Aveng circular - follow-on rights offer and notice of extraordinary general meeting Aveng Limited Incorporated in the Republic of South Africa (Registration number 1944/018119/06) Share code: AEG ISIN: ZAE000111829 (“Aveng” or “the Company”) AVENG CIRCULAR – FOLLOW-ON RIGHTS OFFER AND NOTICE OF EXTRAORDINARY GENERAL MEETING 1. Introduction Shareholders are referred to the announcement published on SENS on Tuesday, 23 March 2021 in terms of which the Company announced the successful completion of the R300 million rights offer which closed on Friday, 19 March 2021 (the "Initial Rights Offer"). It was noted that the Initial Rights Offer received greater than expected interest. Immediately following the Initial Rights Offer, certain shareholders of the Company indicated a willingness to provide further capital to support the Company. Such additional capital was not anticipated at the time of developing the Balance Sheet Restructure Transaction (as defined in the Initial Rights Offer circular). The additional capital would provide the Company with an opportunity to (i) further solidify its balance sheet, (ii) accelerate its business plan, and (iii) fund identified growth opportunities which will provide attractive returns, mainly in the Moolmans business. In order to raise the abovementioned additional capital, Aveng intends to launch a further co- underwritten, renounceable rights offer to raise up to R100 million from shareholders (the "Follow-on Rights Offer"). In order to do so, Aveng requires the approval of its shareholders. The details of the Follow-on Rights Offer will be set out in the Aveng circular. The circular is available on the Company’s website https://www.aveng.co.za/circular.php 2. Notice of Extraordinary General Meeting and salient dates Notice is therefore given that a circular convening an Extraordinary General Meeting of shareholders (“EGM”) has been posted on Tuesday, 6 April 2021. The EGM will be held on Wednesday, 5 May 2021 in order to consider and, if deemed fit, pass the resolutions detailed in the circular to allow Aveng to proceed with the Follow-on Rights Offer. Salient dates pertaining to the EGM are detailed below. 2021 Record date to be eligible to receive this circular Friday, 26 March Date of issue of this circular Tuesday, 6 April Last Day to Trade to participate in and vote at the Extraordinary General Tuesday, 20 April Meeting Voting Record Date to participate and vote at the Extraordinary General Friday, 23 April Meeting Deadline for purposes of lodging proxy forms with the Transfer Secretaries (for Monday, 3 May administrative purposes, 48 hours prior to the Extraordinary General Meeting) by 09:00 on Written notice to participate electronically in the Extraordinary General Meeting Monday, 3 May to be delivered to the Transfer Secretaries by 09:00 on Extraordinary General Meeting to be held at 09:00 on Wednesday, 5 May Results of the Extraordinary General Meeting to be released on SENS Thursday, 6 May 6 April 2021 Melrose Arch JSE Sponsor UBS South Africa Proprietary Limited Edinah Mandizha Company Secretary Tel: 011 779 2800 Email: info@avenggroup.com 2 Date: 06-04-2021 01:59:00 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.