Update re business rescue proceedings of Alert Steel Holdings and further cautionary 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”) Update re business rescue proceedings of Alert Steel Holdings and further cautionary announcement Shareholders are referred to the announcement released on SENS on 30 July 2014 regarding the application by Mr JM Damons of Legae Trust (Pty) Ltd, the business rescue practitioner (“BRP”) of Holdings, to the South Gauteng High Court to discontinue the business rescue proceedings of Holdings and place the Holdings into liquidation. The BRP has advised that Cannistraro Investments 282 (Pty) Ltd, a major shareholder in Holdings, brought an application to intervene in the liquidation application. They contended that the matter was not urgent and that they were not given sufficient time to consider the matter. The parties then agreed to remove the matter from the roll. Furthermore, the BRP has been informed of negotiations between the liquidators of Alert Steel (Pty) Ltd and Mercantile Bank that could see the debt of Mercantile Bank being restructured or extinguished. The result of this could result in Holdings no longer being indebted to Mercantile Bank and therefore no longer in financial distress. At this point Holdings is still in business rescue. In light of the above, and once the negotiations have been completed, the BRP will do one of the following: 1. Continue with the liquidation application; or 2. Terminate the business rescue because Holdings is no longer financially distressed; or 3. Publish a business rescue plan. The BRP received consent from Mercantile Bank, by far the largest creditor in Holdings, that the publication of a business rescue plan for Holdings be postponed to 11 September 2014. Further cautionary announcement In the light thereof shareholders are advised to continue to exercise caution when dealing in the securities of Holdings until a further announcement has been made. 8 August 2014 Pretoria Designated Adviser Exchange Sponsors Date: 08/08/2014 09:14:00 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.