TRP Ruling Announcement ALERT STEEL HOLDINGS LIMITED (IN BUSINESS RESCUE) (Incorporated in the Republic of South Africa) (Registration number 2003/005144/06) JSE code: AET ISIN: ZAE000170395] (“Holdings”) Ruling by the Takeover Regulation Panel Shareholders are informed that Holdings, Carlmac Steel Proprietary Limited and Wynand Schalekamp (‘the Applicants’) lodged separate but similar complaints with the Takeover Regulation Panel (‘TRP’) during May and June 2014, requesting a ruling on a mandatory offer to shareholders of Holdings as required by Section 123 of the Companies Act 71 of 2008 (‘the Act’) and in particular in accordance with regulation 85 of the Companies Regulations 2011. The complaints arose as a result of an alleged change of control which had occurred in Cannistraro Investments 282 Proprietary Limited (‘Cannistraro’) a pyramid company of Holdings, as result of the subscription of shares by South African Investment Partnership, Duo Investment Partnership, Capital Works Private Equity Partnership, Duro Coinvestment Partnership, and Metropolitan Duro Investment Partnership (‘the Funds’) in Cannistraro. Capital Works Private Equity Fund Proprietary Limited (‘Capitalworks’) manage the Funds and represents the five funds in this matter. On 26 June 2014 the TRP found that, on the facts, the takeover was aborted and ruled that: - there is no requirement in the Act or in the regulations that Cannistraro as a pyramid of Holdings must be a regulated company for regulation 85 to apply, and - no change of control occurred in Cannistraro, and therefore no mandatory offer should be extended to the shareholders of Holdings. One of the applicants has informed the TRP that it wishes to lodge an appeal against the ruling. The TRP has consequently constituted the Takeover Special Committee to hear the appeal. Shareholders will be advised as soon as a date for the hearing has been determined. 14 July 2014 Pretoria Designated Adviser Exchange Sponsors Date: 14/07/2014 09:30:00 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.