Bayport Management Ltd : Alignment of Bond Terms and Conditions

Bayport Management Limited  would like to announce that following a voting
procedure of bond holders of the BAYP001 O2, bond holders voted 86% in favour of
aligning the terms of the BAYP001 O2 with those of the BAYP002 O2.

The salient changes were as follows (with amendments to the following clauses).

10.1(a) has been amended to allow for the company to hold equity on behalf of
employees for an incentive scheme

10.1(d) has been deleted

10.1(i) has been amended to allow the company to give a limited number of
guarantees in certain circumstances. This is now clause 10.1(h)

10.1(j) has been amended so that the covenant is now tested on the aggregate
book. This is now clause 10.1(i)

11.1(c) has been amended to create a wider definition of the cross default
provision

The document (attached to this release) can be found on the company's
website: www.bayportfinance.com

Should you have any further questions, please contact David Rajak on
investor@bayportfinance.com or + 27 11 236 7300.


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