SENS ANNOUNCEMENTS DETAILS


Sens Announcements – Details

Response to JSE Public Censure

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 Group” or “the Company”)

RESPONSE TO JSE PUBLIC CENSURE

AEEI notes the public censure issued by JSE Limited (“JSE”) on 27 January 2022 (“JSE Announcement”) regarding the breach of paragraph 9.20 of the Listings Requirements of JSE Limited (“JSE Listings Requirements”).

Capitalised terms used in this announcement shall, unless otherwise indicated, have the same meaning given to such terms in the JSE Announcement.

The Company wishes to advise shareholders of the following: • Upon identification of the potential breach of paragraph 9.20 of the JSE Listings Requirements as a result of the exercise by SAAB of the Call Option, AEEI immediately engaged with the JSE to find a solution to rectify the potential breach. • AEEI also engaged with SAAB to try find a solution to ensure no breach of the JSE Listings Requirements occurred. • Despite the early engagement with both the JSE and SAAB and the willingness of the Company to ensure it complied with the JSE Listings Requirements, the terms of the transaction entered into with SAAB in 2015, did not allow for such rectification. • The JSE considered various mitigating factors submitted by the Company including the fact that the Company had been advised by its sponsors at the time. • AEEI co-operated fully with the JSE during its investigation. This included the Company proposing to the JSE that it obtains shareholder on a retrospective basis after the transaction had been implemented. • No negative financial consequences have resulted because of the breach.

AEEI wishes to advise shareholders that it takes its responsibilities as a listed company seriously, especially in relation to communication with shareholders and adherence to good corporate governance.

AEEI remains committed to adhering to the JSE Listings Requirements as demonstrated by the actions taken and will ensure ongoing compliance with the JSE Listings Requirements going forward.

Cape Town 27 January 2022

Joint Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 27-01-2022 01:50:00

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