AECI LIMITED                                  

                    (Incorporated in the Republic of South Africa)                 

                         (Registration Number 1924/002590/06)                      

                          Share code AFE   ISIN: ZAE000000220                      

                               ("AECI" or "the Company")                           

    ACQUISITION OF SECURITIES BY CLIENTS OF ALLAN GRAY PROPRIETARY LIMITED ("Allan
    Gray")

    In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 and
    section 3.83(b) of the JSE Limited Listings Requirements, shareholders are
    advised that AECI has received formal notification that clients of Allan Gray
    have, in aggregate, acquired an interest in the ordinary shares of the Company,
    such that the total interest in the ordinary shares of the Company held by
    Allan Gray's clients now amounts to 10,7629% of the total issued ordinary
    shares of the Company.

    Woodmead, Sandton

    23 November 2017

    Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)