Trading Statement And Restatement Of Prior Period Interim Results 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”) TRADING STATEMENT AND RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS TRADING STATEMENT In terms of para 3.4(b) of the JSE Listings Requirements, listed companies are required to publish a trading statement as soon as the Board of directors is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will vary by 20% or more when compared to those of the prior reporting period. For purposes of this trading statement it is necessary to compare the earnings per share and the headline earnings per share for the six-month period ended 28 February 2019 to the restated figures for the six-month period ended 28 February 2018 as set out below. Accordingly, the Board of directors is satisfied that a reasonable degree of certainty exists that the Company expects that the Group’s basic earnings per share for the six-month period ended 28 February 2019 will be between 92.94 cents and 98.60 cents per share, compared to the restated 28.32 cents in the prior corresponding period representing an increase in basic earnings per share of between 229% and 248%. The Company also expects that the Group’s headline earnings per share for the six-month period ending 28 February 2019 will be between 35.84 cents and 41.50 cents per share, compared to the restated 28.32 cents in the prior corresponding period representing an increase in headline earnings per share of between 27% and 47%. The Company further expects that the Group’s normalised headline earnings per share for the six-month period ended 28 February 2019 will be between 36.23 cents and 39.67 cents per share, compared to the restated 17.23 cents in the prior corresponding period representing an increase in normalised headline earnings per share of between 110% and 130%. Normalised earnings are defined as earnings from continuing operations excluding non-recurring items and once off adjustments. RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS Shareholders are advised that subsequent to 28 February 2018, it was assessed that the effective date of the loss of control of AYO Technology Solutions Limited (“AYO”) occurred on 24 August 2018. Therefore, for the six months period ending 28 February 2018, AYO was still a subsidiary within the Group and not an associate as previously stated. This error of judgment has been classified as a prior period error, requiring a retrospective restatement of the interim financial statements for the period ended 28 February 2018. The above restatement had an effect on the reported earnings per the statement of profit and loss and other comprehensive income, statement of financial position and statement of cash flows. This impact will be disclosed in detail in the interim unaudited financial results. The abovementioned financial information on which this 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 6 May 2019. Cape Town 30 April 2019 Sponsor Vunani Capital Date: 30/04/2019 04:45:00 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.