Renewal of 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 RENEWAL OF CAUTIONARY PROPOSED INTRODUCTION OF AN ECONOMIC EMPOWERMENT PARTNER INTO THE BUSINESS CONDUCTED BY AVENG GRINAKER-LTA With the intention of substantially transforming the Aveng Grinaker-LTA Business ("Business"), on 11 October 2016, the Group advised shareholders that Aveng Africa (Pty) Ltd ("Aveng Africa"), a wholly owned subsidiary of Aveng Limited, has entered into binding agreements with Kutana Construction (Pty) Ltd (“Kutana Construction”) whereby Kutana Construction will acquire a 51% Beneficial Interest (which as a result of a non-voting equity instrument structure converts to effectively a 45% economic interest ("Economic Interest"), in the Business on 1 February 2017, (the "Proposed Transaction"). The net asset value of the Business as at 30 June 2016 was R369 million. The after taxation loss attributable to the interest for the year ended 30 June 2016 was R112 million. Renewal of Cautionary Aveng Africa (Pty) Ltd is still in discussions in relation to the sale of Aveng Trident Steel and shareholders will receive a further update in this regard in due course. Therefore shareholders are advised to continue to exercise caution when dealing in their Aveng securities. Independent JSE Sponsor J.P. Morgan Equities South Africa (Pty) Ltd By Order of the Board 22 November 2016 Jet Park Michael Canterbury Group Executive: Investor relations Tel: 011 779 2979 Email: michael.canterbury@avenggroup.com Date: 22/11/2016 12:00:00 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.