Alternative Investment

BRAIT PLC – Investment advisor Ethos to merge with the Rohatyn Group – SENS


Investment advisor Ethos to merge with the Rohatyn Group

(Registered in Mauritius as a Public Limited Company)
(Registration No. 183309 GBC)
Share code: BAT ISIN: LU0011857645
Bond code: WKN: A2SBSU ISIN: XS2088760157
LEI: 549300VB8GBX4UO7WG59
(“Brait”, the “Company” or the “Group”)


Brait shareholders are advised that the Group’s contracted investment advisor, Ethos Private Equity
(“Ethos”), has entered into a definitive agreement for Ethos to be acquired by The Rohatyn Group
(“TRG”), a specialized global asset management firm focused on investment solutions in emerging
markets and real assets (“the Transaction”).

Headquartered in New York, with presence in 16 cities across the globe, TRG was established by its
Chief Executive Officer Nicolas Rohatyn in 2002 and has grown into one of the largest partner-owned,
emerging market focused alternative asset managers with c.USD6 billion of Assets under
Management. With over 20 years of experience, investment teams at TRG offer capabilities across
public equities, corporate and sovereign debt, private markets, forestry, agriculture and infrastructure.
Combining forces with Ethos positions TRG to deliver a larger array of investment solutions to
investors in both firms. The Transaction is subject to certain conditions, including regulatory

As part of the Transaction, the Brait Board has been requested to cede the advisory agreement
between Brait and Ethos to TRG. The Board is in-principle supportive of the cession of the agreement
and has therefore appointed a sub-committee to negotiate and settle the terms of any such cession of
the agreement. Once the sub-committee has reached a formal agreement on the cession of the
advisory agreement, shareholders will be informed accordingly.

All key members of the Ethos team responsible for providing the contracted investment advisory
services to Brait are expected to remain in their roles. Current incentives are proposed to remain
unchanged to ensure alignment with investors in executing Brait’s strategy to unlock value for
shareholders through asset unbundling by December 2024.

Port Louis, Mauritius
21 November 2022

Brait’s Ordinary Shares are primary listed and admitted to trading on the Luxembourg Stock
Exchange (“LuxSE”) and its secondary listing is on the exchange operated by the JSE Limited
(“JSE”). Brait’s 2024 Convertible Bonds due 4 December 2024 are dual listed on the Open Market
(“Freiverkehr”) segment of the Frankfurt Stock Exchange as well as the Official Market of the Stock
Exchange of Mauritius (“SEM”).

LuxSE Listing Agent:
Harney Westwood & Riegels SARL

JSE Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)

SEM Authorised Representative and Sponsor:
Perigeum Capital Ltd
Date: 21-11-2022 08:00:00
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