AVENG LIMITED - Notice to Bondholders Regarding an Adjustment to the Conversion Price of the Bonds

Date

AEGCB AEG 201806130056A

Notice to Bondholders Regarding an Adjustment to the Conversion Price of the Bonds

AVENG LIMITED

(“Aveng” or “the Issuer”)

Incorporated in the Republic of South Africa

(Registration number 1944/018119/06)

Share code: AEG ISIN: ZAE000111829

JSE 2019 Convertible Bond Code: AEGCB

JSE 2019 Convertible Bond ISIN: ZAE000194940

NOTICE TO BONDHOLDERS REGARDING AN ADJUSTMENT TO THE CONVERSION PRICE OF THE BONDS

ZAR2,000,000,000 7.25 per cent. Senior Unsecured Convertible

Registered Bonds due 2019 (the “Bonds”)

Capitalised terms not otherwise defined in this notice shall have the meaning given to them in the

Terms and Conditions of the Bonds

In accordance with the Terms and Conditions of the Bonds, the Issuer hereby gives notice to

Bondholders that, as a result of the issue of Ordinary Shares to Shareholders by way of rights,

announced on the Stock Exchange News Service on Tuesday, 5 June 2018 and with an Ex Date of

Wednesday, 13 June 2018 and a Record Date of Friday, 15 June 2018, pursuant to Condition 9.2(a)(iv)

of the the Terms and Conditions, the Conversion Price has been adjusted to ZAR 10.40 (from

ZAR 28.76 previously), effective Monday, 18 June 2018, being the Dealing Day following the record date

for establishing the entitlement of Shareholders to participate in the issue.

13 June 2018

Financial advisor and transaction sponsor for the Capital Markets Transaction

Rand Merchant Bank (A division of FirstRand Bank Limited)

Legal advisors

Baker McKenzie

Debt sponsor

Absa Bank Limited, acting through its corporate and investment banking division

Michael Canterbury

Group Executive: Strategy & Investor Relations

Tel: 011 779 2979

Email: michael.canterbury@avenggroup.com

Date: 13/06/2018 04:48:00 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.