Acceptance Of Share Options By AVI Directors, Directors Of Major Subsidiaries And The AVI Company Secretary AVI Limited (Incorporated in the Republic of South Africa) (Registration Number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 (“AVI”) ACCEPTANCE OF SHARE OPTIONS BY AVI DIRECTORS, DIRECTORS OF MAJOR SUBSIDIARIES AND THE AVI COMPANY SECRETARY 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 : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 50 336 Option allocation price : R98.57 Total value of transaction : R4,961,619.52 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Owen Cressey Company : AVI Date of transaction : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 26 645 Option allocation price : R98.57 Total value of transaction : R2,626,397.65 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 : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 19 178 Option allocation price : R98.57 Total value of transaction : R1,890,375.46 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Gaynor Poretti Company : National Brands Limited Date of transaction : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 23 334 Option allocation price : R98.57 Total value of transaction : R2,300,032.38 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 : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 22 723 Option allocation price : R98.57 Total value of transaction : R2,239,806.11 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : John Jankovich-Besan Company : Irvin & Johnson Holding Company (Pty)Ltd Date of transaction : 18 December 2017 Nature of transaction : Acceptance of options in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 18 141 Option allocation price : R98.57 Total value of transaction : R1,788,158.37 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Owen Cressey Company : AVI Date of transaction : 20 December 2017 Nature of transaction : Acceptance of options in the AVI Revised Executive Share Incentive Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 104 767 Option allocation price : R97.77 Total value of transaction : R10,243,069.59 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Company Secretary : Sureya Scheepers Company : AVI Date of transaction : 20 December 2017 Nature of transaction : Acceptance of options in the AVI Revised Executive Share Incentive Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 12 357 Option allocation price : R97.77 Total value of transaction : R1,208,143.89 Vesting period : 3 years Nature and extent of interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Illovo 20 December 2017 Sponsor The Standard Bank of South Africa Limited Date: 20/12/2017 10:50:00 Produced by the JSE SENS Department. 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