Update on the Acquisition by Insimbi of the AMR Group Insimbi Refractory and Alloy Supplies Limited (Incorporated in the Republic of South Africa) (Registration number: 2002/029821/06) Share code: ISB ISIN: ZAE000116828 (“Insimbi” or “the Company”) UPDATE ON THE ACQUISITION BY INSIMBI OF THE AMR GROUP Shareholders are referred to the SENS announcements regarding the acquisition by Insimbi of the AMR Group (“the Transaction”), the latest of which being 16 November 2016, whereby shareholders were advised that the Transaction was unconditionally approved by the Competition Commission (in terms of Chapter 3 of the Competition Act 1998). Shareholders are further advised that funders have confirmed their support for the senior debt funding on terms that are not materially different to that disclosed in the circular to shareholders posted to shareholders on Monday, 7 November 2016. Insimbi shareholders are reminded of the shareholders meeting scheduled for Monday, 5 December 2016 at 14:00 where approval for the Transaction will be sought. Shareholders are also reminded that expressions of interest to participate in the vendor placement must be submitted by Friday 2, December 2016. Shareholders are advised to contact Bridge Capital Advisors Proprietary Limited if they have any further queries about the vendor placement. Wadeville 23 November 2016 Corporate Advisor and Sponsor: Bridge Capital Advisors Proprietary Limited Date: 23/11/2016 12:32:00 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.