AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - SMALL RELATED PARTY TRANSACTION - FINALISATION OF FAIRNESS OPINION

SMALL RELATED PARTY TRANSACTION - FINALISATION OF FAIRNESS OPINION

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

        SMALL RELATED PARTY TRANSACTION - FINALISATION OF FAIRNESS OPINION



Shareholders are referred to the announcement released on SENS on Friday, 4 November 2022
regarding the small related party transaction entered into between African Equity Empowerment
Investments Limited (“AEEI” or “the Company”) and Sekunjalo Investment Holdings Limited
(“Sekunjalo”), a material shareholder in AEEI, (the "Transaction") and the appointment of Merchantec
Proprietary Limited (“Merchantec”), an independent professional expert acceptable to the JSE Limited
(“JSE”), to provide AEEI’s directors with a fairness opinion regarding the Transaction (“Fairness
Opinion”).

In compliance with paragraph 10.7(b) of the JSE Listings Requirements, written confirmation has been
received from Merchantec that the terms of the Transaction are fair as far as the shareholders of the
Company are concerned. A copy of the Fairness Opinion has been provided to the JSE as required.

Pursuant to paragraph 10.7(c) of the JSE Listings Requirements, the Fairness Opinion will lie open for
inspection at the registered office of AEEI, located at 3 Dock Road, Victoria & Alfred Waterfront, Cape
Town, 8001 for a period of 28 days from the date of this announcement. The Fairness Opinion will also
be made available during this period on request by emailing cornell.kannemeyer@aeei.co.za.


Cape Town
16 November 2022


Transaction Sponsor and Corporate Advisor
Vunani Sponsors


Joint Sponsor
Merchantec Capital

Date: 16-11-2022 04:30:00
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