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AECI Limited - Acceptance of LTIP awards

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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)

DEALINGS IN SECURITIES BY DIRECTORS, A DIRECTOR OF A MAJOR SUBSIDIARY, THE ACTING GROUP COMPANY SECRETARY AND PRESCRIBED OFFICERS

Acceptance of awards of performance shares: Long-term Incentive Plan (LTIP)

In compliance with the JSE Limited Listings Requirements and Debt Listings Requirements, the following information is disclosed:

In terms of the standard rules of the Company’s LTIP, participants have been allocated a new award of performance shares in line with an annual process. These will convert into AECI ordinary shares and will vest three years after the grant date of 15 April 2021, subject to the performance conditions attached to each allocation being met. The performance shares were issued at the grant price as indicated below and were accepted off-market on 30 April 2021 as follows:

Name

Position and company

No. of shares

Grant price

Value

MA Dytor

Chief Executive, AECI

78 636

R97,26

R7 648 137,36

KM Kathan

Chief Financial Officer, AECI

52 388

R97,26

R5 095 256,88

EE Ludick

Director of AECI Mining Limited, a major subsidiary of AECI

34 982

R97,26

R3 402 349,32

WJ Strydom

Acting Group Company Secretary, AECI

6 350

R97,26

R617 601,00

DJ Mulqueeny

Prescribed Officer, AECI

30 782

R97,26

R2 993 857,32

DK Murray

Prescribed Officer, AECI

30 745

R97,26

R2 990 258,70

CBH Watson

Prescribed Officer, AECI

26 505

R97,26

R2 577 876,30

Clearance has been obtained by all the above-mentioned recipients for the acceptance of their awards. All interests are direct beneficial.

Woodmead, Sandton
30 April 2021

Equity and Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)