Changes to The Board Of Directors, The Audit & Risk Committee & Appointment of a Permanent Chief Executive Officer African Equity Empowerment Investments Limited (Incorporated in the Republic of South Africa) Registration number 1996/006093/06 Share code: AEE and ISIN: ZAE000195731 (“AEEI” or “the Group” or “the Company”) CHANGES TO THE BOARD OF DIRECTORS, THE AUDIT AND RISK COMMITTEE AND THE APPOINTMENT OF A PERMANENT CHIEF EXECUTIVE OFFICER 1. Changes to the Board of directors and audit and risk committee In accordance with paragraph 3.59 of the JSE Limited Listings Requirements, shareholders are advised of the following changes to the board of directors of the Company (“Board”). • The Board hereby notifies shareholders that Chantelle Ah Sing (“Chantelle”) has resigned as the chief financial officer of the Company with effect from 31 July 2020. Chantelle has chosen to pursue her higher education and other personal interests. She has been an invaluable member of the management team and has provided excellent leadership in her role as the company’s CFO. The Board would like to thank Chantelle for her valued contribution to the AEEI Group and wishes her well in her future endeavours. • Jowayne van Wyk (“Jowayne”) has been appointed as the new chief financial officer with effect from 1 August 2020. Jowayne is a qualified Chartered Accountant and has been a non-executive director of AEEI and audit and risk committee chairman prior to this appointment. He currently holds the position of Financial Manager for the South African operation of a company listed on the Milan stock exchange in Italy. • The Board further advises that Jowayne resigned from his position as chairman of the audit and risk committee with effect from 30 June 2020 and Gaamiem Colbie (“Gaamiem”) has been appointed as acting chairman of the audit and risk committee with effect from 30 June 2020. • The Board further advises that Bongikhaya Qama (“Bongikhaya”) has been appointed as a non-executive director with effect from 2 July 2020. He has served as chairperson in many community empowerment boards and currently serves as the Provincial Chairperson of the South African National Civic Organization (SANCO). The Board wishes Jowayne, Gaamiem and Bongikhaya well in their new positions going forward. 2. Appointment of permanent Chief Executive Officer Shareholders are referred to the announcement released on SENS on 12 March 2020 whereby the Company advised that Valentine Dzvova was appointed as acting Chief Executive Officer of the Company. Shareholders are hereby further advised that Valentine Dzvova has been appointed as Chief Executive Officer of the Company effective from 1 July 2020. Cape Town 02 July 2020 Sponsor Vunani Sponsors Date: 02-07-2020 05:36:00 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.