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AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Declaration of special dividend Declaration of special dividend ALLIED ELECTRONICS CORPORATION LIMITED (Incorporated in the Republic of South Africa) Registration number: 1947/024583/06 ISIN: ZAE000191342 Share Code: AEL ("Altron" or "the Company") DECLARATION OF SPECIAL DIVIDEND Altron shareholders ("Shareholders") are referred to the firm intention announcement released by the Company on SENS on 2 November 2020 ("Firm Intention Announcement") containing the details of the demerger of Bytes Technology Limited (formerly known as Bytes Technology Group Limited) from Altron and the separate listing of Bytes Technology Group plc (together, the "Demerger"). For full details of the Demerger, Shareholders are referred to both the Firm Intention Announcement and the circular published by Altron on 3 November 2020 ("Altron Circular"). Capitalised terms not defined in this announcement shall have the meanings given to them in the Altron Circular. As part of the Demerger, Altron retained approximately 9% of the Convertible Notes in order to settle the dividends tax which arose on the Distribution. At the time of the Distribution, Altron had estimated that 9% of the Convertible Notes would be sufficient to settle the dividends tax, however, the actual liability for the dividends tax was only determined post Altron receiving the declarations from Shareholders in terms of section 64FA of the Income Tax Act 58 of 1962. Subsequent to receiving the declarations from Shareholders and settling SARS, Altron has determined that it overestimated the dividends tax liability. Altron therefore has additional cash on its balance sheet as a result of the Demerger. The intention of the Demerger was to create and return value to Shareholders. As such the Altron board of directors has resolved to pay said cash to Shareholders in the form of a special dividend. Accordingly, notice is hereby given that a gross special dividend of 96 cents per Altron Ordinary Share, payable out of income reserves, was declared on 22 April 2021 and was subject to South African Reserve Bank ("SARB") approval which was obtained on 19 April 2021. The special dividend will be subject to dividends tax at a rate of 20%, which will result in a net special dividend of 76.80000 cents per Altron Ordinary Share for those Shareholders who are not exempt from dividends tax or who are not subject to a reduced rate in terms of any applicable agreement for the avoidance of double taxation between South Africa and such Shareholders' country of residence. Altron's tax reference number is 9725149711 and its issued share capital at the declaration date comprises 401 883 022 Altron Ordinary Shares. Shareholders' attention is drawn to the following important dates: Declaration Date Thursday, 22 April 2021 Last day to trade in order to participate in this special dividend Tuesday, 11 May 2021 Altron Ordinary Shares commence trading ex special dividend Wednesday, 12 May 2021 Record date to determine date Shareholders entitled to special dividend Friday, 14 May 2021 Special dividend payment date Monday, 17 May 2021 No dematerialisation or rematerialisation of Altron Ordinary Share certificates may be done between Wednesday, 12 May 2021 and Friday, 14 May 2021 (both days inclusive). Johannesburg 22 April 2021 Financial Advisor and Transaction Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 22-04-2021 04:20:00 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.