Pro forma financial effects and cautionary AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng", "the Company" or “the Group”) PROFORMA FINANCIAL EFFECTS AND CAUTIONARY Steeledale Transaction Further to the Group’s announcement on SENS on 10 August 2016 where shareholders were advised that Aveng had reached an agreement with Kutana Steel (Pty) Ltd (Kutana) whereby Kutana would acquire a 70% interest in the Steeledale business (the “Interest”). The net asset value of the Interest as at 30 June 2016 was R167 million. The after taxation loss attributable to the interest for the year ended 30 June 2016 was R2 million. ACP Transaction Further to the Group’s announcement on SENS on 10 August 2016 where shareholders were advised that the monetisation of the four major infrastructure investments (“ACP Assets”) had been concluded through a binding agreement with Royal Bafokeng Holdings (Pty) Ltd, for the sale of its entire interest in the investments. The net asset value of the ACP Assets as at 30 June 2016 was R860 million. The after taxation profits attributable to the ACP assets for the year ended 30 June 2016 was R132 million. Cautionary Aveng is still in discussions in relation to (i) the sale of its Aveng Trident Steel and Aveng Steel Fabrication business units, and (ii) the transformation of Aveng Grinaker-LTA, accordingly shareholders are advised to continue to exercise caution when dealing in Aveng Limited securities until a further announcement is published. Independent JSE Sponsor J.P. Morgan Equities South Africa (Pty) Ltd By Order of the Board 30 August 2016 Jet Park Michael Canterbury Group Executive: Investor relations Tel: 011 779 2979 Email: michael.canterbury@avenggroup.com Date: 30/08/2016 04:58:00 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.