not been approved by any regulatory authority in the Isle of Man. It is not required for the Prospectus or Applicable Pricing Supplement to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.

**United States**

The Class A Preferred Shares are securities issued by a company registered in the Isle of Man, and the Voluntary Bid (as defined in Schedule 1 entitled "*Additional Terms and Conditions*") is subject to procedural and disclosure requirements which are different from those of the United States of America (**United States** or **US**). The financial information with respect to the Issuer referred to in the Programme Memorandum and this Applicable Pricing Supplement has been prepared in accordance with IFRS and thus may not be comparable to financial information of companies in the United States or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

It may be difficult for U.S holders of Class A Preferred Shares to enforce their rights and any claim they may have arising under the federal securities laws, since the Issuer is located in a foreign country, and some or all of its officers and the Issuer's directors may be residents of a foreign country. U.S holders of Class A Preferred Shares may not be able to sue the Issuer or its officers or the Issuer's directors in a foreign court for violations of the U.S. securities laws. It may be difficult for U.S holders of Class A Preferred Shares to compel a foreign company (being the Issuer) and its affiliates to subject themselves to a U.S. court's judgment.

The Issuer may purchase securities otherwise than under the Voluntary Bid, such as in open market or privately negotiated purchases, subject to any restrictions or requirements under the Applicable Laws.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the **U.S. Securities Act**), or the securities laws of any state of the United States or other jurisdiction, and, subject to certain limited exceptions, may not be offered or sold within the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Class A Preferred Shares to be issued pursuant to the Voluntary Bid are not, and will not be, registered under the U.S Securities Act and will be issued in reliance on the exemption from registration provided by Rule 802 under the U.S Securities Act.

Neither the Securities and Exchange Commission nor any securities commission of any state of the United States has approved the Voluntary Bid, passed upon the fairness of the Voluntary Bid or passed upon the adequacy or accuracy of the Programme Memorandum and this Applicable Pricing Supplement. Any representation to the contrary is a criminal offence in the United States. In accordance with the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder with respect to the Class A Preferred Shares to be issued in connection with the Voluntary Bid, the Issuer will submit to the U.S. Securities and Exchange Commission any informational document it publishes or otherwise disseminates to holders of MAS shares related to the Voluntary Bid.

Any decision to accept the Voluntary Bid should be made on the basis of the information in the Programme Memorandum (and the publicly available information referred to herein).

**European Economic Area**

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that, in relation to each Member State of the European Economic Area which has implemented the EU Prospectus Regulations (each a **Relevant Member State**), with effect from and including the date on which the EU Prospectus Regulations is implemented in that Relevant Member State (the **Relevant Implementation Date**) it has not made and will not make an offer of any of such Preferred Shares to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of any of such Preferred Shares to the public in that Relevant Member State:

(a) if the terms or drawdown prospectus in relation to the Preferred Shares specifies that an offer of those Preferred Shares may be made other than pursuant to Article 1(4) of the EU Prospectus Regulations in that Relevant Member State (a **Non-exempt Offer**), following the date of publication of a prospectus in relation to such Preferred Shares which has been approved by the competent authority in that Relevant Member State in accordance with the EU Prospectus Regulations and/or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, provided that any such prospectus, if not a drawdown prospectus, has subsequently been completed by the terms contemplating such Non-exempt Offer, in accordance with the EU Prospectus Regulations, in the period beginning and ending on the dates specified in the drawdown prospectus or final terms, as applicable and the Issuer has consented in writing to its use for the purpose of that Non-exempt Offer;

(b) at any time to any legal entity which is a qualified investor as defined in the EU Prospectus Regulations;

(c) at any time to fewer than 150 (one hundred and fifty) natural or legal persons (other than qualified investors as defined in the EU Prospectus Regulations) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(d) at any time in any other circumstances falling within Article 1(4) of the EU Prospectus Regulations, provided that no such offer referred to in (a) to (d) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulations or supplement a prospectus pursuant to Article 23 of the EU Prospectus Regulations.

For the purposes of this provision, the expression an "*offer of Preferred Shares to the public*" in relation to any Preferred Shares means the communication in any form and by any means of sufficient information on the terms of the offer and the Preferred Shares to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Shares, and the expression "**EU Prospectus Regulations**" means Regulation (EU) 2017/1129 (as amended).

The Dealers have represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree that, in relation to any offering of Preferred Shares to which Directive 2014/65/EU on markets in financial instruments (as amended, **MiFID II**) applies, that such offering is in accordance with the applicable rules set out in MiFID II (including any applicable national transposition of MiFID II), including that any commission, fee or non-monetary benefit received from the relevant Issuer complies with such rules.

**United Kingdom**

***Public Offer Selling Restrictions under the UK Prospectus Regulation***

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that has not made and will not make an offer of any of such Preferred Shares in the United Kingdom except that it may make an applicable offer of any of such Preferred Shares in the United Kingdom:

(a) at any time to any legal entity which is a qualified investor as defined in the UK Prospectus Regulation;

(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the UK Prospectus Regulation); or

(c) at any time in any other circumstances falling within section 86 of the Financial Services and Markets Act, 2000 (the **FSMA**).

For the purposes of this provision, the expression "*an applicable offer of Preferred Shares*" in relation to any Preferred Shares means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Shares and the expression "**UK Prospectus Regulation**" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act, 2018 and regulations made thereunder.

***Other regulatory restrictions:*** The Dealer has represented and agreed, and each further Dealer appointed under this Programme will be required to represent and agree, that:

(a) *Financial Promotion*: it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 (*Financial Promotion*) of the FSMA) received by it in connection with the issue or sale of any Securities in which section 21(1) of the FSMA would not, if it was not an authorised person, apply to the Issuer; and

(b) *General Compliance*: it has complied and will comply with all applicable provisions of the FSMA and the Financial Conduct Authority Handbook with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom.

***Selling Restrictions Addressing Additional United Kingdom Securities Laws***

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any of the Preferred Shares in that Tranche under circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any of the Preferred Shares in that Tranche in, from or otherwise involving the United Kingdom.

**Australia**

The Issuer is not registered as a foreign company in Australia.

The provision of this Applicable Pricing Supplement to any person does not constitute an offer of Class A Preferred Shares to that person or an invitation to that person to apply for Class A Preferred Shares. It is only available to persons who are residents in Australia where they are receiving the offer to acquire Class A Preferred Shares in exchange for MAS shares under the Voluntary Bid.

This Applicable Pricing Supplement is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

This Applicable Pricing Supplement is not a disclosure document under Chapter 6D of the Australian Corporations Act, 2001 (the **Australian Corporations Act**) or a product disclosure statement under Part 7.9 of the Australian Corporations Act. It is not required to, and does not, contain all the information which would be required in a disclosure document or a product disclosure document. It has not been lodged with the Australian Securities and Investments Commission.

No person referred to in this Applicable Pricing Supplement holds an Australian financial services licence.

The information in this Applicable Pricing Supplement has been prepared without taking into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.

This Applicable Pricing Supplement has not been prepared specifically for Australian investors. It:

(a) may contain references to dollar amounts which are not Australian dollars;

(b) may contain financial information which is not prepared in accordance with Australian law or practices;

(c) may not address risks associated with investment in foreign currency denominated investments; and

(d) does not address Australian tax issues.

This Applicable Pricing Supplement is issued by the Issuer. The Issuer is not licensed in Australia to provide financial product advice in relation to the Class A Preferred Shares. An investor in the Class A Preferred Shares will not have cooling off rights.

**Switzerland**

This Applicable Pricing Supplement is not intended to constitute an offer or solicitation to purchase or invest in the Class B Preferred Shares. The Class A Preferred Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (**Swiss FinSA**) and no application has or will be made to admit the Class B Preferred Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Applicable Pricing Supplement nor any other offering or marketing material relating to the Class A Preferred Shares constitutes a prospectus pursuant to the Swiss FinSA, and neither this Applicable Pricing Supplement nor any other offering or marketing material relating to the Class A Preferred Shares may be publicly distributed or otherwise made publicly available in Switzerland.

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that it has not made and will not make an offer of any of such Preferred Shares to the public in Switzerland except that it may make an offer of any of such Preferred Shares to professional clients within the meaning of article 4 paragraph 3 Swiss FinSA, or where another exemption under articles 36 or 37 Swiss FinSA applies.

**Namibia**

This Applicable Pricing Supplement is not intended to constitute an offer or solicitation to purchase or invest in the Class A Preferred Shares. The Class A Preferred Shares may not be publicly offered, directly or indirectly, in the Republic of Namibia (**Namibia**) in contravention of the Namibian Companies Act, No. 28 of 2004, as amended (**Namibian Companies Act**), the Banking Institutions Act, 1998, as amended (**Namibian Banking Institutions Act**) the Namibian Exchange Control Regulations, 1961, and/or any other applicable laws of Namibia in force from time to time.

Neither the Voluntary Bid, the Programme Memorandum and this Applicable Pricing Supplement nor any other offering or marketing material relating to the Preferred Shares constitutes a prospectus pursuant to the Namibian Companies Act, and neither the Voluntary Bid, the Programme Memorandum and this Applicable Pricing Supplement, nor any other offering or marketing material relating to the Class A Preferred Shares may be publicly distributed or otherwise made publicly available in Namibia.

In terms of the Namibian Stock Exchanges Control Act, 1985, as amended (until such time as it is repealed and replaced by the Financial Institutions and Markets Act, 2021, as amended) (**Namibian Stock Exchanges Control Act**), no person, firm, company, corporation, government, state, or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing, may carry on the business of buying and selling securities in Namibia unless such person is either a registered banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker. Accordingly, any person engaging in the business of buying or selling the Class A Preferred Shares in Namibia may be required to register as a stockbroker in terms of the Namibian Stock Exchanges Control Act.

Any investor who does not meet the abovementioned requirements is not eligible to receive Preferred Shares. Each investor located or resident in Namibia who subscribes for Class A Preferred Shares will be deemed to have represented and warranted that it is registered as a banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stockbroker or satisfies another applicable exemption under Namibian law and that it is aware of and complies with the restrictions described above.

## Exhibit 99.4

**Exhibit 99.4**

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(Incorporated in the Isle of Man under registration number 014469V)*

**EUR1,000,000,000**

**PREFERRED SHARE PROGRAMME**

Under this EUR1,000,000,000 Preferred Share Programme (the **Programme**), PK Investments Limited (the **Issuer**) may from time to time issue redeemable preferred shares denominated in Euros on the terms and conditions contained in the section of this programme memorandum (this **Programme Memorandum**) headed *"Preferred Share Terms and Conditions"* (the **Preferred Share Terms and Conditions**).

Capitalised terms used below shall have the meanings ascribed thereto in the Preferred Share Terms and Conditions. Any reference in this Programme Memorandum to a Condition is to that Condition of the Preferred Share Terms and Conditions, and any reference to this Programme Memorandum or the Preferred Share Terms and Conditions shall mean this Programme Memorandum or the Preferred Share Terms and Conditions, as the case may be, as amended, varied, restated, novated or supplemented from time to time.

This Programme Memorandum has not been approved or registered with any Financial Exchange. Only Unlisted Preferred Shares will be issued under the Programme, which will not be regulated by any Financial Exchange.

A Tranche of Preferred Shares may comprise, without limitation, Fixed Rate Preferred Shares, Floating Rate Preferred Shares, Mixed Rate Preferred Shares and/or such other type of Preferred Shares as may be determined by the Issuer and the relevant Dealer(s) and specified in the Applicable Pricing Supplement. Preferred Shares will be issued in individual Tranches which, together with other Tranches, may form a Class of Preferred Shares. Each Preferred Share will be in a specified Class, as indicated in the Applicable Pricing Supplement. A Tranche of Preferred Shares will be issued on, and subject to, the Preferred Share Terms and Conditions, as replaced, amended and/or supplemented by the terms and conditions of that Tranche of Preferred Shares set out in the Applicable Pricing Supplement. Before the Issuer issues any Tranche of Preferred Shares, the Issuer shall complete and sign an Applicable Pricing Supplement based on the *pro forma* Applicable Pricing Supplement included in this Programme Memorandum, setting out details of such Preferred Shares. The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify other terms and conditions, which are not inconsistent with the general terms and conditions set out or incorporated by reference in the Articles of Association, which shall, to the extent so specified, supplement the Preferred Share Terms and Conditions for the purpose of such Tranche of Preferred Shares.

The Programme Amount will not exceed EUR1,000,000,000 unless such Programme Amount is increased as set out in the section of this Programme Memorandum headed *"General Description of the Programme".*

Preferred Shares may be issued on a continuing basis and be placed by one or more Dealer(s) appointed by the Issuer from time to time, which appointment may be for a specific issue or on an ongoing basis.

As at the Programme Date, the Issuer and the Programme are not rated. Tranches of Preferred Shares issued under the Programme may be rated on or before their Issue Date by a Rating Agency and, if so, this rating as well as the Rating Agency(ies) which assigned such rating(s) will be available on the Issuer's website and contained in the Applicable Pricing Supplement. Unrated Tranches of Preferred Shares may also be issued.

The Issuer may determine that Preferred Shares may be issued in a form and on terms not contemplated by the Preferred Share Terms and Conditions in which case a supplementary programme memorandum, if appropriate, will be made available which will describe the terms and conditions upon which such Preferred Shares will be issued.

This Programme Memorandum does not constitute, advertise or relate to an offer to the public (as defined in the SA Companies Act) for the sale of or subscription for, or the solicitation of an offer to acquire or subscribe for, Preferred Shares. Unless specified otherwise in an Applicable Pricing Supplement, Preferred Shares will only be offered by way of private placement to, and such offer will only be capable of acceptance by, (i) persons falling within the exemptions set out in section 96(1)(a) of the SA Companies Act; or (ii) persons who subscribe, as principal, for Preferred Shares at a minimum aggregate Issue Price as envisaged in section 96(1)(b) of the SA Companies Act (each a **Qualifying Investor**) and this Programme Memorandum is only being made available to such Qualifying Investors. Should any person who is not a Qualifying Investor receive this Programme Memorandum, they should not and will not be entitled to acquire or subscribe for any Preferred Shares as described in this Programme Memorandum or otherwise act thereon. The Prospectus and this Programme Memorandum have not been approved by any regulatory authority in the Isle of Man. It is not required for the Prospectus or Programme Memorandum to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.

Nothing in this Programme Memorandum should be viewed, or construed, as "advice" as that term is used in the SA Financial Markets Act and/or the Financial Advisory and Intermediary Services Act, 2002, and nothing in this Programme Memorandum should be construed as constituting the canvassing for, or marketing or advertising of, financial services.

---

| | |
|:---|:---|
| **Arranger** | **Dealers** |
| ![](img_009.jpg) | ![](img_009.jpg) |
|  | ![](logo_001.jpg) |

---

**Programme Memorandum dated 1 August 2025**

**GENERAL**

***Capitalised terms used in this section headed "General" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section, or this is clearly inappropriate from the context.***

*The Issuer certifies that, to the best of its knowledge and belief, there are no facts that have been omitted from this Programme Memorandum which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Programme Memorandum contains all information required by Applicable Laws. The Issuer accepts full responsibility for the accuracy of the information contained in this Programme Memorandum, the Applicable Pricing Supplements and/or the Issuer's annual financial statements and any amendments or any supplement to the aforementioned documents, except as otherwise stated therein.*

*The Issuer, having made all reasonable enquiries, confirms that this Programme Memorandum contains or incorporates all information which is material in the context of the issue and the offering of Preferred Shares, that the information contained or incorporated in this Programme Memorandum is true and accurate in all material respects and is not misleading, that the opinions and the intentions expressed in this Programme Memorandum are honestly held and that there are no other facts, the omission of which would make this Programme Memorandum or any such information or expression of any of such opinions or intentions misleading in any material respect.*

*This Programme Memorandum is to be read and construed with any amendment or supplement thereto and in conjunction with any other documents that are deemed to be incorporated herein by reference (see the section of this Programme Memorandum headed "Documents Incorporated by Reference") and, in relation to any Tranche of Preferred Shares, should be read and construed together with the Applicable Pricing Supplement. This Programme Memorandum shall be read and construed on the basis that such documents are incorporated into and form part of this Programme Memorandum.*

*No person has been authorised by the Issuer to give any information or make any representation not contained in or which is inconsistent with this Programme Memorandum or any other information supplied in connection with the Programme and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Arranger, the Dealer(s) or the other professional advisers. Nevertheless, if any such information is given or representation made, it must not be relied upon as having been authorised by the Issuer, the Arranger or the Dealer(s), or any of their respective Subsidiaries or holding companies or any Subsidiary of their respective holding companies (****Affiliates****) or professional advisers. Neither the delivery of this Programme Memorandum nor any offer, sale, allotment or solicitation made in connection with the offering of the Preferred Shares shall, in any circumstances, create any implication or constitute a representation that there has been no change in the affairs of the Issuer since the date hereof or that the information contained in this Programme Memorandum is correct at any time subsequent to the Programme Date.*

*Neither the Arranger, the Dealer(s) nor any other professional advisers accept any liability in relation to the information contained in this Programme Memorandum or any other information provided by the Issuer in connection with the Programme. Neither the Arranger, the Dealer(s) nor any other professional advisers have separately verified the information contained in this Programme Memorandum. Accordingly, none of the Arranger, the Dealer(s) nor any of their respective Affiliates or professional advisers make any representation, express or implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information in this Programme Memorandum or any other information supplied in connection with the Programme. Each person receiving this Programme Memorandum acknowledges that such person has not relied on the Arranger, the Dealer(s), or any of their Affiliates or professional advisers, in connection with its investigation of the accuracy of such information or its investment decision.*

*The delivery of this Programme Memorandum does not at any time imply that the information contained herein concerning the Issuer is correct at any time subsequent to the Programme Date or that any other financial statements or other information supplied in connection with the Programme is correct as at any time subsequent to the date indicated in the document containing the same. Investors should review, among others, the most recent financial statements of the Issuer when deciding whether to subscribe for and/ or purchase any Preferred Shares.*

*Neither this Programme Memorandum nor any other information supplied in connection with the Preferred Shares is intended to provide the basis of any credit or other evaluation, or should be considered as a recommendation by the Issuer, the Arranger or the Dealer(s) that any recipient of this Programme Memorandum, or any other information supplied in connection with the Programme, should subscribe for or purchase any Preferred Shares.*

*Each person contemplating making an investment in the Preferred Shares must make its own investigation and analysis of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer, and its own determination of the suitability of any such investment, with particular reference to its own investment objectives and experience, and any other factors which may be relevant to it in connection with such investment. None of the Arranger or the Dealer(s) undertake to review the financial condition or affairs of the Issuer or to advise any investor or potential investor in the Preferred Shares of any information coming to the attention of the Arranger or the Dealer(s).*

*The obligations under the Preferred Shares will be obligations of the Issuer. The obligations under the Preferred Shares will not be obligations of, or the responsibility of, or guaranteed by the Arranger or the Dealer(s). No liability whatsoever in respect of any failure by the Issuer to pay any amount due under the Preferred Shares shall be accepted by the Arranger or the Dealer(s).*

*None of the Issuer, the Arranger or the Dealer(s) make any representation or warranties as to the settlement procedures of the CSD.*

***This Programme Memorandum does not constitute an offer or an invitation by or on behalf of the Issuer, the Arranger, the Dealer(s) or to any person to subscribe for or purchase any of the Preferred Shares.***

*The distribution of this Programme Memorandum and any Applicable Pricing Supplement, and the issue, sale or offering of the Preferred Shares may be restricted by law in certain jurisdictions. No representation is made by the Issuer, the Arranger or the Dealer(s) that this Programme Memorandum may be lawfully distributed, or that the Preferred Shares may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder and none of them assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Arranger or the Dealer(s) which would permit a public offering of the Preferred Shares or distribution of this Programme Memorandum in any jurisdiction where action for that purpose is required. Accordingly, the Preferred Shares may not be offered or sold, directly or indirectly, and neither this Programme Memorandum, any Applicable Pricing Supplement nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any Applicable Laws. Persons into whose possession this Programme Memorandum and/or any Applicable Pricing Supplement come are required by the Issuer, the Arranger and the Dealer(s) to inform themselves about and to observe any such restrictions. In particular, there are restrictions on the distribution of this Programme Memorandum and the offer or sale of Preferred Shares in the Isle of Man and South Africa and certain other jurisdictions. The Preferred Shares have not been and will not be registered under the United States Securities Act of 1933, as amended. Subject to certain exceptions, Preferred Shares may not be offered, sold or delivered within the United States or to any U.S. persons. For a more complete description of certain restrictions on the offering, sale and delivery of Preferred Shares and distribution of this Programme Memorandum, see the section of this Programme Memorandum headed "Subscription and Sale" below.*

*The terms of this Programme Memorandum, if sent to persons resident in jurisdictions outside of South Africa, may be affected by the laws of the relevant jurisdiction. Such persons should inform themselves about and observe any applicable legal requirements in any such jurisdiction. It is the responsibility of any such person wishing to subscribe for or purchase the Preferred Shares to satisfy itself as to the full observance of the laws of the relevant jurisdiction. If and to the extent that any offer of Preferred Shares under the Programme is illegal in any jurisdiction, it is not and will not be made in such jurisdiction and this Programme Memorandum is sent to persons in such jurisdiction for information purposes only.*

*In addition, in the ordinary course of its business activities, any Dealer and its Affiliates may make loans or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such loans, investments and securities activities may involve securities and/or instruments of the Issuer or its Affiliates (including the Preferred Shares). Each Dealer and its Affiliates may hedge their credit exposure to the Issuer or its respective Affiliates in a manner consistent with their customary risk management policies.*

*In connection with the issue and distribution of any Tranche of Preferred Shares under the Programme, the relevant Dealer(s), if any, that is specified in the Applicable Pricing Supplement as the Stabilising Manager (or any Person acting for the Stabilising Manager) may, if specified in that Applicable Pricing Supplement, over-allot or effect transactions with a view to supporting and maintaining the market price of the Preferred Shares at a level higher than that which might otherwise prevail for a limited period. However, there may be no obligation on the Stabilising Manager (or any agent of the Stabilising Manager) to do this. Such stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited period. Such stabilising shall be in compliance with all Applicable Laws, regulations and rules.*

*Where any term is defined within the context of any particular clause or section in this Programme Memorandum, the term so defined, unless it is clear from the clause or section in question that the terms defined has limited application to the relevant clause or section, shall bear the meaning ascribed to it for all purposes in this Programme Memorandum, unless qualified by the terms and conditions of any particular Tranche of Preferred Shares as set out in the Applicable Pricing Supplement, or unless the context otherwise requires.*

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [DOCUMENTS INCORPORATED BY REFERENCE](#d_001) | 4 |
| [GENERAL DESCRIPTION OF THE PROGRAMME](#d_002) | 6 |
| [INVESTOR CONSIDERATIONS/RISK FACTORS](#d_003) | 7 |
| [SUMMARY OF THE PROGRAMME](#d_004) | 8 |
| [FORM OF THE PREFERRED SHARES](#d_005) | 12 |
| [*PRO FORMA* APPLICABLE PRICING SUPPLEMENT](#d_006) | 14 |
| [PREFERRED SHARE TERMS AND CONDITIONS](#d_007) | 18 |
| [USE OF PROCEEDS](#d_008) | 38 |
| [DESCRIPTION OF THE ISSUER](#d_009) | 39 |
| [SETTLEMENT, CLEARING AND TRANSFERS OF PREFERRED SHARES](#d_010) | 40 |
| [TAXATION](#d_011) | 42 |
| [EXCHANGE CONTROL](#d_012) | 46 |
| [SUBSCRIPTION AND SALE](#d_013) | 47 |
| [GENERAL INFORMATION](#d_014) | 48 |
| [CORPORATE INFORMATION](#d_015) | 49 |

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**DOCUMENTS INCORPORATED BY REFERENCE**

*Capitalised terms used in this section headed "Documents Incorporated by Reference" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

The following documents shall be deemed to be incorporated in, and to form part of, this Programme Memorandum:

(a) all amendments and supplements to this Programme Memorandum prepared by the Issuer from time to time;

(b) each Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued and outstanding under the Programme;

(c) the constitutional documents of the Issuer, including its Articles of Association, as amended or restated from time to time;

(d) as at the Programme Date, the information statement dated 1 August 2025, together with any future information statement, as and when such information statement becomes available (the **Information Statement**);

(e) as at the Programme Date, the Issuer's published audited annual financial statements prepared in terms of IFRS, together with such statements, reports and the notes attached to or intended to be read with such financial statements of the Issuer for the financial years ended 30 June 2022, 30 June 2023 and 30 June 2024, as well as the published audited annual financial statements, and notes thereto, of the Issuer in respect of further financial years, as and when such published audited financial statements become available; and

(f) as at the Programme Date, the unaudited interim financial statements of the Issuer, together with such statements, reports and notes attached thereto or intended to be read with such unaudited interim financial statements, for the period ended 31 March 2025 and the unaudited interim financial statements, and notes thereto, in respect of further financial years, as and when such unaudited interim financial statements become available,

save that any statement contained in this Programme Memorandum or in any of the documents incorporated by reference in and forming part of this Programme Memorandum shall be deemed to be modified or superseded for purposes of this Programme Memorandum to the extent that a statement contained in any document subsequently incorporated by reference modifies or supersedes such earlier statement (whether expressly, by implication or otherwise).

The Issuer will provide at its registered office as set out at the end of this Programme Memorandum, without charge, upon request of a person, a copy of this Programme Memorandum and any amendments and/or supplements thereto, the Applicable Pricing Supplements relating to any issue of any Tranche of Preferred Shares issued and outstanding under the Programme, the constitutional documents of the Issuer, and any or all of the documents which are incorporated herein by reference, unless such documents have been modified or superseded in which case the modified or superseding documents will be provided. Requests for the documents should be directed to the Issuer at its registered office as set out at the end of this Programme Memorandum.

This Programme Memorandum, and those documents listed in items (a) to (f) above, unless such documents have been modified or superseded, in which case the modified or superseding documents, are also available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.

The Issuer will review this Programme Memorandum or any supplement to this Programme Memorandum on an annual basis to consider if any information contained in relation to the Issuer, specifically excluding the Preferred Share Terms and Conditions, is outdated in a material respect.

If such information is deemed by the Issuer to be outdated, the Issuer shall update this Programme Memorandum or any supplement to this Programme Memorandum. The Issuer will notify the Preferred Shareholders that the updated Programme Memorandum or any supplement to this Programme Memorandum will be available for inspection on the relevant website, and include a link to the website.

The Issuer will publish a new Programme Memorandum or a supplement to this Programme Memorandum, as the case may be, if:

(a) a material change in the condition (financial or otherwise) of the Issuer occurs, which is material in the context of the Preferred Shares so listed and the Issuer's payment obligations thereunder; or

(b) a material event has occurred which affects any matter contained in this Programme Memorandum, the disclosure of which would reasonably be required by the holders of Preferred Shares and/or potential investors in the Preferred Shares; or

(c) any of the information contained in this Programme Memorandum becomes outdated in a material respect; or

(d) this Programme Memorandum no longer contains all the materially correct information required by the Applicable Procedures,

provided that, in the circumstances set out in paragraphs (c) and (d) above, no new Programme Memorandum or supplement to this Programme Memorandum, as the case may be, is required in respect of the Issuer's audited annual financial statements if such audited annual financial statements are incorporated by reference into this Programme Memorandum and such audited annual financial statements are published within three months after the financial year end of the Issuer.

The Issuer will notify the Preferred Shareholders when the Issuer's audited annual financial statements are available.

**GENERAL DESCRIPTION OF THE PROGRAMME**

*Capitalised terms used in this section headed "General Description of the Programme" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or it is clearly inappropriate from the context.*

Under the Programme, the Issuer may from time to time issue Preferred Shares provided that the aggregate outstanding amount of all of the Preferred Shares issued under the Programme from time to time does not exceed the Programme Amount. The applicable terms of any Preferred Shares are set out in the Preferred Share Terms and Conditions, as modified and supplemented by the Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme. A summary of the Programme and the Preferred Share Terms and Conditions appears in the section of this Programme Memorandum headed *"Summary of the Programme"*.

Preferred Shares will not be listed on any Financial Exchange. Only Unlisted Preferred Shares will be issued under the Programme.

As at the Programme Date, the Programme Amount is EUR1,000,000,000. This Programme Memorandum will only apply to Preferred Shares issued under the Programme in an aggregate amount which do not exceed the Programme Amount, unless such amount is increased as set out below.

The Issuer may wish to increase the Programme Amount from time to time. Subject to the Applicable Procedures, all Applicable Laws and the Programme Agreement, the Issuer may, without the consent of the Preferred Shareholders, increase the Programme Amount by delivering notice thereof to (i) the Preferred Shareholders; (ii) the Transfer, Paying, Settlement and Calculation Agents; (iii) the Arranger; and (iv) the Dealer(s) in accordance with the Preferred Share Terms and Conditions and the Applicable Procedures. Upon such notices being given, all references in this Programme Memorandum or any other agreement, deed or document in relation to the Programme and the Programme Amount, shall be, and shall be deemed to be, references to the increased Programme Amount.

Investing in the Preferred Shares involves certain risks (see the section of this Programme Memorandum headed *"Investor Considerations/Risk Factors").*

The *"Summary of the Programme"* and the *"Preferred Share Terms and Conditions"* appear below.

**INVESTOR CONSIDERATIONS/RISK FACTORS**

*All information pertaining to Investor Considerations/Risk Factors, as set out in the Information Statement, as amended and updated from time to time, is incorporated by reference in, and forms part of this Programme Memorandum, and is available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.*

**SUMMARY OF THE PROGRAMME**

*Capitalised terms used in this section headed "Summary of the Programme" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or it is clearly inappropriate from the context.*

*The applicable terms of any Preferred Shares are set out in the Preferred Share Terms and Conditions, as modified and supplemented by the Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme.*

*A summary of the Programme and the Preferred Share Terms and Conditions appears in this section of the Programme Memorandum headed "Summary of the Programme".*

*The information set out below is a brief summary of certain aspects of the Programme. This summary should be read in conjunction with, and is qualified in its entirety by, the remainder of this Programme Memorandum and, in relation to any particular Tranche of Preferred Shares, the Applicable Pricing Supplement.*

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| | |
|:---|:---|
| *Parties* |  |
| **Issuer** | PK Investments Limited, registration number 014469V, a limited liability company duly incorporated in accordance with the laws of the Isle of Man, with its date of registration being 17 February 2017. |
| **Arranger** | PSG Capital Proprietary Limited, registration number 2006/015817/07, a limited liability private company duly incorporated in South Africa (**PSG Capital**), and/or such other person(s) appointed by the Issuer from time to time in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis. |
| **Auditor** | PricewaterhouseCoopers LLC, registration number 000934L or such other auditor (or firm of auditors) as may be appointed by the Issuer from time to time. |
| **Calculation Agent** | PK Investments Limited, or, in relation to any particular Tranche or Class of Preferred Shares, such other person(s) appointed by the Issuer as specified in the Applicable Pricing Supplement. |
| **CSD** | Strate Proprietary Limited, registration number 1998/022242/07, a private company with limited liability duly incorporated in accordance with the company laws of South Africa and licensed as a central securities depository in terms of the SA Financial Markets Act or such additional, alternative or successor central securities depository as may be agreed between the Issuer and the relevant Dealer(s), in terms of the SA Financial Markets Act. |
| **CTSE** | Cape Town Stock Exchange Proprietary Limited, registration number 2013/031754/07, a private company duly incorporated in accordance with company laws of South Africa and licensed financial exchange in terms of the SA Financial Markets Act, or any exchange which operates as a successor exchange to the JSE. |
| **Dealer(s)** | PSG Capital, PK Investments Limited and/or such other person(s) appointed by the Issuer from time to time in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis. |
| **Paying Agent** | FirstRand Bank Limited (acting through its Rand Merchant Bank division), registration number 1929/001225/06, a public company duly incorporated in accordance with the laws of South Africa (**RMB**) or such other person(s) appointed by the Issuer from time to time, as specified in the Applicable Pricing Supplement. |
| **Preferred Shareholders** | The holders of Preferred Shares as recorded in the Register. |
| **Settlement Agent** | RMB and/or such other person(s) appointed by the Issuer from time to time, as specified in each Applicable Pricing Supplement. |
| **Strate Issuer Agent** | RMB or such other entity as may be appointed as Strate Issuer Agent by the Issuer from time to time pursuant to the debt instrument solution system of the CSD, in which event that other entity will act as Strate Issuer Agent, as specified in the Applicable Pricing Supplement |

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|:---|:---|
| **Transfer Agent** | CTSE Registry Services Proprietary Limited, registration number 2016/396777/07, a private company duly incorporated in accordance with the laws of South Africa, or such other person with whom the Issuer enters into an agreement in terms of the which such person agrees to provide registry services to the Issuer |
| *Programme Description* |  |
| **Description of the Programme** | PK Investments Limited EUR1,000,000,000 Preferred Share Programme. |
| **Size of the Programme** | The Programme Amount will not exceed EUR1,000,000,000. The Issuer may, without the consent of Preferred Shareholders, increase the Programme Amount in accordance with the Programme Agreement, Applicable Laws and subject to any required regulatory approvals. The Programme Amount at the time of the issue of any Tranche of Preferred Shares will be set out in each Applicable Pricing Supplement. |
| **Listing** | Preferred Shares have not been registered with any Financial Exchange. Unlisted Preferred Shares will be issued under the Programme, which will not be regulated by any Financial Exchange(s). |
| **Credit Rating** | As at the Programme Date, the Issuer and the Programme are not rated. Tranches of Preferred Shares issued under the Programme may, on or before the Issue Date, be rated by a Rating Agency and, if so, this Credit Rating will be available on the Issuer's website and contained in the Applicable Pricing Supplement. Unrated Tranches of Preferred Shares may also be issued. Each Applicable Pricing Supplement will reflect the Credit Rating which has been assigned to the Issuer and/or a Tranche of Preferred Shares, as well as the Rating Agency(s) which assigned such Credit Rating(s) and the date on which such Credit Rating was assigned. Any changes to the Credit Rating of the Issuer and/or a Tranche of Preferred Shares, as well as any changes to the Rating Agency(s) which assigned such Credit Rating(s), will be notified to the Preferred Shareholders in accordance with the Preferred Share Terms and Conditions. |
| **Preferred Shares** | The description of, and terms and conditions applicable to, Preferred Shares other than those specifically described in this Programme Memorandum will be set out in each Applicable Pricing Supplement. |
|  | Subject to each Applicable Pricing Supplement, Preferred Shares shall be redeemable preferred shares. |
|  | Preferred Shares will bear the characteristics described under *"Status of Preferred Shares"* below. Preferred Shares will be issued with a Redemption Date, as specified in the Applicable Pricing Supplement. Preferred Shares may, subject to the Articles of Association, comprise any of the following: |
|  | *Fixed Rate Preferred Shares:* Fixed Rate Preferred Shares will accrue dividends at a fixed rate, as indicated in the Applicable Pricing Supplement, and more fully described in Condition 7.2; |
|  | *Floating Rate Preferred Shares:* Floating Rate Preferred Shares will accrue dividends at a floating rate, as indicated in the Applicable Pricing Supplement, and more fully described in Condition 7.3; |
|  | *Mixed Rate Preferred Shares:* Mixed Rate Preferred Shares will accrue dividends over respective periods at the rates applicable for any combination of Fixed Rate Preferred Shares or Floating Rate Preferred Shares, as indicated in the Applicable Pricing Supplement; or |
|  | *Other Preferred Shares:* terms applicable to Preferred Shares other than those specifically contemplated under this Programme Memorandum will be set out in each Applicable Pricing Supplement. |
| **Form of Preferred Shares** | Preferred Shares will be issued in the form described in the section of this Programme Memorandum headed *"Form of the Preferred Shares"*. Preferred Shares will not be issued in bearer form or in order form. The section of this Programme Memorandum headed *"Settlement, Clearing and Transfers of Preferred Shares"* describes how Beneficial Interests are created and what the rights of holders of Beneficial Interests are. |
| **Currency** | Preferred Shares will be issued in Euro. |

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| | |
|:---|:---|
| **Terms and Conditions** | The terms and conditions of the Preferred Shares are set out in the section of this Programme Memorandum headed *"Preferred Share Terms and Conditions"*. The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify other terms and conditions, which are not inconsistent with the general terms and conditions set out or incorporated by reference in the Articles of Association, which shall, to the extent so specified, supplement the Preferred Share Terms and Conditions for the purpose of such Tranche of Preferred Shares. |
| **Issue Price** | Preferred Shares will be issued at an issue price as specified in the Applicable Pricing Supplement. |
| **Denomination of Preferred Shares** | Preferred Shares will be issued in such denominations as will be specified in the Applicable Pricing Supplement. |
| **Maturities** | Preferred Shares will be subject to a minimum maturity of three years and one day. The maturity of each Tranche of Preferred Shares will be specified in the Applicable Pricing Supplement. |
| **Dividend Rate and Dividend Payment Dates** | If applicable, the Dividend Rate and Dividend Payment Dates in respect of each Tranche of Preferred Shares will be specified in the Applicable Pricing Supplement. |
| **Emigrant's Capital Account** | Rand held in an emigrant's capital account may be used for the subscription for or purchase of Preferred Shares, subject to the Exchange Control Regulations. |
| **Redemption** | Preferred Shares may be redeemed before their stated maturity at the option of the Issuer, if so specified in the Applicable Pricing Supplement, or following a Redemption Event. |
|  | The following provisions may apply: |
|  | *Final Redemption:* Unless previously redeemed or purchased and cancelled and subject to the Issuer satisfying the solvency test set out in section 49 of the IoM Companies Act and any other requirements of that Act, a Tranche of Preferred Shares will be redeemed by the Issuer, on the Final Redemption Date, at its Issue Price or at such other Final Redemption Amount as specified in the Applicable Pricing Supplement. |
|  | *Early Redemption at the option of the Issuer:* If specified as being applicable in the Applicable Pricing Supplement, the Issuer may, having given not less than 10 Business Days' revocable notice to the Preferred Shareholders in accordance with Condition 13, and having complied with the Applicable Procedures, redeem the Preferred Shares in whole, or, if so specified in the Applicable Pricing Supplement, in part, on the Early Redemption Dates, in accordance with Condition 8.2. |
|  | *Early Redemption following a Redemption Event:* Upon the occurrence of a Redemption Event and receipt by the Issuer of a Special Resolution of Preferred Shareholders, all of the Preferred Shares shall become forthwith redeemable in accordance with Condition 8.4. |
| **Status of the Preferred Shares** | Each Preferred Share will, unless specified otherwise in the Applicable Pricing Supplement, rank in regard to the payment of dividends and a return of capital on the winding-up of the Issuer equally among themselves, and senior to the Ordinary Shares. |
| **Tax Status** | A summary of applicable current South African and Isle of Man tax legislation in respect of the Preferred Shares as at the Programme Date appears in the section of this Programme Memorandum headed *"Taxation"*. The section does not constitute tax advice and potential investors in the Preferred Shares should, before making an investment in the Preferred Shares, consult their own professional advisers as to the potential tax consequences of, and their tax positions in respect of, an investment in the Preferred Shares. |
| **Governing Law** | The Preferred Share Terms and Conditions and Preferred Shares will be governed by, and construed in accordance with, the laws of the Isle of Man. |
| **Distribution** | Preferred Shares may be offered by way of private placement or any other means permitted by Applicable Law, as determined by the Issuer and reflected in the Applicable Pricing Supplement. |

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| | |
|:---|:---|
| **Method of Transfer** | The method of transfer of the Preferred Shares is by (i) transfer of Preferred Shares through the Register; or (ii) electronic book entry in the securities accounts of the Participants or the CSD, as the case may be, for transfers of Beneficial Interests in the Preferred Shares, in all cases subject to the restrictions described in this Programme Memorandum. The Preferred Shares will be fully paid up on the Issue Date and freely transferable. |
| **Register** | The Register to be maintained in accordance with the Preferred Share Terms and Conditions, the IoM Companies Act and the Articles of Association. |
| **Selling Restrictions** | The distribution of this Programme Memorandum and any offering or sale of a particular Tranche of Preferred Shares may be restricted by law in certain jurisdictions, and are restricted by law in, amongst others, the Isle of Man and South Africa. Any relevant selling restrictions and other restrictions as may be required to be met in relation to an offering or sale of a particular Tranche of Preferred Shares shall be included in the Applicable Pricing Supplement. Persons who come into possession of this Programme Memorandum or any Applicable Pricing Supplement must inform themselves about and observe such restrictions. |
| **Settlement** | Preferred Shares will be cleared and settled in accordance with the Applicable Procedures. Uncertificated Preferred Shares have been accepted for clearance by the Participants through the CSD and may be accepted for clearing through any additional clearing system as may be agreed. As of the Programme Date, the Participants are Absa Bank Limited, Citibank N.A., South Africa Branch, FirstRand Bank Limited, Nedbank Limited, The Standard Bank of South Africa Limited, Standard Chartered Bank, Johannesburg Branch, JSE Investor Services Limited and Computershare Investor Services Proprietary Limited. |
| **Use of Proceeds** | The Issuer will use the issue proceeds of the Preferred Shares as described in the Applicable Pricing Supplement. |

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**FORM OF THE PREFERRED SHARES**

*Capitalised terms used in this section entitled "Form of Preferred Shares" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

Each Tranche of Preferred Shares will be issued on an unlisted basis, subject to any Applicable Laws, and will not be admitted to trading on any Financial Exchange.

Each Tranche of Preferred Shares will be issued in the form of registered Preferred Shares in accordance with the Preferred Share Terms and Conditions and represented by (i) Certificates; or (ii) no Certificates, if issued in uncertificated form in terms of section 33 of the SA Financial Markets Act.

The Issuer will record in the Register, the total number of the Preferred Shares issued by it. The Issuer shall regard the Register as the conclusive record of title to the Preferred Shares.

**Preferred Shares issued in uncertificated form**

The Issuer will, subject to Applicable Laws, issue the Preferred Shares in uncertificated form to be held in the CSD.

Preferred Shares issued in uncertificated form will not be represented by any Certificate or written instrument.

All transactions in uncertificated securities as contemplated in the SA Financial Markets Act will be cleared and settled in accordance with the Applicable Procedures. All the provisions relating to Beneficial Interests in the Preferred Shares held in the CSD will apply to Preferred Shares issued in uncertificated form.

**Beneficial Interests in Preferred Shares held in the CSD**

The CSD and Participants will maintain records of the Beneficial Interests in Preferred Shares held in the CSD.

The CSD will hold each Tranche of Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures.

Accordingly, and except where the contrary is provided in the Preferred Share Terms and Conditions, all amounts to be paid in respect of the Preferred Shares issued in uncertificated form and held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

While a Tranche of Preferred Shares is held in its entirety in the CSD, the Nominee will be named in the Register as the sole holder of the Preferred Shares in that Tranche.

The CSD maintains central securities accounts only for Participants.

Beneficial Interests which are held by Participants will be held directly through the CSD, and the CSD will hold such Beneficial Interests, on behalf of such Participants, through the central securities accounts maintained by the CSD for such Participants.

The Participants are in turn required to maintain securities accounts for their clients. Beneficial Interests which are held by clients of Participants will be held indirectly through such Participants, and such Participants will hold such Beneficial Interests, on behalf of such clients, through the securities accounts maintained by such Participants for such clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

Euroclear Bank S.A./N.V. as operator of the Euroclear System and Clearstream Banking S.A. may hold Preferred Shares through their Participants.

In relation to each person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the number of such Preferred Shares standing to the credit of the account of such person shall be *prima facie* proof of such Beneficial Interest. The Nominee (as the registered holder of such Preferred Shares named in the Register) will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of such Preferred Shares for all purposes.

Transfers of Beneficial Interests in the CSD to and from clients of the Participants occur by electronic book entry in the central securities accounts of the clients of the Participants. Transfers among Participants of Preferred Shares held in the CSD system occur through electronic book entry in the Participants' central security accounts with the CSD. Beneficial Interests may be transferred only in accordance with the Preferred Share Terms and Conditions and the Applicable Procedures. Holders of Beneficial Interests vote in accordance with the Applicable Procedures. Holders of Beneficial Interests in Preferred Shares must exercise their respective rights to vote through their respective Participants. The respective Participants will vote in accordance with the respective instructions conveyed to them by the respective holders of Beneficial Interests in Preferred Shares, in accordance the Applicable Procedures.

**Certificates**

A holder of a Beneficial Interest shall only be entitled to exchange such Beneficial Interest for Preferred Shares represented by a Certificate.

Title to Preferred Shares represented by Certificates will pass upon registration of transfer in accordance with Condition 5.1.1.

The Preferred Shares represented by Certificates will be registered in the name of the individual holders in the Register. Preferred Shares represented by Certificates may be transferred only in accordance with the Preferred Share Terms and Conditions.

The Issuer, the Paying Agent and the Transfer Agent shall regard the Register as the conclusive record of title to the Preferred Shares represented by Certificates.

Payments of all amounts due and payable in respect of Preferred Shares represented by Certificates will be made in accordance with Condition 9 to the person reflected as the registered holder of such Certificates in the Register on the Record Date and the payment obligation of the Issuer will be discharged by proper payment to, or to the order of, the registered holder of the Certificate in respect of each amount so paid.

**Other Preferred Shares**

The Issuer may, without the consent of the respective holders of any Preferred Shares, agree with any Dealer appointed in relation to the relevant Tranche of Preferred Shares that such Tranche of Preferred Shares be issued in a form not contemplated by the Preferred Share Terms and Conditions, in which case a supplement to this Programme Memorandum or the Applicable Pricing Supplement, if appropriate, will be issued which will describe the effect of the agreement reached in relation to such Tranche of Preferred Shares. For the avoidance of doubt, no such agreement or supplement may provide for any listing of the Preferred Shares on any Financial Exchange.

***PRO FORMA* APPLICABLE PRICING SUPPLEMENT**

Set out below is the form of Applicable Pricing Supplement, which will be completed for each Tranche of Preferred Shares issued under the Programme:

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(incorporated in the Isle of Man under registration number 014469V)*

**Issue of EUR[**●**],000,000 [Title of Preferred Shares]**

**Under its EUR1,000,000,000 Preferred Share Programme**

This Applicable Pricing Supplement must be read in conjunction with the Programme Memorandum prepared by the Issuer dated **[**●**]** 2025, as may be amended, varied, restated, novated or supplemented from time to time (the **Programme Memorandum**) and the general preferences, rights, limitations and other terms attaching to each Preferred Share, as set out or incorporated by reference in the Articles of Association.

References in this Applicable Pricing Supplement to the General Preferred Share Terms are to the section of the Programme Memorandum headed *"Preferred Share Terms and Conditions"* (**General Preferred Share Terms**). References to any Condition in this Applicable Pricing Supplement are to that Condition of the General Preferred Share Terms.

Any capitalised terms not defined in this Applicable Pricing Supplement shall have the meanings ascribed to them in the General Preferred Share Terms.

This document constitutes the Applicable Pricing Supplement relating to the issue of the Preferred Shares described herein.

This Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with the General Preferred Share Terms, which shall, to the extent so specified supplement the General Preferred Share Terms for the purpose of such Tranche of Preferred Shares.

To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of the Applicable Pricing Supplement shall prevail.

---

| | | |
|:---|:---|:---|
| **PARTIES** | **PARTIES** |  |
| 1. | Issuer | PK Investments Limited |
|  | Registered Office | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 2. | Dealer | [ ] |
|  | Specified Address | [ ] |
| 3. | Managers | [ ] |
|  | Specified Address | [ ] |
| 4. | Paying Agent | [ ] |
|  | Specified Address | [ ] |
| 5. | Calculation Agent | [ ] |
|  | Specified Address | [ ] |
| 6. | Transfer Agent | [ ] |
|  | Specified Address | [ ] |

---

---

| | | |
|:---|:---|:---|
| 7. | Strate Issuer Agent | [ ] |
|  | Specified Address | [ ] |
| 8. | Settlement Agent | [ ] |
|  | Specified Address | [ ] |
| **DESCRIPTION OF THE PREFERRED SHARES** | **DESCRIPTION OF THE PREFERRED SHARES** |  |
| 9. | Status of the Preferred Shares | Redeemable Preferred Shares |
| 10. | Listed/Unlisted | Unlisted |
| 11. | Class | [ ] |
| 12. | Tranche number | [ ] |
| 13. | Aggregate Issue Price of this Tranche | [ ] |
| 14. | Number of Preferred Shares | [ ] |
| 15. | Dividend/Payment Basis | [ ] |
| 16. | Issue Date | [ ] |
| 17. | Minimum Aggregate Issue Price per subscriber, acting as principal | [ ] |
| 18. | Issue Price | [ ] per Preferred Share |
| 19. | Dividend Commencement Date | [ ] |
| 20. | Final Redemption Date | [ ] or, if such day is not a Business Day, the Business Day as determined in accordance with the Applicable Business Day Convention and the Applicable Procedures |
| 21. | Final Redemption Amount | [ ] |
| 22. | Applicable Business Day Convention | [Business Day convention described in Condition 9.2/ Following Business Day/Modified Following Business Day/ Preceding Business Day/other convention – insert details] |
| 23. | Set out the relevant description of any additional/other Preferred Share Terms and Conditions relating to the Preferred Shares (including additional covenants, if any) | [ ] |
| **FIXED RATE PREFERRED SHARES** | **FIXED RATE PREFERRED SHARES** |  |
| 24. | Fixed Dividend Rate | [ ]% per annum nacq/nacm/nacs/naca |
| 25. | Dividend Payment Date(s) | [ ] of each calendar year or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and the Applicable Procedures |
| 26. | Dividend Compounding Date(s) | [ ] |
| 27. | Dividend Period(s) | [ ]/[Each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention)] |
| 28. | Any other items relating to the particular Method of calculating Preferred Dividends | [ ] |

---

---

| | | |
|:---|:---|:---|
| **FLOATING RATE PREFERRED SHARES** | **FLOATING RATE PREFERRED SHARES** |  |
| 29. | Dividend Rates(s) | [ ] |
| 30. | Dividend Payment Date(s) | [ ] of each calendar year or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and subject to the Applicable Procedures |
| 31. | Dividend Compounding Date(s) | [ ] of each calendar year or, if such day is not a Business Day, the Business Day on which the Preferred Dividends will be paid, as determined in accordance with the Applicable Business Day Convention, and subject to the Applicable Procedures |
| 32. | Dividend Period(s) | [ ]/[Each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention)] |
| 33. | Manner in which the Dividend Rate is to be determined | [Screen Rate Determination/other (insert details)] |
| 34. | Margin/Spread for the Dividend Rate | [(+/-)[ ]% per annum to be added to/subtracted from the relevant Reference Rate] |
| 35. | Minimum Dividend Rate | [ ]% |
| 36. | Maximum Dividend Rate | [ ]% |
| 37. | If ISDA Determination |  |
| a) | Floating Rate (including relevant period) | [ ] |
| b) | Floating Rate Option | [ ] |
| c) | Reset Date(s) | [ ] |
| d) | ISDA definitions to apply | [ ] |
| 38. | If Screen Determination |  |
| a) | Reference Rate (including relevant period by reference to which the Dividend Rate is to be calculated) | [e.g. Prime Rate] |
| b) | Dividend Rate Determination Date(s) | [The first Business Day of each Dividend Period] |
| c) | Relevant Screen page and Reference Code | [ ] |
| d) | Relevant Time | [ ] |
| 39. | If Dividend Rate to be calculated otherwise than by reference to Screen Rate Determination, insert basis for determining Dividend Rate/Margin/Fall back provisions | [ ] |
| 40. | Any other terms relating to the particular method of calculating Preferred Dividends | [ ] |
| **MIXED RATE PREFERRED SHARES** | **MIXED RATE PREFERRED SHARES** |  |
| 41. | Period(s) during which the Dividend Rate for the Mixed Rate Preferred Shares will be (as applicable): |  |
| a) | Fixed Rate Preferred Shares | [ ] |
| b) | Floating Rate Preferred Shares | [ ] |
| c) | Other Preferred Shares | [ ] |
| 42. | The Dividend Rate and other pertinent details are set out under the headings relating to the applicable forms of Preferred Shares |  |

---

---

| | | |
|:---|:---|:---|
| **OTHER PREFERRED SHARES** | **OTHER PREFERRED SHARES** |  |
| 43. | If the Preferred Shares are not Fixed Rate Preferred Shares, Floating Rate Preferred Shares or Mixed Rate Preferred Shares or if the Preferred Shares are a combination of the above and some other Preferred Shares, set out the relevant description of any additional Preferred Share Terms and Conditions relating to such Preferred Shares | [ ] |
| **PROVISIONS REGARDING REDEMPTION** | **PROVISIONS REGARDING REDEMPTION** |  |
| 44. | Early Redemption Amount and method, if any, of calculation of such amount | [As per Condition 8.5] |
| **GENERAL** | **GENERAL** |  |
| 45. | International Securities Identification Number (ISIN) | [ ] |
| 46. | Stock Code | [ ] |
| 47. | Method of distribution | [ ] |
| 48. | Credit Rating assigned to the Issuer/the Programme/ this Tranche of Preferred Shares (if any), and date of such Credit Rating | [ ] |
| 49. | Rating Agency (if any) | [ ] |
| 50. | Governing Law | Isle of Man |
| 51. | Last Day to Trade | 17h00 on the day that is three Business Days before the Record Date |
| 52. | Record Date | The date on which the holdings of Preferred Shares, upon which the Event entitlement is based, is ascertained, being the Friday immediately prior to each Event, or if such Friday is not a Business Day, the last Business Day of the week preceding the Event. |
| 53. | Programme Amount | EUR**[**●**]**,000,000,000 |
| 54. | Aggregate Issue Price of all Preferred Shares in issue on the Issue Date of this Tranche | EUR**[**●**]**, excluding this Tranche of Preferred Shares and any other Tranche(s) of Preferred Shares to be issued on the Issue Date |
| 55. | Use of proceeds | [General corporate purposes]/[ ] |
| 56. | Additional Redemption Events | [ ] |
| 57. | Exchange Control Approval | [ ] |
| 58. | Other provisions | [ ] |

---

**Responsibility:**

The Issuer certifies that to the best of its knowledge and belief there are no facts that have been omitted from the Programme Memorandum or this Applicable Pricing Supplement which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Applicable Pricing Supplement contains all information required by Applicable Laws. The Issuer accepts full responsibility for the accuracy of the information contained in the Programme Memorandum, this Applicable Pricing Supplement and all documents incorporated by reference (see section of the Programme Memorandum headed *"Documents Incorporated by Reference").*

**Programme Amount:**

As at the date of this Applicable Pricing Supplement the Issuer confirms that the authorised Programme Amount of EUR**[**●**]**,000,000 has not been exceeded.

**SIGNED** at ______________________________ on this _________________ day of __________________________________________ 2025

For and on behalf of

---

| | | | |
|:---|:---|:---|:---|
| **PK Investments Limited** | **PK Investments Limited** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

---

**PREFERRED SHARE TERMS AND CONDITIONS**

*The following are the General Preferred Share Terms attaching to each Preferred Share, as set out or incorporated by reference in the Articles of Association, which will be supplemented, in respect of each Tranche of Preferred Shares to be issued by the Issuer, by the Applicable Pricing Supplement. The Applicable Pricing Supplement in relation to any Tranche of Preferred Shares may specify further terms and conditions, which are not inconsistent with these General Preferred Share Terms, which shall, to the extent so specified, supplement these General Preferred Share Terms for the purpose of such Tranche of Preferred Shares.*

*Preferred Shares will be issued in individual Tranches which, together with other Tranches, may form a Class of Preferred Shares. Before the Issuer issues any Tranche of Preferred Shares, the Board will pass a Board Resolution determining the Specific Preferred Share Terms of that Tranche of Preferred Shares; and the Board will also pass the Board Resolution authorising the issue of that Tranche of Preferred Shares; and the Issuer shall complete and sign the Applicable Pricing Supplement, based on the Pro Forma Applicable Pricing Supplement.*

*To the extent that there is any conflict or inconsistency between the contents of this Programme Memorandum and the Applicable Pricing Supplement, the provisions of the Applicable Pricing Supplement shall prevail.*

1. **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Preferred Share Terms and Conditions, unless inconsistent with the context or separately defined in the Applicable Pricing Supplement in a manner not inconsistent with these General Preferred Share Terms, the following expressions shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 **Accrued Preferred Dividends** at any time, any and all Preferred Dividends which have accrued (whether declared or not), but which have not been paid at that time;

1.1.2 **Actual Redemption Date** in relation to a Preferred Share, the date upon which that Preferred Share is redeemed in full by the Issuer;

1.1.3 **Applicable Business **Day Convention** the Business Day convention described in Condition 9.2;

1.1.4 **Applicable Laws** in relation to a person, all and any statutes and subordinate legislation, regulations and ordinances, by-laws, judgements and decisions of any competent authority, present or future common law, codes of practice, circulars, guidance notices, judgements and decisions of any competent authority, and other similar provisions, from time to time;

1.1.5 **Applicable Pricing Supplement** in relation to a Tranche of Preferred Shares, the pricing supplement completed and signed by the Issuer in relation to the issue of that Tranche of Preferred Shares, setting out such additional and/or other terms and conditions as are applicable to that Tranche of Preferred Shares, based upon the pro forma pricing supplement which is set out in the section of the Programme Memorandum headed *"Pro Forma Applicable Pricing Supplement";* 

1.1.6 **Applicable Procedures** the rules and operating procedures for the time being of the CSD and any Settlement Agent;

1.1.7 **Arranger** PSG Capital and/or such other person(s) appointed by the Issuer in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis;

1.1.8 **Articles of Association** the Articles of Association of the Issuer, including its annexures and/or schedules;

1.1.9 **Authorisation** an authorisation, consent, approval, resolution, licence, permit, exemption, filing, notarisation, lodgement or registration;

1.1.10 **Beneficial Interest** in relation to a Tranche of Preferred Shares an interest as co-owner of an undivided interest in a Preferred Share held in uncertificated form in accordance with the SA Financial Markets Act;

1.1.11 **Board** the board of directors of the Issuer from time to time;

1.1.12 **Board Resolution** in respect of each Tranche of Preferred Shares, a resolution of the Board (i) determining the Specific Preferred Share Terms of that Tranche of Preferred Shares; and (ii) authorising the issue of that Tranche of Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.13 **Business Day** a day (other than a Saturday or Sunday or public holiday) on which commercial banks settle payments in Johannesburg, South Africa;

1.1.14 **Calculation Agent** PK Investments Limited or, in relation to any particular Tranche or Class of Preferred Shares, such other person(s) appointed by the Issuer as specified in the Applicable Pricing Supplement;

1.1.15 **Certificate** a certificate representing Preferred Shares registered in the name of the relevant Preferred Shareholder;

1.1.16 **Class** a Tranche of Preferred Shares, together with any further Tranche or Tranches of Preferred Shares, which are (i) expressed in the Applicable Pricing Supplement to form part of the same Class as another Tranche of Preferred Shares; and (ii) identical in all respects (including as to listing) except for their respective Issue Dates;

1.1.17 **Class of Preferred Shareholders** the holders of a Class of Preferred Shares;

1.1.18 **Condition** a numbered term or condition of the Preferred Shares forming part of the Preferred Share Terms and Conditions;

1.1.19 **Credit Rating** in relation to a Class of Preferred Shares, the Programme or the Issuer, a rating, if any, granted by a Rating Agency, as specified in the Applicable Pricing Supplement;

1.1.20 **CSD** Strate Proprietary Limited, registration number 1998/022242/07, a private company with limited liability duly incorporated in accordance with the company and banking laws of South Africa and registered as a central securities depository in terms of the SA Financial Markets Act or such additional, alternative or successor central securities depository as may be agreed between the Issuer and the relevant Dealer(s);

1.1.21 **CTSE** Cape Town Stock Exchange Proprietary Limited, registration number 2013/031754/07, a private company duly incorporated in accordance with the company laws of South Africa and a licensed financial exchange in terms of the SA Financial Markets Act, or any exchange which operates as a successor exchange to the CTSE;

1.1.22 **CTSE Registry** CTSE Registry Services Proprietary Limited, registration number 2016/396777/07, a private company duly incorporated in accordance with the laws of South Africa;

1.1.23 **Dealer(s)** PSG Capital, PK Investments Limited and/or such other person(s) appointed by the Issuer in terms of the Programme Agreement, which appointment may be for a specific issue or on an on-going basis;

1.1.24 **Dividend Commencement Date** if applicable, in relation to a Tranche of Preferred Shares, the first date from which Preferred Dividends on such Tranche will accrue, being the Issue Date of that Tranche or such other date as specified in the Applicable Pricing Supplement;

1.1.25 **Dividend Compounding Date(s)** if applicable, in relation to a Class of Preferred Shares, the last day of each Dividend Period, unless otherwise specified in the Applicable Pricing Supplement;

1.1.26 **Dividend Payment Date(s)** if applicable, in relation to a Class of Preferred Shares, the date(s) specified as such in the Applicable Pricing Supplement;

1.1.27 **Dividend Period** if applicable, in relation to a Class of Preferred Shares, each period commencing on (and including) a Dividend Payment Date and ending on (but excluding) the following Dividend Payment Date, provided that the first Dividend Period will commence on (and include) the Dividend Commencement Date and end on (but exclude) the following Dividend Payment Date (each Dividend Payment Date as adjusted in accordance with the Applicable Business Day Convention);

1.1.28 **Dividend Rate** if applicable, in relation to a Class of Preferred Shares, the dividend rate(s) specified in the Applicable Pricing Supplement;

1.1.29 **Dividend Rate Determination Date** if applicable, in respect of a Class of Preferred Shares, the date(s) specified in the Applicable Pricing Supplement;

1.1.30 **Early Redemption** in relation to a Class of Preferred Shares, has the meaning specified in the Applicable Pricing Supplement (as applicable);

1.1.31 **Early Redemption Amount** the Early Redemption Amount as calculated in the Applicable Pricing Supplement;

1.1.32 **Early Redemption Date** in relation to a Class of Preferred Shares, the date of the Early Redemption of the applicable Preferred Shares;

1.1.33 **EUR** Euro, the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty on the Functioning of the European Union;

1.1.34 **Event** an action taken by the Issuer or any other person which affects the Preferred Shareholders in terms of entitlements or notifications;

1.1.35 **Final Redemption Amount** in relation to a Class of Preferred Shares, the amount payable in respect of each Preferred Share in the Class (other than in relation to any Accrued Preferred Dividends) upon final redemption thereof, as specified in the Applicable Pricing Supplement;

1.1.36 **Final Redemption Date** in relation to a Class of Preferred Shares, the final date upon which the Preferred Shares are to be redeemed, as specified in the Applicable Pricing Supplement;

1.1.37 **Financial Exchange** the JSE, CTSE and/or such other or further financial exchange(s) as may be selected by the Issuer and the relevant Dealer, subject to Applicable Law;

1.1.38 **Fixed Rate Preferred Shares** Preferred Shares which will bear dividends at a fixed Dividend Rate, as specified in the Applicable Pricing Supplement and more fully described in Condition 7.2;

1.1.39 **Floating Rate Preferred Shares** Preferred Shares which will bear dividends at a floating Dividend Rate, as specified in the Applicable Pricing Supplement and more fully described in Condition 7.3;

1.1.40 **General Preferred Share Terms** the preferences, rights, limitations and other terms attaching to each Preferred Share, as set out herein;

1.1.41 **IASB** the International Accounting Standards Board;

1.1.42 **IFRS** the international financial reporting standards issued by the IASB and interpretations issued by the Financial Reporting Interpretations Committee of the IASB (as amended or reissued from time to time);

1.1.43 **Insolvency Event** the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an order is made for the liquidation or winding-up (whether provisional or final) of the Issuer;

(ii) an order is made for the appointment of a liquidator (whether provisional or final);

(iii) a resolution is passed in respect of the liquidation, winding-up or dissolution of the Issuer; or

(iv) a
receiver or receiver and manager is appointed over a material part of the assets of the Issuer, in each case, and where applicable, other than for purposes of a solvent reconstruction or amalgamation in which the Issuer remains the debtor under the Preferred Shares;

1.1.44 **IoM Companies Act** the Isle of Man Companies Act, 2006;

1.1.45 **Isle of Man** the Isle of Man as constituted from time to time;

1.1.46 **Issue Date** in relation to each Preferred Share, the date on which the Issuer issues that Preferred Share to the subscriber thereof, as specified in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.47 **Issue Price** in relation to each Preferred Share, the subscription price payable as consideration for the issue of that Preferred Share, as specified in the Applicable Pricing Supplement;

1.1.48 **Issuer** PK Investments Limited, registration number 014469V, a limited liability company duly incorporated in accordance with the laws of the Isle of Man, with its date of registration being 17 February 2017;

1.1.49 **JSE** the JSE Limited;

1.1.50 **Last Day to Trade** the date specified as such in the Applicable Pricing Supplement as the last date on which the Transfer Agent will accept transfer forms and record the transfer of Preferred Shares in the Register for that particular Class of Preferred Shares in respect of any relevant Event;

1.1.51 **Margin** in relation to a Class of Floating Rate Preferred Shares, has the meaning ascribed thereto in the Applicable Pricing Supplement;

1.1.52 **Minimum Aggregate Issue Price** if applicable, the minimum aggregate Issue Price in respect of any Tranche of Preferred Shares for which any single person, acting as principal, may subscribe;

1.1.53 **Mixed Rate Preferred Shares** Preferred Shares which will attract dividends over respective periods at differing Dividend Rates applicable to any combination of Fixed Rate Preferred Shares, Floating Rate Preferred Shares or other Preferred Shares, as more fully described in Condition 7.4 and in the Applicable Pricing Supplement;

1.1.54 **Nominee** PLC Nominees Proprietary Limited, registration number 1989/002235/07, or such additional, alternative or successor nominee, custodian, or trustee as may be appointed from time to time, who will receive Preferred Shares in uncertificated form to hold on behalf of the Beneficial Interest holders of the Preferred Shares;

1.1.55 **Ongoing Preferred Dividends** if applicable, the cumulative cash preferred dividends which are payable in respect of a Preferred Share in accordance with the Preferred Share Terms and Conditions and the Applicable Pricing Supplement;

1.1.56 **Ordinary Shares** ordinary shares in the Issuer;

1.1.57 **Outstanding Preferred Share** at any time, any Preferred Share which has been issued, but which has not been redeemed;

1.1.58 **Participants** a person that holds in custody and administers securities or an interest in securities and that has been accepted by the CSD as a participant in terms of the SA Financial Markets Act. As of the Programme Date, the Participants are Absa Bank Limited, Citibank N.A., South Africa Branch, FirstRand Bank Limited (acting through its Rand Merchant Bank division), Nedbank Limited, The Standard Bank of South Africa Limited, Standard Chartered Bank, Johannesburg Branch, JSE Investor Services Limited and Computershare Investor Services Proprietary Limited;

1.1.59 **Paying Agent** RMB or such other person(s) appointed by the Issuer from time to time, as specified in the Applicable Pricing Supplement;

1.1.60 **Preferred Dividend** each dividend accrued and/or paid in relation to any Preferred Share, including the Ongoing Preferred Dividends and any other dividends specified in the Preferred Share Terms and Conditions;

1.1.61 **Preferred Shareholders** the holders of the Preferred Shares (as recorded in the Register);

1.1.62 **Preferred Share** a redeemable non-voting preferred share in the Issuer, having the preferences, rights, limitations and other terms set out in the Preferred Share Terms and Conditions and which will not be listed on any Financial Exchange;

1.1.63 **Preferred Share Terms and Conditions** these General Preferred Share Terms, as supplemented by the Specific Preferred Share Terms;

1.1.64 **Prime Rate** the publicly quoted basic rate of interest (percent, per annum, compounded monthly in arrear and calculated on a 365 day year (irrespective of whether or not the year is a leap year)) from time to time published by RMB as being its prime overdraft rate as certified by any authorised official of the Issuer, whose appointment, designation or authority need not be proved;

1.1.65 **Programme** the PK Investments Limited EUR1,000,000,000 Preferred Share Programme;

1.1.66 **Programme Agreement** the agreement concluded between the Issuer, the Arranger, and the Dealer(s) relating to the procuring of subscriptions for the Preferred Shares;

1.1.67 **Programme Amount** the maximum aggregate Issue Price of all of the Preferred Shares in issue under the Programme at any one point in time, being EUR1,000,000,000 or such increased amount as is determined by Board of the Issuer from time to time, subject to and in accordance with all Applicable Laws and the Programme Agreement;

1.1.68 **Programme Date** the date of the Programme Memorandum, being 1 August 2025;

1.1.69 **Programme Memorandum** the programme memorandum dated 1 August 2025, issued by the Issuer providing information about the Issuer and the Preferred Shares, and incorporating the Preferred Share Terms and Conditions, as amended, varied, restated, novated or supplemented from time to time;

1.1.70 **PSG Capital** PSG Capital Proprietary Limited, registration number 2006/015817/07, a limited liability private company duly incorporated in accordance with the laws of South Africa, with its date of registration being 24 May 2006;

1.1.71 **Rand** South African Rand, the lawful currency of South Africa;

1.1.72 **Rating Agency** any of Standard & Poor's, Moody's Investor Service Limited and/or such other rating agency, if any, appointed by the Issuer to assign a Credit Rating to a Class of Preferred Shares, the Programme or the Issuer, as specified in the Applicable Pricing Supplement;

1.1.73 **Record Date** the date on which the holdings of Preferred Shares, upon which the Event entitlement is based, are ascertained, which is the Friday immediately prior to each Dividend Payment Date or Redemption Date, as the case may be, or if such Friday is not a Business Day, the last Business Day of the week preceding the Dividend Payment Date or Redemption Date, as the case may be;

1.1.74 **Redemption Amount** in respect of each Preferred Share, the amount per Preferred Share payable on redemption of that Preferred Share, in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.74.1 in the case of redemption on the Early Redemption Date, its Early Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Early Redemption Date;

1.1.74.2 in the case of redemption in terms of Conditions 8.3, 8.4 or 11, its Final Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Redemption Date; and

1.1.74.3 in the case of redemption on the Final Redemption Date, its Final Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Final Redemption Date;

1.1.75 **Redemption Date** each date on which any Preferred Share is to be redeemed, in terms of the Preferred Share Terms and Conditions, including:

1.1.75.1 the Final Redemption Date;

1.1.75.2 any Early Redemption Date;

1.1.75.3 the date on which the Issuer will redeem that Preferred Share in accordance with Conditions 8.3, 8.4 or 11; and

1.1.75.4 the date of payment of a return of capital, in the event of the liquidation, dissolution or winding-up of the Issuer;

1.1.76 **Redemption Event** in relation to any Preferred Shares, any of the events specified as such in Condition 11

1.1.77 **Reference Banks** four leading banks in the South African inter-bank market selected by the Calculation Agent and approved by the Issuer (where the Issuer does not act as the Calculation Agent);

1.1.78 **Reference Rate** in relation to a Class of Floating Rate Preferred Shares, such rate as is specified in the Applicable Pricing Supplement;

1.1.79 **Register** the register of shareholders or branch register of shareholders of the Issuer to be maintained in accordance with the IoM Companies Act, the Articles of Association and the Preferred Share Terms and Conditions, into which particulars of the Preferred Shares will be entered;

1.1.80 **Registrar of Banks** the Registrar of Banks designated under section 4 of the SA Banks Act;

1.1.80 **Regulatory Event** on or after the Issue Date of any Preferred Shares, any:

1.1.81.1 change in Applicable Laws (including any changes to the IoM Companies Act, the Isle of Man Financial Services Act, 2008 (and any order or regulations made pursuant thereto), the SA Banks Act, the SA Companies Act or the Exchange Control Regulations) or in the interpretation or general application of any Applicable Laws (including in or of the aforesaid specific legislation), whether in force before or after the Issue Date of the relevant Preferred Shares), or the introduction of any new Applicable Law;

1.1.81.2 change in banking practice as it affects or is applied generally by any financial institution in South Africa;

1.1.81.3 requirement or request by any statutory or monetary authority, to pay any amounts, or maintain special deposits or reserve assets, in addition to those currently paid or reserved by the Issuer;

1.1.81.4 compliance by the Issuer with any reserve, capital adequacy, cash ratio, special deposit or liquidity requirement (or any other similar requirement) in terms of any Applicable Law, or as otherwise required by a regulator, in respect of the relevant Preferred Shares in addition to those required (if any) of the Issuer as at the Issue Date of such Preferred Shares; or

1.1.81.5 change in the Applicable Procedures, which the Issuer, in each case, determines has, or is likely to have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.81.5.1 the effect that it will be contrary to Applicable Laws for the relevant Preferred Shares to remain in issue;

1.1.81.5.2 an adverse financial implication to the Issuer in respect of the relevant Preferred Shares; or

1.1.81.5.3 the effect that the Issuer will be subject to materially less favourable regulatory treatment in respect of the relevant Preferred Shares;

1.1.82 **Relevant Date** the date on which a payment first becomes due and payable in accordance with the Preferred Share Terms and Conditions, except that in relation to monies payable to the CSD in accordance with the Preferred Share Terms and Conditions, the claim in respect of any payment under the Preferred Shares will prescribe three years after the date on which (i) the full amount of such monies has been received by the CSD, (ii) such monies are available for payment to the holders of Beneficial Interests, and (iii) notice to that effect has been duly given to such holders in accordance with the Applicable Procedures;

1.1.83 **Relevant Screen Page** the page, section or other part of a particular information service (including Reuters) specified as the Relevant Screen Page in the Applicable Pricing Supplement, or such other page, section or other part as may replace it on that information service or such other information service, in each case, as may be nominated by the person providing or sponsoring the information appearing there for the purpose of displaying rates or prices comparable to the Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.84 **Relevant Time** the time specified as the Relevant Time in the Applicable Pricing Supplement;

1.1.85 **Representative** a person duly authorised to act on behalf of a Preferred Shareholder, who may be regarded by the Issuer, the Transfer Agent and the Paying Agent (all acting in good faith) as being duly authorised based upon the tacit or express representation thereof by such Representative, in the absence of express notice to the contrary from such Preferred Shareholder;

1.1.86 **RMB** FirstRand Bank Limited (acting through its Rand Merchant Bank division), registration number 1929/001225/06, a public company duly incorporated in accordance with the laws of South Africa;

1.1.87 **SA Banks Act** the South African Banks Act, 1990;

1.1.88 **SA Companies Act** the South African Companies Act, 2008, as amended;

1.1.89 **SA Financial Markets Act** the South African Financial Markets Act, 2012;

1.1.90 **SA Income Tax Act** the South African Income Tax Act, 1962, as amended from time to time;

1.1.91 **Settlement Agents** those Participants who are approved by the CSD from time to time, in terms of the Applicable Procedures, as settlement agents to perform electronic settlement of funds and scrip on behalf of market participants;

1.1.92 **South Africa** the Republic of South Africa as constituted from time to time;

1.1.93 **Special Resolution** a resolution of at least 66.67% the Preferred Shareholders;

1.1.94 **Specific Preferred Share Terms** the preferences, rights, limitations and other terms attaching to each Preferred Share, to be determined by the Board at the time of allotment and issue thereof and set out in the Applicable Pricing Supplement, to supplement these General Preferred Share Terms;

1.1.95 **Specified Office** in relation to each of the Issuer, the Calculation Agent, the Transfer Agent or any other applicable person, the address of the office specified in respect of such person in the Applicable Pricing Supplement, or such other address as is notified by such person (or, where applicable, a successor to such person) to the Preferred Shareholders in accordance with the Preferred Share Terms and Conditions;

1.1.96 **Strate Issuer Agent** RMB or such other entity appointed by the Issuer as Strate Issuer Agent pursuant to the debt instrument solution system of the CSD, in which event that other entity will act as Strate Issuer Agent;

1.1.97 **Subsidiary** a "subsidiary" within the meaning of section 220 of the IoM Companies Act;

1.1.98 **Taxes** all present and future taxes, duties, imposts, levies, charges, fees withholdings or deductions of whatever nature imposed, levied, collected, withheld or assessed by, or on behalf of, any governmental, fiscal or other competent authority in South Africa or the Isle of Man, as the case may be, (including any penalty payable in connection with any failure to pay, or delay in paying, any of the same) and "Tax" and "Taxation" will be construed accordingly;

1.1.99 **Tranche** all Preferred Shares which are identical in all respects (including as to listing) and are issued in a single issue;

1.1.100 **Transfer Agent** CTSE Registry or such other person with whom the Issuer enters into an agreement in terms of which such person agrees to provide registry services to the Issuer; and

1.1.101 **Unlisted Preferred Shares** Preferred Shares that are not listed on any Financial Exchange(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the Preferred Share Terms and Conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 clause headings are for convenience only and are not to be used in the interpretation of the Preferred Share Terms and Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 an expression which denotes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.1 any gender includes the other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.2 a natural person includes a juristic person and *vice versa;* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2.3 the singular includes the plural and *vice versa;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 a reference to a person includes a reference to that person's successors in title and assigns allowed at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 a reference to a consecutive series of two or more Conditions is deemed to be inclusive of both the first and last mentioned Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Any reference in the Preferred Share Terms and Conditions to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 "**days**" is a reference to calendar days, unless expressly stated otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 "**person**" includes any natural person, company, close corporation, trust, partnership, joint venture, association, unincorporated association, governmental body, or other entity whether or not having separate legal personality, and includes that person's permitted successor, transferee, assignee, cessionary and/or delegate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 "**asset**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4 "**disposal**" a sale, transfer, grant, lease or other disposal (whether voluntary or involuntary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5 a time of day is a reference to Johannesburg time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The words "**include**" and "**including**" mean "**include without limitation**" and "**including without limitation** ". The use of the words "**include**" and "**including**" followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Any substantive provision, conferring rights or imposing obligations on a person and appearing in any of the definitions in this Condition 1 or elsewhere in the Preferred Share Terms and Conditions, shall be given effect to as if it were a substantive provision in the body of the Preferred Share Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 A reference to any statutory enactment shall be construed as a reference to that enactment as at the Programme Date and as amended or substituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 The use of any expression in the Preferred Share Terms and Conditions covering a process available under Isle of Man law, such as winding-up, shall, if any person is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Any reference to the Preferred Share Terms and Conditions or to any other agreement or document shall be construed as a reference to the Preferred Share Terms and Conditions or, as the case may be, such other agreement or document, as amended, varied, restated, novated or supplemented from time to time.

2. **ISSUE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Issuer may issue Preferred Shares from time to time, subject to these General Preferred Share Terms, which will be supplemented, in respect of each Class of Preferred Shares to be issued by the Issuer, by the Specific Preferred Share Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Preferred Shares will be issued in individual Tranches which may form a Class of Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Before the Issuer issues any Tranche of Preferred Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 the Board will pass the Board Resolution determining the Specific Preferred Share Terms of that Tranche of Preferred Shares and authorising the issue of that Tranche of Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 the Issuer will complete and sign the Applicable Pricing Supplement in respect of that Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Applicable Pricing Supplement for each Tranche of Preferred Shares supplements these General Preferred Share Terms in respect of that Tranche of Preferred Shares. The Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with these General Preferred Share Terms, in which event such other terms and conditions shall supplement these General Preferred Share Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Copies of the Applicable Pricing Supplements will be available for inspection at the Specified Office of the Issuer.

3. **FORM** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Preferred Shares may be issued in either certificated or uncertificated form to be held in the CSD for such Minimum Aggregate Issue Price per subscriber, acting as principal, as is determined by the Issuer and specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Each Preferred Share will be issued in a specified Class, as set out in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 A Tranche of Preferred Shares will not be listed on any Financial Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Each Class of Preferred Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 be redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 be issued with a Final Redemption Date which falls more than three years after the Issue Date, as indicated in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 be issued as fully paid up shares in the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 be issued in accordance with the IoM Companies Act and the Articles of Association, and accordance with the Applicable Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 be issued at such Issue Price as is specified in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6 if applicable, be Fixed Rate Preferred Shares, Floating Rate Preferred Shares, Mixed Rate Preferred Share or such other type of Preferred Shares, in each case as may be determined by the Issuer and specified in the Applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7 if applicable, be cumulative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.8 have the status set out in Condition 6.

4. **BENEFICIAL INTERESTS IN PREFERRED SHARES HELD IN THE CSD** 

The CSD will hold Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures. All amounts to be paid in respect of Preferred Shares held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

5. **TITLE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Legal title to the Preferred Shares will pass upon registration of transfer in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 The Isle of Man Uncertificated Securities Regulations 2006 (**Regulations**) made under the IoM Companies Act permit paperless (i.e. computerised) securities settlement systems to operate in respect of the securities of companies incorporated in the Isle of Man which have chosen to participate in such systems as operated by certain "Operators" identified as such in the Regulations. However, the CSD and the Strate system are not identified as "Operators" in the Regulations. As a consequence, legal title to the Preferred Shares will be registered in the Register in the name of the Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 Any reference in these General Preferred Share Terms to the relevant Participant shall, in respect of Beneficial Interests, be a reference to the Participant appointed to act as such by a holder of such Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Preferred Shares issued in certificated form** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Each holder of Preferred Shares represented by a Certificate will be named in the Register as the registered holder of such Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Title to Preferred Shares represented by a Certificate will pass upon registration of transfer in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 The Issuer, the Transfer Agent and the Paying Agent shall recognise a holder of Preferred Shares represented by a Certificate as the sole and absolute owner of the Preferred Shares registered in that Preferred Shareholder's name in the Register (notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) and neither the Issuer nor the Transfer Agent shall be bound to enter any trust in the Register or to take notice of or to accede to the execution of any trust, express, implied or constructive, to which any Preferred Share may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Preferred Shares issued in uncertificated form** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 The Nominee will be named in the Register as the registered holder of each Tranche Preferred Shares which is issued in uncertificated form and held in the CSD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 The Nominee will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of those uncertificated Preferred Shares for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Beneficial Interests in Preferred Shares held in the CSD** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 Beneficial Interests in Preferred Shares held in uncertificated form will, in terms the Applicable Procedures, be transferred through the CSD by way of book entry in the central securities accounts of the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 Beneficial Interests which are held by clients of Participants will be held indirectly through such Participants, and such Participants will hold such Beneficial Interests, on behalf of such clients, through the securities accounts maintained by such Participants for such clients. The clients of Participants may include the holders of Beneficial Interests or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 In relation to each Person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in a particular number of Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the aggregate number of such Preferred Shares standing to the account of such Person shall be *prima facie* proof of such Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.4 Beneficial Interests in Preferred Shares may be transferred only in accordance with the Applicable Procedures. Transfer of Beneficial Interests in Preferred Shares issued in uncertificated form will not be recorded in the Register and the Nominee will continue to be reflected in the Register as the registered holder of such Preferred Shares, notwithstanding such transfers.

6. **STATUS OF PREFERRED SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Ranking** 

The Preferred Shares of each Class of Preferred Shares will rank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 equally among themselves, with every other Class of Preferred Shares, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.1 the payment of dividends by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding-up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 in priority to the rights of all other classes of shares in the Issuer, including the Ordinary Shares, but excluding any other Preferred Shares, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2.1 the payment of dividends by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Right of the Preferred Shares on liquidation, dissolution or winding-up** 

Each Preferred Share shall confer on the holder thereof, the right of the holder to receive, in the event of the liquidation, dissolution or winding-up of the Issuer, a preferential right in priority to the rights of all other classes of shares in the Issuer, including the Ordinary Shares, but excluding any other Preferred Shares, to a return of capital in an amount equal to the Final Redemption Amount in respect of such Preferred Share, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid, calculated on the date on which payment of that return of capital is made by the Issuer to the holder of such Preferred Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Non-participating Preferred Shares** 

Save as set out in Conditions 6.2 and 7, the Preferred Shares do not confer on the Preferred Shareholders any further right to participate in the profits or assets of the Issuer nor, upon a winding-up, to any surplus assets of the Issuer.

7. **DIVIDENDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Right to Preferred Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 As specified in the Applicable Pricing Supplement and subject to Condition 7.1.2, each Preferred Share will confer on the holder thereof a right to receive, in priority to any payments of dividends to the holders of any lower ranking shares in the Issuer, a cumulative preferential cash dividend, determined and payable in accordance with this Condition 7 and the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 If the Issuer is specified in the Applicable Pricing Supplement as having a discretion to declare and pay Preferred Dividends, no Preferred Dividend shall accrue or be payable to the Preferred Shareholders if the Issuer does not declare such Preferred Dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Dividends on Fixed Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 **Fixed Dividend Rate** 

Each Fixed Rate Preferred Share will have associated with it the right of the holder of such Fixed Rate Preferred Share to receive a cumulative preferential cash dividend during each Dividend Period commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 **Dividend Payment Dates** 

The Ongoing Preferred Dividends will be payable in arrears on each Dividend Payment Date. The first payment of Ongoing Preferred Dividends will be made on the Dividend Payment Date following the Dividend Commencement Date. If any Dividend Payment Date falls upon a day which is not a Business Day, the provisions of Condition 9.2 shall determine the date of payment of dividends due upon such Dividend Payment Date. The Ongoing Preferred Dividend in respect of any Dividend Period shall accrue to and be paid on the relevant Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 **Calculation of Ongoing Preferred Dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.1 The Calculation Agent will calculate the Ongoing Preferred Dividend payable in respect of each Class of Fixed Rate Preferred Shares for each Dividend Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.2 Unless stated otherwise in the Applicable Pricing Supplement, the Ongoing Preferred Dividend shall be calculated in respect of each Dividend Period at the Dividend Rate on an amount equal to the aggregate of the Issue Price of each Fixed Rate Preferred Share together with all Preferred Dividends which have accrued and been compounded in accordance with Condition 7.2.3.3, but which have not been paid, on the basis of the actual number of days in such Dividend Period and a 365 day year, whether or not the year is a leap year, rounded to the nearest cent, half a cent being rounded upwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.3 The Ongoing Preferred Dividend will be deemed to and calculated as though it accrues on a daily basis and be compounded in arrears on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Dividends on Floating Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 **Floating Dividend Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1.1 Each Floating Rate Preferred Share will have associated with it the right of the holder of such Floating Rate Preferred Share to receive a cumulative preferential cash dividend during each Dividend Period commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1.2 Notwithstanding the foregoing, in respect of Floating Rate Preferred Shares that have a Dividend Rate calculated with reference to the Prime Rate, such Dividend Rate will be determined and applied on a daily basis and compounded on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 **Dividend Payment Dates** 

The Ongoing Preferred Dividend will be payable in arrears on each Dividend Payment Date. The first payment of Ongoing Preferred Dividends will be made on the Dividend Payment Date following the Dividend Commencement Date. If any Dividend Payment Date falls upon a day which is not a Business Day, the provisions of Condition 9.2 shall determine the date of payment of dividends due upon such Dividend Payment Date. The Ongoing Preferred Dividend in respect of any Dividend Period shall accrue to and be paid on the relevant Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 **Determination of Floating Dividend Rate and calculation of Ongoing Preferred Dividend.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.1 The Calculation Agent will, on each Dividend Rate Determination Date, determine the Dividend Rate applicable to a Class of Floating Rate Preferred Shares for the Dividend Period commencing on that Dividend Rate Determination Date and calculate the Ongoing Preferred Dividend payable in respect of each Floating Rate Preferred Share in that Class for that Dividend Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.2 Unless stated otherwise in the Applicable Pricing Supplement, the Ongoing Preferred Dividend shall be calculated in respect of each Dividend Period at the Dividend Rate on an amount equal to the aggregate of the Issue Price of each Floating Rate Preferred Share together with all Preferred Dividends which have accrued and been compounded in accordance with Condition 7.3.3.3, but which have not been paid, on the basis of the actual number of days in such Dividend Period and a 365 day year, whether or not the year is a leap year, rounded to the nearest cent, half a cent being rounded upwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3.3 The Ongoing Preferred Dividend will accrue on a daily basis and be compounded in arrears on each Dividend Compounding Date to the extent not paid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 **Basis of determining the Dividend Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1 The Dividend Rate will be determined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1.1 on the basis of Screen Rate Determination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.1.2 on such other basis as may be determined by the Issuer,

all as indicated in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2 *Screen Rate Determination* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1 Where Screen Rate Determination is specified in the Applicable Pricing Supplement as the manner in which the Dividend Rate is to be determined, the Dividend Rate for each Dividend Period will, subject as provided below, be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1.1 the offered quotation (if there is only one quotation on the Relevant Screen Page); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.1.2 the arithmetic mean (rounded if necessary to the fifth decimal place in respect of JIBAR, with 0,000005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of the offered quotations (if there is more than one quotation on the Relevant Screen Page),

for the Reference Rate(s) which appear(s) on the Relevant Screen Page as at 11h00 on the Dividend Rate Determination Date in question, plus or minus (as indicated in the Applicable Pricing Supplement) the Margin (if any), all as determined by the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.2 If the Relevant Screen Page is not available or if, in the case of Condition 7.3.4.2.1.1, no such offered quotation appears or, in the case of Condition 7.3.4.2.1.2, fewer than three such offered quotations appear, in each case at the time specified in Condition 7.3.4.2.1, the Calculation Agent shall request the principal Johannesburg office of each of the Reference Banks to provide the Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately 12h00 on the Dividend Rate

Determination Date in question. If two or more of the Reference Banks provide the Calculation Agent with such offered quotations, the Dividend Rate for such Dividend Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place, in respect of JIBAR, with 0,000005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of such offered quotations plus or minus (as appropriate) the Margin (if any), all as determined by the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.3 If the Dividend Rate cannot be determined by applying the provisions of Condition 7.3.4.2.2, the Dividend Rate for the relevant Dividend Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, in respect of JIBAR, with 0,00005 being rounded upwards, and to the third decimal in respect of a JIBAR replacement event) of the rates, as communicated to (and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks offered, at approximately 12h00 on the relevant Dividend Rate Determination Date, in respect of deposits in an amount approximately equal to the Issue Price of the Preferred Shares, for a period equal to that which would have been used for the Reference Rate, to Reference Banks in the Johannesburg inter-bank market plus or minus (as appropriate) the Margin (if any). If fewer than two of the Reference Banks provide the Calculation Agent with such offered rates, the Dividend Rate for the relevant Dividend Period will be determined by the Calculation Agent as the arithmetic mean (rounded as provided above) of the rates for deposits in an amount approximately equal to the Issue Price of the Preferred Shares, for a period equal to that which would have been used for the Reference Rate, quoted at approximately 12h00 on the relevant Dividend Rate Determination Date, by the Reference Banks (selected by the Calculation Agent and approved by the Issuer) plus or minus (as appropriate) the Margin (if any). If the Dividend Rate cannot be determined in accordance with the foregoing provisions of this Condition 7.3.4.2, the Dividend Rate shall be determined as at the last preceding Dividend Rate Determination Date (though substituting, where a different Margin is to be applied to the relevant Dividend Period from that which applied to the last preceding Dividend Period, the Margin relating to the relevant Dividend Period, in place of the Margin relating to that preceding Dividend Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4.2.4 if the Reference Rate from time to time in respect of Floating Rate Preferred Shares is specified in the Applicable Pricing Supplement as being other than the JIBAR rate, the Dividend Rate in respect of such Preferred Shares will be determined, in the manner provided above, or as may be provided in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Dividends on Mixed Rate Preferred Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 Each Mixed Rate Preferred Share will have associated with it the right of the holder of such Mixed Rate Preferred Share to receive a cumulative preferential cash dividend for such Dividend Period(s), as is specified for this purpose in the Applicable Pricing Supplement, commencing on (and including) the Dividend Commencement Date to (but excluding) the Actual Redemption Date in an amount calculated at the Dividend Rate applicable to the relevant form of Preferred Share (be it a Fixed Rate Preferred Share or Floating Rate Preferred Share) specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 Unless otherwise specified in the Applicable Pricing Supplement, a Class of Mixed Rate Preferred Shares shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2.1 for the Dividend Period(s) during which such Class applies the Dividend Rate applicable to Fixed Rate Preferred Shares, be construed for all purposes as a Class of Fixed Rate Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2.2 for the Dividend Period(s) during which such Class applies the Dividend Rate applicable to Floating Rate Preferred Shares, be construed for all purposes as a Class of Floating Rate Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Publication by the Calculation Agent of Dividend Rates and Preferred Dividends payable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.1 The Calculation Agent will cause the Dividend Rate for each Class of Preferred Shares (other than Fixed Rate Preferred Shares) determined upon each Dividend Rate Determination Date to be notified to the Preferred Shareholders (in the manner set out in Condition 13) and the Issuer (where the Issuer does not act as the Calculation Agent), as soon as practicable after such determination but in any event on the date required by the Applicable Procedures (if any), or otherwise by no later than five Business Days after such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.2 The Calculation Agent will, on the date required by the Applicable Procedures (if any), or otherwise at least two Business Days before each Dividend Payment Date, cause the aggregate Preferred Dividends payable on such Dividend Payment Date to be notified to the Preferred Shareholders (in the manner set out in Condition 13) and the Issuer (where the Issuer does not act as the Calculation Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Calculations final and limitation of liability** 

All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained by the Calculation Agent pursuant to the exercise or non-exercise by it of its powers, duties and discretions under the Preferred Share Terms and Conditions, will, in the absence of wilful deceit, bad faith or manifest error, be binding on the Issuer (where the Issuer does not act as the Calculation Agent) and all Preferred Shareholders, and the Calculation Agent will not have any liability to the Issuer (where the Issuer does not act as the Calculation Agent) or the Preferred Shareholders in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Accumulated Preferred Dividends** 

To the extent that all or any part of a Preferred Dividend has accrued and has become payable in accordance with the Preferred Share Terms and Conditions, the Issuer shall be liable to pay, and the Preferred Shareholders shall be entitled to be paid, by no later than the Redemption Date all Preferred Dividends that have accrued or become payable in relation to the Preferred Shares in accordance with the Preferred Share Terms and Conditions and which have not been paid on the applicable Dividend Payment Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Payment of Preferred Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.1 Each Preferred Dividend that is due and payable shall be paid on its Dividend Payment Date in accordance with the provisions of Condition 9 and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.2 The Issuer must satisfy the solvency test set out in section 49 of the IoM Companies Act (the **Solvency Test**) in respect of the declaration and payment of each Preferred Dividend.

8. **REDEMPTION AND PURCHASE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Final Redemption of the Preferred Shares** 

Unless previously redeemed or purchased and cancelled as specified below, provided that the Issuer satisfies the Solvency Test immediately following such redemption, each Preferred Share in a Class of Preferred Shares shall be redeemed by the Issuer on the Final Redemption Date at its Final Redemption Amount, subject to Condition 9, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid, on the Final Redemption Date and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Early Redemption at the option of the Issuer** 

If the Issuer is specified in the Applicable Pricing Supplement as having an option to early redeem the Preferred Shares in a Class of Preferred Shares, the Issuer shall be entitled, having given not less than 10 Business Days' notice to the Preferred Shareholders, in accordance with Condition 13 (which notice shall be revocable), to redeem all or some of the Outstanding Preferred Shares in that Class of Preferred Shares, on the Early Redemption Date(s) and at the Early Redemption Amount(s) specified in, or determined in the manner specified in, the Applicable Pricing Supplement, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Early Redemption Date(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Redemption following the happening of a Regulatory Event** 

If a Regulatory Event occurs in relation to all, or any particular Class, of the Preferred Shares, then the Issuer shall be entitled, having given not less than 10 Business Days' notice to the Preferred Shareholders, or the Preferred Shareholders of that Class, as the case may be, in accordance with Condition 13 (which notice shall be revocable), and in accordance with the Applicable Procedures, to redeem all, and not some only, of the Outstanding Preferred Shares, or the Outstanding Preferred Shares of the relevant Class, as the case may be, on the next Dividend Payment Date and at the Early Redemption Amount set out in Condition 8.5 (or the amount as specified in the Applicable Pricing Supplement), together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Early Redemption following a Redemption Event** 

Upon the occurrence of a Redemption Event and receipt by the Issuer of a Special Resolution of Preferred Shareholders requiring that the Preferred Shares held by all of the Preferred Shareholders be forthwith redeemed in accordance with Condition 11, provided that the Issuer satisfies the Solvency Test immediately following such redemption, such Preferred Shares shall become forthwith redeemable at the Early Redemption Amount set out in Condition 8.5 (or the amount as specified in the Applicable Pricing Supplement), together with Accrued Preferred Dividends (if any) which have not yet been paid calculated up to the date of payment, in accordance with Condition 11 and the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Early Redemption Amounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 For the purpose of Conditions 8.3, 8.4 and 11 (and otherwise as stated herein), the Preferred Shares will be redeemed at the Early Redemption Amount calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1.1 in the case of Preferred Shares with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1.2 in the case of Preferred Shares with a Final Redemption Amount which is or may be less or greater than the Issue Price (to be determined in the manner specified in the Applicable Pricing Supplement), at that Final Redemption Amount or, if no such amount or manner is so specified in the Applicable Pricing Supplement, at their Issue Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2 Where such calculation is to be made for a period which is not a whole number of years, it shall be calculated on the basis of actual days elapsed divided by 365, or such other calculation basis as may be specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Purchases** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1 The Issuer may at any time, subject to Applicable Laws, purchase Preferred Shares at any price in the open market or otherwise. In the event of the Issuer purchasing Preferred Shares, such Preferred Shares shall be held in treasury pursuant to the IoM Companies Act (Treasury Share) Regulations 2014, resold or at the option of the Issuer cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2 The Issuer is not obliged to undertake any market making in respect of the Preferred Shares save to the extent required by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Cancellation** 

All Preferred Shares which are redeemed or are purchased by the Issuer will forthwith be cancelled. In the event that only some of the Preferred Shares represented by a Certificate are cancelled, the Transfer Agent shall deliver a Certificate to such Preferred Shareholder in respect of the balance of the Preferred Shares remaining after such cancellation. Upon receipt of the Redemption Amount, the Preferred Shareholder shall have no further rights against the Issuer in respect of the Preferred Shares so redeemed or arising out of any subscription agreement entered into between the Issuer and that Preferred Shareholder in respect of such Preferred Shares. The Issuer shall notify the CSD of any cancellation or redemption of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **Cessation of Preferred Dividends** 

To the extent applicable, each Preferred Share will cease to bear Preferred Dividends from the applicable Redemption Date unless, upon due presentation thereof, payment of the Redemption Amount, or any portion thereof, due and payable on the Redemption Date or payment of Preferred Dividends, or any portion thereof, due and payable on a Dividend Payment Date, as the case may be, is improperly withheld or refused or such payment may not, in terms of the IoM Companies Act, be made. In circumstances where such non-payment does not constitute a Redemption Event contemplated in Condition 11, Preferred Dividends will continue to accrue on the outstanding amount due and payable in respect of such Preferred Share, at the Dividend Rate, from (and including) the applicable Redemption Date or the relevant Dividend Payment Date, as the case may be, to (but excluding) the date on which such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **Procedure for Redemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1 Subject to the provisions of Applicable Laws and the Applicable Procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.1 the Board shall, prior to the applicable Redemption Date, consider the Solvency Test and if the Board is satisfied on reasonable grounds that the Issuer will satisfy the Solvency Test immediately after paying all Accrued Preferred Dividends and the aggregate Redemption Amount in respect of the Preferred Shares being redeemed, the Board shall pass a resolution

acknowledging that the Board has considered the Solvency Test and has concluded that they are satisfied, on reasonable grounds, that the Issuer will satisfy the Solvency Test immediately after paying all Accrued Preferred Dividends and the aggregate Redemption Amount in respect of the Preferred Shares being redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.2 the Issuer shall, on the applicable Redemption Date, if applicable, pay, in respect of each Preferred Share being redeemed, all Accrued Preferred Dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1.3 the Issuer shall, on the applicable Redemption Date, redeem the relevant Preferred Shares for, and by paying, the aggregate Redemption Amount in respect of all of the Preferred Shares being redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.2 The Preferred Shares of each Class held by each Preferred Shareholder shall be redeemed in the proportion that the Preferred Shares of that Class held by that Preferred Shareholder bears to the total number of Outstanding Preferred Shares in that Class.

9. **PAYMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Method of payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Payments of all amounts in respect of a Tranche of Preferred Shares issued in certificated form shall be made to the person reflected as the registered holder of the Preferred Shares in the Register on the Record Date. To be recorded in the Register on the Record Date, the trade must take place by 17h00 on the Last Day to Trade. The Preferred Shares will trade "ex-entitlement" on the first Business Day after the Last Day to Trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Payments of all amounts in respect of a Tranche of Preferred Shares issued in uncertificated form will be made to the CSD pursuant to the Applicable Procedures, which in turn will transfer such funds, via the Participants, to the holders of Beneficial Interests. The Issuer will be discharged of its payment obligations by proper payment in the name of, and for the account of the CSD and/or the Participants, in respect of each amount so paid. Each of the persons shown in the records of the CSD and the Participants, as the case may be, shall look solely to the CSD or the Participant, as the case may be, for his share of each payment so made by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Payments will be subject in all cases to any Taxation or other laws, directives and regulations applicable to such payment in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Surrender of Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 On or before the Record Date in respect of any Redemption Date, the holder of a Certificate, in respect of a Preferred Share to be redeemed shall deliver to the Transfer Agent the Certificates in respect of the Preferred Shares to be redeemed. This will enable the Transfer Agent to issue a new Certificate for the balance of the Preferred Shares held or, in the case of final Redemption, to cancel the relevant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 Should the holder of a Certificate refuse or fail to surrender the Certificate for replacement or cancellation on or before a Redemption Date, the amount payable to it in respect of such redemption, including the Redemption Amount and any Accrued Preferred Dividends, shall be retained by the Issuer for such Preferred Shareholder, at the latter's risk, until the Preferred Shareholder surrenders the necessary Certificate, and Preferred Dividends shall cease to accrue to such Preferred Shareholder from the Redemption Date in respect of the amount redeemed. No interest will be payable on the amount withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 Should a Preferred Shareholder be unable to surrender a Certificate to the Issuer in accordance with the foregoing, the Preferred Shareholder may in lieu thereof provide the Issuer with an indemnity in a form reasonably acceptable to the Issuer, in which event the Issuer shall pay to the Preferred Shareholder all amounts which it is obliged to in respect of the relevant redemption, including Accrued Preferred Dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4 Documents required to be presented and/or surrendered to the Transfer Agent in accordance with the Preferred Share Terms and Conditions will be so presented and/or surrendered at the Specified Office of the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Payment Day** 

Notwithstanding anything to the contrary contained in the Preferred Share Terms and Conditions, but subject to the Applicable Procedures, if the only date or the last date for the exercise of any right or performance of any obligation (including the payment of any amount payable in respect of any Preferred Share) is not a Business Day, then such date shall be, in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 the Final Redemption Date, the following Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 any other date, the following Business Day, unless such following Business Day would fall in the next calendar month, in which case such date shall be the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **Calculation and notice of Redemption Amounts** 

The Calculation Agent will calculate the aggregate Redemption Amounts due and payable by the Issuer in respect of the Preferred Shares prior to the Relevant Date(s) that payment of such Redemption Amounts is due and payable as specified in the Applicable Pricing Supplement. The Calculation Agent will, on the date required by the Applicable Procedures (if any), or otherwise at least two Business Days before each such date, cause such Redemption Amounts to be notified to the Preferred Shareholders (in the manner set out in Condition 13), the Issuer (where the Issuer does not act as the Calculation Agent), the CSD, if applicable.

10. **CALCULATION AGENT, TRANSFER AGENT, PAYING AGENT, SETTLEMENT AGENT AND STRATE ISSUER AGENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 There will at all times be a Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and Strate Issuer Agent with a Specified Office. The Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and Strate Issuer Agent act solely as the agents of the Issuer and do not assume any obligation towards or relationship of agency or trust for or with any Preferred Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Issuer is entitled to vary or terminate the appointment of the Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and/or Strate Issuer Agent and/or to appoint additional or other agents. The Issuer shall notify the Preferred Shareholders (in the manner set out in Condition 13) and the CSD, in the event of a change in the identity of the Calculation Agent, Transfer Agent, Paying Agent, Settlement Agent and/or Strate Issuer Agent.

11. **REDEMPTION EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Redemption Events relating to the Preferred Shares** 

A Redemption Event in relation to a Class of Preferred Shares shall arise if any of the following events occurs and is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 *Non-payment:* the Issuer fails to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.1 any Preferred Dividend in respect of any Preferred Share in that Class in full on the relevant Dividend Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.2 the Redemption Amount in respect of any Preferred Share in that Class in full on the relevant Redemption Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1.3 any other amount in respect of any Preferred Share in that Class on the due date for payment thereof,

and such failure remains unremedied for three Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 *Breach of other obligations:* the Issuer fails to perform any of its other obligations under or in respect of the Preferred Shares in that Class, and such failure, if capable of remedy, remains unremedied for 15 Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 *Consents, licences and Authorisations:* the Issuer fails to maintain any Authorisation now or in future necessary for the establishment of the Programme or the issue of Preferred Shares under the Programme or any such Authorisation ceases to remain in full force and effect, resulting in the Issuer being unable to perform any of its obligations under the Preferred Shares or the Programme, and such failure or cessation continues for more than 10 Business Days after the Issuer becomes aware of such event and the position remains unremedied for a further 10 Business Days after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4 *Insolvency:* an Insolvency Event occurs in respect of the Issuer and the position remains unremedied for one Business Day after written notice thereof has been delivered by or on behalf of any Preferred Shareholder to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5 *Illegality or Unenforceability:* the Preferred Share Terms and Conditions become illegal, unenforceable, invalid or not binding, or it becomes unlawful for the Issuer to perform any of its obligations in terms of the Preferred Shares and the position is not rectified within one Business Day of receipt by the Issuer of written notice from the Preferred Shareholder in question requiring the position to be rectified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6 *Additional Redemption Events:* any other Redemption Event specified in the Applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Steps following a Redemption Event relating to the Preferred Shares** 

Upon the happening of a Redemption Event, the holders of Preferred Shares of a relevant Class may by Special Resolution declare all of the Preferred Shares in that Class to be immediately due and payable, and require the relevant Preferred Shares to be redeemed at the Early Redemption Amount, together, if applicable, with any Accrued Preferred Dividends which have not yet been paid calculated up to the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Notice of a Redemption Event** 

If a Redemption Event occurs, the Issuer will forthwith upon becoming aware of such Redemption Event, give notice thereof in writing to the Transfer Agent, the Calculation Agent, the Preferred Shareholders holding the relevant Preferred Shares, and to the CSD in accordance with the Condition 13 and the Applicable Procedures.

12. **REGISTER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Register will be maintained by or on behalf of the Issuer in accordance with the IoM Companies Act, the Articles of Association and the Preferred Share Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Subject to Applicable Laws and the Applicable Procedures, title to Beneficial Interests held by Preferred Shareholders through the CSD will pass on transfer thereof by electronic book entry in the central securities accounts maintained by the CSD or the relevant Participants for such Preferred Shareholders. Beneficial Interests may be transferred only in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 The Participants, or the CSD, as the case may be, shall be responsible for altering their records in respect of any change of name, address or account number of any holder of Beneficial Interests of which it is notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Except as may be required by Applicable Law, the Issuer will only recognise a Preferred Shareholder as the owner of the Preferred Shares registered in that Preferred Shareholder's name as per the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 For the avoidance of doubt, where Preferred Shares are held in the Nominee, the Nominee will be named in the Register as the sole holder of Preferred Shares.

13. **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Subject to Conditions 13.2 and 17, all notices (including all demands or requests under the Preferred Share Terms and Conditions) to the Preferred Shareholders will be valid if mailed by registered post or delivered by hand to their addresses appearing in the Register. Each such notice will be deemed to have been given on the day of first publication or delivery by hand or on the 10th Business Day after the day on which it is mailed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 For so long as the Preferred Shares are held in their entirety by the CSD, notice as contemplated in Condition 13.1 may be substituted by the delivery of the relevant notice to the CSD and the Participants, for communication by them to the holders of Beneficial Interests in the Preferred Shares, in accordance with the Applicable Procedures. Each such notice will be deemed to have been received by the holders of Beneficial Interests on the Day of delivery of such notice to the relevant Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Where any provision of the Preferred Share Terms and Conditions requires notice to be given to the Preferred Shareholders of any matter other than a meeting of Preferred Shareholders, such notice will be given *mutatis mutandis* as set out in Condition 13.1 and Condition 13.2, respectively, subject to compliance with any other time periods prescribed in the provision concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 All notices (including all communications, demands and/or requests under the Preferred Share Terms and Conditions) to be given by or on behalf of any Preferred Shareholder to the Issuer or the Transfer Agent, as the case may be, will be in writing and given by delivering the notice, by hand or by registered post to the Specified Office of the Issuer or the Specified Office of the Transfer Agent, as the case may be. Any notice to the Issuer or

the Transfer Agent, as the case may be, will be deemed to have been received by the Issuer or the Transfer Agent, as the case may be, on the 2nd Business Day after being delivered by hand to the Specified Office of the Issuer or the Transfer Agent, as the case may be, or on the 10th Business Day after the day on which it is mailed by registered post to the Specified Office of the Issuer or the Transfer Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Whilst any of the Preferred Shares are held in uncertificated form, notices to be given by any holder of a Beneficial Interest to the Issuer shall be given by such holder through such holder's Participant in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 For purpose of clarity and notwithstanding anything to the contrary contained in these General Preferred Share Terms, all notices to Preferred Shareholders will comply with the Applicable Procedures and the IoM Companies Act.

14. **AMENDMENT OF THESE GENERAL PREFERRED SHARE TERMS AND THE SPECIFIC PREFERRED SHARE TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Any amendment to these General Preferred Share Terms may be made only with the prior authorisation of a Special Resolution of the Preferred Shareholders of each Class of Preferred Shares (either passed at a separate meeting of each such Class of Preferred Shares, or by way of separate written resolutions of each such Class of Preferred Shares) and in accordance with the Applicable Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Any amendment to the Specific Preferred Share Terms of a particular Class of Preferred Shares may be made only with the prior authorisation of a Special Resolution of the Preferred Shareholders of that Class of Preferred Shares (either passed at a separate meeting of that Class of Preferred Shares, or by way of separate written resolutions of that Class of Preferred Shares) and in accordance with the Applicable Procedures.

15. **NO VOTING RIGHTS ON PREFERRED SHARES HELD BY ANY SUBSIDIARY** 

No Subsidiary will have any voting rights in respect of Preferred Shares which are beneficially held by or on behalf of such Subsidiary.

16. **PRESCRIPTION** 

Any claim for payment of Redemption Amounts and/or Preferred Dividends in respect of the Preferred Shares will prescribe three years after the Relevant Date.

17. **NOTICES OF MEETINGS AND VOTING RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Preferred Shareholders shall not be entitled to receive notice of, to be present at, or to have any voting rights, at any meeting of the Ordinary Shareholders, or in respect of any resolution in writing proposed to be passed by the Ordinary Shareholders, unless any one or more of the following circumstances is prevailing at the time of such meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 any Preferred Dividend or part thereof in respect of that Class of Preferred Shares remains unpaid for a period of more than five Business Days from its applicable Dividend Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 any Redemption Amount or part thereof in respect of that Class of Preferred Shares remains unpaid for a period of more than five Business Days from its applicable Redemption Date; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 a resolution of the Issuer is proposed for its winding-up or reduction of capital of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 At every shareholders meeting of the Issuer at which both the Preferred Shareholders and the holders of Ordinary Shares are entitled to be present and to exercise voting rights, or in respect of any resolution in writing proposed to be passed in respect of which both the Preferred Shareholders and the holders of Ordinary Shares are entitled to vote, each Preferred Shareholder shall in respect of each Preferred Share held by it be entitled to exercise one vote for every Preferred Share held, subject to all Preferred Shares in aggregate carrying a maximum of 24.99% of the voting rights exercisable by all the shareholders at such meeting. Should the voting rights that would be exercisable by the holders of the Preferred Shares in the absence of the above limitation exceed 24.99% of the voting rights exercisable by all the shareholders at such meeting, then the number of votes exercisable by the holders of the Preferred Shares will be reduced *pro rata.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 At every meeting of the Preferred Shareholders, whether of all Preferred Shareholders or of a separate Class of Preferred Shareholders, or in respect of any resolution in writing proposed to be passed by the Preferred Shareholders, each Preferred Shareholder shall in respect of each Preferred Share held by it be entitled to exercise one vote for every Preferred Share held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 In respect of every meeting of the Preferred Shareholders, or in respect of any resolution in writing proposed to be passed by the Preferred Shareholders, whether of all Preferred Shareholders or of a separate Class of Preferred Shareholders, the provisions of the IoM Companies Act and the Articles of Association relating to shareholders meetings and resolutions in writing of the Issuer shall apply *mutatis mutandis,* including in respect of notice of meetings, conduct of meetings, meeting quorums and adjournment and the circulation of resolutions in writing. In addition to the above, the Issuer will, in respect of every meeting of Preferred Shareholders holding a Class of Preferred Shares, comply with the Applicable Procedures.

18. **REPRESENTATIONS AND WARRANTIES** 

The Issuer makes the following representations and warranties to each Preferred Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 the Issuer is a company with limited liability duly incorporated and validly existing under the laws of the Isle of Man;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 the Issuer has the power in terms of its Articles of Association to issue the Preferred Shares and it does not have any class of preferred shares or other shares which rank in priority to the Preferred Shares with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 the payment of dividends by the Issuer; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 the distribution of the assets of the Issuer in the event of the liquidation, dissolution or winding-up of the Issuer, whether voluntary or involuntary, or any other distribution of the assets of the Issuer whether for the purpose of winding up its affairs or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 the Preferred Shares will be validly allotted and issued and the directors of the Issuer have the necessary authority and have taken the necessary steps to determine that the allotment and issue of the Preferred Shares should be made subject to the rights and privileges set out in the Preferred Share Terms and Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 the Issuer will satisfy the Solvency Test as at the date of each distribution to be made by the Issuer in respect of the Preferred Shares and shall otherwise comply with the provisions of the IoM Companies Act in respect of those distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 on each Issue Date, the issue of the Preferred Shares does not conflict with any Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 on each Dividend Payment Date, the payment of the Preferred Dividends to be paid by the Issuer shall not conflict with any Applicable Law.

19. **GOVERNING LAW** 

The Preferred Shares and the Preferred Share Terms and Conditions are governed by, and will be construed in accordance with, the laws of the Isle of Man.

**SIGNED** at ______________________________ on this _________________ day of __________________________________________ 2025

For and on behalf of

---

| | | | |
|:---|:---|:---|:---|
| **PK Investments Limited** | **PK Investments Limited** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

---

**USE OF PROCEEDS**

*Capitalised terms used in this section headed "Use of Proceeds" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

The net proceeds from each issue of Preferred Shares will be applied as described in the Applicable Pricing Supplement.

**DESCRIPTION OF THE ISSUER**

*All information pertaining to, inter alia, the description of the Issuer, its business, management and corporate governance, is set out in the Information Statement, which will be amended and restated from time to time, which is incorporated by reference in, and forms part of this Programme Memorandum, and is available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.*

**SETTLEMENT, CLEARING AND TRANSFERS OF PREFERRED SHARES**

*Capitalised terms used in this section headed "Settlement, Clearing and Transfer of Preferred Shares" shall bear the same meanings as those used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or are clearly inappropriate from the context.*

**Preferred Shares held in the CSD**

*Clearing systems*

Each Tranche of Preferred Shares which is issued in uncertificated form, will be cleared through the CSD. Each such Tranche of Preferred Shares will be issued, cleared and transferred in accordance with the Applicable Procedures and the Preferred Share Terms and Conditions. Each such Tranche of Preferred Shares will be settled through Participants who will comply with the electronic settlement procedures prescribed by the CSD. The Preferred Shares may be accepted for clearance through any additional clearing system as may be agreed between the Issuer and the Dealer(s).

*Participants*

The CSD maintains accounts only for the Participants. The Participants are in turn required to maintain securities accounts for their clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares in uncertificated form or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through the Participants. Euroclear Bank S.A./N.V., as operator of the Euroclear System and Clearstream Banking société anonyme (Clearstream Luxembourg) will settle offshore transfers through their South African Participant.

*Settlement and clearing*

Participants will be responsible for the settlement of script and payment transfers through the CSD and the South African Reserve Bank.

While a Tranche of Preferred Shares is held in the CSD, the Nominee will be named in the Register as the sole holder of the Preferred Shares in that Tranche. All amounts to be paid in respect of Preferred Shares held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

In relation to each Person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in a particular aggregate number of Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to aggregate number of Preferred Shares, as the case may be, standing to the account of such Person shall be *prima facie* proof of such Beneficial Interest. The Nominee (as the registered holder of the applicable Preferred Shares named in the Register) will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of that aggregate number of Preferred Shares, as applicable, for all purposes.

Payments of all amounts in respect of a Tranche of Preferred Shares which is in uncertificated form and held in the CSD will be made to the CSD, which in turn will transfer such funds, via the Participants, to the holders of Beneficial Interests. Each of the persons reflected in the records of the CSD or the relevant Participant, as the case may be, as the holders of Beneficial Interests in Preferred Shares shall look solely to the CSD or the relevant Participant, as the case may be, for such Person's share of each payment so made by (or on behalf of) the Issuer.

**Preferred Shares issued in uncertificated form**

The Issuer will, subject to Applicable Laws, issue Preferred Shares in uncertificated form.

Preferred Shares issued in uncertificated form will not be represented by any Certificate or written instrument.

All transactions in uncertificated securities as contemplated in the SA Financial Markets Act will be cleared and settled in accordance with the Applicable Procedures. All the provisions relating to Beneficial Interests in the Preferred Shares held in the CSD will apply to Preferred Shares issued in uncertificated form.

**Beneficial Interests**

The CSD will hold each Tranche of Preferred Shares issued in uncertificated form, subject to the SA Financial Markets Act and the Applicable Procedures.

Accordingly, and except where the contrary is provided in the Preferred Share Terms and Conditions, all amounts to be paid in respect of the Preferred Shares issued in uncertificated form and held in the CSD will be paid to the CSD pursuant to the Applicable Procedures, and all rights to be exercised in respect of the Preferred Shares issued in uncertificated form and held in the CSD may be exercised only in accordance with the Applicable Procedures.

The CSD maintains central securities accounts only for Participants.

The Participants are in turn required to maintain securities accounts for their clients. The clients of Participants may include the holders of Beneficial Interests in the Preferred Shares or their custodians. The clients of Participants, as the holders of Beneficial Interests or as custodians for such holders, may exercise their rights in respect of the Preferred Shares held by them in the CSD only through their Participants.

In relation to each person shown in the records of the CSD or the relevant Participant, as the case may be, as the holder of a Beneficial Interest in the Preferred Shares, a certificate or other document issued by the CSD or the relevant Participant, as the case may be, as to the number of such Preferred Shares standing to the account of such person shall be *prima facie* proof of such Beneficial Interest. However, the registered holder of such Preferred Shares named in the Register will be treated by the Issuer, the Paying Agent, the Transfer Agent and the relevant Participant as the holder of that outstanding amount of such Preferred Shares for all purposes.

Payments of dividends and principal in respect of Preferred Shares held in uncertificated form, will be made in accordance with Condition 9 to the CSD, and the Issuer will be discharged by proper payment to or to the order of the CSD in respect of each amount so paid. The CSD will in turn transfer such funds, via the Participants, to the holders of Beneficial Interests.

Each of the persons shown in the records of the CSD and the relevant Participant, as the case may be, as the holders of Beneficial Interests will look solely to the CSD or the relevant Participant, as the case may be, for such person's share of such payment so made by the Issuer to, or to the order of, the registered holder of such Preferred Shares.

Transfers of Beneficial Interests in the Preferred Shares held in the CSD to and from clients of the Participants occur by electronic book entry in the central securities accounts of the clients of the Participants. Transfers among Participants of Preferred Shares held in the CSD system occur through electronic book entry in the Participants' central security accounts with the CSD. Beneficial Interests may be transferred only in accordance with the Preferred Share Terms and Conditions and the rules and operating procedures for the time being of the CSD and Participants.

The Issuer shall regard the Register as the conclusive record of title to the Preferred Shares.

**Certificates**

The Preferred Shares represented by Certificates will be registered in the name of the individual holders in the respective Register of holders.

Preferred Shares represented by Certificates may be transferred only in accordance with the Preferred Share Terms and Conditions.

All payments in respect of Preferred Shares represented by Certificates will be made in accordance with Condition 9 to the person reflected as the registered holder of such Certificates in the Register on the Record Date, and the Issuer will be discharged by proper payment to or to the order of the registered holder of the Certificate in respect of each amount so paid.

**Records of payments, trust and voting**

Neither the Issuer nor the Paying Agent will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, Beneficial Interests, or for maintaining, supervising or reviewing any records relating to Beneficial Interests. Neither the Issuer nor the Paying Agent nor the Transfer Agent will be bound to record any trust in the Register or to take notice of or to accede to the execution of any trust (express, implied or constructive) to which any Preferred Shares may be subject to. Holders of Beneficial Interests vote in accordance with the Applicable Procedures.

**TAXATION**

*The comments below are intended as a general guide to the current position under the laws of South Africa and the Isle of Man. The contents of this section headed "Taxation" do not constitute tax advice and persons should consult their professional advisers.*

*The information contained below is intended to be a general guide to the relevant tax laws of South Africa and the Isle of Man as at the Programme Date and is not intended as comprehensive advice and does not purport to describe all of the considerations that may be relevant to a prospective purchaser of Preferred Shares. Prospective purchasers of Preferred Shares should consult their own professional advisers in regard to the purchase of Preferred Shares and the tax implications thereof. Accordingly, the Issuer makes no representation and gives no warranty or undertaking, express or implied, and accepts no responsibility for the accuracy or completeness of the information contained in this section. The information contained below sets out guidelines on the current position regarding South African taxation for taxpayers who hold the Preferred Shares as capital assets. Traders in these Preferred Shares should consult their own advisers.*

**South Africa**

***Residents***

Under current South African tax laws, a *"resident"* (as defined in section 1 of the SA Income Tax Act) is subject to South African income tax on his/her worldwide income. Accordingly, all Preferred Shareholders who are *"residents"* of South Africa will generally be subject to income tax, subject to available deductions, allowances and exemptions, on any income (including income in the form of dividends) earned in respect of the Preferred Shares.

A natural person is a resident of South Africa for tax purposes if (i) he/she is ordinarily resident in South Africa, or (ii) he/she is not ordinarily resident in South Africa but is physically present in South Africa for certain periods specified in the SA Income Tax Act. A juristic person is a resident of South Africa for tax purposes if it is incorporated, established or formed in South Africa or if it has its place of effective management in South Africa.

1. **DIVIDENDS** 

*Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether dividends which are received by or accrue to them in respect of a Preferred Share would result in a tax liability in South Africa.*

A monetary amount paid by the Issuer to a Preferred Shareholder, in respect of a Preferred Share, will constitute either a *" foreign dividend"* or a *" foreign return of capital"* for South African income tax purposes. The determination of which form the amount comprises is made with reference to the treatment of the amount according to tax law relating to companies in the Isle of Man (or in the absence of tax law, company law in the Isle of Man), being the country in which the place of effective management of the Issuer is located.

In essence, an amount will comprise a *" foreign return of capital"* if it does not comprise a *" foreign dividend"* (i.e., if it is treated as another form of distribution or similar payment for purposes of tax laws applicable to companies in the Isle of Man). It is understood that distributions made in respect of the Preferred Shares will generally comprise dividends for income tax purposes in the Isle of Man and will accordingly generally comprise foreign dividends for South African income tax purposes.

On the basis that Preferred Dividends received or accrued to Prospective Preferred Shareholders will constitute dividends, the Preferred Dividends will be regarded as foreign dividends for South African tax purposes. Foreign dividends are included in the gross income of residents and subject to tax, subject to certain exceptions.

Foreign dividends which are received by or accrue to a Preferred Shareholder in respect of a Preferred Share may, depending on the circumstances set out in the legislation, be fully exempt from income tax in terms of section 10B(2) of the SA Income Tax Act.

Additionally, foreign dividends which are not fully exempt from income tax in terms of section 10B(2) may be partially exempt from income tax in terms of a formula set out in section 10B(3) of the SA Income Tax Act. Prospective Preferred Shareholders will be required to apply this formula to their specific circumstances in order to determine that part of any foreign dividend which is exempt from income tax in terms of section 10B(3).

The exemptions from income tax provided by section 10B(2) and section 10B(3) may not apply in certain circumstances and, accordingly, Prospective Preferred Shareholders are advised to consult their own professional advisers as to the extent that these exemptions from income tax may be available to them.

**Redemption**

On the redemption of the Preferred Shares, the South African tax treatment will depend on whether such redemption constitutes a *" foreign dividend"* (see above), or a *" foreign return of capital"*.

To the extent that an amount payable by the Issuer to a South African resident Preferred Shareholder on redemption of the Preferred Shares constitutes a *" foreign return of capital"*, such an amount should not be included in the *"gross income"* of the South African resident Preferred Shareholder and should therefore not be subject to income tax. There may, however, be capital gains tax implications (see below).

The income tax treatment of the Preferred Shares may differ from what is set out above if the provisions of section 8E or 8EA apply (see below).

2. **SECTION 8E AND 8EA** 

*Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether the Preferred Shares may be subject to the provisions of section 8E and 8EA. If the Preferred Shares are subject to these provisions, the tax consequences may differ from what is set out in this Programme Memorandum.*

Sections 8E and 8EA operate to re-characterise foreign dividends as *"income"* as a result of shares constituting *"hybrid equity instruments"* or *"third-party backed shares"* under section 8E or section 8EA of the SA Income Tax Act.

In terms of section 8E, if a share qualifies as a *"hybrid equity instrument"*, foreign dividends which accrue in respect of that share are regarded as income in the hands of the recipient and are taxable as such.

Section 8E defines a *"hybrid equity instrument"* to include, *inter alia,* any share, other than an equity share, if (i) the issuer of that share is obliged to redeem it within three years of its date of issue, or (ii) its holder has the option to have the share redeemed within three years of its date of issue. Further, if the Preferred Share is secured by a financial instrument in the form of an interest-bearing arrangement or subject to a negative pledge over a financial instrument in the form of an interest-bearing arrangement, the Preferred Share will be deemed a *"hybrid equity instrument*", unless the Preferred Share was issued for a *"qualifying purpose"* as defined in section 8EA, which includes, among other things, the direct or indirect acquisition of shares in an operating company (and transactions generally involving the re-financing of such acquisitions).

Section 8EA applies to Preferred Shares if they are subject to *"enforcement rights"*, such as where the Preferred Shareholder has an enforcement right against any person (guarantor) other than the Issuer to, *inter alia,* acquire that Preferred Share from the Preferred Shareholder or make any payment in respect of that Preferred Share in terms of a guarantee, indemnity or similar arrangement, as a result of any amount of any specified foreign dividend or foreign return of capital attributable to that Preferred Share not being received by, or accruing to, the Preferred Shareholder. If Preferred Shares fall within the provisions of section 8EA, the Preferred Shares will constitute a *"third-party backed share"* and the foreign dividends will be deemed to be income in the Preferred Shareholder's hands, unless an exemption applies, for example, if there are excluded guarantors under section 8EA(3)(b).

3. **CAPITAL GAINS** 

*Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether a disposal of Preferred Shares will result in a capital gains tax liability in South Africa.*

The South African tax system distinguishes between the tax treatment of receipts and accruals of a revenue nature and those of a capital nature. Capital receipts are subject to capital gains tax ("**CGT**"), while revenue receipts are subject to normal income tax.

The determination of whether shares are held as capital assets is generally a question of fact and depends primarily upon the intention with which the shares were acquired and held, and will be determined by applying South African common law principles as well as the *"safe harbour"* rules in terms of section 9C of the SA Income Tax Act (if applicable). Section 9C provides that if an *"equity share"* is held for a continuous period of at least three years, any gains or losses derived from the disposal of such share will be deemed to be capital in nature irrespective of what the actual intention was. Prospective Preferred Shareholders are advised to consult their own profession advisers as to whether section 9C would apply to them.

**South Africa Resident Preferred Shareholders**

Any disposal of the Preferred Shares, by a Preferred Shareholder who is a South African resident, may be subject to CGT, where applicable, determined in accordance with the CGT provisions contained in the Eighth Schedule to the SA Income Tax Act.

Where a Preferred Shareholder receives a *" foreign return of capital"* prior to the disposal of its Preferred Shares, the Preferred Shareholder must reduce their base cost for CGT purposes by the amount received. If the amount received exceeds the base cost of the Preferred Shares, the excess portion will be treated as a capital gain in the hands of a Preferred Shareholder for the year of assessment in which the foreign return of capital is received by or accrues to the Preferred Shareholder and will be subject to CGT.

Additionally, paragraph 43A of the Eighth Schedule to the SA Income Tax Act may apply to a South African resident Preferred Shareholder that is a company and that holds at least 10% of the equity shares and voting rights in the Issuer (whether alone or together with any other company forming part of the same group of companies) where that Preferred Shareholder disposes of a Preferred Share and:

● a Preferred Shareholder, at any time within 18 months prior to the date of disposal, held a *"qualifying interest"* in the Issuer;

● as part of the disposal of the Preferred Shares, or within 18 months prior to that disposal, the Issuer paid an *"exempt dividend"* (being a foreign dividend that is exempt from both normal tax and Dividends Tax) to a Preferred Shareholder; and

● a portion of those *"exempt dividends"* constitute *"extraordinary dividends"*. A foreign dividend on the Preferred Shares will be an *"extraordinary dividend"* where the Preferred Share is a *"preference share"* as defined in section 8EA, to the extent that the foreign dividends in respect of that share exceed a rate of 15% per annum.

If paragraph 43A applies, the extraordinary exempt dividends will be deemed to form part of the proceeds of the disposal of the Preferred Shares (and will be subject to CGT). Prospective Preferred Shareholders are advised to consult their own professional advisers as to whether paragraph 43A of the Eighth Schedule may apply to them.

Capital gains are subject to CGT at an effective tax rate of 21.6% for companies (which is the inclusion rate of the gain into taxable income at 80% multiplied by the corporate tax rate of 27%), or up to 18% for individuals (which is the inclusion rate at 40% multiplied by the highest marginal tax rate of 45%). For individual shareholders, an annual exclusion from capital gains of R40,000 can be applied against a capital gain.

**Non-Resident Preferred Shareholders**

Preferred Shareholders who are not tax resident in South Africa will generally not be subject to CGT (if any) on the disposal of Preferred Shares unless the Preferred Shares are attributable to the permanent establishment of such non-resident located in South Africa.

4. **VALUE-ADDED TAX** 

No value-added tax (**VAT**) is payable on the issue or transfer of the Preferred Shares in terms of the South African Value-Added Tax Act 89 of 1991 (the **VAT Act**). The issue, sale or transfer of the Preferred Shares constitute *" financial services"* as defined in section 2 of the VAT Act. In terms of section 2 of the VAT Act, the issue, allotment or transfer of ownership of an equity security or a participatory security constitutes a financial service, which is exempt from VAT in terms of section 12(a) of the VAT Act.

However, commissions, fees or similar charges raised for the facilitation of the issue, allotment or transfer of ownership of the Preferred Shares will be subject to VAT at the standard rate (currently 15% (fifteen per cent)), except where the recipient is a non-resident as contemplated below.

Services (including exempt financial services) rendered to non-residents of South Africa who are not in South Africa when the services are rendered, are subject to VAT at the zero rate in terms of section 11(2)(l) of the VAT Act.

5. **DEFINITIONS** 

**Isle of Man**

***Isle of Man Taxation***

The statements set out below are intended only as a general guide to current aspects of Isle of Man taxation. The summary does not purport to be an exhaustive analysis of all potential Isle of Man tax. If you are in any doubt as to your tax position or if you may be subject to tax in any other jurisdiction, you are strongly recommended to consult an appropriate professional adviser.

***Tax residence in the Isle of Man***

The Issuer is resident for taxation purposes in the Isle of Man by virtue of being incorporated in the Isle of Man.

***Capital taxes in the Isle of Man***

The Isle of Man has a regime for the taxation of income, but there are no capital duties, stamp taxes or inheritance taxes in the Isle of Man. No Isle of Man stamp duty will be payable on the issue or transfer of, or any other dealing in, the Preferred Shares.

***Zero rate of corporate income tax in the Isle of Man***

The Isle of Man now operates a zero rate of tax for most corporate taxpayers. This will include the Issuer. Under this regime, the Issuer is subject to corporate income tax in the Isle of Man at the standard rate of zero percent; there is no withholding to be made by the Issuer on account of Isle of Man tax in respect of dividends paid by the Issuer.

**EXCHANGE CONTROL**

*Capitalised terms used in this section headed "Exchange Control" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

*The information below is intended as a general guide to the current position under the Exchange Control Regulations as at the date of this Programme Memorandum. The contents of this section headed "Exchange Control" do not constitute exchange control advice and do not purport to describe all of the considerations that may be relevant to a prospective subscriber for or purchaser of any Preferred Shares. Prospective subscribers for or purchasers of any Preferred Shares should consult their professional advisers in this regard.*

*For purposes of this section, Common Monetary Area means South Africa, Lesotho, Namibia, and Eswatini.*

**Emigrants from the Common Monetary Area**

Emigrants from the Common Monetary Area seeking to fund the Preferred Shares from their Emigrant's Capital Account (i.e. a South African bank account holding remaining assets of the Emigrant) must obtain prior exchange control approval from an Authorised Dealer or from the South African Reserve Bank through an Authorised Dealer. Each emigrant would have to approach its South African bank (in its capacity as an Authorised Dealer) for the approval.

**Non-residents of the Common Monetary Area and residents of Lesotho, Namibia and Eswatini**

Non-residents of the Common Monetary Area and residents of Lesotho, Namibia and Eswatini acquiring Preferred Shares must satisfy themselves to the full observance of the laws of their relevant jurisdiction concerning investment in the Preferred Shares, including obtaining any requisite governmental and other consents, observing any other requisite formalities and paying any transfer or other taxes due in such territory. If in doubt, non-residents should consult their professional advisors without delay.

**South African investors**

South African investors acquiring Preferred Shares must do so using their permissible foreign portfolio investment allowances in terms of the Exchange Control Regulations. Should South African investors acquire the Preferred Shares in exchange for investments they hold in a South African inward listed company, the South African investors (particularly corporates, trusts, partnerships, and private individuals) must obtain prior exchange control approval from their Authorised Dealers or from the SARB through their Authorised Dealers.

**Exchange control – Issuer**

As at the date of this Programme Memorandum, the Issuer has obtained the necessary exchange control approval for this Programme.

**SUBSCRIPTION AND SALE**

*Capitalised terms used in this section entitled "Subscription and Sale" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

In terms of (and subject to) the Programme Agreement, PSG Capital have been appointed as Dealer on an on-going basis for the duration of the Programme. The Issuer may appoint one or more Dealers for a specific issue of one or more Tranches of Preferred Shares or on an on-going basis. In terms of (and subject to) the Programme Agreement, the Issuer may from time to time agree with any Dealer(s) to issue, and any Dealer(s) may agree to place, one or more Tranches of Preferred Shares.

**SELLING RESTRICTIONS**

**South Africa**

Prior to the issue of any Tranche of Preferred Shares under the Programme by the Issuer, each Dealer for that Tranche of Preferred Shares will be required to represent and agree that it will not solicit any offers for subscription for or sale of the Preferred Shares in that Tranche of Preferred Shares, and will itself not sell Preferred Shares, in South Africa, in contravention of the SA Companies Act, the SA Banks Act, the Exchange Control Regulations and/or any other Applicable Laws and regulations in force from time to time.

In particular, without limitation, this Programme Memorandum does not, nor is it intended to, constitute a registered prospectus (as that term is defined in the SA Companies Act) and each Dealer will be required to represent and agree that it will not make *"an offer to the public"* (as that term is defined in the SA Companies Act) of any of the Preferred Shares in that Tranche of Preferred Shares (whether for subscription or sale), for purposes of which Preferred Shares will not be offered to any person other than (i) persons falling within the exemptions set out in section 96(1)(a) of the Companies Act; or (ii) persons who subscribe, as principal, for Preferred Shares at a minimum aggregate Issue Price as envisaged in section 96(1)(b) of the Companies Act.

Information made available in this Programme Memorandum should not be considered as "*advice"* as defined in the Financial Advisory and Intermediary Services Act, 2002.

**Isle of Man**

Any offer for subscription or sale of the Preferred Shares made within the Isle of Man can only be made: (i) by an Isle of Man financial services licence holder licensed under section 7 of the Isle of Man Financial Services Act; or (ii) in accordance with any relevant exclusion contained in the Isle of Man Regulated Activities Order 2011, as amended or in terms of an exemption contained in the Isle of Man Financial Services (Exemptions) Regulations 2011, as amended.

This Programme Memorandum has not been approved by or filed with any regulatory authority in the Isle of Man, including the Isle of Man Financial Services Authority.

**General**

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to agree that:

(a) it will (to the best of its knowledge and belief) comply with all Applicable Laws in force in each jurisdiction in which it purchases, subscribes or procures subscriptions for, offers or sells Preferred Shares in that Tranche or has in its possession or distributes this Programme Memorandum and will obtain any consent, approval or permission required by it for the purchase, subscription, offer or sale by it of Preferred Shares in that Tranche under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, subscriptions, offers or sales; and

(b) it will comply with such other or additional restrictions as the Issuer and such Dealer agree and as are set out in the Applicable Pricing Supplement.

Neither the Issuer nor any of the Dealers represent that the Preferred Shares may at any time lawfully be subscribed for or sold in compliance with any applicable registration or other requirements in any jurisdiction or pursuant to any exemption available thereunder or assumes any responsibility for facilitating such subscription or sale.

**GENERAL INFORMATION**

*Capitalised terms used in this section entitled "General Information" shall bear the same meanings as used in the Preferred Share Terms and Conditions, except to the extent that they are separately defined in this section or this is clearly inappropriate from the context.*

**Authorisations**

All consents, approvals, Authorisations or other orders of all regulatory authorities required by the Issuer under the laws of South Africa and the Isle of Man have been given for the establishment of the Programme and the issue of Preferred Shares under the Programme and for the Issuer, Transfer Agent, Settlement Agent, Calculation Agent and Paying Agent to undertake and perform their respective obligations in terms of the Preferred Shares.

If exchange control approval is required for the issue of any Tranche of Preferred Shares, such exchange control approval will be obtained prior to the issue of such Tranche of Preferred Shares.

**Listing**

This Programme Memorandum has not been approved or registered with any Financial Exchange. Only Unlisted Preferred Shares will be issued under the Programme, which will not be regulated by any Financial Exchange.

**Documents available**

Copies of the following documents will, when published, be available from the registered office of the Issuer as set out at the end of this Programme Memorandum:

(a) the documents incorporated under the section headed *"Documents Incorporated by Reference",* unless such documents have been modified or superseded, in which case the modified or superseding documentation will be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>;

(b) all amendments and supplements to this Programme Memorandum prepared by the Issuer from time to time in accordance with the terms of the Programme Agreement and will also be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>;

(c) the published audited annual financial statements of the Issuer and the interim financial statements of the Issuer will also be available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>; and

(d) each Applicable Pricing Supplement relating to any Tranche of Preferred Shares issued under the Programme and will also be made available on the Issuer's website at <u>https://primekapital.com/pk-investments/</u>.

**Clearing systems**

The uncertificated Preferred Shares have been accepted for clearance through the CSD and may be accepted for clearance through any additional clearing system as may be agreed between the Issuer and the Dealer(s).

**Auditors**

PricewaterhouseCoopers LLC have acted as the auditors of the financial statements of the Issuer for the financial years ended 30 June 2022, 30 June 2023 and 30 June 2024 and, in respect thereof, have issued an unqualified audit report.

**Litigation**

The Issuer has not been involved in any legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) that may have or have had a material effect on the financial position of the Issuer in the previous twelve months.

**Material Change**

As at the date of this Programme Memorandum, following due and careful enquiry, there has been no material change in the financial or trading position of the Issuer and its Subsidiaries, if applicable, that has occurred since the date of publication of the Issuer's unaudited interim financial results for the nine month period ended 31 March 2025.

**Compliance**

The Issuer is incorporated in terms of and in compliance with the provisions of, *inter alia,* the IoM Companies Act and is acting in conformity with its Articles of Association.

**CORPORATE INFORMATION**

**ISSUER**

**PK Investments Limited**

(Registration number 014469V)<br> Part of the Second Floor<br> Exchange House

54-62 Athol Street

Douglas

Isle of Man IM1 1JD

Contact: Mr Timothy Mark Callister

Tel: +44 7624 461 949

**ARRANGER**

**PSG Capital Proprietary Limited**

(Registration number 2006/015817/07)<br> 1st Floor, Ou Kollege Building

35 Kerk Street

Stellenbosch<br> 7600<br> South Africa

and

The Place, First Floor

1 Sandton Drive, North Towers

Sandhurst, Sandton<br> 2196

South Africa

Contact: Ms Monica Griessel

Tel: +27 (0) 10 978 2434

**DEALERS**

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| | |
|:---|:---|
| **PSG Capital Proprietary Limited**<br> (Registration number 2006/015817/07)<br> 1st Floor, Ou Kollege Building<br> 35 Kerk Street<br> Stellenbosch<br> 7600<br> South Africa<br>and<br>The Place, First Floor<br> 1 Sandton Drive, North Towers<br> Sandhurst, Sandton<br> 2196<br> South Africa<br> Contact: Ms Monica Griessel<br> Tel: +27 (0) 10 978 2434 | **PK Investments Limited**<br> (Registration number 014469V)<br> Part of the Second Floor<br> Exchange House<br> 54-62 Athol Street<br> Douglas<br> Isle of Man IM1 1JD<br> Contact: Mr Timothy Mark Callister<br> Tel: +44 7624 461 949 |

---

**STRATE ISSUER AGENT, PAYING AGENT AND SETTLEMENT AGENT**

**FirstRand Bank Limited**

**(acting through its Rand Merchant Bank division)**

(Registration number 1929/001225/06)

1 Merchant Place

Cnr Fredman Drive and Rivonia Road

Sandton, Gauteng<br> 2146

South Africa

Contact: Head – Debt Finance Group

Tel: +27 (0) 11 282 8000

**CALCULATION AGENT**

**PK Investments Limited**

(Registration number 014469V)<br> Part of the Second Floor<br> Exchange House

54-62 Athol Street

Douglas

Isle of Man IM1 1JD

Contact: Mr Timothy Mark Callister

Tel: +44 7624 461 949

**TRANSFER AGENT**

**CTSE Registry Services Proprietary Limited**

(Registration number 2016/396777/07)<br> The District

Block B, 6th Floor<br> 41 Sir Lowry Road<br> Woodstock<br> Cape Town<br> 7925

South Africa<br> Contact: Ms Estelle de Jager

Tel:+27 (0) 11 100 8352

**LEGAL ADVISERS TO THE ISSUER, ARRANGER AND DEALERS AS TO SOUTH AFRICAN LAW**

**Bowman Gilfillan Incorporated t/a Bowmans**

(Registration number 1998/021409/21)<br> 11 Alice Lane

Sandton<br> 2196<br> South Africa

Contact: Mr Casper van Heerden<br> Tel: +27 (0) 11 669 9354

**LEGAL ADVISERS TO THE ISSUER, ARRANGER AND DEALERS AS TO ISLE OF MAN LAW**

**Simcocks Advocates Limited, Isle of Man**

(Registration number 104672C)

Ridgeway House

Ridgeway Street

Douglas

Isle of Man

IM1 1EL

Contact: Mr Alex Spencer

Tel: +44 1624 690352

**AUDITORS TO THE ISSUER**

**PricewaterhouseCoopers LLC**

(Registration number 000934L)<br> Sixty Circular Road

Douglas

Isle of Man

IM1 1SA

Contact: Mr James Gumbley

Tel: +44 1624 689689

![](logo_001.jpg)

**PK INVESTMENTS LIMITED**

*(incorporated in the Isle of Man under registration number 014469V)*

**Issue of EUR[●],000,000 Redeemable, Non-Participating Preferred Shares<br> Under its EUR1,000,000,000 Preferred Share Programme**

This Applicable Pricing Supplement must be read in conjunction with the Programme Memorandum prepared by the Issuer dated 1 August 2025, as may be amended, varied, restated, novated or supplemented from time to time (the **Programme Memorandum**) and the general preferences, rights, limitations and other terms attaching to each Preferred Share, as set out or incorporated by reference in the Issuer's Articles of Association.

References in this Applicable Pricing Supplement to the General Preferred Share Terms are to the section of the Programme Memorandum headed "*Preferred Share Terms and Conditions*" (the **General Preferred Share Terms**). References to any Condition in this Applicable Pricing Supplement are to that Condition of the General Preferred Share Terms.

Any capitalised terms not defined in this Applicable Pricing Supplement shall have the meanings ascribed to them in the General Preferred Share Terms.

This document constitutes the Applicable Pricing Supplement relating to the issue of the Class B Preferred Shares described herein (the **Class B Preferred Shares**).

This Applicable Pricing Supplement may specify other terms and conditions, which are not inconsistent with the General Preferred Share Terms, which shall, to the extent so specified supplement the General Preferred Share Terms for the purpose of such Tranche of Class B Preferred Shares.

To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of the Applicable Pricing Supplement shall prevail.

---

| | | |
|:---|:---|:---|
| **PARTIES** | **PARTIES** |  |
| 1. | Issuer | PK Investments Limited |
|  | Registered Office | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 2. | Dealer | PK Investments Limited |
|  | Specified Address | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 3. | Managers | N/A |
| 4. | Paying Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |
| 5. | Calculation Agent | PK Investments Limited |
|  | Specified Address | Part of the Second Floor, Exchange House, 54-62 Athol Street, Douglas, Isle of Man IM1 1JD |
| 6. | Transfer Agent | CTSE Registry Services Proprietary Limited |
|  | Specified Address | 15 Biermann Avenue, Woodstock Exchange Building, Block B, 5th Floor, 66-68 Allbert Road, Woodstock |
| 7. | Strate Issuer Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |

---

---

| | | |
|:---|:---|:---|
| 8. | Settlement Agent | FirstRand Bank Limited, acting through its Rand Merchant Bank division |
|  | Specified Address | 1 Merchant Place, Cnr Fredman Drive and Rivonia Road, Sandton, Gauteng, 2146, South Africa |
| **DESCRIPTION OF THE PREFERRED SHARES** | **DESCRIPTION OF THE PREFERRED SHARES** |  |
| 9. | Status of the Preferred Shares | Redeemable, non-participating Preferred Shares |
| 10. | Listed/Unlisted | Unlisted |
| 11. | Class | Class B |
| 12. | Tranche number | 1 |
| 13. | Aggregate Issue Price of this Tranche | EUR[ ] |
| 14. | Number of Preferred Shares | [ ] |
| 15. | Dividend/Payment Basis | N/A, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 16. | Issue Date | [ ] 2025 |
| 17. | Minimum Aggregate Issue Price per subscriber, acting as principal | Not applicable |
| 18. | Issue Price | EUR[ ] per Preferred Share |
| 19. | Dividend Commencement Date | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 20. | Final Redemption Date | The 5<sup>th</sup> anniversary of the Issue Date or, if such day is not a Business Day, the next Business Day determined in accordance with the Applicable Business Day Convention and the Applicable Procedures |
| 21. | Final Redemption Amount | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| 22. | Applicable Business Day Convention | Following Business Day |
| 23. | Set out the relevant description of any additional/other Preferred Share Terms and Conditions relating to the Preferred Shares (including additional covenants, if any) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| **FIXED RATE PREFERRED SHARES** | **FIXED RATE PREFERRED SHARES** | Not applicable |
| **FLOATING RATE PREFERRED SHARES** | **FLOATING RATE PREFERRED SHARES** | Not applicable |
| **MIXED RATE PREFERRED SHARES** | **MIXED RATE PREFERRED SHARES** | Not applicable |
| **OTHER PREFERRED SHARES** | **OTHER PREFERRED SHARES** |  |
| 24. | If the Preferred Shares are not Fixed Rate Preferred Shares, Floating Rate Preferred Shares or Mixed Rate Preferred Shares or if the Preferred Shares are a combination of the above and some other Preferred Shares, set out the relevant description of any additional Preferred Share Terms and Conditions relating to such Preferred Shares | See Schedule 1 entitled "*Additional Terms and Conditions*" |
| **PROVISIONS REGARDING REDEMPTION MATURITY** | **PROVISIONS REGARDING REDEMPTION MATURITY** |  |
| 25. | Redemption at the option of the Issuer: | Yes, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| a) | Early Redemption Date(s) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| b) | Early Redemption Amount(s) and method, if any, of calculation of such amount(s) | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| c) | Redeemable in part | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |
| d) | Other terms applicable on Redemption | Applicable, see Schedule 1 entitled "*Additional Terms and Conditions*" |

---

---

| | | |
|:---|:---|:---|
| **GENERAL** | **GENERAL** |  |
| 26. | International Securities Identification Number (ISIN) | [**●**] |
| 27. | Stock Code | [EPNRAR] |
| 28. | Method of distribution | Public Offer |
| 29. | Credit Rating assigned to the Issuer/the Programme/this Tranche of Preferred Shares (if any), and date of such Credit Rating | N/A |
| 30. | Rating Agency (if any) | N/A |
| 31. | Governing Law | Isle of Man |
| 32. | Last Day to Trade | 17h00 on the day that is three Business Days before the Record Date |
| 33. | Record Date | The date on which the holdings of Preferred Shares, upon which the Event entitlement is based, is ascertained, being the Friday immediately prior to each Event, or if such Friday is not a Business Day, the last Business Day of the week preceding the Event |
| 34. | Programme Amount | EUR1,000,000,000 |
| 35. | Aggregate Issue Price of all Preferred Shares in issue on the Issue Date of this Tranche | EUR0 |
| 36. | Use of proceeds | To acquire additional shares in the issued share capital of MAS pursuant to the Voluntary Bid (as defined in Schedule 1 entitled "*Additional Terms and Conditions*") |
| 37. | Additional Redemption Events | N/A |
| 38. | Exchange Control Approval | N/A |
| 39. | Other provisions | See Schedule 1 entitled "*Additional Terms and Conditions*" and Schedule 2 entitled "*Selling restrictions*" |

---

**Responsibility:**

The Issuer certifies that to the best of its knowledge and belief there are no facts that have been omitted from the Programme Memorandum or this Applicable Pricing Supplement which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Applicable Pricing Supplement contains all information required by Applicable Law. The Issuer accepts full responsibility for the accuracy of the information contained in the Programme Memorandum, this Applicable Pricing Supplement and all documents incorporated by reference (see section of the Programme Memorandum headed "*Documents Incorporated by Reference*").

**SIGNED** at ______________________________ on this _________________ day of __________________________________________ 2025

For and on behalf of

---

| | | | |
|:---|:---|:---|:---|
| **PK Investments Limited** | **PK Investments Limited** |  |  |
| Name: | Timothy Mark Callister | Name: | Monika Zoradova |
| Capacity: | Director | Capacity: | Director |
| Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto | Who warrants their authority hereto |

---

**SCHEDULE 1: ADDITIONAL TERMS AND CONDITIONS**

*The following are additional terms and conditions (the* ***Additional Terms and Conditions****) which apply to the Class B Preferred Shares contemplated in this Applicable Pricing Supplement and which will be incorporated by reference into the Class B Preferred Shares, except that all references in the Programme Memorandum to "the Preferred Shares" shall be deemed to be references to these Class B Preferred Shares.*

1. **ADDITIONAL DEFINITIONS** 

In this Applicable Pricing Supplement, unless inconsistent with the context, the following expressions shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **2024 Accounting Principles** means MAS' accounting policies, including management's judgements, accounting estimates and assumptions that affect the application of MAS' accounting policies, as applied in MAS' condensed consolidated interim financial statements for the six-month period to 31 December 2024 prepared in terms of IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Adjusted NAV** means the equity attributable to owners of the MAS Group as reflected in the consolidated statement of financial position contained in the Reference Financials adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 deducting the disclosed sum of the preferred equity in PKM Development Limited and arrears coupon on such preferred equity as reflected in the Reference Financials, being the sum of preferred equity and arrears coupon adjusted for any fair valuation or impairment adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 adding the sum of preferred equity and arrears coupon as at the date of the Reference Financials, calculated as the sum of preferred equity and arrears coupon excluding any fair valuation or impairment adjustments, multiplied by 85%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 adding the deferred taxation liabilities as reflected in the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 deducting the sum of the deferred taxation on each of MAS's assets, determined individually for each asset based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.1 the book value of that asset as reflected in the Reference Financials less the fiscal tax base of that asset; multiplied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4.2 the applicable statutory tax rate as at the date of the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 deducting the deferred taxation assets and intangible assets as reflected in the Reference Financials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 deducting all cash and other distributions which have been declared and paid by MAS to the extent not already accounted for as a liability by MAS in the Reference Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Adjusted NAV per Share** means (i) the Adjusted NAV, divided by (ii) the number of issued shares used by MAS to determine the net asset value per share for IFRS purposes, in each case based on the Reference Financials and adjusted to reverse the effects of any MAS share consolidations, capitalization issues, MAS share splits or other MAS share capital reorganisations by MAS after the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Approved Auditors** means PricewaterhouseCoopers, KPMG, Ernst Young, Deloitte & Touche, BDO and Forvis Mazars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Cash Distributions** means any and all cash distributions received by the Issuer from MAS in its capacity as shareholder of MAS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Cash Receipts** means all Cash Distributions and the net proceeds (after any necessary costs and taxes incurred) received by the Issuer from a disposal of any MAS shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **Cumulative Distributions per Share** means the sum of all distributions (including Cash Distributions) per share declared and paid by MAS between the Issue Date and the Redemption Date, adjusted to reverse the effects of any MAS share consolidations, capitalization issues, MAS share splits or other MAS share capital reorganisations by MAS after the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **Early Redeem** has the meaning given to it in paragraph 2.1.1 below and **Early Redemption** shall have a similar meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 **Early Redemption Amount** means an amount equal to the Issue Price per Class B Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 **EUR Face Value** means EURc1.50;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 **EUR Face Value Increase Amounts** means, with effect from the First Anniversary, the EUR Face Value increased at a rate equal to 7% per annum, compounded on each Face Value Calculation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 **Face Value Calculation Dates** means the end of every 6 months after the First Anniversary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 **Final Redemption** shall have the meaning given to it in paragraph 2.2.1 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 **Final Redemption Amount** means an amount equal to the Issue Price per Class B Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 **First Anniversary** means the first anniversary of the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 **Floor Value** means per Class B Preferred Share an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.1 the EUR Face Value of the Class B Preferred Share; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.2 all EUR Face Value Increase Amounts attributable to that Class B Preferred Share on all previous Face Value Calculation Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 **Independent Expert** means any of the Approved Auditors, provided that such firm is not at such time the appointed auditor of the Issuer, any of its Affiliates or MAS, which Approved Auditors shall act as expert and not as arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 **MAS** means MAS P.L.C. a company registered in Malta with Registration number C 99355;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 **MAS Group** means all the entities within the MAS group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 **Redemption Dividend** means the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20.1 90% of the sum of (i) the Adjusted NAV per Share and (ii) Cumulative Distributions per Share divided by 100; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20.2 the Floor Value of each Preferred Share,

minus the Issue Price per Preferred Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 **Reference Financials** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.1 as at any relevant date, MAS' latest publicly available financial statements prepared in terms of IFRS and, if applicable, as amended in terms of paragraph 4; and specifically

in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.2 an Early Redemption pursuant to paragraph 2.1, MAS' latest publicly available financial statements prepared in terms of IFRS as at the date of the notice in terms of paragraph 2.1.1 in respect of that Early Redemption and, if applicable, as amended in terms of paragraph 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.3 a Final Redemption pursuant to paragraph 2.2, MAS' latest publicly available financial statements prepared in terms of IFRS as at the Final Redemption Date and, if applicable, as amended in terms of paragraph 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 **Restricted Period** means, in relation to a Preferred Share, the period commencing on the Issue Date of that Preferred Share and ending on the day after the third anniversary of its Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 **Voluntary Bid** means the voluntary bid made by the Issuer to the MAS shareholders, in terms of which the Issuer offers to acquire all of the MAS shares not already held by it on and subject to the terms and conditions set out in the circular posted to the MAS shareholders on or about 4 August 2025.

2. **REDEMPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Early Redemption</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 During the Restricted Period, the Issuer shall be entitled (but not obliged) to voluntarily redeem at the Early Redemption Amount any of the Class B Preferred Shares (**Early Redeem**) provided that the Issuer gives written notice in terms of 8.2 of the Programme Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Following the Restricted Period, the Issuer must redeem the Class B Preferred Shares on the basis as set out in paragraph 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 The Issuer shall redeem the Class B Preferred Shares *pro rata* to the total number of outstanding Class B Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 The Early Redemption Amount and Redemption Dividend will be settled in EUR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Final Redemption Dates</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 The Issuer shall on the Final Redemption Date be obliged to redeem all of the unredeemed Class B Preferred Shares in accordance with 8.1 of the Programme Memorandum (**Final Redemption**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 The Final Redemption Amount and Redemption Dividend will be settled in EUR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Redemption Dividend</u> 

Upon Early Redemption or Final Redemption the Issuer are obliged to pay the Redemption Dividend per Preferred Share being redeemed.

3. **CASH RECEIPTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 During the Restricted Period, the Issuer may not use any of the Cash Receipts received, other than, at its election, for Early Redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 After the Restricted Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 the Issuer shall apply all Cash Receipts received up to date, which have not been used to voluntarily redeem the Class B Preferred Shares in accordance with paragraph 2.1 above, to Early Redeem the Class B Preferred Shares by not later than 21 days after the later of (i) the end of the Restricted Period or (ii) if the Adjusted NAV and/or Adjusted NAV per Share is/are disputed in terms of paragraph 4.5, the date of final determination thereof by the Independent Expert in terms of paragraph 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 any further Cash Receipts received by the Issuer shall be applied to Early Redeem the Class B Preferred Shares within 21 days of the later of (i) receipt of such Cash Receipt or (ii) if the Adjusted NAV and/ or Adjusted NAV per Share is/are disputed in terms of paragraph 4.5, the date of final determination thereof by the Independent Expert in terms of paragraph 4.6.

4. **ADJUSTED NAV AND ADJUSTED NAV PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The determination of Adjusted NAV and Adjusted NAV per Share will be done by applying the 2024 Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Any changes to the 2024 Accounting Principles after the Issue Date, including from new standards and amendments or improvements to existing standards and interpretations of IFRS, or any changes to management's judgements, accounting estimates and assumptions that affect the application of the 2024 Accounting Principles, other than in respect of correction of an error, will be reversed with the revised accounting treatment applied on a basis consistent with the 2024 Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Issuer will take all such steps as are legally permissible to procure that the Adjusted NAV and Adjusted NAV per Share will be determined by the auditors of MAS and included in all financial statements published by MAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Notwithstanding paragraph 4.3, if the Adjusted NAV and/or Adjusted NAV per Share are not determined by the auditors of MAS and/or included in any financial statement published by MAS, then this will not constitute a Redemption Event and the Issuer will determine the Adjusted NAV and Adjusted NAV per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 If, the Adjusted NAV and/or Adjusted NAV per Share are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 set out in MAS' financial statements and (i) the Issuer or (ii) the holders of a majority of Class B Preferred Shares, dispute any calculation of the Adjusted NAV and/or Adjusted NAV per Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 determined by the Issuer pursuant to paragraph 4.4 and communicated to the holders of the Class B Preferred Shares in the manner set out in Condition 13 (*Notices*), and the holders of a majority of Class B Preferred Shares dispute any calculation of the Adjusted NAV and/or Adjusted NAV per Share,

then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 where the Issuer is the disputing party, the Issuer shall refer this dispute to an Independent Expert, within 20 Business Days of the publication of the applicable MAS financial statements, who shall determine the calculation of Adjusted NAV and/or Adjusted NAV per Share in accordance with paragraph 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4 where the holders of a majority of Class B Preferred Shares constitute the disputing party, the following provisions shall apply –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.1 any holder of the Class B Preferred Shares holding at least 10% of the Class B Preferred Shares in issue shall be entitled to provide the Issuer with written notice that such holder (i) is entitled and duly authorised to exercise all rights in respect of at least 10% of the Class B Preferred Shares; (ii) disputes the Adjusted NAV and/or Adjusted NAV per Share (**Dispute Notice**) and (iii) wishes to propose a resolution of Class B Preferred Shareholders (either at a meeting of the Class B Preferred Shareholders or by written resolution) that the Adjusted NAV and/or Adjusted NAV per Share be referred to an Independent Expert for determination (**Expert Determination Resolution**). The Dispute Notice must be provided by not later than 20 Business Days after publication of the Adjusted NAV and/or Adjusted NAV per Share as contemplated in paragraph 4.5.1 or 4.5.2, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.2 the Issuer shall, within 10 Business Days after receipt of such Dispute Notice, send notice of the Expert Determination Resolution to all the Class B Preferred Shareholders convening a separate meeting of the holders of the Class B Preferred Shares, or proposing a written resolution of the Class B Preferred Shareholders (in either case, as specified in the Dispute Notice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4.3 if the Expert Determination Resolution is adopted by more than 50% of the Class B Preferred Shares (either at a separate meeting of the Class B Preferred Shares or by way of a written resolution of the Class B Preferred Shares) (the **Disputing Preferred Shareholders**), the Issuer shall refer the dispute to an Independent Expert within 10 Business Days of the receipt of this resolution, who shall determine the calculation of the Adjusted NAV and/or Adjusted NAV per Share in accordance with paragraph 4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Independent Expert will determine the calculation of the Adjusted NAV and/or Adjusted NAV per Share, as the case may be, on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 the Independent Expert shall act as an expert and not an arbitrator in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 the Independent Expert shall take relevant factors into account in making its determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 the Independent Expert shall be requested to make its determination as speedily as possible, but in any event within 10 Business Days of the date on which the Issuer refers the dispute to the Independent Expert;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 the Independent Expert shall in writing advise the Issuer of its determination, shall give written reasons for its decision, and shall in such notice provide reasonable detail of its calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 any determination by the Independent Expert shall, in the absence of manifest error, be final and binding on the Issuer and the holders of the Class B Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 the liability for the Independent Expert's costs shall be borne by the Issuer if its determination is incorrect or if the Disputing Preferred Shareholders are incorrect, they will bear the costs on a pro rata basis, being the total costs incurred dividend by the number of votes exercised by each Disputing Preferred Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.7 For the purposes of this Applicable Pricing Supplement, it is shall be legally permissible for the Issuer to take any action or decision if the taking of such action or decision will not result in a breach or contravention by the Issuer or MAS of the rules or any order or directive of the licensed financial exchange operated by JSE Limited (Registration number 2005/022939/06) (or any other exchange on which the securities of the Issuer or MAS are listed), or any constitution, statute, by-law, code, ordinances, decree, judicial arbitral, administrative, ministerial, departmental or regulatory judgment; or common law in any jurisdiction, in each case which are applicable to the Issuer or MAS.

**SCHEDULE 2: SELLING RESTRICTIONS**

*Capitalised terms used in this Schedule 2 headed "Selling Restrictions" shall bear the same meanings as used in the General Preferred Share Terms and this Applicable Pricing Supplement, except to the extent that they are separately defined in this Schedule 2 or this is clearly inappropriate from the context.*

*The following selling restrictions are in addition to, and shall be read together with, the selling restrictions set out in the section entitled "Subscription and Sale" in the Programme Memorandum. These additional restrictions apply to the Class B Preferred Shares described in this Applicable Pricing Supplement.*

**General**

This Applicable Pricing Supplement does constitute, advertise and relate to an offer to the public in South Africa (as defined in the SA Companies Act) for the sale of or subscription for, or the solicitation of an offer to acquire or subscribe for, Class B Preferred Shares. Accordingly, this Programme Memorandum should be read together with the prospectus registered under the SA Companies Act and published on 4 August 2025, which accompanies this Applicable Pricing Supplement and which complies with the substance and form requirements for prospectuses set out in the SA Companies Act and the Companies Regulations of 2011 (the **Prospectus**). The Prospectus is also issued in terms of section 45 of the IoM Companies Act. The Prospectus and this Applicable Pricing Supplement have not been approved by any regulatory authority in the Isle of Man. It is not required for the Prospectus or Applicable Pricing Supplement to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of publication of each such document.

**United States**

The Class B Preferred Shares are securities issued by a company registered in the Isle of Man, and the Voluntary Bid (as defined in Schedule 1 entitled "*Additional Terms and Conditions*") is subject to procedural and disclosure requirements which are different from those of the United States of America (**United States** or **US**). The financial information with respect to the Issuer referred to in the Programme Memorandum and this Applicable Pricing Supplement has been prepared in accordance with IFRS and thus may not be comparable to financial information of companies in the United States or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

It may be difficult for U.S holders of Class B Preferred Shares to enforce their rights and any claim they may have arising under the federal securities laws, since the Issuer is located in a foreign country, and some or all of its officers and the Issuer's directors may be residents of a foreign country. U.S holders of Class B Preferred Shares may not be able to sue the Issuer or its officers or the Issuer's directors in a foreign court for violations of the U.S. securities laws. It may be difficult for U.S holders of Class B Preferred Shares to compel a foreign company (being the Issuer) and its affiliates to subject themselves to a U.S. court's judgment.

The Issuer may purchase securities otherwise than under the Voluntary Bid, such as in open market or privately negotiated purchases, subject to any restrictions or requirements under the Applicable Laws.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the **U.S. Securities Act**), or the securities laws of any state of the United States or other jurisdiction, and, subject to certain limited exceptions, may not be offered or sold within the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Class B Preferred Shares to be issued pursuant to the Voluntary Bid are not, and will not be, registered under the U.S Securities Act and will be issued in reliance on the exemption from registration provided by Rule 802 under the U.S Securities Act.

Neither the Securities and Exchange Commission nor any securities commission of any state of the United States has approved the Voluntary Bid, passed upon the fairness of the Voluntary Bid or passed upon the adequacy or accuracy of the Programme Memorandum and this Applicable Pricing Supplement. Any representation to the contrary is a criminal offence in the United States. In accordance with the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder with respect to the Class B Preferred Shares to be issued in connection with the Voluntary Bid, the Issuer will submit to the U.S. Securities and Exchange Commission any informational document it publishes or otherwise disseminates to holders of MAS shares related to the Voluntary Bid.

Any decision to accept the Voluntary Bid should be made on the basis of the information in the Programme Memorandum (and the publicly available information referred to herein).

**European Economic Area**

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that, in relation to each Member State of the European Economic Area which has implemented the EU Prospectus Regulations (each a **Relevant Member State**), with effect from and including the date on which the EU Prospectus Regulations is implemented in that Relevant Member State (the **Relevant Implementation Date**) it has not made and will not make an offer of any of such Preferred Shares to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of any of such Preferred Shares to the public in that Relevant Member State:

(a) if the terms or drawdown prospectus in relation to the Preferred Shares specifies that an offer of those Preferred Shares may be made other than pursuant to Article 1(4) of the EU Prospectus Regulations in that Relevant Member State (a **Non-exempt Offer**), following the date of publication of a prospectus in relation to such Preferred Shares which has been approved by the competent authority in that Relevant Member State in accordance with the EU Prospectus Regulations and/or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, provided that any such prospectus, if not a drawdown prospectus, has subsequently been completed by the terms contemplating such Non-exempt Offer, in accordance with the EU Prospectus Regulations, in the period beginning and ending on the dates specified in the drawdown prospectus or final terms, as applicable and the Issuer has consented in writing to its use for the purpose of that Non-exempt Offer;

(b) at any time to any legal entity which is a qualified investor as defined in the EU Prospectus Regulations;

(c) at any time to fewer than 150 (one hundred and fifty) natural or legal persons (other than qualified investors as defined in the EU Prospectus Regulations) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(d) at any time in any other circumstances falling within Article 1(4) of the EU Prospectus Regulations, provided that no such offer referred to in (a) to (d) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulations or supplement a prospectus pursuant to Article 23 of the EU Prospectus Regulations.

For the purposes of this provision, the expression an "*offer of Preferred Shares to the public*" in relation to any Preferred Shares means the communication in any form and by any means of sufficient information on the terms of the offer and the Preferred Shares to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Shares, and the expression "**EU Prospectus Regulations**" means Regulation (EU) 2017/1129 (as amended).

The Dealers have represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree that, in relation to any offering of Preferred Shares to which Directive 2014/65/EU on markets in financial instruments (as amended, **MiFID II**) applies, that such offering is in accordance with the applicable rules set out in MiFID II (including any applicable national transposition of MiFID II), including that any commission, fee or non-monetary benefit received from the relevant Issuer complies with such rules.

**United Kingdom**

***Public Offer Selling Restrictions under the UK Prospectus Regulation***

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that has not made and will not make an offer of any of such Preferred Shares in the United Kingdom except that it may make an applicable offer of any of such Preferred Shares in the United Kingdom:

(a) at any time to any legal entity which is a qualified investor as defined in the UK Prospectus Regulation;

(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the UK Prospectus Regulation); or

(c) at any time in any other circumstances falling within section 86 of the Financial Services and Markets Act, 2000 (the **FSMA**).

For the purposes of this provision, the expression "*an applicable offer of Preferred Shares*" in relation to any Preferred Shares means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Shares and the expression "**UK Prospectus Regulation**" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act, 2018 and regulations made thereunder.

***Other regulatory restrictions:*** The Dealer has represented and agreed, and each further Dealer appointed under this Programme will be required to represent and agree, that:

(a) *Financial Promotion*: it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 (*Financial Promotion*) of the FSMA) received by it in connection with the issue or sale of any Securities in which section 21(1) of the FSMA would not, if it was not an authorised person, apply to the Issuer; and

(b) *General Compliance*: it has complied and will comply with all applicable provisions of the FSMA and the Financial Conduct Authority Handbook with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom.

***Selling Restrictions Addressing Additional United Kingdom Securities Laws***

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any of the Preferred Shares in that Tranche under circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any of the Preferred Shares in that Tranche in, from or otherwise involving the United Kingdom.

**Australia**

The Issuer is not registered as a foreign company in Australia.

The provision of this Applicable Pricing Supplement to any person does not constitute an offer of Class B Preferred Shares to that person or an invitation to that person to apply for Class B Preferred Shares. It is only available to persons who are residents in Australia where they are receiving the offer to acquire Class B Preferred Shares in exchange for MAS shares under the Voluntary Bid.

This Applicable Pricing Supplement is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

This Applicable Pricing Supplement is not a disclosure document under Chapter 6D of the Australian Corporations Act, 2001 (the **Australian Corporations Act**) or a product disclosure statement under Part 7.9 of the Australian Corporations Act. It is not required to, and does not, contain all the information which would be required in a disclosure document or a product disclosure document. It has not been lodged with the Australian Securities and Investments Commission.

No person referred to in this Applicable Pricing Supplement holds an Australian financial services licence.

The information in this Applicable Pricing Supplement has been prepared without taking into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.

This Applicable Pricing Supplement has not been prepared specifically for Australian investors. It:

(a) may contain references to dollar amounts which are not Australian dollars;

(b) may contain financial information which is not prepared in accordance with Australian law or practices;

(c) may not address risks associated with investment in foreign currency denominated investments; and

(d) does not address Australian tax issues.

This Applicable Pricing Supplement is issued by the Issuer. The Issuer is not licensed in Australia to provide financial product advice in relation to the Class B Preferred Shares. An investor in the Class B Preferred Shares will not have cooling off rights.

**Switzerland**

This Applicable Pricing Supplement is not intended to constitute an offer or solicitation to purchase or invest in the Class B Preferred Shares. The Class B Preferred Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (**Swiss FinSA**) and no application has or will be made to admit the Class B Preferred Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Applicable Pricing Supplement nor any other offering or marketing material relating to the Class B Preferred Shares constitutes a prospectus pursuant to the Swiss FinSA, and neither this Applicable Pricing Supplement nor any other offering or marketing material relating to the Class B Preferred Shares may be publicly distributed or otherwise made publicly available in Switzerland.

Prior to the issue of any Tranche of Preferred Shares under the Programme, each Dealer who has (or will have) agreed to place that Tranche of Preferred Shares will be required to represent and agree that it has not made and will not make an offer of any of such Preferred Shares to the public in Switzerland except that it may make an offer of any of such Preferred Shares to professional clients within the meaning of article 4 paragraph 3 Swiss FinSA, or where another exemption under articles 36 or 37 Swiss FinSA applies.

**Namibia**

This Applicable Pricing Supplement is not intended to constitute an offer or solicitation to purchase or invest in the Class B Preferred Shares. The Class B Preferred Shares may not be publicly offered, directly or indirectly, in the Republic of Namibia (**Namibia**) in contravention of the Namibian Companies Act, No. 28 of 2004, as amended (**Namibian Companies Act**), the Banking Institutions Act, 1998, as amended (**Namibian Banking Institutions Act**) the Namibian Exchange Control Regulations, 1961, and/or any other applicable laws of Namibia in force from time to time.

Neither the Voluntary Bid, the Programme Memorandum and this Applicable Pricing Supplement nor any other offering or marketing material relating to the Preferred Shares constitutes a prospectus pursuant to the Namibian Companies Act, and neither the Voluntary Bid, the Programme Memorandum and this Applicable Pricing Supplement, nor any other offering or marketing material relating to the Class B Preferred Shares may be publicly distributed or otherwise made publicly available in Namibia.

In terms of the Namibian Stock Exchanges Control Act, 1985, as amended (until such time as it is repealed and replaced by the Financial Institutions and Markets Act, 2021, as amended) (**Namibian Stock Exchanges Control Act**), no person, firm, company, corporation, government, state, or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing, may carry on the business of buying and selling securities in Namibia unless such person is either a registered banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker. Accordingly, any person engaging in the business of buying or selling the Class B Preferred Shares in Namibia may be required to register as a stockbroker in terms of the Namibian Stock Exchanges Control Act.

Any investor who does not meet the abovementioned requirements is not eligible to receive Preferred Shares. Each investor located or resident in Namibia who subscribes for Class B Preferred Shares will be deemed to have represented and warranted that it is registered as a banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stockbroker or satisfies another applicable exemption under Namibian law and that it is aware of and complies with the restrictions described above.