AFINE INVESTMENTS LIMITED - Distribution of Circular to Shareholders

Distribution of Circular to Shareholders

AFINE INVESTMENTS LIMITED
APPROVED AS A REIT
(Incorporated in the Republic of South Africa)
Registration number 2020/852422/06
JSE share code: ANI ISIN: ZAE000303947
("Afine" or "the Company" or "the Group")

DISTRIBUTION OF CIRCULAR TO SHAREHOLDERS

Shareholders of Afine ('Shareholders') are referred to the announcements dated 27 May 2026 and
29 May 2026, respectively, released on Stock Exchange News Service ("SENS") of the JSE Limited
("JSE") regarding, inter alia, the declaration of the cash dividend of 30 cents per share with a 25% Part
Dividend Reinvestment Alternative ("Part Dividend Reinvestment Alternative"). Shareholders can elect
to reinvest their cash dividend up to a maximum of 25% of eligible shareholding as at record date. Elections
to reinvest must not exceed 25% of an investor's shareholding as at record date.

The Company has distributed a circular (including a Form of Election (grey) for certificated
Shareholders) to Shareholders, detailing the terms of the Cash Dividend and the Part Dividend
Reinvestment Alternative ("Circular").

Application to the Financial Surveillance Department of the South African Reserve Bank for the
payment of the Cash Dividend and the Part Dividend Reinvestment Alternative has been made and
an announcement regarding the approval will be made on SENS.

The    Circular  is  also   available,    in  English  only     on,  the     Company's website
https://www.afineinvestments.com/circulars-2026 and during normal business hours at the
Company's registered office Unit 4602, Greenways Strand, 7140, South Africa.

The salient dates pertaining to the Cash Dividend and the Scrip Distribution Alternative, also contained
in the Circular, are set out below:

Event                                                                                                2026
Record date for Shareholders to be registered in the Company's                              Friday, 22 May
securities register in order to be entitled to receive this Circular

Distribution of Circular announced on SENS on                                            Wednesday, 3 June

Circular and Form of Election (grey) distributed on                                      Wednesday, 3 June

Finalisation announcement released on SENS including the share ratio                       Monday, 22 June
and reinvestment price and confirmation of receipt of exchange
control approval, by 11h00 on

Last day to trade in order to be eligible for the Cash Dividend and the                   Tuesday, 30 June
Part Dividend Reinvestment Alternative

Shares trade "ex" the Cash Dividend and the Part Dividend                                Wednesday, 1 July
Reinvestment Alternative on

Last day to elect to receive the Part Dividend Reinvestment                                 Friday, 3 July
Alternative instead of the Cash Dividend, Form of Election (grey) to
reach the Transfer Secretaries by 12h00 noon on

Record Date in respect of the Cash Dividend and the Part Dividend                           Friday, 3 July
Reinvestment Alternative

Listing and trading of maximum possible number of Shares on the JSE                         Friday, 3 July
in terms of the Part Dividend Reinvestment Alternative from the
commencement of trading on

Cash Dividend payments made, and CSDP/broker accounts credited                              Monday, 6 July
on

Announcement relating to the results of the Cash Dividend and the                           Monday, 6 July
Part Dividend Reinvestment Alternative released on SENS on

Share certificates posted to certificated shareholders on or about                       Wednesday, 8 July

Dematerialised shareholders' accounts updated with the new shares                        Wednesday, 8 July
(if applicable) by CSDP

JSE listing of Shares in respect of the Part Dividend Reinvestment                        Thursday, 9 July
Alternative adjusted to reflect the actual number of ordinary Shares
issued in terms of the Part Dividend Reinvestment Alternative at the
commencement of business on


Notes:
1. Shareholders electing the Part Dividend Reinvestment Alternative are alerted to the fact that the
   new shares will be listed on LDT+3 and that these new shares can only be traded on LDT+3 due to
   the fact that settlement of the shares will be three days after the record date, which differs from the
   conventional one day after record date settlement process.
2. Shareholders can elect to reinvest their cash dividend up to a maximum of 25% of eligible
   shareholding as at record date. Elections to reinvest must not exceed 25% of an investor's
   shareholding as at record date.
3. Shareholders may not dematerialise or rematerialise their share certificates between Wednesday,
   1 July 2026 and Friday, 3 July 2026, both dates inclusive.
4. The above dates and times are subject to change. Any change will be released SENS.

CAPE TOWN
3 June 2026

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 03-06-2026 11:00:00
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