Sens Announcements – Details

Cautionary Announcement

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")

CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the announcements released on 5 November 2008 and 18 December 2008 regarding the acquisition of 30% of BT Communications Services South Africa Proprietary Limited ("BTSA") (“BTSA Shares”) by AEEI, which at the time was named Sekunjalo Investments Limited (“the Acquisition”).

In terms of the shareholders agreement (“Shareholders Agreement”) entered into between BT Limited (“BT”), BTSA, Kilomix Investments Proprietary Limited and AEEI on 4 November 2008, BT has a call option (“BT Call Option”) allowing BT to repurchase the BTSA Shares from AEEI in the event of an act or omission which is not remedied within 60 days.

Shareholders are advised that BT sent a letter indicating that it wishes to exercise its call option due to a breach as defined in the shareholders agreement.

Until the validity of the exercise of the BT Call Option can be determined, and if it was validly exercised and until an agreement on the BT Call Option price is reached, shareholders are advised to exercise caution when dealing in the Company’s securities until further announcements in respect of the BT Call Option are made.

Cape Town 4 June 2021

Joint Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 04-06-2021 05:30:00

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