CANCELLATION OF S431959 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 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 29 February 2020 to the restated figures for the six month period ended 28 February 2019 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 29 February 2020 will be between 4.74 cents and 19.69 cents per share, compared to the restated 74.76 cents in the prior corresponding period representing a decrease in basic earnings per share of between 73% and 93%. The Company also expects that the Group’s headline earnings per share for the six month period ending 29 February 2020 will be between 10.53 cents and 14.06 cents per share, compared to the restated 17.64 cents in the prior corresponding period representing a decrease in headline earnings per share of between 20% and 40%. RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS Shareholders are advised that subsequent to 28 February 2019, the executive management of AYO Technology Solutions (“AYO”) identified certain corrections to the unaudited AYO interim results for the six months ended 28 February 2019 and 28 February 2018 following the completion of the interim audits for six months period ended 28 February 2019 and for six months period ended 28 February 2018. Facts and circumstances which existed before 28 February 2019 and 28 February 2018 became known to AYO and AEEI through the interim external audit that indicated that AYO had applied incorrect application of judgement and hence accounting errors occurred in AYO’s unaudited results for the six months period ending 28 February 2019 and 28 February 2018. Consequently, AEEI executive management had to review the impact on the Group interim results for these prior periods. AEEI management identified accounting errors and classification adjustments from AYO’s audited interim results that are recognised as prior period errors, requiring a retrospective restatement of AEEI’s interim financial statements for the period ended 28 February 2019 and 28 February 2018. The above restatement had an effect on the reported earnings on the statement of profit or 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 for the period ending 29 February 2020. 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 are expected to be released on SENS on or before 15 June 2020. Cape Town 11 June 2020 Sponsor Vunani Sponsor Date: 12-06-2020 05:09:59 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.