Bsi : Finalisation Announcement regarding Scheme of Arrangement and delisting from the JSE

BSI Steel Limited

(Incorporated in the Republic of South Africa) (Registration number 2001/023164/06)

JSE code: BSS

ISIN: ZAE000125134 ("BSI" or "the Company")

FINALISATION ANNOUNCEMENT REGARDING THE SCHEME OF ARRANGEMENT AND DELISTING FROM THE ALTX

• 1. Introduction

  BSI shareholders ("Shareholders") are referred to the announcement dated 22 December 2017 ("Announcement") wherein they were advised, inter alia, that the circular ("Circular") relating to a scheme of arrangement in terms of section 114 of the Companies Act, the delisting of BSI's shares from the Altx and amendments to the rules of BSI's employee share appreciation right scheme ("Transaction") was posted to Shareholders on 22 December 2017. The Circular is also available for viewing on the Company's website atwww.bsisteel.com.

  Shareholders should note that, whilst the entire Circular is important and should be read in its entirety, particular attention should be paid to:

  •  the "Action Required By Shareholders" section commencing on page 2 of the Circular;

  •  paragraph 3 which sets out the terms of the Scheme, which commences on page 17 of the Circular; and

  •  paragraph 10 of the Circular which deals with the tax implications for Scheme Participants as set on page 26 of the Circular.

  Where applicable, words and expressions in this announcement shall have the same meaning as assigned to them in the Circular.

• 2. Fufilment of suspensive conditions and important dates and times

  All the suspensive conditions to the Transaction, as detailed in the Circular, have now been fulfilled. Due to the Transaction becoming unconditional in accordance with the timetable presented in the Circular and the Announcement, no changes to the timetable are required. The salient dates and times relating to the Transaction therefore remain as follows:

Notes:

• 1. The above dates and times may be amended by BSI (subject to the approval of the JSE and/or the TRP, if required).

• 2. Shareholders should note that as transactions in shares are settled in the electronic settlement system used by Strate, settlement of trades takes place three Business Days after such trade. Therefore, Shareholders who acquire Shares after close of trade on Tuesday, 20 February 2018, will not be eligible to participate in the Scheme.

• 3. All dates and times quoted in this document are South African dates and times.

• 4. For the purpose of being eligible to participate in the Scheme, no Dematerialisation or rematerialisation of Shares may take place from Wednesday, 21 February 2018.

• 5. The date of payment of the Scheme Consideration will be Monday, 26 February 2018 in respect of Dematerialised Shareholders and in accordance with paragraph 3.5.4.3 of the Circular in respect of Certificated Shareholders.

Johannesburg

13 February 2018

Corporate Advisor and Designated Advisor Sasfin Capital (a member of the Sasfin Group)

Legal Advisor

Werksmans Incorporated