THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR …

1 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTIONThe definitions and interpretations commencing on page 7 of this CIRCULAR apply, unless the context clearly indicates otherwise, throughout this CIRCULAR , including this cover required:1. This entire CIRCULAR is IMPORTANT and should be read with particular attention to the section entitled Action required by Ordinary Shareholders which commences on page 2 of this If you are in any doubt as to what action to take, you should consult your Broker, CSDP, banker, accountant, attorney or other professional advisor If you have disposed of any of your Ordinary Shares, please forward this CIRCULAR incorporating the Form of Proxy (yellow) to the purchaser of such Ordinary Shares, or the Broker, CSDP, banker or other agent through whom the disposal was does not accept responsibility, and will not be held liable, for any action of, or omission by, any CSDP or Broker including, without limitation, any failure on the part of the CSDP or Broker of any beneficial owner of Ordinary Shares to notify such beneficial owner of the matters set out in this CIRCULAR .

2 AFRISTRAT INVESTMENT HOLDINGS LIMITED(Incorporated in the Republic of South Africa)Registration number: 1998/013215/06 JSE Code: ATI - ISIN: ZAE000287587 hybrid Issuer Code: ATIG( Afristrat or the Company or the Group ) CIRCULAR TO ORDINARY SHAREHOLDERSR elating, inter alia, to the: Related Party Proposed Acquisition of MHMK Financial Services; the share consolidation of every 120 Ordinary Shares into one Ordinary Share and related amendment to the MOI; and approval of the 2021 ESOP and the provision of financial assistance in connection therewith,and incorporating: the Fairness Opinion in respect of the Proposed Acquisition; the Notice of General Meeting of Ordinary Shareholders; the Form of Proxy (yellow) in respect of the General Meeting of Ordinary Shareholders (for use by Certificated Ordinary Shareholders and Own-Name Dematerialised Ordinary Shareholders only); the Form of Surrender (green) (for use by Certificated Ordinary Shareholders only); and the Application Form for electronic participation in the General Meeting.

3 SponsorCorporate AdvisorLegal AdvisorIndependent Reporting Accountant Independent Expert This CIRCULAR is available in English only. Copies of this CIRCULAR may be obtained during normal business hours from the registered offices of Afristrat and the Sponsor, at their respective addresses set out in the Corporate Information and Advisors section of this CIRCULAR and is also available on the Company s website at , from the date of issue of this CIRCULAR up to and including the date of the General Meeting. Date of issue: Monday, 13 December 2021 1 Integrated Report100 AfristratContentsCONTENTSABOUT THIS REPORT 2 CHAIRPERSON AND CEO S REPORT 3 AFRISTRAT AT A GLANCE 6 OPERATIONAL overview 8 CORPORATE GOVERNANCE 14 AUDIT AND RISK COMMITTEE REPORT 19 NOMINATION & REMUNERATION COMMITTEE REPORT 23 SOCIAL AND ETHICS COMMITTEE REPORT 25 RISK MANAGEMENT 28 SUMMARISED AUDITED CONSOLIDATED FINANCIAL RESULTS 33 OPERATIONAL REVIEW 35 FINANCIAL RESULTS 38 SUMMARISED AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 39 SUMMARISED AUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OR LOSS 40 SUMMARISED AUDITED CONSOLIDATED STATEMENT OF EQUITY 41 SUMMARY AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS 42 NOTES TO THE SUMMARY AUDITED CONSOLIDATED FINANCIAL STATEMENTS 43 NOTICE OF ANNUAL GENERAL MEETING 65 ANNEXURE 1.

4 78 APPLICATION FORM FOR ELECTRONIC PARTICIPATION IN THE GENERAL MEETING 79 AFRISTRAT INVESTMENT HOLDINGS LIMITED(formerly Ecsponent Limited) Incorporated in the Republic of South AfricaRegistration number: 1998/013215/06 JSE Code: ATI - ISIN: ZAE000287587 Debt Issuer Code: ATIDH ybrid Issuer Code: ATIG( the Company or Afristrat or Group )i IMPORTANT LEGAL NOTESThe definitions and interpretations commencing on page 7 of this CIRCULAR apply, unless the context clearly indicates otherwise, to this section on IMPORTANT Legal STATEMENTSThis CIRCULAR contains statements about Afristrat and/or the Group that are, or may be, forward-looking statements. All statements, other than statements of historical fact, are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning: strategy; the economic outlook for the industry; production; cash costs and other operating results; growth prospects and outlook for operations, individually or in the aggregate; liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation proceedings.

5 These forward-looking statements are not based on historical facts, but rather reflect current expectations concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as believe , aim , expect , anticipate , intend , foresee , forecast , likely , should , planned , may , estimated , potential or similar words and of forward-looking statements include statements regarding a future financial position or future profits, cash flows, corporate strategy, anticipated levels of growth, estimates of capital expenditure, acquisition strategy, and expansion prospects for future capital expenditure levels and other economic factors, such as, inter alia, interest their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Afristrat cautions that forward-looking statements are not guarantees of future performance.

6 Actual results, financial and operating conditions, liquidity and the developments within the industries in which Afristrat operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this CIRCULAR . All forward-looking statements in respect of Afristrat are based on estimates and assumptions made by Afristrat and/or the Group which, although Afristrat believes them to be reasonable, are inherently uncertain. Such estimates, assumptions or statements may not eventuate. Factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in those statements, estimates or assumptions include other matters not yet known to Afristrat or not currently considered material by Afristrat. Ordinary Shareholders should keep in mind that any forward-looking statement made in this CIRCULAR or elsewhere is applicable only at the date on which such forward-looking statement is made.

7 New factors that could cause the business of either Afristrat and/or the Group not to develop as expected may emerge from time to time and it is not possible to predict all of them. Further, the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement are not known. Afristrat has no duty to, and does not intend to, update or revise the forward-looking statements contained in this CIRCULAR after the date of issue of this CIRCULAR , except as may be required by Law. Any forward-looking statement included in this CIRCULAR has not been reviewed or reported on by Afristrat s ORDINARY SHAREHOLDERSThis CIRCULAR has been prepared for the purposes of complying with the Laws of South Africa and is subject to any applicable Laws, including but not limited to the Companies Act, the Companies Regulations and the Listings Requirements, and is published in terms thereof.

8 The information disclosed in this CIRCULAR may not be the same as that which would have been disclosed if this CIRCULAR had been prepared in accordance with the Laws of any jurisdiction outside of South release, publication or distribution of this CIRCULAR in jurisdictions other than South Africa may be restricted by Law and therefore any Persons who are subject to the Laws of any jurisdiction other than South Africa should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities Laws of any such CIRCULAR does not constitute a prospectus or a prospectus-equivalent document, and has not been reviewed and/or registered by the CIPC. Ordinary Shareholders are advised to read this CIRCULAR , which contains the full terms and conditions of the Transaction, with care. Any decision to approve the Resolutions set out in the Notice of General Meeting or any other response to the proposals described in this CIRCULAR should be made only on the basis of the information in this Transaction, which is the subject of this CIRCULAR , may be affected by the Laws of the relevant jurisdictions of Foreign Ordinary Shareholders.

9 Foreign Ordinary Shareholders must satisfy themselves as to the full observance of any applicable Laws concerning the Transaction, including (without limitation) obtaining any requisite governmental or other consents, and observing any other requisite formalities. iiThis CIRCULAR and any accompanying documentation are not intended to, and do not constitute, or form part of, an offer to sell or a solicitation of any vote or approval in any jurisdiction in which it is unlawful to make such an offer or solicitation, or such offer or solicitation would require Afristrat to comply with disproportionately onerous filing and/or other disproportionately onerous regulatory obligations. In those circumstances or otherwise if the distribution of this CIRCULAR and any accompanying documentation in jurisdictions outside of South Africa are restricted or prohibited by the Laws of such jurisdiction, this CIRCULAR and any accompanying documentation are deemed to have been sent for information purposes only and should not be copied or redistributed.

10 Financial statements included in this CIRCULAR have been prepared in accordance with South African accounting standards and the international accounting standards within the meaning of the IAS Regulation 1606/2002 that may not be comparable to the financial statements of US companies. It may be difficult for you to enforce your rights and any claim you may have arising under US or other foreign securities Laws, since Afristrat is located in South Africa. You may not be able to sue Afristrat or its officers or Directors in a foreign court, including South African courts, for violations of US securities Laws. It may be difficult to compel Afristrat or any member of the Group to subject itself to a US court s judgment. Any Foreign Ordinary Shareholder who is in doubt as to its position, including, without limitation, its tax status, should consult an appropriate independent professional advisor in the relevant jurisdiction without CORPORATE INFORMATION AND ADVISORS The definitions and interpretations commencing on page 7 of this CIRCULAR apply, unless the context clearly indicates otherwise, to this section on Corporate Information and Advisors.