AVENG LIMITED - Notification of the Capitalisation3 Jul 2018
AEGCB AEG 201807030034A
Notification of the Capitalisation of Interest

Incorporated in the Republic of South Africa
(Registration number 1944/018119/06)
Share code: AEG        ISIN: ZAE000111829
JSE 2019 Convertible Bond Code: AEGCB
JSE 2019 Convertible Bond ISIN: ZAE000194940
(“Aveng” or “the Issuer”)


Bondholders are referred to the SENS released today, confirming the voting results from the
Bondholders Meeting held on 3 July 2018 in which Bondholders approved the amendments to the
Terms and Conditions of the Issuer's ZAR 2,000,000,000.00, 7.25% senior unsecured convertible
registered bonds due Wednesday, 24 July 2019 (the "Convertible Bonds").

Bondholders are specifically advised that Condition 8.1 (b) relating to Interest on Bonds has been
amended with immediate effect. The result of this amendment is that interest due in respect of each
Interest Period is payable in arrears on the Interest Payment Date in respect of such Interest Period,
either in cash or by capitalising same, in which event the Principal Amount of each Bond will be
deemed to have been increased accordingly.

The Issuer will calculate the Interest Amount payable in respect of each Bond for each Interest Period.
The Interest Amount for half yearly interest payments shall be calculated by multiplying the Interest
Rate by the Principal Amount of the Bond and then dividing such product by two with the resultant
sum being rounded to the nearest cent and consequently half a cent being rounded upwards. Should
interest be required to be calculated for a period of other than six months, in the case of semi-annual
interest payments, such interest shall be calculated on the basis of a 365 day year and the actual
number of days elapsed in such period.

Accordingly, for the current interest period, the Issuer confirms that the interest will be capitalised in
accordance with the amended terms and conditions.

3 July 2018

Financial advisor and transaction sponsor for the Capital Markets Transaction
Rand Merchant Bank (A division of FirstRand Bank Limited)

Legal advisors
Baker McKenzie

Debt sponsor
Absa Bank Limited, acting through its corporate and investment banking division

Michael Canterbury
Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Email: michael.canterbury@avenggroup.com

Date: 03/07/2018 01:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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