Sens Announcements – Details

Cautionary Announcement - Update

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 - UPDATE Shareholders are referred to the cautionary announcement released on SENS on 4 June 2021 and using the definitions therein are advised that following a determination on whether the BT Call Option was validly exercised, AEEI has informed BT that the call option is not capable of being exercised.

AEEI will deal directly with the board of directors of BTSA and with BT to resolve the issue of the BT Call Option. Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until further announcements in respect of the BT Call Option are made.

Cape Town 17 June 2021

Joint Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 17-06-2021 05:30:00

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