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”) TRADING STATEMENT In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“JSE”), listed companies are required to publish a trading statement as soon as the board of directors of the Company 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 corresponding prior reporting period. Accordingly, the Company expects to report basic loss per share for the six month period ended 28 February 2021 of between 9.93 and 14.73 cents per share compared to earnings per share of 24.04 reported on for the six month period ended 29 February 2020. The Company also expects to report a headline loss per share for the six month period ended 28 February 2021 of between 5.41 and 7.87 cents per share, compared to headline earnings per share of 12.30 cents per share reported on for the six month period ended 29 February 2020. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. AEEI is in the process of finalising its financial results for the six month period ended 28 February 2021, which is scheduled to be released on the Stock Exchange News Service of the JSE on or about 27 May 2021. Cape Town 26 May 2021 Joint Sponsor Vunani Sponsors Joint Sponsor Merchantec Capital Date: 26-05-2021 08:15:00 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.