Demand for Meeting of Shareholders – Distribution of Notice of Extraordinary General Meeting of Shareholders AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) Ordinary share code: AXL ISIN: ZAE000221370 (“African Phoenix” or “the Company”) DEMAND FOR MEETING OF SHAREHOLDERS – DISTRIBUTION OF NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS 1. Distribution of Notice Shareholders are referred to the “Demand for Meeting of Shareholders” announcement and the “Demand for Meeting of Shareholders – Extension of Date of Distribution of Notice” announcement released on SENS on 13 September 2019 and 30 September 2019, respectively. Using the terms defined therein unless otherwise stated, Shareholders are hereby advised that the Notice of Extraordinary General Meeting of Shareholders (“Notice”) has been distributed today, Monday, 14 October 2019. The Notice is available on the Company’s website at www.phoenixinvestments.co.za. 2. Notice of Extraordinary General Meeting of Shareholders Notice is hereby given that an Extraordinary General Meeting of Shareholders of the Company (“Extraordinary General Meeting”) will be held (subject to any adjournment, postponement or cancellation) at 10:00 on Wednesday, 13 November 2019, at Presentation Room, First Floor, 61 Katherine Street, Sandton, 2196, to consider, and, if deemed fit, to pass, with or without modification, business stated in the Notice. The Board has determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, the record date for the purposes of determining which Shareholders of the Company are entitled to participate in and vote at the Extraordinary General Meeting is Friday, 8 November 2019. Accordingly, the last day to trade African Phoenix Ordinary Shares in order to be recorded in the Company’s securities register to be entitled to vote will be Tuesday, 5 November 2019. The record date to determine Shareholders that are eligible to receive the Notice is Friday, 4 October 2019. Johannesburg 14 October 2019 Sponsor Merchantec Capital Legal Adviser Webber Wentzel Date: 14/10/2019 03:00:00 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.