Africa Clean Energy : Communique

Africa Clean Energy Solutions Limited

Incorporated in the Republic of Mauritius Registration number: 152282 C1/GBL Having its registered office address at

c/o Intercontinental Trust Ltd, Level 3, Alexander House 35 Cybercity, Ebene 72201, Mauritius

SEM share code: ACES.N0000

ISIN: MU0620N00008

("ACES Renewables" or the "Company")

ISSUE AND LISTING OF NEW SHARES

Shareholders of ACES Renewables and the general public are referred to:

• the communique released by the Company on 19 May 2022 whereby it was announced that the Listing
  Executive Committee of the Stock Exchange of Mauritius Ltd ("SEM") had approved the issue and listing of up to 40,000 new ordinary shares at an issue price of USD 1.00 per ordinary share as conversion of the irredeemable convertible loan stock issued by ACES Renewables; and
• the Listing Particulars issued by the Company on 19 May 2022 relating to, inter alia, the above approval.

The Board of directors (the "Board") now wishes to inform the shareholders and the general public that the Company will be issuing 40,000 new ordinary shares on 24 January 2023 as conversion of the irredeemable convertible loan stock (the "Conversion Shares").

The Conversion Shares will be issued at a price of USD 1.00 per share and are expected to list and trade on the Official Market of the SEM as from the aforementioned date. Once issued, the Conversion Shares will rank pari passu in all respects with existing ordinary shares in issue.

Following the issue of the Conversion Shares, the Company shall have a total of 29,315,770 ordinary shares in issue.

By order of the Board 23 January 2023

For further information, please contact:

SEM Authorised Representative & Sponsor

Company Secretary

[phone]

[phone]

This notice is issued pursuant to SEM Listing Rules 11.3. The Board accepts full responsibility for the accuracy of the information contained in this communiqué.