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Successful signing of USD 40 million debt financing

Published: 24 April 2019

Reference is made to the previous announcements by Net1 International Holdings AS (“Net1”) on 16 January 2019 and 5 April 2019.

Net1’s subsidiary, Mobile Internet Holdings B.V. (“MIH”) has today entered into a USD 40 million term loan facilities agreement (with incremental facility) with amongst others Gemcorp Capital LLP as mandated lead arranger for funding of Net1’s business in Indonesia.

The funds will be utilised to further develop Net1, specifically the financing of Net1’s subsidiary PT Sampoerna Telekomunikasi Indonesia (“STI”)’s roll-out of a 4G LTE network in Indonesia in the highly efficient 450 MHz spectrum.

The loan carries a coupon of 3 months Libor plus 10% (subject to certain adjustments if STI turns EBITDA-positive), amortising over a five year period, with final maturity date falling 5 years after first utilisation date. The loan is secured by inter alia assets of STI, share pledges over the shares in Net1’s subsidiaries MIH and Net1 International Holdings B.V. (“Net1 BV”) and guarantees from MIH and Net1 BV. The loan contains Financial Covenants and tests of key performance indicators (“KPIs”). The Financial Covenants & KPIs are based on the business plan of the Indonesian operations and include head-room for deviations. The loan also contains change of control provision which is triggered if Rasmussengruppen (or their affiliates) and Access Industries (or their affiliates) cease to hold, between them, at least 40% of the share capital of Net1 at any time and other terms and conditions customary for this type of financing.

For further information, please contact:

Investors: Amit Vithlani at email: cfo@net1.international

Media: Endre Aaberg Johansen at Corporate Communications AS: tel +47 41 61 06 05, email: endre.johansen@corpcom.no

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