AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Dealing in Securities by a Director of Altron and its Major Subsidiaries Dealing in Securities by a Director of Altron and its Major Subsidiaries ALLIED ELECTRONICS CORPORATION LIMITED (Registration number 1947/024583/06) (Incorporated in the Republic of South Africa) Share code: AEL ISIN: ZAE000191342 ("Altron" or "Group" or "Company") DEALING IN SECURITIES BY A DIRECTOR OF ALTRON AND ITS MAJOR SUBSIDIARIES: ALLOCATION OF BONUS SHARES ON 2019 AND 2020 SHARE APPRECIATION RIGHTS ("SARS") IN TERMS OF THE ALTRON 2009 SHARE PLAN Shareholders are referred to the Company's SENS announcement dated 23 February 2021 where the rationale for certain adjustments were made to the 2017 awards granted to participants under The 2009 Altron Share Plan ("Plan") in order to place the participants in the same position as they were prior to the Bytes UK demerger. The Bytes UK demerger also had an impact to the 2018, 2019 and 2020 issuances in terms of the Altron Share Plan. The 2018 issuance is subject to accelerated vesting on the third anniversary date in June 2021 and the relevant changes will be communicated in a separate SENS at the appropriate time. The 2019 and 2020 issuances are not subject to accelerated vesting and changes to these issuances will be shared in more detail below. In accordance with the rules of the Plan, there will be no variation in the remuneration receivable by the executive directors. However, as a result of a negative strike price on vesting, given the rebasing of Altron´s share price which is as a consequence of the Bytes UK demerger, the Board has approved that certain adjustments be effected to awards previously allocated to participants in 2019 and 2020. Such adjustments as recently approved by the Board include: Reduction of the strike price of existing awards granted under the 2019 and 2020 issuances as well as additional bonus appreciation rights issued to compensate for the negative strike price following the Bytes UK demerger. In addition, the Board amended the performance criteria over the remaining vesting periods and the quantum of ultimate vesting of both original Share Appreciation Rights and the additional bonus appreciation rights will be determined by the extent of the amended performance criteria being achieved. Vesting Conditions: Accordingly the following awards previously made to a director of the Group have been adjusted in accordance with the provisions of Schedule 14.3 and are now disclosed below in terms of paragraph´s 3.63 - 3.74 of the JSE Listings Requirements: In terms of the 2019 grant, the performance criteria will be applied on the third anniversary date being February 2022 and the qualifying SARS will vest equally over three years at the prevailing market rate at a strike price of R0.00 (zero). In terms of the 2020 grant, the performance criteria will be applied on the third anniversary date being February 2023 and the qualifying SARS will vest equally over three years at the prevailing market rate at a strike price of R0.00 (zero). 2019 SARS - Bonus Share Allocations: Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 13 May 2021 Nature of transaction: Allocation of additional securities to compensate for negative strike price arising as a result of Bytes UK demerger. This additional allocation to be subject to performance criteria and original vesting periods Class of Securities: Altron A Ordinary Shares Original Strike Price: R18.60 Negative Strike Price: R8.24 Price applicable to bonus share allocation: R11.03 Original Number of 2019 SARS allocated: 375 878 Bonus Shares allocated: 280 801 Instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 13 May 2021 Nature of transaction: Allocation of additional securities to compensate for negative strike price arising as a result of Bytes UK demerger. This additional allocation to be subject to performance criteria and original vesting periods Class of Securities: Altron A Ordinary Shares Original Strike Price: R23.70 Negative Strike Price: R3.14 Price applicable to bonus share allocation: R11.03 Original Number of 2019 SARS allocated: 175 623 Bonus Shares allocated: 49 996 Instruments issued: Three year vesting period in equal annual tranches from August 2022 to August 2024 Nature of interest: Direct Beneficial 2020 SARS - Bonus Share Allocations: Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 13 May 2021 Nature of transaction: Allocation of additional securities to compensate for negative strike price arising as a result of Bytes UK demerger. This additional allocation to be subject to performance criteria and original vesting periods Class of Securities: Altron A Ordinary Shares Original Strike Price: R20.00 Negative Strike Price: R6.84 Price applicable to bonus share allocation: R11.03 Original Number of 2020 SARS allocated: 519 385 Bonus Shares allocated: 322 085 Instruments issued: Three year vesting period in equal annual tranches from May 2023 to May 2025 Nature of interest: Direct Beneficial Shareholders are advised that the adjustments above do not amend the Plan, and the adjustments were effected as a result of the negative effect of the strike price which was due to the rebasing of Altron´s share price which came about as a consequence of the Bytes UK demerger. The above mentioned adjustments, are subject to performance criteria being met. In addition, no accelerated vesting has been applied to the 2019 and 2020 issuances, and vesting will take place as originally envisaged. Other than for the above-mentioned adjustments made to the awards granted to participants under the Plan, there will be no variation in the remuneration receivable by the executive directors and the Company Secretary of Altron unless approved by the Altron Board of Directors. Johannesburg 04 June 2021 Sponsor: Investec Bank Limited Date: 04-06-2021 12:00:00 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.