Aveng Circular - Balance Sheet Restructure Transaction, Notice of the 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 - BALANCE SHEET RESTRUCTURE TRANSACTION, NOTICE OF THE EXTRAORDINARY GENERAL MEETING AND WITHDRAWAL OF THE CAUTIONARY 1. Introduction - The Company intends to undergo a recapitalisation and debt restructure including inter alia a Rights Offer and the settlement of debt by way of cash or a specific issue of shares to lenders (“Balance Sheet Restructure Transaction”). Aveng Shareholders are referred to the announcement released on SENS on Wednesday, 25 November 2020, in which Aveng announced its intention to proceed with the Balance Sheet Restructure Transaction. - Aveng intends to conclude the Balance Sheet Restructure Transaction in terms of which Aveng has negotiated the restructure of its existing debt facilities with the Lenders where (i) certain debt under such facilities will be settled through the issue of Aveng Ordinary Shares; (ii) certain debt will be settled in cash by Aveng utilising the proceeds from the Rights Offer; and (iii) the remaining debt will be restructured in terms of restructured term and overdraft facilities with a tenure of three years. The Recapitalisation Term Sheet will govern the Balance Sheet Restructure Transaction. The detailed implementation of the Balance Sheet Restructure Transaction is set out in the Aveng Circular. The Circular is available on the Company’s website https://www.aveng.co.za/circular.php). 1 2. Notice of Extraordinary General Meeting and salient dates Notice is hereby given that an Extraordinary General Meeting of shareholders (“EGM”) will be held virtually, at 09.00am on 20 January 2021 in order to pass the resolutions detailed in the Circular. The Notice of the EGM, which forms part of this Circular, is to provide Aveng Shareholders with relevant information in relation to the resolutions required before the Balance Sheet Restructure Transaction can be implemented, and to convene the EGM on Wednesday, 20 January 2021, at which General Meeting the Aveng Shareholders will be asked to consider and, if deemed fit, pass the resolutions contemplated in the Notice of the EGM. Salient dates pertaining to the EGM will be published in the notice of general meeting, which will be posted to shareholders on Friday, 18 December 2020 and are detailed below. Record date to be entitled to receive the circular incorporating the Friday, 4 December 2020 notice convening the General Meeting Circular and notice of the General Meeting posted to shareholder Friday, 18 December 2020 and announced on SENS Last day to trade in order to be eligible to attend and vote at the General Tuesday, 12 January 2021 Meeting Last day and time to give notice to participate in the General Meeting Friday, 15 January2021 electronically by 12:00 on Record date to participate in and vote at the General Meeting Friday, 15 January 2021 Last day to lodge forms of proxy with the Transfer Secretaries to vote at Monday, 18 January 2021 the General Meeting by 09:00 on General Meeting of Shareholders to be held at 09:00 on Wednesday, 20 January 2021 Results of General Meeting announced on SENS on Wednesday, 20 January 2021 3. Withdrawal of Cautionary Announcement Following the publication of the Circular, shareholders are advised that they no longer need to exercise caution in their dealings in Aveng shares. 2 18 December 2020 Melrose Arch JSE Sponsor UBS South Africa Proprietary Limited Edinah Mandizha Company Secretary Tel: 011 779 2800 Email: info@avenggroup.com 3 Date: 18-12-2020 03:45:00 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.