General Repurchase Of Ordinary Shares In Mustek MUSTEK LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/070161/06) Share Code: MST ISIN Code: ZAE000012373 (“Mustek” or “the Company”) GENERAL REPURCHASE OF ORDINARY SHARES IN MUSTEK 1. Introduction Shareholders are hereby advised that Mustek has acquired a further 1 894 015 ordinary shares in the issued share capital of Mustek on the open market for a purchase consideration (including costs) in aggregate of R22 919 022,61 (“the general repurchase”). The general repurchase was effected in terms of a general authority to Mustek’s directors (“the directors”), which was granted in terms of a special resolution passed by the members at Mustek’s Annual General Meeting (“AGM”) held on 30 November 2020 and comprises 2,71% of the total issued ordinary shares of Mustek at the date of the AGM. Mustek does not hold any treasury shares. 2. Implementation The general repurchase commenced on 3 June 2021 and continued on a day-to-day basis as market conditions allowed and in accordance with the JSE Limited (“JSE”) Listings Requirements until 17 September 2021. The Company confirms that the repurchases were effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties. The highest and lowest prices paid by Mustek for the ordinary shares were 1 330 cents and 1 000 cents per share respectively. 3. Extent of general authority outstanding The extent of the general authority outstanding is 12 849 192 ordinary shares, representing 18,36% of the total issued ordinary share capital of Mustek at the time the authority was granted. 4. Source of funds The general repurchase has been funded from available cash resources. 5. Financial information Cash balances and equity decreased by R22 919 022,61 as a result of the general repurchase. The impact on other areas of the Company’s financial information is immaterial. 6. Opinion of directors The directors have considered the effect of the general repurchase and are satisfied that: * Mustek and Mustek’s subsidiaries (“the Mustek group”) will be able, in the ordinary course of business, to pay its debts for a period of 12 months from the date of this announcement; * the assets of Mustek and the Mustek group will be in excess of the liabilities of Mustek and the Mustek group for a period of 12 months from the date of this announcement. For this purpose, the assets and liabilities should be recognised and measured in accordance with the accounting policies used in the audited financial statements for the year ended 30 June 2021; * the ordinary share capital and reserves of Mustek and the Mustek group will be adequate for a period of 12 months from the date of this announcement; and * the working capital of Mustek and the Mustek group will be adequate for a period of 12 months from the date of this announcement. * Mustek and the group have passed the solvency and liquidity test and since the test was performed, there have been no material changes to the financial position of the group. 7. JSE listing 743 207 shares have been cancelled and delisted and the balance of 1 150 808 shares will be cancelled and delisted in due course, where after Mustek will have 64 849 192 shares in issue. 8. Conclusion Mustek will continue to repurchase securities as and when opportunities arise. Midrand 20 September 2021 Company Secretary: Sirkien van Schalkwyk Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited Date: 20-09-2021 04:11:00 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.