Atlas Mara Reaches Agreement on New Debt Facility

6 August 2018

Atlas Mara Reaches Agreement on New Debt Facility

Atlas Mara Limited (the "Company" or the "Group"), the sub-Saharan Africa financial services group, announces that it has reached agreement in principle for a $40M Debt Facility (the "New Debt Facility"). This New Debt Facility will replace the convertible bond (the "April Convertible") issued to Fairfax Africa Holdings Corporation ("Fairfax Africa"), the Company's largest shareholder, as previously announced on April 24, 2018. Completion of the New Debt Facility remains subject to customary conditions for transactions of this nature.

John Staley, Chief Executive Officer, said, "We are pleased to announce this new financing, which is a strong indication of investor interest and support from our existing shareholders and the broader market. The funding will enable investments to boost our IT and banking capabilities and support business operations."

Proceeds will be used for general corporate purposes including replacing the April Convertible, strengthening the Company's digital finance platform and supporting broader business growth and operations.

The New Debt Facility will have a three-year term maturing in or around July 2021, have an average annualized cost of debt of approximately 10.5%, and is secured by a portion of the Company's indirect shareholding in Union Bank of Nigeria. The New Debt Facility includes the issuance of 12,400,000 detachable warrants (once the New Debt Facility is fully drawn) that on exercise each allow the holder to subscribe for one ordinary share of the Company at an initial strike price of $3.20 that is subject to adjustment in accordance with customary anti-dilution provisions. The issuance of the detachable warrants is subject to shareholder approval at the Company's Annual General Shareholder Meeting ("AGM").

Further information about the AGM will be mailed to shareholder nominees and published on the Company's website in due course.

Contact details

Investors

Kojo Dufu, +1 212 883 4330

Media

Teneo Blue Rubicon, +44 20 3757 9231

Anthony Silverman

About Atlas Mara

Atlas Mara Limited (LON: ATMA) is a financial services institution founded by Bob Diamond and listed on the London Stock Exchange. Its vision is to create sub-Saharan Africa's premier financial services institution through organic and inorganic growth by combining the best of global institutional knowledge with extensive local insights. With a presence in seven sub-Saharan countries, Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, excellent customer service and accelerate financial inclusion in the countries in which the Company operates. For more information, visit www.atlasmara.com.