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 4 June 2021 and the subsequent renewal of such cautionary announcements, the last of which was dated 29 July 2021 regarding a determination on whether the British Telecommunications South Africa Proprietary Limited (“BTSA”) Call Option (“BT Call Option”) was validly exercised. AEEI had informed BTSA that the call option is not capable of being exercised. AEEI will deal directly with the board of directors of BTSA and with BT Limited to resolve the issue of the BT Call Option. Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until further announcements in respect of the BT Call Option are made. Cape Town 10 September 2021 Joint Sponsor Vunani Sponsors Joint Sponsor Merchantec Capital Date: 10-09-2021 02:00:00 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.