Declaration of cash dividend in respect of the 6% cumulative participating preference shares AFRICAN AND OVERSEAS ENTERPRISES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1947/027461/06) JSE share code: AOO ISIN: ZAE000000485 JSE share code: AON ISIN: ZAE000009718 JSE share code: AOVP ISIN: ZAE000000493 ("AOE") DECLARATION OF CASH DIVIDEND IN RESPECT OF THE 6% CUMULATIVE PARTICIPATING PREFERENCE SHARES Notice is hereby given that a cash dividend on the 6% cumulative participating preference shares ("preference shares") for the six months ending 31 December 2018 at the rate of 6% per annum (6.00 cents per preference share) has been declared and will be paid on Monday, 14 January 2019 to all holders of preference shares ("preference shareholders") recorded in the register of AOE at close of business on Friday, 11 January 2019. No participation dividend will be paid in respect of the preference shares. The salient dates of the preference share dividend are as follows: Last date to trade cum dividend: Tuesday, 8 January 2019 Preference shares trade ex dividend: Wednesday, 9 January 2019 Record date: Friday, 11 January 2019 Payment date: Monday, 14 January 2019 Preference share certificates may not be dematerialised or rematerialised between Wednesday, 9 January 2019 and Friday, 11 January 2019, both dates inclusive. Preference shareholders are advised of the following additional information: 1. the dividend has been declared out of income reserves; 2. the local dividend tax rate is 20%; 3. the gross local dividend amount is 6.00 cents per preference share for preference shareholders; 4. the net local dividend amount for preference shareholders: 4.1. exempt from payment of dividends tax is 6.00 cents per preference share; and 4.2. liable to pay dividends tax is 4.80 cents per preference share; 5. the issued preference share capital of AOE is 275 000 6% cumulative participating preference shares of R2.00 each; 6. the issued ordinary share capital of AOE is 1 250 000 ordinary shares of no par value and 10 137 441 “N” ordinary shares of no par value; and 7. AOE's tax reference number is 9010/017/03/7. 14 December 2018 Sponsor Java Capital Date: 14/12/2018 05:00:00 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.