Updated Trading Statement 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”) UPDATED TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Listings Requirements, listed companies are required to publish a trading statement as soon as the Board of directors is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will vary by 20% or more when compared to those of the prior reporting period. Further to the trading statement released on SENS on 18 December 2019 (“Original Trading Statement”), shareholders are hereby advised that for the year ended 31 August 2019, AEEI expects: • Earnings per share will be within the range provided in the Original Trading Statement; • that headline earnings per share (“HEPS”) for the year ended 31 August 2019 will be between 88.74 cents and 93.58 cents per share, compared to 24.24 cents in the prior corresponding year, representing an increase of between 266% and 286%; and • that normalised headline earnings per share for the year ended 31 August 2019, will be between 97.70 cents and 102.73 cents per share, compared to the 25.09 cents in the prior corresponding period, representing an increase of between 289% and 309%. Normalised earnings are defined as earnings excluding non- recurring items and once-off adjustments. The abovementioned financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. The financial results for AEEI for the year ended 31 August 2019 is expected to be released on SENS by 24 December 2019. Cape Town 23 December 2019 Sponsor Vunani Sponsors Date: 23-12-2019 10:15:00 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.