Changes to board composition 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”) CHANGES TO BOARD COMPOSITION In accordance with section 3.59 of the JSE Listings Requirements, the Aveng Board announces that Eric Diack has been appointed as Executive Chairman with immediate effect. Mahomed Seedat has stepped down from the role of independent non-executive chairman as he believes that Eric is better positoned for the role. This will be with immediate effect. Eric's extensive commercial experience will support the management team as it enhances its strategy to enable the company to realise its significant underlying value. Kobus Verster will continue in the role of Group Chief Executive Officer and continues to enjoy the full support of the Board. Kobus and Eric will work together to deliver on the potential of the company sooner rather than later. Eric Diack, is a Chartered Accountant, and has been CEO and CFO of a number of major industrial and mining companies, as well as a director on numerous listed and unlisted boards. He has been integral to a multitude of transactions during his corporate and entrepreneurial career. As a result of assuming the role of Executive Chairman, Eric Diack will relinquish his role as chairman of the Audit Committtee. Philip Hourquebie, currently an independent non-executive director and member of the Audit Committee, has been appointed to chair the Audit Committee. Peter Erasmus, currently an independent non-executive director, has been appointed as a member of the Audit Committee to replace Eric Diack. The board is also pleased to announce that Ms Kholeka Mzondeki, currently an independent non- executive director, has been appointed as lead independent director with immediate effect. Following these changes, the composition of the Board remains compliant with the King IV requirement that a board of directors should comprise a balance of power, with a majority of non- executive directors, the majority of whom should be independent. "The Board and I are confident we can deliver on Aveng's potential by harnessing the talent and experience that exists within the Group. The continued support of our key stakeholders remains integral to our success," said Diack. JSE Sponsor UBS South Africa Proprietary Limited 23 August 2017 Jet Park Michael Canterbury Group Executive: Strategy & Investor Relations Tel: 011 779 2979 Email: michael.canterbury@avenggroup.com Date: 23/08/2017 05:32:00 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.