Sens Announcements – Details

Distribution Of Integrated Report, Change Statement And Notice Of 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")

DISTRIBUTION OF INTEGRATED REPORT, CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Change Statement

Further to the publication of AEEI's reviewed condensed consolidated annual financial results for the year ended 31 August 2023 ("Reviewed Results") on SENS on 13 December 2023, shareholders are advised that the Company's 2023 Integrated Report incorporating the condensed audited consolidated financial statements was distributed to shareholders today, 30 January 2023 and is available on the Company's website at: https://aeei.co.za/investor-relations/sens-announcements/. The full audited consolidated annual financial statements for the year ended 31 August 2023 ("Audited AFS"), including the Auditor's Report, is available on the Company's website and is also available on the JSE website at: https://senspdf.jse.co.za/documents/2024/jse/isse/aee/lf23aeei.pdf

Changes between the Reviewed Results and the Audited AFS are detailed below:

AEEI Consolidated Statement of 31 August 31 August Financial Position 2023 2023 Reviewed Audited AFS Change % Change Results R'000 R'000 R'000 ASSETS NON-CURRENT ASSETS Property, plant and equipment 480 036 480 036 - - Right of use assets 24 991 24 991 - - Goodwill 69 514 69 514 - - Intangible assets 61 105 61 105 - - Investment in associate 72 872 72 872 - - Other financial assets 49 029 49 029 - - Deferred tax 162 895 162 895 - - Loans receivable 18 18 - - 920 460 920 460 - - CURRENT ASSETS -

Biological assets 85 915 85 915 - - Inventories 63 395 63 395 - - Current tax receivable 8 557 8 557 - - Trade and other receivables 101 964 101 964 - - Other financial assets 5 934 5 934 - - Cash and cash equivalents 235 737 235 737 - - 501 502 501 502 - - Assets held for sale IFRS 5 290 000 290 000 - - Total Assets 1 711 962 1 711 962 - - EQUITY AND LIABILITIES

EQUITY EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF PARENT Share capital 402 240 402 240 - - Reserves 8 684 8 684 - - Retained income 63 285. 63 285 - - Equity attributable to equity holders of 474 209 474 209 - - parent Non-controlling interest 734 068 734 068 - - 1 208 277 1 208 277 - -

LIABILITIES NON-CURRENT LIABILITIES Other financial liabilities 696 696 - - Lease liabilities 18 872 18 872 - - Employee benefit obligation 1 450 1 450 - - Loans from related parties 82 890 18 216 (64 674) (78%) Deferred tax 218 576 218 576 0 - 322 484 257 810 (64 674) (20%)

CURRENT LIABILITIES Provisions 12 057 12 057 - - Trade and other payables 99 705 99 705 - - Other financial liabilities 958 958 - - Lease liabilities 8 596 8 596 - - Deferred income 687 1 876 1 189 173% Current tax payable 1 874 1 874 - - Dividend payable 13 987 13 987 - - Contract liabilities 1 189 - (1 189) (100%) Bank overdraft 1 755 1 755 - - Loans from related parties 40 393 105 067 64 674 160% 181 201 245 875 64 674 36% Liabilities held for sale Total Liabilities 503 685 503 685 - Total Equity and Liabilities 1 711 962 1 711 962 -

AEEI Group statement of Comprehensive Income 31 August 31 August 2023 2023 Reviewed Audited Results AFS Change % Change R'000 R'000 R'000 Revenue 734 246 734 246 - - Cost of sales (410 392) (410 392) - - Gross profit 323 854 323 854 - Other income 50 252 50 252 - - Operating expenses (324 532) (324 532) - - Net impairment changes and (854 775) (854 775) - - impairment reversals Fair value adjustments 6 042 6 042 - - Loss on settlement of liability for (514 798) (512 589) 2 209 0,43% dividend in specie Investment income 13 381 13 381 - - Finance costs (5 815) (5 815) - - Income from equity accounted 64 972 64 972 - - investments Loss before taxation (1 241 419) (1 239 210) 2 209 0,18% Taxation 22 359 22 359 - - (Loss)/Profit from continuing (1 219 060) (1 216 851) 2 209 0,18% operations

Discontinued operations Loss from discontinued operations (509 782) (484 942) 24 840 4,87% Loss for the year (1 728 842) (1 701 793) 27 049 1,56% Other comprehensive income: Continued operations - - Discontinued operations (1 731) (1 731) - - Other comprehensive (loss)/profit for (1 731) (1 731) - the year net of taxation - Total comprehensive loss for the year (1 730 573) (1 703 524) 27 049 1,56% Total comprehensive loss attributable to:

Owners of the parent From continuing operations (1 245 690) (1 243 481) 2 209 0,18% From discontinued operations (180 941) (183 150) (2 209) (1.22%)

Non-controlling interest: From continuing operations 26 630 26 630 - - From discontinued operations (330 572) (303 523) 27 049 8,18% (1 730 573) (1 703 524) 27 049 1,56% Earnings per share Per share information Basic and diluted (loss)/earnings per (2,54) (253,24) (250,70) (9870%) ordinary share to equity holders of parent entity of continuing operations Basic and diluted loss per ordinary (36,85) (37,30) (0,45) (1,22%) share to equity holders of parent entity of discontinued operations Headline and diluted earnings per share 0,21 21,08 20,87 9938% (cents) for continuing operations Headline and diluted earnings per share (34,00) (35,66) (1,66) (4,88%) (cents) for discontinued operations

Adjustments: 1. Changes from the Reviewed Results published 13 December 2023 compromise of: - Reversal of VAT receivable in the discontinued operation, AYO Technology Solutions Limited ("AYO"), after the final assessment by management. In the Reviewed Results it was previously expensed. The impacted line items in the financial statements was a decrease in loss from discontinued operations R24.840 million. 2. Non-controlling interest in AYO was also adjusted after the final assessment by management to the amount of R27.049 million. The impacted line items in the financial statements are as follows: - Increase in non-controlling interest from discontinued operations in the income statement of R27.049 million. - Decrease in non-controlling controlling interest from discontinued operations in the Statement of financial position of R27.049 million. 3. As a result of points 1 and 2, the net asset value of AYO decreased which resulted in a decrease in the loss on dividend in specie upon the disposal of AYO of R2.209 million. The impacted line items in the financial statements are as follows: - Decrease in loss on dividend in specie in the income statement of R2.209 million. - Increase in retained earnings in AEEI of R2.209 million. - Decrease in retained earnings in AYO for 2.209 million. 4. Loans from related party amounting to R64.674 million have been reclassified from non-current liabilities to current liabilities. The impacted line items in the financial statements are as follows: - Increase in current liabilities balance for loans from related parties from R40.393 million to R105 067 million. - Decrease in the non-current liabilities balance for loans from related parties from R82.890 million to R18.216 million. 5. Deferred income amounting to R1.189 million has been reclassified from the contract liabilities line item to the deferred income line item under current liabilities. The impacted line items in the financial statements are as follows: - Increase in deferred income balance from R0.687 million to R1.876 million. - Decrease in contract liabilities balance from R1.189 million to nil. 6. The headline earnings per share from continuing operations mainly increased due to the decrease in unbundling loss (refer to note 1). The headline loss per share from discontinued operations decreased mainly due to the effect of note 2. The change in earnings per share is due to a reclassification from rands to cents.

Additionally, the 2023 Integrated Report can be obtained in person from the Company's registered office from Friday, 9 February 2024. The Audited AFS as stated above differs from the Reviewed Results.

This announcement is only a summary of the information in the 2023 Audited AFS. Any investment decisions should be made based on the 2023 Audited AFS as this announcement does not contain full or complete details.

The 2023 Audited AFS have been audited by the Company's joint auditors, Thawt Inc. and Crowe Jhb Inc. who expressed an unmodified audit opinion thereon.

Notice of Virtual Annual General Meeting

Notice is hereby given that the annual general meeting ("AGM") will be conducted solely via electronic participation at 14:00 on Monday, 27 May 2024.

Any shareholders or their proxies who wish to participate in the AGM via electronic communication ("Participant") should complete the Electronic Participation Form forming part of the 2023 Notice of Annual General Meeting ("the Application Form") and email same to the Company's transfer secretaries, JSE Investor Services at [email protected] as soon as possible but by no later than 14:00 on Tuesday, 14 May 2024.

Upon receipt of a duly completed Application, the Company's transfer secretaries will follow a verification process to verify each Participant's entitlement to participate and/or vote at the AGM. On successful verification, such shareholder or their duly appointed proxy will receive to their nominated email address, a Microsoft Teams meeting invitation, which will be required to access the AGM.

Salient details of the AGM are set out below:

Issuer Name African Equity Empowerment Investments Limited Type of Instrument "B" Ordinary Shares ISIN Number ZAE000195731 JSE Code AEE Meeting Type Annual General Meeting Meeting Venue Virtual Record Date – to determine which shareholders are Friday, 19 January 2024 entitled to receive the notice of AGM Publication date Monday, 30 January 2024 Posting Date of the notice of AGM Wednesday, 10 April 2024 Last day to trade Tuesday, 14 May 2024 Record date – to determine shareholders that are Friday, 17 May 2024 eligible to participate in, speak and vote at the AGM Meeting Deadline Date (for administrative purposes, 08:00 on Thursday, 23 May 2024 forms of proxy for the AGM to be lodged Meeting Date 14:00 on Monday, 27 May 2024 Publication of Results of AGM Monday, 27 May 2024 Web Site Link https://aeei.co.za/investor- relations/notices/

Cape Town 30 January 2024

Joint Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 31-01-2024 07:15:00

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