Further Cautionary Announcement AEP Energy Africa Limited Incorporated in the Republic of South Africa (Registration number: 2017/024904/06) JSE share code: AEY ISIN: ZAE000241741 (“AEP” or “the Company”) _________________________________________________________________________________ Further Cautionary Announcement _________________________________________________________________________________ Shareholders are referred to: - the previous cautionary announcements released on SENS, the latest being 14 May 2019; and - the announcement released on SENS and the circular distributed to shareholders on 17 May 2019 in which shareholder approval was sought to increase AEP’s permissible expenses in accordance with the JSE Listings Requirements. Using the terms defined therein, shareholders are advised that the Board is of the view that the Company still has a reasonable prospect of concluding the acquisition of a viable asset as the Company continues to engage with relevant stakeholders for the possible conclusion of the Acquisition. The Company has made an application to the JSE, which is still under consideration, to extend AEP’s SPAC listing, that is otherwise due to expire on 30 June 2019. As a result of the aforesaid, shareholders are advised to continue exercising caution when dealing in the Company’s securities until a further announcement is made. Johannesburg 26 June 2019 Designated Advisor Questco Corporate Advisory Proprietary Limited Date: 26/06/2019 05:00:00 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.