AVENG : Changes to board composition

AEG 201708230052A

Changes to board composition

AVENG LIMITED

(Incorporated in the Republic of South Africa)

(Registration number: 1944/018119/06)

ISIN: ZAE000111829

SHARE CODE: AEG

('Aveng', 'the Company' or 'the Group')

CHANGES TO BOARD COMPOSITION

In accordance with section 3.59 of the JSE Listings Requirements, the Aveng Board announces that

Eric Diack has been appointed as Executive Chairman with immediate effect. Mahomed Seedat has

stepped down from the role of independent non-executive chairman as he believes that Eric is better

positoned for the role. This will be with immediate effect. Eric's extensive commercial experience will

support the management team as it enhances its strategy to enable the company to realise its

significant underlying value.

Kobus Verster will continue in the role of Group Chief Executive Officer and continues to enjoy the full

support of the Board. Kobus and Eric will work together to deliver on the potential of the company

sooner rather than later.

Eric Diack, is a Chartered Accountant, and has been CEO and CFO of a number of major industrial

and mining companies, as well as a director on numerous listed and unlisted boards. He has been

integral to a multitude of transactions during his corporate and entrepreneurial career.

As a result of assuming the role of Executive Chairman, Eric Diack will relinquish his role as chairman

of the Audit Committtee. Philip Hourquebie, currently an independent non-executive director and

member of the Audit Committee, has been appointed to chair the Audit Committee. Peter Erasmus,

currently an independent non-executive director, has been appointed as a member of the Audit

Committee to replace Eric Diack.

The board is also pleased to announce that Ms Kholeka Mzondeki, currently an independent non-

executive director, has been appointed as lead independent director with immediate effect.

Following these changes, the composition of the Board remains compliant with the King IV

requirement that a board of directors should comprise a balance of power, with a majority of non-

executive directors, the majority of whom should be independent.

'The Board and I are confident we can deliver on Aveng's potential by harnessing the talent and

experience that exists within the Group. The continued support of our key stakeholders remains

integral to our success,' said Diack.

JSE Sponsor

UBS South Africa Proprietary Limited

23 August 2017

Jet Park

Michael Canterbury

Group Executive: Strategy & Investor Relations

Tel: 011 779 2979

Email: michael.canterbury@avenggroup.com

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