Update in respect of the mandatory and comparable offer to be made to the shareholders of African and Overseas 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 (“African and Overseas” or the “Company”) UPDATE IN RESPECT OF THE MANDATORY AND COMPARABLE OFFER TO BE MADE TO THE ORDINARY AND “N” ORDINARY SHAREHOLDERS OF AFRICAN AND OVERSEAS Shareholders are referred to the announcement released on SENS on Wednesday, 18 May 2016. Shareholders are advised that the Takeover Regulation Panel has approved an additional extension to accommodate the necessary regulatory approvals and it is anticipated that a combined offer circular, containing full details of the mandatory and comparable offer to be made to African and Overseas ordinary and “N” ordinary shareholders by a consortium consisting of Geomer Investments (Pty) Ltd, The Ceejay Trust, Gingko Trading (Pty) Ltd and Gingko Investments No. 2 (Pty) Ltd and incorporating the African and Overseas independent board’s opinion on such offer and the offer consideration will be posted to African and Overseas shareholders on or about 9 June 2016. A further announcement will be released on SENS once the combined offer circular has been posted to African and Overseas ordinary and “N” ordinary shareholders. 1 June 2016 Corporate Advisor and Sponsor to African and Overseas Java Capital Corporate Advisor to the Consortium Investec Bank Limited Date: 01/06/2016 05:16:00 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.