Aveng : Mcconnell Dowell has been awarded the Bridgewater Bridge Contract for AUD600 million

AVENG LIMITED

Incorporated in the Republic of South Africa (Registration number: 1944/018119/06) ISIN: ZAE000302618

SHARE CODE: AEG

("Aveng" or "the Company" or "the Group")

MCCONNELL DOWELL HAS BEEN AWARDED THE BRIDGEWATER BRIDGE CONTRACT FOR AUD600 MILLION

Aveng is pleased to announce that, through its Australasia based subsidiary McConnell Dowell, it has been awarded a AUD600 million (approximately R6,9 billion) contract by the Tasmanian Department of State Growth ("DSG") to deliver Tasmania's largest-ever transport infrastructure project - the New Bridgewater Bridge. The awarded contract will increase McConnell Dowell's work in hand to approximately AUD3,0 billion (R35 billion) in July 2022.

This iconic project will replace the existing lift span bridge built in the 1940s and provide a new modern contemporary bridge spanning 1 km over the River Derwent. McConnell Dowell's chosen design features a new, four lane bridge downstream of the existing bridge including enhanced interchanges at Granton and Bridgewater, a dedicated shared pathway for cyclists and pedestrians and a navigation height matching the Bowen Bridge. The upgrade will benefit the 22,000 people that travel across the bridge each day, including local residents, commuters and freight vehicles and will fix the missing link in Tasmania's national highway.

Together with our design and construction partners, we are proud to be providing an innovative design that will deliver on a Tasmania focused strategy i.e., teaming with key local constructors to ensure maximum value add for Tasmania whilst drawing on best international experience and practice. Major construction will start later this year and the new bridge will be open to traffic by the end of 2024.

The award of the project follows an extensive Early Contractor Involvement (ECI) phase during which McConnell Dowell worked closely with DSG to develop the project.

The Bridgewater Bridge project was previously disclosed in McConnell Dowell's preferred tender projects (31 December: AUD2,1 billion). The Group continues to grow and optimise its work in hand in areas aligned to McConnell Dowell's strategic positioning as an engineering-ledspecialist multi-disciplinarycontractor working with customers, partners and the community to deliver complex infrastructure solutions in the transport, building, resources, energy, marine and water sectors.

19 July 2022

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Itumeleng Lepere

Stakeholder Engagement Lead

Tel: 011 779 2800

Email:investor.relations@avenggroup.com