Disclosure of an acquisition of a beneficial interest in AECI Securities

AECI LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 1924/002590/06

Share code: AFE ISIN: ZAE000000220

Hybrid code: AFEP ISIN: ZAE000000238

Bond company code: AECI

LEI: 3789008641F1D3D90E85

(AECI or the Company)

DISCLOSURE OF AN ACQUISITION OF A BENEFICIAL INTEREST IN AECI SECURITIES

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (the Companies Act), regulation 121(2)(b) of the Companies Regulations, 2011 and paragraph 3.83(b) of the JSE Limited Listings Requirements (JSE Listings Requirements), AECI shareholders and noteholders are advised that the Company has received notification, in the prescribed form, from Steyn Capital Management (Steyn Capital), advising that it has acquired a beneficial interest in the ordinary securities of AECI, such that Steyn Capital now holds a beneficial interest of 5.26% of the total issued ordinary share capital of the Company.

As required in terms of sections 122(3)(a) and 122(3A) of the Companies Act, the Company will file the required notice with the Takeover Regulation Panel and the Companies and Intellectual Property Commission.

The board of directors of AECI (Board) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board's knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Woodmead, Sandton

1 December 2025

Equity Sponsor: One Capital

Debt Sponsor: Questco Proprietary Limited