AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Update on Bytes UK demerger and withdrawal of cautionary announcement Update on Bytes UK demerger and withdrawal of cautionary announcement 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") UPDATE ON BYTES UK DEMERGER AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement released on SENS on 2 April 2020 and published in the press on 3 April 2020 and the subsequent renewal of the cautionary announcement released on SENS on 20 May 2020 and published in the press on 21 May 2020 relating, inter alia, to the potential separation and listing of Altron´s United Kingdom subsidiary, Bytes Technology Group Limited ("Bytes UK") on the Main Market of the London Stock Exchange with a secondary listing of Bytes UK on the Johannesburg Stock Exchange (the "Potential Transaction"). As previously announced, Altron has appointed Rand Merchant Bank, a division of FirstRand Bank Limited, as Financial Advisor and Transaction Sponsor in respect of the Potential Transaction in South Africa, and the Company has now also appointed Numis Securities Limited as Sponsor, Financial Advisor and Bookrunner in respect of the Potential Transaction in the United Kingdom. Shareholders are advised that Altron and its advisors are actively progressing the Potential Transaction. All price sensitive information relating to the Potential Transaction has been communicated to the market and as such, the Company hereby withdraws the cautionary announcement and wishes to advise shareholders that they are currently not required to exercise caution when dealing in the Company´s securities. The Company anticipates that it will have specific and precise details regarding the Potential Transaction and should be in a position to announce such details during the fourth quarter of the 2020 calendar year. Johannesburg 25 June 2020 Financial Advisor and Transaction Sponsor Rand Merchant Bank, a division of FirstRand Bank Limited Date: 25-06-2020 09:00:00 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.