AfroCentric Investment : 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: Name of associate: Designation:

Relationship of associate to director:

Nature of interest:

Date of transaction:

Nature of transaction:

Willem Britz

WAD

Non - Executive Director of AfroCentric

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.

Indirect Beneficial 19 May 2022

Off market distribution in Specie of AfroCentric shares held by WAD to its three shareholders RQI, WHB and XTR

Class of security: Number of securities: Price per security (cents): Value of transaction: Clearance obtained:

Ordinary shares 88 219 923 450

R396 989 653.50 N/A

Name of director: Name of associate: Designation:

Relationship of associate to director:

Nature of interest:

Date of transaction:

Nature of transaction:

Willem Britz

WHB

Non - Executive Director of AfroCentric

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.

Indirect Beneficial

19 May 2022

Off market receipt of AfroCentric shares pursuant to the Distribution

Class of security: Number of securities: Price per security (cents): Value of transaction: Clearance obtained:

Ordinary shares

29 406 641

450

R132 329 884.50 N/A

Name of director: Name of associate: Designation:

Relationship of associate to director:

Willem Britz

RQI

Non - Executive Director of AfroCentric

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: Date of transaction: Nature of transaction:

Indirect Beneficial 19 May 2022

Off market receipt of AfroCentric shares pursuant to the Distribution

Class of security: Number of securities: Price per security (cents): Value of transaction: Clearance obtained:

Ordinary shares 29 406 641 450

R132 329 884.50 N/A

25 May 2022

JSE Sponsor to AfroCentric

Questco Corporate Advisory Proprietary Limited