AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Allocation of 2021 Share Options and Share Appreciation Rights, in terms of the Altron 2009 Share Plan Allocation of 2021 Share Options and Share Appreciation Rights, in terms of the Altron 2009 Share Plan ALLIED ELECTRONICS CORPORATION LIMITED (Registration number 1947/024583/06) (Incorporated in the Republic of South Africa) Share code: AEL ISIN: ZAE000191342 ("Altron" or "Altron Group") ALLOCATION OF 2021 SHARE OPTIONS AND SHARE APPRECIATION RIGHTS ("SARS"), IN TERMS OF THE ALTRON 2009 SHARE PLAN AND UPDATED INFORMATION IN RESPECT OF THE ANNOUNCEMENT RELEASED ON SENS ON 23 FEBRUARY 2021 In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: The participants set out below have been awarded Share Appreciation Rights ("SARs") at an allocation price of R11.71 in accordance with the rules of The Altron 2009 Share Plan. The SARs are conditional on, inter alia, share price growth and the fulfilment of performance criteria, as imposed by the Altron Board. Subject to performance, vesting will occur in tranches of three in February 2024, February 2025 and February 2026. Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Transaction date: 25 February 2021 Number of SARs allocated: 489,339 Nature of interest: Direct Beneficial Director: Mr. Cedric Miller Designation: Executive Director - Chief Finance Officer Company: Altron Transaction date: 25 February 2021 Number of SARs allocated: 225,188 Nature of interest: Direct Beneficial Director: Mr. Andrew Holden Designation: Director and Prescribed Officer of Altron Group Company: Altron TMT Holdings (Pty) Limited (major subsidiary of Altron) Transaction date: 25 February 2021 Number of SARs allocated: 248,366 Nature of interest: Direct Beneficial Director: Mr. Colin Govender Designation: Executive Director Company: Altron TMT Holdings (Pty) Limited (major subsidiary of Altron) Transaction date: 25 February 2021 Number of SARs allocated: 159,403 Nature of interest: Direct Beneficial Company Secretary: Ms. Nicole Morgan Designation: Group Company Secretary Company: Altron Transaction date: 25 February 2021 Number of SARs allocated: 68,807 Nature of interest: Direct Beneficial Allocation date of the above transactions - 25 February 2021 Acceptance date of above transactions - 26 February 2021 UPDATED ANNOUNCEMENT ALLOCATION AND VESTING OF 2018 SHARE APPRECIATION RIGHTS ("SARS") AND BONUS SHARES IN TERMS OF THE ALTRON 2009 SHARE PLAN Shareholders are referred to the SENS announcement published on 23 February 2021 and with specific reference to the vesting of 2018 SARS and the allocation of bonus shares to identified director´s; prescribed officers; the Company Secretary and/or directors of major subsidiaries of the Altron Group. In line with The Altron 2009 Share Plan Rules ("the Rules") the Board has withdrawn the vesting of the 2018 SARS and 2018 bonus shares previously allotted to the identified director´s; prescribed officers; the Company Secretary and/or directors of major subsidiaries of the Altron Group. The Board has agreed to defer the vesting of the 2018 SARS and bonus shares to June 2021 in line with the Rules. An announcement will be made in June with updated information on the vesting of the 2018 SARS and 2018 bonus shares. Johannesburg 26 February 2021 Sponsor: Investec Bank Limited Date: 26-02-2021 05:00:00 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.