Evolution Credit Limited up to SEK 260,000,000 and up to NOK 135,000,000 Senior Unsecured Callable Bonds 2013/2028 ISIN: SE 000 5392560 and NO 001 0689342 (the "Bonds")

Johannesburg, 3 March 2023

Reference is made to the terms and conditions for the Bonds, originally dated 16 September 2013, as amended and restated, most recently by an amendment and restatement agreement dated 22 September 2020 (the "Terms and Conditions").

Early Redemption

In addition to scheduled amortizations, the Company is obliged to apply excess cash to repay Senior Unsecured Loans, If repayments are made under Senior Unsecured Loans, corresponding pro rata payments shall be made under the Bonds. The Senior Unsecured Loans will be repaid in full. The Company will therefore also make an early full redemption of the Bonds pursuant to Clauses 9.6 (Mandatory redemption pro rata in case of repayment of the Senior Unsecured Loan) and 11 (Cash Sweep) of the Terms and Conditions as further set out below.

Payment details

SEK Bonds (ISIN: SE 000 5392560)

The SEK Bonds will be fully redeemed on 31 March 2023 in a total amount of SEK 4,828,024.02. The record date, on which a bondholder must hold SEK Bonds in order to receive the redeemed amount, will be 23 March 2023.

The redemption of the SEK Bonds will be made as a redemption of all outstanding SEK Bonds reducing the registered Nominal Amount of each SEK Bond from an amount of SEK  37,242.00 to SEK 0.00. Due to the fact that the Nominal Amount registered with the CSD does not include capitalised interest, the repayment will appear to be made at a price of 102.07813% of the amount by which the registered Nominal Amount will be reduced as a result of the redemption. The redemption will be made together with accrued and unpaid interest. The amount will be rounded down in accordance with applicable rules.

NOK Bonds (ISIN: NO 001 0689342)

The NOK Bonds will be fully redeemed on 31 March 2023 in a total amount of NOK 3,756,665.29. The record date, on which a bondholder must hold NOK Bonds in order to receive the redeemed amount, will be 28 March 2023.

The redemption of the NOK Bonds will be made by pro rata payments to the bondholders holding NOK Bonds through redeeming the outstanding NOK Bonds, totaling a registered Nominal Amount of NOK 3,671,283.00. Due to the fact that the outstanding Nominal Amount registered with the CSD does not include capitalised interest, the settlement will appear to be made at a price of 102.32568% of the amount by which the registered Nominal Amount will be reduced as a result of the redemption. The redemption will be made together with accrued and unpaid interest. The amount is rounded down to effect a pro-rata settlement to the bondholders in accordance with the rules of the CSD.

De-listing

Subject to the above, the Bonds will be de-listed from First North Bond Market in connection with the redemption date and the last day of trading will occur on or about 20 March 2023.

For further information, please contact:

Jacques Hefer, Head of Treasury

Email: jacques.hefer@evolution.za.com

Phone number: +27 84 514 3018

This information is information that Evolution Credit Limited is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 10:00 am CET on 3 March 2023.

Attachment

• Evolution Press Release redemption 31 Mar 2023