Afine Investments : Changes to the Board of Directors

AFINE INVESTMENTS LIMITED

(formerly Domanolor Proprietary Limited)

(Approved as a REIT by the JSE)

(Incorporated in the Republic of South Africa)

Registration number 2020/852422/06

JSE share code: ANI ISIN: ZAE000303947

("the Company" or "Afine")

CHANGES TO THE BOARD OF DIRECTORS

In accordance with paragraph 3.59 of the JSE Listings Requirements, the board of directors of Afine (the "Board") wishes to advise shareholders of the following:

Appointment of non-executive director

The Board is pleased to announce the appointment of Mr Gary du Preez as a non-executive director of the Company with effect from 12 July 2022 ("Effective Date").

Mr Du Preez has over 36 years' experience in securing and developing service station and commercial properties for both local and international oil companies and in his personal capacity. His various roles have given him exposure to all aspects required for the successful development of retail service stations and commercial properties, where he has been responsible for the development of over 90 service stations during his career to date, including four direct access rest and service areas service station developments located along national freeways.

Following completion of his articles in law in 1985, Mr du Preez was appointed as property developer at BP South Africa where he was responsible for securing continued tenure on existing service station properties, the redeveloping of existing service station properties and developing new service station properties.

Between 1991 and 1997 Mr Du Preez worked for Sasol Oil as Property Development Manager: Retail where he was responsible for establishing the property development department and overseeing the development of a new service station network of more than 40 new service stations. He was also appointed as a director of Sasol Oil Mozambique where he was responsible for the development of a new service station network in that country in conjunction with a joint venture local oil company partner.

In 1998 Mr Du Preez set up a property development company which specialised in acquiring existing service station properties and redeveloping the properties, with a back-to-back agreement with Sasol Oil to take over the shareholding in the company after five years. Between 1998 and 2002, 25 service station properties were acquired and redeveloped in this company. Between 2010 and 2015 he was contracted by Engen Oil to assist in the development of new service stations.

Currently, Mr Du Preez is self-employed as a director of Terra Optimus Property Developments (Pty) Ltd where he secures existing and/or new service station and commercial properties to grow his personal property portfolio and consults to property developers on the development of new service stations

Shareholders are further advised that Mr Du Preez will also be appointed as a member of the Company's Audit and Risk Committee and its Remuneration Committee on the Effective Date.

The Board welcomes Mr du Preez and look forward to his contribution to the Company.

Resignation of non-executive director

The Board wishes to advise that Mr Peter Todd has resigned as a non-executive director of the Company and member of the Company's Audit and Risk Committee as well as Remuneration Committee with effect from 12 July 2022. The Board would like to extend its appreciation to Mr Todd for his contribution to the Company and wishes him well for his future endeavours.

By order of the Board

12 July 2022

Designated Advisor

AcaciaCap Advisors Proprietary Limited