Share appreciation rights awarded & accepted by directors AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng" or "the Group") SHARE APPRECIATION RIGHTS AWARDED & ACCEPTED BY DIRECTORS The off-market acceptance of awards by Directors and Subsidiary Directors in terms of the Forfeitable Share Plan and Share Appreciation Rights Scheme. Awards were made on the 17 October 2012 in terms of the Aveng Long Term Incentive schemes, being the Share Appreciation Rights Scheme and the Forfeitable Share Plan. All the awards are for the direct beneficial interests of directors. Share Appreciation Rights awarded to and accepted by Directors and Subsidiary Directors: Employee Name Employer Company Acceptance Date Award Share Price Appreciation Rights Roger Jardine Aveng Limited 22 October 2012 R 30.90 212,700 Kobus Verster Aveng Limited 22 October 2012 R 30.90 126,800 Juba Mashaba Aveng Limited 22 October 2012 R 30.90 100,900 Michelle Nana Aveng Limited 22 October 2012 R 30.90 25,000 Stephen Pell Aveng Limited 22 October 2012 R 30.90 65,000 Brian Wilmot Aveng (Africa) Limited 22 October 2012 R 30.90 102,000 Solly Letsoalo Aveng (Africa) Limited 22 October 2012 R 30.90 114,800 Hercu Aucamp Aveng Trident Steel (Pty) 22 October 2012 R 30.90 95,800 Limited David Robinson Aveng Limited 22 October 2012 R 30.90 170,394 Forfeitable Share Plan (“FSP”) Schedule 14 of the JSE Limited Listings Requirements will in this instance not apply to the FSP as awards made under the scheme are settled by way of acquiring shares from third parties on the open market. No new shares will be issued by the Company to any participant. Forfeitable Shares awarded to and accepted by Directors and Subsidiary Directors: Employee Name Employer Company Acceptance Date Award Forfeitable Price Shares Roger Jardine Aveng Limited 22 October 2012 R 30.90 73,000 Kobus Verster Aveng Limited 22 October 2012 R 30.90 105,800 Solly Letsoalo Aveng (Africa)Limited 22 October 2012 R 30.90 94,500 Hercu Aucamp Aveng Trident Steel (Pty) 22 October 2012 R 30.90 78,900 Limited The necessary clearance in terms of paragraph 3.66 of the JSE Listings Requirements has been obtained. 18 October 2012 Sponsor: J.P. Morgan Equities Limited Date: 18/10/2012 05:15:00 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.