Change to the board of directors 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 (“AOE” or “the company”) CHANGE TO THE BOARD OF DIRECTORS Shareholders are advised that Mr Malcolm Segal has been appointed as an independent non-executive director of the company and as a member of the Audit Committee with immediate effect. Malcolm (B.Com CA (SA) CPA (ISR), practised as a partner of Grant Thornton and was elected managing partner of the Johannesburg office in 1986 and National Executive Chairman in 1989 which position he held until standing down in 1997 to enter the world of private equity. In 1998, Malcolm spearheaded the establishment of MDM Growth Investments, a private equity fund focused on mid-sized and family controlled companies which he managed until it was acquired by JSE listed Sasfin Holdings Limited in 2005. Malcolm currently sits on the boards of various listed and unlisted companies and, inter alia, is an external member of the Executive Committee of the Industrial Development Corporation of South Africa Limited and a member of the Listings Advisory Committee of the Alternative Exchange of the JSE. We welcome Malcolm to the board of directors where his experience will add value. 4 September 2014 Sponsor Java Capital Date: 04/09/2014 04:42:00 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.