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Listed Medium Term Note Programme

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Listed Medium Term Note Programme Medium Term Note Programme ESW Investment Group Limited (“ESWIG” or the “Issuer”) Incorporated in Eswatini on the on 16 July 2013 (Registration number R7/29333) SZL 1,000,000,000 ESW INVESTMENT GROUP Capitalised terms used in this section shall bear the same meaning as defined in the section headed “Definitions”, unless separately defined. Under this SZL 1,000,000,000 Medium Term Note Programme (“Programme”) pursuant to the Programme Memorandum dated 18 January 2021 the Issuer subject to compliance with all the relevant laws and regulations and any changes made thereto from time to time issues Notes as described herein. Any Notes issued under the Programme on or after the date of this Programme Memorandum are subject to the provisions described herein. This Programme Memorandum does not affect any Notes issued before the date of this Programme Memorandum. This Programme Memorandum will apply to the Notes issued under the Programme in an aggregate outstanding amount which will not exceed SZL 1,000,000,000 unless such amount is increased by the Issuer as described more fully in the section of this Programme Memorandum headed (General Description of the Programme). This Programme Memorandum has been approved by the Eswatini Stock Exchange (“ESE”) and the Notes will be listed on the ESE. The applicable terms of any Tranche of Notes will be agreed by the Issuer prior to the issue of the Notes and will be set out in the Terms and Conditions incorporated by reference into the Notes, as modified and supplemented by the Applicable Pricing Supplement. Custodian Transfer Secretary, Calculation Sponsoring Broker and Paying Agent and Arranger ESW SECURITIES Legal Advisor Receiving Bank Reporting Accountant and Auditor Programme Memorandum dated 18 January 2021. 2 ESW MEDIUM TERM NOTE PROGRAMME TABLE OF CONTENTS Table of Contents DEFINITIONS 4 GENERAL 18 DOCUMENTS INCORPORATED BY REFERENCE AND SUPPLEMENTARY DOCUMENTS 20 GENERAL DESCRIPTION OF THE PROGRAMME 22 FORM OF THE NOTES 23 PRO FORMA OF APPLICABLE PRICING SUPPLEMENT 24 TERMS AND CONDITIONS OF THE NOTES 30 DESCRIPTION OF THE ISSUER 49 RISK FACTORS FACING THE ISSUER AND ITS BUSINESS 59 FINANCIAL INFORMATION 65 TAXATION 66 EXCHANGE CONTROL 67 GENERAL INFORMATION 68 CORPORATE INFORMATION 70 Programme Memorandum dated 18 January 2021. ESW MEDIUM TERM NOTE PROGRAMME 3 DEFINITIONS Definitions In this Programme Memorandum, unless otherwise indicated, the words or phrases in the firsthand column bear the meaning stipulated in the second column and cognate expressions shall bear corresponding meanings: “Agency Agreement” the agreement for the appointment of an agent by the Issuer including an Arranger (s), Transfer Secretary, Calculation Agent , Paying Agent and Placing Agent as the case may be or any other agency arrangement as appointed from time to time; “Applicable Laws” in relation to any person, all and any statutes and subordinate legislation and common law, regulations, ordinances and by laws, directives, codes of practice, circulars, guidance notices, judgments and decisions of any competent authority, or any governmental, intergovernmental or supranational body, agency, department or regulatory, self- regulatory or other authority or organisation and other similar provisions, from time to time, compliance with which is mandatory for that person, including but not limited to the listings requirements of the ESE and the Companies Act or the requirements and laws of such other Financial Exchange (as the case may be); “Applicable Pricing Supplement” the pricing supplement issued in relation to each Tranche of Notes, substantially in the form “Pro Forma of Applicable Pricing Supplement” as set out in this Programme Memorandum. This will be issued as an annexure to this Programme Memorandum and will give details of the particular Tranche and the terms and conditions applicable to each Note in the Tranche in so far as the terms and conditions are different from these Terms and Conditions; “Applicable Procedures” the rules and operating procedures for the time being of the CSD, the Participant and the listings requirements of the ESE, and/or any other Financial Exchange; “Arranger(s)” ESW Securities as co-arrangers or such person or entity specified in the Applicable Pricing Supplement as the Arranger or such other party that might be appointed from time to time, as detailed in the relevant Pricing Supplements; “assets” the total amount of the consolidated gross assets of the Issuer as shown in the latest published audited consolidated balance sheet of the Issuer, but adjusted for contingencies and subsequent events in such manner as the directors of the Issuer, the auditors of the Issuer or a liquidator of the Issuer (if applicable) may determine; “authorisation” an authorisation, consent, approval, resolution, license, exemption, filing, registration or notarisation; “Board” collectively the Directors of the Issuer as specified in the section headed (Board of the Issuer); “Books Closed Period” 10 days prior to each Interest Payment Date that is payable every year until the Redemption Date, or such other period(s) as the Issuer may determine in the Applicable Pricing Supplement and which period the Transfer Secretary will not record any transfer of Notes in the Register, as specified in the Applicable Pricing Supplement; “Business Day Convention” a Business Day of an Interest Payment Date as provided in Condition 7.3 (Business Day Convention); “Business Day” a day (other than a Saturday or Sunday or public holiday in Eswatini) which is a day on which commercial banks settle SZL payments in Eswatini; 4 ESW MEDIUM TERM NOTE PROGRAMME DEFINITIONS “Calculation and Paying Agent” in relation to a Series, the Transfer Secretary or such person or entity specified in the Applicable Pricing Supplement as the Calculation and Paying Agent. “Certificate” and “Certificated Note (s)” a registered Note issued by the Issuer in accordance with the section headed (Form of the Notes) and issued by way of physical securities certificate; “Change of Control Event” an event that constitutes a Change of Control as provided in Condition 9.4.2 (Change of Control Event) “Change of Control Notice” a notice to the effect that a Change of Control Event has occurred as provided in Condition 9.4.3 (Change of Control Notice) “Change of Control” a change in the control of the Issuer as provided in Condition 9.4.5.2 (Change of Control) “Class of Noteholders” the holders of a Series of Notes or, where appropriate, the holders of different Series of Notes “Clearing and Settlement” each Tranche of Notes which is held in the CSD will be issued, cleared and settled in accordance with the Applicable Procedures through the electronic settlement system of such CSD; “Companies Act” the Companies Act, 2009 as amended from time to time; “Concurrent claims” all unsubordinated, unsecured claims of creditors of the Issuer; “Condition” the terms and conditions of the Notes as set out in the section of this Programme Memorandum headed “Terms and Conditions of the Notes”. The Applicable Pricing Supplement may specify other terms and conditions (which may replace, modify or supplement the Terms and Conditions) in relation to specific terms and conditions of the Notes of any Tranche or Series of Notes issued “Cross-Default” an Event of Default as set out in in Condition 11.1.3 (Cross- Default); “CSD” the Central Securities Depository, a company with limited liability duly incorporated in accordance with the laws of Eswatini, and operates as a central depository to the ESE, or such additional, alternative or successor central securities depository as may be agreed between the Issuer and the Arranger and Placing Agent. “Currency” Swazi Lilangeni, SZL or any other currency as specified in the Applicable Pricing Supplement; “Custodian Agreement” the safe custody agreement entered into between the Issuer and the Custodian last dated 22 September 2020; “Custodian” the Custodian appointed with the aim, inter alia, of providing for the protection and enforcement of the rights and entitlements of Noteholders. The Custodian is Standard Bank Eswatini further specification as to whom is set out in the definitions contained in the Terms and Conditions; “Day Count Fraction” in relation to a Series (where applicable) and the calculation of an amount for any period of time (the “Calculation Period”), the day count fraction specified as such in the Terms and Conditions or the Applicable Pricing Supplement and: (a) if “Actual/365” or “Act/365” is so specified, means the actual number of days in the Interest Period in respect of which payment is being made divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (i) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and (ii) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365); (b) if “Actual/Actual (ICMA)” is so specified, means: 1. where the Calculation Period is equal to or shorter than the Regular Period during which it falls, the actual number of days in the Calculation Period divided by the product of (1) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; and ESW MEDIUM TERM NOTE PROGRAMME 5 DEFINITIONS 2. where the calculation Period is longer than one Regular Period, the sum of: a. the actual number of days in such Calculation Period falling in the Regular Period in which it begins divided by the product of (1)
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