AVENG LIMITED - Notification of the Capitalisation of Interest

Date

AEGCB AEG 201807030034A

Notification of the Capitalisation of Interest

AVENG LIMITED

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

(“Aveng” or “the Issuer”)

NOTIFICATION OF THE CAPITALISATION OF INTEREST

Bondholders are referred to the SENS released today, confirming the voting results from the

Bondholders Meeting held on 3 July 2018 in which Bondholders approved the amendments to the

Terms and Conditions of the Issuer's ZAR 2,000,000,000.00, 7.25% senior unsecured convertible

registered bonds due Wednesday, 24 July 2019 (the "Convertible Bonds").

Bondholders are specifically advised that Condition 8.1 (b) relating to Interest on Bonds has been

amended with immediate effect. The result of this amendment is that interest due in respect of each

Interest Period is payable in arrears on the Interest Payment Date in respect of such Interest Period,

either in cash or by capitalising same, in which event the Principal Amount of each Bond will be

deemed to have been increased accordingly.

The Issuer will calculate the Interest Amount payable in respect of each Bond for each Interest Period.

The Interest Amount for half yearly interest payments shall be calculated by multiplying the Interest

Rate by the Principal Amount of the Bond and then dividing such product by two with the resultant

sum being rounded to the nearest cent and consequently half a cent being rounded upwards. Should

interest be required to be calculated for a period of other than six months, in the case of semi-annual

interest payments, such interest shall be calculated on the basis of a 365 day year and the actual

number of days elapsed in such period.

Accordingly, for the current interest period, the Issuer confirms that the interest will be capitalised in

accordance with the amended terms and conditions.

3 July 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

Aveng

Michael Canterbury

Group Executive: Strategy & Investor Relations

Tel: 011 779 2979

Email: michael.canterbury@avenggroup.com

Date: 03/07/2018 01:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').

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