Update to Shareholders Regarding the Subscription of Shares by Ayo Technology Solutions in Bowwood And Main 180 (Rf) 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”) UPDATE TO SHAREHOLDERS REGARDING THE SUBSCRIPTION OF SHARES BY AYO TECHNOLOGY SOLUTIONS IN BOWWOOD AND MAIN 180 (RF) 1. Introduction Shareholders are referred to the announcement released on SENS on 1 June 2020 (Bowwood Announcement) and using the definitions therein are advised that the Transaction has subsequently being classified as a category 2 related party transaction requiring approval from Shareholders prior to the implementation of the Transaction. 2. Applications of the Listings Requirements of JSE Limited (“Listings Requirements”) Sekunjalo Investment Holdings (Pty) Ltd (“SIH”) is an associate of AEEI in terms of 10.1(b)(i) of the Listings Requirements as SIH owns 62% of AEEI and is therefore its holding company. AEEI in turn owns 60% of SGT Solutions (Pty) Ltd (“SGT”). The balance of 40% of SGT’s shareholding is held by AYO Technology Solutions Ltd (“AYO”), a 49% subsidiary of AEEI. SGT in therefore an associate of SIH as SIH can control more than 35% of the shareholder votes of SGT via its 62% shareholding in AEEI and AEEI’s 49% shareholding in AYO. AEEI, through its subsidiary Bowwood and Main 180 (RF) (Pty) Ltd (“Bowwood”), is therefore entering into a transaction with an associate of its material shareholder which is a related party transaction in terms of section 10.1b(vii) of the Listings Requirements. Consequently, in terms of the Listings Requirements, the Bowwood Transaction requires the approval of Shareholders at a general meeting. SIH and their associates as defined in the Listings Requirements, will be excluded from voting on the resolutions to be proposed at such general meeting. 3. Update on the circular to be issued to Shareholders AEEI has begun work to prepare the circular to be issued to Shareholders as required by paragraph 10.4(c) of the Listings Requirements. AEEI will be engaging with the JSE in respect of the timing of the issuance of the abovementioned circular in terms of paragraph 10.9 of the Listings Requirements. Shareholders will be advised once such engagements have been completed. Cape Town 11 August 2020 Sponsor Vunani Sponsors Date: 11-08-2020 08:57:00 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.