Further Trading Statement African Equity Empowerment Investments Limited (Incorporated in the Republic of South Africa) Registration number 1996/006093/06 Share code: AEE ISIN: ZAE000195731 ("AEEI" or “the Company”) FURTHER TRADING STATEMENT Shareholders are referred to the SENS announcement dated 24 April 2017 and are hereby advised that a reasonable degree of certainty exists that the Company now expects that the Group’s basic earnings per share for the six-month period ended 28 February 2017 will be between 28.08 cents and 30.88 cents per share, compared to 14.04 cents in the prior corresponding period, representing an increase of between 100% and 120%. The Company further expects that the Group’s headline earnings per share for the six-month period ended 28 February 2017 will be between 28.13 cents and 30.93 cents per share, compared to the 14.02 cents in the prior corresponding period, representing an increase of between 101% and 121%. The abovementioned financial information on which this further trading statement is based has not been reviewed or reported on by the Company’s auditors. The interim unaudited financial results for the six-month period of AEEI is expected to be released on SENS on or about 11 May 2017. Cape Town 8 May 2017 Sponsor PSG Capital Date: 08/05/2017 03:15:00 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.