Acceptance Of Share Appreciation Rights (“SARs”) By AVI Directors And Directors Of A Major Subsidiary AVI Limited Incorporated in the Republic of South Africa Registration Number 1944/017201/06 Share Code: AVI ISIN: ZAE000049433 (“AVI”) ACCEPTANCE OF SHARE APPRECIATION RIGHTS (“SARs”) BY AVI DIRECTORS AND DIRECTORS OF A MAJOR SUBSIDIARY In compliance with sections 3.63 – 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Director : Simon Crutchley Company : AVI Date of transaction : 26 June 2017 Nature of transaction : Acceptance of SARs in the Revised AVI Executive Share Incentive Scheme Class of securities : SARs in respect of ordinary shares Number of SARs granted : 177 594 SARs allocation price : R101.79 Total value of transaction : R18,077,293.26 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Michael Koursaris Company : AVI Date of transaction : 26 June 2017 Nature of transaction : Acceptance of SARs in the Revised AVI Executive Share Incentive Scheme Class of securities : SARs in respect of ordinary shares Number of SARs granted : 67 376 SARs allocation price : R101.79 Total value of transaction : R6,858,203.04 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Keith Phillips Company : National Brands Limited Date of transaction : 26 June 2017 Nature of transaction : Acceptance of SARs in the Revised AVI Executive Share Incentive Scheme Class of securities : SARs in respect of ordinary shares Number of SARs granted : 26 645 SARs allocation price : R101.79 Total value of transaction : R2,712,194.55 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : David Hood Company : National Brands Limited Date of transaction : 26 June 2017 Nature of transaction : Acceptance of SARs in the Revised AVI Executive Share Incentive Scheme Class of securities : SARs in respect of ordinary shares Number of SARs granted : 72 614 SARs allocation price : R101.79 Total value of transaction : R7,391,379.06 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Illovo 28 June 2017 Sponsor The Standard Bank of South Africa Limited Date: 28/06/2017 05:10:00 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.