AFRICAN RAINBOW CAPITAL INVESTMENTS LIMITED - Results of the General Meeting

Results of the General Meeting

African Rainbow Capital Investments Limited
(Incorporated in the Republic of Mauritius
(Registration number C148430)
Share code: AIL
ISIN: MU0553S00000
("ARC Investments")

Results of the General Meeting

Shareholders are referred to the announcement released on the Stock Exchange News Service
("SENS") and A2X on 30 September 2022, in which they were advised that ARC Investments
entered into an addendum amending certain provisions ("Addendum") of the partnership
agreement establishing the ARC Fund ("Partnership Agreement"). The Partnership Agreement
was initially concluded on 22 August 2017 between ARC Investments and UBI General Partner
Proprietary Limited in its capacity as General Partner of the ARC Fund ("General Partner").

Full details regarding the Addendum as well as the changes proposed to the terms of the C Shares
as contained in the Constitution were set out in the circular distributed on Tuesday, 18 October
2022 ("Circular").

Capitalised terms used in this announcement that are not otherwise defined, bear the meanings
ascribed to them in the Circular.

Shareholders are advised that at the General Meeting held on Tuesday, 15 November 2022, held
entirely by electronic communication, each of the Resolutions were approved by the requisite
majority of shareholders, it being noted that none of UBI, ARC or any associates of UBI or ARC
voted on Ordinary Resolution 1 or Ordinary Resolution 2.

The details of voting results for the Resolutions were as follows:

    • Total number of Ordinary Shares entitled to vote: 1,317,774,987

    • Total number of C Shares entitled to vote: 15,859,392

    • Total number of Ordinary Shares represented at the General Meeting: 1,196,088,748,
       representing 91% of the total number of Ordinary Shares that could have been voted at the
       General Meeting

    • Total number of C Shares represented at the General Meeting: 15,859,392, representing
       100% of the total number of Ordinary Shares that could have been voted at the General
       Meeting


Resolutions                   For                Against         Abstained, in   Shares voted
                                                                 relation   to
                                                                 total shares
                                                                 in issue



ORDINARY
RESOLUTION NUMBER
1


Approval of the amended
Management         Fees
contained      in     the
Addendum        to    the
Partnership Agreement
                                                                                   2


Number       of   Ordinary    409,083,481    3,959,775   783,045,492    413,043,256
Shares

Percentage                         99.04%       0.96%        59.42%          31.34%




SPECIAL RESOLUTION
NUMBER 1


Approval       of      the
amendments        to   the
Constitution in respect of
the amended terms of the
C Shares

Number       of   Ordinary   1,191,861,795   3,922,012      304,941    1,195,783,807
Shares

Percentage                       99.67%%        0.33%         0.02%          90.74%




SPECIAL RESOLUTION
NUMBER 2


Approval of the variation
of the rights attaching to
the C Shares – to be
passed by the holders of
the C Shares only

Number of C Shares             15,859,392           0             0      15,859,392

Percentage                          100%           0%            0%           100%




ORDINARY
RESOLUTION NUMBER
2


General authority of the
Directors

Number       of   Ordinary    409,060,942    3,922,012   783,105,794    412,982,954
Shares

Percentage                         99.05%       0.95%        59.43%          31.34%
                                                                                             3

The above results of the General Meeting will be lodged with the Financial Services Commission in
Mauritius on Wednesday, 16 November 2022.

Ebene, Mauritius (with simultaneous circulation in Johannesburg)
16 November 2022

For further information please contact:
Company Secretary
Intercontinental Trust Limited
Tel: +230 430 0800


Transaction Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited
Legal Advisor as to South African law: Webber Wentzel
Legal Advisor as to Mauritian law: BLC Roberts & Associates

Date: 16-11-2022 12:00:00
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