Fulfilment of conditions precedent to the acquisition of Much Asphalt Proprietary Limited (“Much Asphalt”) AECI LIMITED Incorporated in the Republic of South Africa (Registration number: 1924/002590/06) Share code: AFE ISIN: ZAE000000220 (“the Company”) FULFILMENT OF CONDITIONS PRECEDENT TO THE ACQUISITION OF MUCH ASPHALT PROPRIETARY LIMITED (“MUCH ASPHALT”) AND CLOSURE Further to the Company’s announcement released on the Stock Exchange News Service of the JSE Limited on 30 October 2017 regarding the acquisition by AECI of shares in Much Asphalt (“the Transaction”), shareholders are advised that all conditions precedent to the Transaction have now been fulfilled, including the conclusion of a management agreement in terms of which management retained approximately 2% of the shares of Much Asphalt. Accordingly, AECI acquired approximately 98% of the entire issued share capital of Much Asphalt. In terms of the agreement governing the Transaction, the closing of the Transaction took place on 3 April 2018 (“Closing Date”). Following adjustments, R1 988 million was paid on the Closing Date, which is subject to further adjustments after finalisation of the effective date accounts. Woodmead, Sandton 3 April 2018 Investment Bank, Corporate Advisor and Transaction Sponsor to AECI The Standard Bank of South Africa Limited Corporate Advisor to AECI Deloitte Capital Proprietary Limited Legal Advisors to AECI Webber Wentzel Date: 03/04/2018 05:00:00 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.