A E C I LIMITED - Notification of Availability of the Sustainability Compliance Certificate and Sustainability Margin Adjustment Event

Notification of Availability of the Sustainability Compliance Certificate and Sustainability Margin Adjustment Event

AECI LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1924/002590/06
Company code: AECI
LEI: 3789008641F1D3D90E85
Bond code: AECI05       ISIN: ZAG000199258
Bond code: AECI06       ISIN: ZAG000199266
(AECI or the Company)

NOTIFICATION OF THE AVAILABILITY OF THE SUSTAINABILITY COMPLIANCE CERTIFICATE AND
SUSTAINABILITY MARGIN ADJUSTMENT EVENT

Notice is hereby given to each noteholder of ZAR535,000,000 senior unsecured floating rate notes due
11 September 2026 (AECI05) and ZAR465,000,000 senior unsecured floating rate notes due 11 September 2028
(AECI06), (together referred to as the Notes), issued under the Company's ZAR5,000,000,000 Domestic Medium Term
Note Programme, pursuant to the section headed "Terms and Conditions of the Notes" (the Terms and Conditions) in
the programme memorandum dated 12 December 2024, as amended and restated from time to time, read with each
of the amended and restated applicable pricing supplements in respect of the Notes (the Applicable Pricing
Supplements), of the availability of the Sustainability Compliance Certificate (as defined in the Applicable Pricing
Supplements) for the financial year ended 31 December 2025, on the Company's website at
https://investor.aeciworld.com/debt-investors.php. A copy of the accompanying Sustainability Assurance Report is also
available on the Company's website at https://investor.aeciworld.com/results-reports-presentations.php#integrated-
annual-reports.

Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Terms
and Conditions and/or the Applicable Pricing Supplements.

Noteholders are advised that, as a result of AECI having achieved none of the SPTs in respect of each of the three
KPIs for the financial year ended 31 December 2025, the Initial Margin applicable to the Notes shall be increased by
10 (ten) basis points and will apply for the Interest Period commencing after the Sustainability Compliance Certificate
Delivery Date, being 11 June 2026.

The Company did not achieve its SPTs for Carbon Footprint Efficiency and Effluent Discharge Efficiency for the
reporting period, primarily due to operational variability which resulted in fixed environmental loads being distributed
across lower production volumes, thus adversely affecting efficiency ratios. In addition, actual production volumes were
lower than the levels assumed during the target setting phase. Assumed production levels were based on AECI's
strategic ambition at the time to achieve a double EBITDA growth trajectory, as well as an expected return to pre-
COVID production levels.

The Group marginally missed its SPT for female representation, achieving 1 percent below the applicable SPT. This
shortfall was primarily attributable to organisational restructuring and divestments undertaken during 2025, which
impacted workforce composition at management level. Notwithstanding this outcome, the Company remains
committed to advancing gender diversity and continues to implement targeted initiatives to support the progression
and retention of female talent across the organisation.

Accordingly, the Margins applicable to the Notes for the Interest Period commencing on 11 June 2026 are as follows:

  Bond code:         AECI05
  ISIN:              ZAG000199258
  Margin:            3 Month ZAR-JIBAR plus 149 basis points

  Bond code:         AECI06
  ISIN:              ZAG000199266
  Margin:            3 Month ZAR-JIBAR plus 160 basis points



Woodmead, Sandton
22 April 2026

Debt Sponsor: Questco Corporate Advisory




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Date: 22-04-2026 03:35:00
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