Trading statement 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”) TRADING STATEMENT In accordance with section 3.4 (b) of the JSE Listings Requirements, shareholders are advised that the basic loss in earnings will improve by more than 100% and will be between R1 631 million and R1 731 million compared to a R3 523 million loss reported in the same comparative period. The headline loss for the period will be between R1 495 million and R1 595 million, compared to a restated headline loss of R1 563 million in the comparative period. The prior year headline loss has been restated from R 1 679 million to R1 563 million (HEPS loss decreasing to 290.1cps from 311.6cps). This follows from an extensive assessment of asset health within Moolmans carried out at the end of the prior year and beginning of the current year. This resulted in certain costs being disaggregated within already recorded cost of sales to better reflect how the asset components are utilised. Consequently these costs have been reflected as a loss on derecognition of components following early component failure. It should be noted that the HEPS loss and EPS loss values have been impacted by an increase in the weighted average number of shares in the period. The weighted average number of shares in issue at 30 June 2019 has increased to 15 995.5 million (538.8 million at 30 June 2018). The increase in the number of shares in issue is as a result of 4 926.8 million shares issued in the previously announced rights issue on 4 July 2018 and the 14 046 million shares issued relating to the early redemption of the convertible bond on 25 September 2018. As a result, the headline loss per share and the basic loss per share for the year ended 30 June 2019 have improved by more than 100% compared to the comparative period. The HEPS loss will be between 9.3cps and 10.0cps, compared to a restated loss of 290.1cps at 30 June 2018, while the EPS loss will be between 10.2cps and 10.8cps, compared to a reported loss of 653.9cps in the comparative period. The Group will release its results for the year ended 30 June 2019 on 28 August 2019. The financial information contained in this trading statement has not been reviewed nor reported on by Aveng’s independent external auditors. JSE Sponsor UBS South Africa Proprietary Limited 27 August 2019 Jet Park Michael Canterbury Group Executive: Strategy & Investor Relations Tel: 011 779 2979 Email: michael.canterbury@avenggroup.com Date: 27/08/2019 02:40:00 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.