Update on the status of previously reported disposals AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG ("Aveng" or "the Group") Update on the status of previously reported disposals This announcement provides an update on the following disposals: - Aveng Dynamic Fluid Control (“DFC”), announced on 5 July 2019; - Aveng Grinaker-LTA Rand Roads (“Rand Roads”), announced on 12 July 2019; and - Aveng Grinaker-LTA Building and Civil Engineering business (“Aveng Grinaker-LTA Construction”), announced on 8 August 2019. DFC All consents and conditions precedent have been fulfilled or waived and the purchase price of R129 million has been received. The purchase price is subject to a final working capital adjustment that is to be agreed with the purchaser. Rand Roads All consents and conditions precedent have been fulfilled or waived, the upfront payment of R25 million has been received, the transaction has become effective, and the business has been delivered to the purchaser. There has been no change to the originally announced terms of the transaction. Aveng Grinaker-LTA Construction All consents and conditions precedent have been fulfilled or waived, the transaction has become effective and the business has been delivered to the purchaser. The purchase consideration is subject to a working capital adjustment. This adjustment will result in a reduction of R30.5 million to the previously announced consideration of R100 million. The settlement of the consideration will be via: - An initial payment of R20 million settled via 6 equal monthly instalments, commencing on the 25th day of the 6th month following the closing date; and - A further R49.5 million which will be settled by no later than the second anniversary of the closing date. The disposal of the Grinaker-LTA Ground Engineering business unit ("GEL") was announced on 12 July 2019. This transaction will not proceed in its current form, as a result of the purchaser subsequently being unable to secure the requisite funding of R7.5 million. GEL was identified as non-core as part of the strategic review, undertaken by the Group in February 2018, and continues to be deemed as such. Therefore, Aveng will continue to explore alternatives to affect the disposal of the business. Jet Park 6 December 2019 JSE Sponsor to Aveng Proprietary Limited UBS South Africa Proprietary Limited Legal Advisors to Aveng Proprietary Limited Baker McKenzie Enquiries: Michael Canterbury Group Executive: Strategy & Investor Relations Tel: 011 779 2979 Email: michael.canterbury@avenggroup.com Date: 06-12-2019 12:20:00 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.