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AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Update on forex conversion of cash payment arising from the demerger Update on forex conversion of cash payment arising from the demerger ALLIED ELECTRONICS CORPORATION LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1947/024583/06) Share code: AEL ISIN: ZAE000191342 ("Altron" or "the Company") NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR WITHIN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. UPDATE ON FOREX CONVERSION OF CASH PAYMENT ARISING FROM THE DEMERGER 1. INTRODUCTION Altron shareholders ("Shareholders") are referred to the cash payment announcement released on SENS on 2 December 2020 wherein Altron advised Shareholders that any GBP cash payment arising from the Demerger would be converted into ZAR with reference to the GBP/ZAR exchange rate on 21 December 2020. The Altron board of directors wishes to update Shareholders that , in order to minimise currency market volatility risks, all GBP proceeds due to Shareholders as a result of the Demerger will now be converted over a 3-day period between 17 December 2020 - 21 December 2020 with reference to the GBP/ZAR exchange rate on those days. The applicable GBP/ZAR exchange rate will be an average of the rates obtained during that 3-day period. Capitalised terms not defined in this announcement shall have the meanings given to them in the Circular. 2. KEY DATES AND TIMES 2020 Admission of the Bytes Technology Group plc shares to the LSE and commencement of unconditional dealings in Bytes Technology Group plc Shares on the LSE at 8:00 (London time) on Thursday, 17 December Admission of the Bytes Technology Group plc shares to the JSE and commencement of unconditional dealings in Bytes Technology Group plc shares on the JSE at 10:00 on Thursday, 17 December Settlement for conversion of Convertible Notes Thursday, 17 December Payment date for redemption of Convertible Notes Wednesday, 23 December Fractional entitlement payment date Wednesday, 23 December The following dates assume that court approval or review of the Disposal and Distribution is required: Last day for Altron Shareholders who voted against the Disposal and/or 10 Business Days after the the Distribution to apply to the court for a review of the Disposal and/or General Meeting, currently the Distribution in terms of section 115(3)(b) of the Companies Act on anticipated to be Tuesday, 15 December Notes: 1. All times shown in this announcement are South African Standard Time unless otherwise stated. 2. All dates and times are subject to change by Altron (subject to the approval of the JSE and/or TRP, if required). Any material change will be released on SENS and published in the South African press. 3. The dates have been determined based on certain assumptions regarding the dates by which certain Altron Shareholder and regulatory approvals will be obtained and that no court approval or review of the Disposal and/or Distribution will be required. If the relevant dates change and the dates set out above are therefore impacted, details of the relevant change will be released on SENS and published in the South African press. 4. Admission of the Bytes Technology Group plc Shares to the JSE and commencement of unconditional dealings in Bytes Technology Group plc Shares on the JSE will commence at 10:00am instead of 9:00am in order to align with the admission time on the LSE and facilitate a simultaneous listing on both exchanges. Johannesburg 15 December 2020 Financial Advisor and Transaction Sponsor Rand Merchant Bank, a division of FirstRand Bank Limited Legal Advisor DLA Piper IMPORTANT NOTICE This announcement is an advertisement and does not constitute a prospectus in connection with an offering of securities. These materials may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in, into or within the United States. These materials do not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States absent (i) registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or (ii) an available exemption from registration under the Securities Act. The securities mentioned herein have not been, and will not be, registered under the Securities Act and will not be offered to the public in the United States. The announcement does not constitute an offer for the sale of or subscription for, or the solicitation of an offer to buy and subscribe for, securities to the public as defined in the South African Companies Act, 200 8 (the "SA Companies Act") and will not be distributed to any person in South Africa in any manner which could be construed as an offer to the public in terms of Chapter 4 of the SA Companies Act. These materials do not, nor are they intended to, constitute a prospectus prepared and registered under the SA Companies Act. Nothing in these materials should be viewed, or construed, as "advice" as that term is used in the Financial Markets Act, 2012 and/or the Financial Advisory and Intermediary Services Act, 2001. This announcement and any offer if subsequently made is and will only be addressed to and is and will only be directed at persons in South Africa who fall within one of the categories listed in section 96(1)(a) and/or (b) of the SA Companies Act. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect Altron's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Altron and/or Bytes Technology Group plc's business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made. No representation or warranty is made that any forward-looking statement will come to pass Date: 15-12-2020 03:26:00 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.