Description of Activities

Description of transaction: The proposed transaction involves the acquisition by the Trustees for the time being of the IJG Securities Money Market Trust of the preference shares in the issued share capital in Letshego Bank Namibia Limited from Letshego Africa Holdings Limited.

Acquiring group: The primary acquiring undertaking is The Trustees for the time being of the IJG Securities Money Market Trust, a trust registered in accordance with the relevant laws of Namibia, whose object is to acquire and hold assets for the benefit of its beneficiaries, who are clients of the subsidiaries of the IJG Holdings (Proprietary) Limited, and which assets would include securities such as unit trusts, treasury bills, bonds, share market investment products, and equity securities such as the preferential shares.

Target undertaking: The primary target undertaking is Letshego Bank Namibia, a public company registered in accordance with the relevant laws of Namibia, with its business activities in providing consumer and micro-lending services.

Relevant market: The merging parties submit that the relevant market is the market for banking.

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