Voluntary announcement AFRICAN & OVERSEAS ENTERPRISES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1947/027461/06) JSE share code: AOO ISIN: ZAE000000485 JSE share code: AON ISIN: ZAE000009718 JSE share code: AOVP ISIN: ZAE000000493 (“the Company”) VOLUNTARY ANNOUNCEMENT The net asset value per share for the six months ended 31 December 2013 (as disclosed in the unaudited interim consolidated group results of the Company) was disclosed as being an amount of 2174 cents per share. This amount was calculated by dividing the total group equity (net assets) attributable to equity holders of the Company plus the group equity (net assets) attributable to the non-controlling interest, by the actual number of 11 307 441 ordinary shares in issue. Shareholders are advised that the net asset value per share for the six months ended 31 December 2013, if calculated by dividing the group equity (net assets) attributable to equity holders of the Company by the actual number of 11 307 441 ordinary shares in issue and without reference to the group equity (net assets) attributable to the non- controlling interest, would amount to 1206 cents per share. The information on which this voluntary announcement is based has not been reviewed or reported on by the Company’s external auditors. 20 March 2014 Sponsor Java Capital Date: 20/03/2014 03:12:00 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.