Disposal of certain of Aveng Capital Partner’s Assets AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng" or "the Group") Disposal of certain of Aveng Capital Partner’s Assets Further to the SENS issued on 1 December 2016, with respect to the disposal of certain of the Aveng Capital Partner’s assets, being the equity interests and loans in the specific project companies (“the Transaction”). The Transaction constitutes a Category 1 transaction in terms of the Listings Requirements of the JSE Limited. In the Share Sale Agreement entered into between Celanex (Pty) Ltd, Royal Bafokeng Holdings (Pty) Ltd, Aveng (Africa) (Pty) Ltd and Steelmetals (Pty) Ltd, the parties agreed to a longstop date of 30 November 2016, by which the conditions precedent to the transaction would be fulfilled. The parties executed an addendum to the Share Sale Agreement extending the longstop date to 23 December 2016. Subsequent to the extension of the longstop date the following was achieved: - Aveng successfully disposed of Steelmetals N3TC Equity Interest for a purchase price of R195 million and funds flowed on 12 December 2016; - Aveng received the consent of the Department of Energy to dispose of the Windfall Equity Interest and the Blue Falcon Equity Interest, which has resulted in one of the major conditions precedent to the disposal being fulfilled. However, as certain of the conditions precedent with respect to the Windfall Equity Interest, the Blue Falcon Equity Interest and the Imvelo Equity Interest have still not been fulfilled, the parties have agreed to execute a second addendum to the Share Sale Agreement, further extending the longstop date to 31 January 2017, being the date by which the parties expect all outstanding required consents and approvals for the sale of the Windfall Equity Interest and the Blue Falcon Equity Interest to be in place. Jet Park 22 December 2016 Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Date: 22/12/2016 11:41:00 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.