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Results of the Annual General Meeting

AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) Registration number 1996/006093/06 Share code: AEE ISIN: ZAE000195731 ("AEEI" or "the Company")

RESULTS OF THE ANNUAL GENERAL MEETING

Shareholders are advised that, at the annual general meeting of AEEI held electronically at 14:00 on Thursday, 25 February 2021 (“AGM”), all the resolutions as set out in the notice of AGM were passed by the requisite majority of shareholders, save for ordinary resolution number 10, relating to the appointment of Jowayne van Wyk as a member of the social, ethics and transformation committee.

The number of shares voted in person or by proxy was 399 382 148, representing 81.34% of the total issued share capital of the same class of AEEI shares. AEEI’s total number of shares in issue as at the date of the AGM was 491 022 434.

The resolutions proposed at the AGM, as well as the percentage of votes carried for and against each resolution, together with the percentage of shares abstained, are set out below:

Votes Votes for against resolution resolution as a as a Number of Number of percentage percentage shares shares of total of total voted at abstained number of number of AGM as a as a Resolutions shares shares Number of percentage percentage proposed at the voted at voted at shares voted of shares in of shares in AGM AGM AGM at AGM issue issue Resolution number 1: Approval of 100,00 0,00 399 144 507 81,29 0,05 Annual Financial Statements Ordinary resolution number 1: To appoint the 97,30 2,70 399 144 507 81,29 0,05 following Director: Bongikhaya Qama Ordinary resolution number 2: To appoint the 100,00 0,00 398 582 257 81,17 0,16 following Director: Willem Raubenheimer Ordinary resolution number 3: To re- elect the following 97,30 2,70 399 144 507 81,29 0,05 Director who retires by rotation: Ismet Amod Ordinary resolution number 4: To re- elect the following 97,30 2,70 398 874 107 81,23 0,10 Director who retires by rotation: Gaamiem Colbie Ordinary resolution number 5: To appoint the following member of the audit and risk 100,00 0,00 398 582 257 81,17 0,16 committee: Willem Raubenheimer Ordinary resolution number 6: To re- appoint the following member 97,30 2,70 398 874 107 81,23 0,10 of the audit and risk committee: Ismet Amod Ordinary resolution number 7: To re- appoint the following member 97,30 2,70 398 874 107 81,23 0,10 of the audit and risk committee: Gaamiem Colbie Ordinary resolution number 8: To appoint the following member of the social, ethics 97,30 2,70 399 144 507 81,29 0,05 and transformation committee: Ismet Amod Ordinary resolution number 9: To appoint the following member of the social, ethics 97,30 2,70 399 144 507 81,29 0,05 and transformation committee: Bongikhaya Qama Ordinary resolution number 10: To Withdrawn Withdrawn Withdrawn Withdrawn Withdrawn appoint the following member of the social, ethics and transformation committee: Jowayne van Wyk Ordinary resolution number 11: To appoint auditors: 100,00 0,00 399 144 507 81,29 0,05 Crowe JHB and THAWT Inc. Ordinary resolution number 12: Control of authorised but 97,30 2,70 399 146 507 81,29 0,05 unissued “B” ordinary shares Ordinary resolution number 13: Approval to issue 97,30 2,70 399 146 507 81,29 0,05 “B” ordinary shares and/or options for cash Ordinary resolution number 14: Non- binding advisory vote on the 97,30 2,70 399 146 507 81,29 0,05 Remuneration policy of the Company Ordinary resolution number 15: Non- binding advisory vote on the 97,30 2,70 399 146 507 81,29 0,05 Implementation of the remuneration policy of the Company Ordinary resolution number 16: To give 97,30 2,70 399 144 507 81,29 0,05 directors authority to sign documents Special resolution number 1: To approve the 100,00 0.00 398 584 257 81,17 0,16 remuneration of the non-executive Directors Special resolution number 2: To approve inter- 97,16 2,84 399 146 507 81,29 0,05 company financial assistance Special resolution number 3: To 97,30 2,70 399 146 507 81,29 0,05 approve financial assistance for the subscription or purchase of shares in the Company or in a related or inter- related company Special resolution number 4: Approval for the Company or 97,30 2,70 399 146 507 81,29 0,05 its subsidiaries to repurchase shares of the Company

Cape Town 26 February 2021

Joint Sponsor Vunani Capital

Joint Sponsor Merchantec Capital

Date: 26-02-2021 05:12:00

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