Directors' dealing in securities AVI Limited Registration Number 1944/017201/06 Share Code: AVI ISIN: ZAE000049433 (“AVI”) DEALING IN AVI SHARES BY A DIRECTOR OF A MAJOR SUBSIDIARY In compliance with Rules 3.63 – 3.74 of the Listings Requirements of the JSE Limited (“the JSE”), the following information is disclosed: Name of director : Keith Phillips Company : National Brands Limited Date of transaction : 13 November 2014 Strike price and exercise price per option : R29.38 Number of ordinary shares : 13 305 Aggregate consideration : R 390 900.90 Class of securities : Options in respect of ordinary shares Nature of transaction : Exercise of options granted in April 2011 Extent of interest : Direct beneficial The above transaction was done off-market. Director : Keith Phillips Company : National Brands Limited Date of transaction : 13 November 2014 Price per unit : R74.36 Number of ordinary shares : 13 305 Aggregate consideration : R 989 359.80 Class of securities : Ordinary shares Nature of transaction : Sale of shares in terms of the options exercised above Extent of interest : Direct beneficial The above transaction was done on-market. Clearance to deal in these shares was obtained in accordance with AVI’s policy with regard to director’s dealings as well as the Listings Requirements of the JSE. Illovo Sandton 14 November 2014 Sponsor The Standard Bank of South Africa Limited Date: 14/11/2014 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.