Further Cautionary Announcement Mahube Infrastructure Limited (Formerly GAIA Infrastructure Capital Limited) (Incorporated in the Republic of South Africa) (Registration number: 2015/115237/06) ISIN: ZAE000290763 JSE code: MHB (“Mahube” or the “Company”) Further Cautionary Announcement Mahube shareholders are referred to the cautionary announcement published on SENS on 15 October 2021, subsequent renewals thereof and the detailed further cautionary announcements dated 22 February and 6 April 2022 (“the Previous Announcements”). The capitalised terms used in this announcement bear the same meaning as those defined in the Previous Announcements. Shareholders are advised that the Company is engaged in achieving its goal to restructure and recapitalise the business, inter alia, by means of the Capital Restructure of SubCo and in terms of other initiatives which it is in the process of finalising and, accordingly, Shareholders are advised to continue to exercise caution when dealing in the Company’s securities until the Company issues a further announcement in this regard. Johannesburg 24 May 2022 JSE Sponsor to Mahube Questco Corporate Advisory Proprietary Limited Legal Advisors DLA Piper South Africa Advisory Services Proprietary Limited Date: 24-05-2022 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.