Sens Announcements – Details

Joint Announcement – Termination of the Acquisition of Italian Summer

AYO TECHNOLOGY SOLUTIONS LIMITED (Incorporated in the Republic of South Africa) Registration number 1996/014461/06 Share code: AYO ISIN: ZAE000252441 ("AYO")

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

JOINT ANNOUNCEMENT – TERMINATION OF THE ACQUISITION OF ITALIAN SUMMER

Shareholders holding securities in AYO and AEEI respectively (“Shareholders”) are referred to the joint announcements (and using the terms defined therein unless otherwise stated) released by the companies on SENS on:

- 19 July 2022 wherein Shareholders were advised of the signature of the Agreement relating to the acquisition of Italian Summer by SGT, a company owned 40% by AYO and 60% by AEEI, respectively; and - 2 August 2022 wherein Shareholders were advised that the parties to the Agreement had entered into an Addendum, notably to extend the Effective Date of the Acquisition to 15 August 2022.

Shareholders are hereby advised that the Conditions Precedent were not fulfilled or waived by the Effective Date as a result of factors beyond the control of the parties to the Agreement.

Accordingly, the parties to the Agreement, namely SGT, the Trustees of the SY Share Trust, Italian Summer, its wholly- owned subsidiary, Engineering Data Systems (South Africa) Proprietary Limited and Steven Yap, have mutually agreed that the Acquisition is terminated with immediate effect.

Cape Town 15 August 2022

Transaction Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 15-08-2022 05:30:00

Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.