AECI LIMITED                                  

                    (Incorporated in the Republic of South Africa)                 

                         (Registration Number 1924/002590/06)                      

                           Tax reference number: 9000008608                        

                         Share code: AFEP   ISIN: ZAE000000238                     

                               ("AECI" or "the Company")                           

    DECLARATION OF PREFERENCE SHARE DIVIDEND NO. 159

    NOTICE IS HEREBY GIVEN that, on Tuesday, 21 November 2017, the Directors of
    AECI declared a gross cash dividend, at the rate of 5,5 per cent per annum
    (equivalent to 2,75 pence sterling), for the six months ending Friday, 15
    December 2017.  The dividend is payable on Friday, 15 December 2017 to holders
    of preference shares recorded in the register of the Company at the close of
    business on the record date, being Friday, 8 December 2017.

    The last day to trade "cum" dividend will be Tuesday, 5 December 2017 and
    shares will commence trading "ex" dividend as from the commencement of business
    on Wednesday, 6 December 2017.

    The dividend is declared in pound sterling and payment will be made from the
    offices of the Transfer Secretaries in South Africa and the United Kingdom on
    Friday, 15 December 2017.  Dividends payable from South Africa will be paid in
    South African currency at the rate of 52,12757 ZAR cents per share (gross
    dividend) in accordance with the exchange rate ruling on Monday, 13 November
    2017 (1 pound sterling = ZAR18,95548).

    A South African dividend withholding tax of 20% will be applicable to all
    shareholders who are not either exempt or entitled to a reduction of the
    withholding tax rate in terms of a relevant Double Taxation Agreement,
    resulting in a net dividend of 41,70206 cents per share payable to those
    shareholders who are not eligible for exemption or reduction.  Application
    forms for exemption or reduction may be obtained from the Transfer Secretaries
    and must be returned to them on or before Tuesday, 5 December 2017.

    Dividends payable from the United Kingdom office will be subject to such tax
    deductions as are prescribed by United Kingdom legislation unless a certificate
    exempting the shareholder concerned from such tax deduction is received before
    Tuesday, 5 December 2017.

    The issued share capital of the Company at the declaration date is 121 829 083
    listed ordinary shares, 10 117,951 unlisted redeemable convertible B ordinary
    shares and 3 000 000 listed cumulative preference shares.  The dividend has
    been declared from the income reserves of the Company.

    Any change of address or dividend instruction must be received on or before
    Tuesday, 5 December 2017.

    Share certificates may not be dematerialised or rematerialised between
    Wednesday, 6 December 2017 and Friday, 8 December 2017, both days inclusive.

    By order of the Board

    E N Rapoo

    Group Company Secretary

    Woodmead, Sandton

    21 November 2017

    Transfer Secretaries

    Computershare Investor Services Proprietary Limited

    Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

    and

    Computershare Investor Services plc

    P O Box 82

    The Pavilions

    Bridgwater Road

    Bristol BS99 7NH

    England

    Registered office

    1st Floor, AECI Place

    24 The Woodlands

    Woodlands Drive

    Woodmead

    Sandton

    South African Sponsor

    Rand Merchant Bank (A division of FirstRand Bank Limited)