Dealings by an associate AfroCentric Investment Corporation Limited (Incorporated in the Republic of South Africa) (Registration number 1988/000570/06) JSE Code: ACT ISIN: ZAE000078416 (“AfroCentric”) DEALINGS IN SECURITIES BY ASSOCIATES OF A DIRECTOR Shareholders are advised that WAD Holdings Proprietary Limited (“WAD”) has implemented a distribution in specie (“Distribution”) of 88 219 923 AfroCentric shares held by WAD to its three shareholders, RQ Investment Proprietary Limited (“RQI”), WHB Holdings Proprietary Limited (“WHB”) and XTR Investments Capital Proprietary Limited (“XTR”), which each hold 33.33% of the shares in WAD. WAD, RQI and WHB are associates of Willem Britz, a Non-Executive director of the Company. Following the Distribution WAD no longer holds any AfroCentric shares. Prior to the Distribution, Royal Queens Holdings Proprietary Limited (“RQ”) held 2 068 123 shares in AfroCentric. RQ is an associate of Willem Britz as WHB holds 50% of the shares in RQ. For the avoidance of doubt, RQ did not receive any AfroCentric shares pursuant to the Distribution. In addition, prior to the Distribution RQI held 27 876 401 shares in AfroCentric. RQI is an associate of Willem Britz as WHB holds 50% of the shares in RQI. Prior to the distribution, Willem Britz held an indirect beneficial shareholding in AfroCentric of 10.25% (via WAD, RQI and RQ). The Distribution has not resulted in any change to Willem Britz’ indirect beneficial shareholding in AfroCentric, other than that it will now be held as a 5.10% indirect beneficial shareholding via WHB and a further 5.15% indirect beneficial shareholding via RQI and RQ. Consequently, and in compliance with par 3agraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the Company hereby discloses the following trades by associates of a director of the Company: Name of director: Willem Britz Name of associate: WAD Designation: Non - Executive Director of AfroCentric Relationship of associate to director: Willem Britz is an indirect 50% shareholder of WAD, through WHB, and RQI and RQ (of which WHB is a 50% shareholder). A trust of which Willem Britz is a trustee and Willem Britz and his immediate family are the ultimate beneficiaries, is the sole shareholder of WHB. Nature of interest: Indirect Beneficial Date of transaction: 19 May 2022 Nature of transaction: Off market distribution in Specie of AfroCentric shares held by WAD to its three shareholders RQI, WHB and XTR Class of security: Ordinary shares Number of securities: 88 219 923 Price per security (cents): 450 Value of transaction: R396 989 653.50 Clearance obtained: N/A Name of director: Willem Britz Name of associate: WHB Designation: Non - Executive Director of AfroCentric Relationship of associate to director: A trust of which Willem Britz is a trustee and Willem Britz and his immediate family are the ultimate beneficiaries, is the sole shareholder of WHB. Nature of interest: Indirect Beneficial Date of transaction: 19 May 2022 Nature of transaction: Off market receipt of AfroCentric shares pursuant to the Distribution Class of security: Ordinary shares Number of securities: 29 406 641 Price per security (cents): 450 Value of transaction: R132 329 884.50 Clearance obtained: N/A Name of director: Willem Britz Name of associate: RQI Designation: Non - Executive Director of AfroCentric Relationship of associate to director: A trust of which Willem Britz is a trustee and Willem Britz and his immediate family are the ultimate beneficiaries, is the sole shareholder of WHB. WHB holds a 50% shareholding in RQI Nature of interest: Indirect Beneficial Date of transaction: 19 May 2022 Nature of transaction: Off market receipt of AfroCentric shares pursuant to the Distribution Class of security: Ordinary shares Number of securities: 29 406 641 Price per security (cents): 450 Value of transaction: R132 329 884.50 Clearance obtained: N/A 25 May 2022 JSE Sponsor to AfroCentric Questco Corporate Advisory Proprietary Limited Date: 25-05-2022 12:30:00 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.