Renewal of Cautionary Announcement 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") RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement dated 1 October 2020 and the subsequent renewals of such cautionary announcements, the last of which was dated 10 May 2021 regarding the proposed Broad-Based Black Economic Empowerment transaction to be implemented at Premier Fishing SA Proprietary Limited (“PFSA”), a wholly owned subsidiary of Premier Fishing and Brands Limited (“PFB”) (“BEE Transaction”). Shareholders are advised that the terms in respect of the BEE Transaction are still being finalised and accordingly, are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made. Cape Town 22 June 2021 Joint Sponsor Vunani Sponsors Joint Sponsor Merchantec Capital Date: 22-06-2021 05:45:00 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.