Dealings In Securities by Directors and Subsidiary Directors in terms of the Aveng Long Term Incentive Plan (LTIP). AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng" or "the Group") DEALINGS IN SECURITIES BY DIRECTORS AND SUBSIDIARY DIRECTORS IN TERMS OF THE AVENG LONG TERM INCENTIVE PLAN (LTIP). Awards were made on 21 December 2017 in terms of the 2018 Special Incentive Award Scheme ("Scheme") which provides for the award of performance and retention shares as well as under the Aveng Long Term Incentive Plan which provides for the award of bonus shares. All the awards are for the direct beneficial interests of directors. Long Term Incentive Plan (“LTIP”) Schedule 14 of the JSE Limited Listings Requirements applies to the LTIP Performance, Retention and Bonus Share awards made under the scheme in this instance, as they are settled by way of utilising currently available treasury shares. Long Term Incentive Plan Performance Shares awarded to and accepted by Directors and Subsidiary Directors: Name of director: AH Macartney Company: Aveng Limited Forfeitable shares awarded: 840 011 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 1 755 623 Acceptance date: 21 December 2017 Name of director: JJA Mashaba Company: Aveng Limited Forfeitable shares awarded: 857 215 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 1 791 580 Acceptance date: 21 December 2017 Name of subsidiary director: MH Nana Company: Aveng (Africa) (Pty) Limited Forfeitable shares awarded: 287 081 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 600 000 Acceptance date: 21 December 2017 In terms of the rules of the Scheme, the vesting period is three (3) years from the date of award and vesting is subject to the satisfaction of performance conditions and continued employment by the recipients. Long Term Incentive Plan Retention Shares awarded to and accepted by Directors and Subsidiary Directors: Name of director: AH Macartney Company: Aveng Limited Forfeitable shares awarded: 441 006 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 921 702 Acceptance date: 21 December 2017 Name of director: JJA Mashaba Company: Aveng Limited Forfeitable shares awarded: 450 038 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 940 580 Acceptance date: 21 December 2017 Name of subsidiary director: MH Nana Company: Aveng (Africa) (Pty) Limited Forfeitable shares awarded: 150 718 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 315 000 Acceptance date: 21 December 2017 In terms of the rules of the Scheme, the vesting period is three (3) years from the date of award and vesting is subject to continued employment by the recipients. Bonus Shares, which are the deferred portion of the Short-Term Incentive, awarded to and accepted by Directors and Subsidiary Directors: Name of director: AH Macartney Company: Aveng Limited Forfeitable shares awarded: 126 373 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 264 120 Acceptance date: 21 December 2017 Name of director: JJA Mashaba Company: Aveng Limited Forfeitable shares awarded: 125 895 ordinary shares Date of transaction: 21 December 2017 Award price per share: R 2.09 Total value: R 263 120 Acceptance date: 21 December 2017 In terms of the rules of the LTIP, vesting of the award takes place over three (3) years, where vesting occurs in three (3) equal tranches in year one (1), year two (2) and year three (3). Vesting is subject to continued employment by the recipients. The necessary clearance in terms of paragraph 3.66 of the JSE Listings Requirements has been obtained. 21 December 2017 Sponsor: UBS South Africa (Pty) Limited Date: 21/12/2017 03:25:00 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.