Repudiation Of Allegations That AYO Is Transferring Funds Off-Shore - AYO AYO TECHNOLOGY SOLUTIONS LIMITED (Incorporated in the Republic of South Africa) Registration number: 1996/014461/06 JSE share code: AYO ISIN: ZAE000252441 ("AYO" or "the Company") Repudiation of allegations that AYO is transferring funds off-shore Shareholders are referred to the parliamentary session held on Tuesday, 15 October 2019 and specifically comments made by the acting executive head of legal, governance and compliance of the Public Investment Corporation SOE (“the PIC”), Ms. Lindiwe Dlamini, that the PIC is considering court action, specifically an anti-dissipation order, to prevent the Company from allegedly transferring funds off-shore. The Company wishes to advise shareholders that these allegations are without merit. AYO being a South African company and operating under the laws of South Africa would need to follow the same process as any other company wishing to transfer funds off-shore by applying to the South African Reserve Bank for approval prior to executing such an off-shore transfer. AYO wishes to confirm it has not made any application to the South African Reserve Bank to transfer funds off-shore nor does it intend to do so. AYO, via its attorneys, has sent a letter to the PIC which letter included details of the various accounts as well as account numbers in which its funds are held at its South African Bankers. Cape Town 16 October 2019 Joint Sponsor Vunani Corporate Finance Joint Sponsor Merchantec Capital Date: 16/10/2019 07:35:00 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.