Results of Annual General Meeting AFRICAN PHOENIX INVESTMENTS LIMITED Incorporated in the Republic of South Africa (Registration number 1946/021193/06) JSE ordinary share code: AXL ISIN: ZAE000221370 (“African Phoenix” or “the Company”) RESULTS OF ANNUAL GENERAL MEETING Shareholders are advised that, at the Annual General Meeting of African Phoenix held on Thursday, 27 May 2020, all the resolutions as set out in the notice of Annual General Meeting were passed by the requisite majority of shareholders, save for ‘Ordinary resolution number 3.2: Appointment of Warren Chapman as a member of the Audit and Risk Committee’, which was withdrawn prior to the Annual General Meeting. The number of ordinary shares voted in person or by proxy was 1 304 748 847 representing 91.43% of the total issued share capital of the same class of African Phoenix shares. The resolutions proposed at the Annual General Meeting, together with the percentage of votes carried for and against each resolution, as well as the percentage of shares abstained, are set out below: % of votes carried for % of votes the against the % of shares Resolution resolution resolution abstained Ordinary resolution number 1: Appointment of external auditors 99.97% 0.03% 0.06% Ordinary resolution number 2: Appointment and re- election of directors - - - 2.1: Appointment of Mr Warren Chapman as a non-executive director 99.91% 0.09% 0.06% 2.2: Appointment of Mr Koketso Mabe as an independent non-executive director 99.98% 0.02% 0.06% 2.3: Appointment of Mr Oyama Mabandla as an executive director 99.81% 0.19% 0.06% Ordinary resolution number 3: Appointment of the Chairperson and members of the Audit and Risk Committee - - - 3.1: Appointment of Mr Koketso Mabe as a member and chairperson of the Audit and Risk Committee 99.98% 0.02% 0.06% 3.2: Appointment of Mr Warren Chapman as a member of the Audit and Risk Committee - - - Ordinary resolution number 4: Non-binding advisory endorsement of the remuneration policy and implementation report - - - 4.1: Non-binding advisory vote on the remuneration policy 83.32% 16.68% 0.06% 4.2: Non-binding advisory vote on the remuneration implementation report 83.32% 16.68% 0.06% Ordinary resolution number 5: Signature of documents 99.99% 0.01% 0.06% Special resolution number 1: Non-executive directors’ remuneration 99.97% 0.03% 0.06% Special resolution number 2: Financial assistance to related or inter-related companies or undertakings 99.97% 0.03% 0.06% Special resolution number 3: General approval to acquire ordinary shares 99.94% 0.06% 0.06% Johannesburg 28 May 2020 Sponsor Merchantec Capital Date: 28-05-2020 05:05:00 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.