Change in designated advisor, renewal of cautionary and clarification announcement AVIOR CAPITAL MARKETS HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number: 2015/086358/06) JSE Share Code: AVR ISIN: ZAE000211637 (“Avior Holdings” or “the Company”) CHANGE IN DESIGNATED ADVISOR, RENEWAL OF CAUTIONARY AND CLARIFICATION ANNOUNCEMENT 1. CHANGE IN DESIGNATED ADVISOR The Company, in accordance with paragraph 21.30 of the JSE Limited’s’ (“JSE”) Listings Requirements (“Listing Requirements”), advises shareholders of Avior Holdings (“Shareholders”) that Pallidus Capital Proprietary Limited will resign as the Company’s designated advisor with effect from 22 November 2019, from which date Java Capital Trustees and Sponsors Proprietary Limited will be the Company’s appointed designated advisor. 2. RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the announcement published by the Company on the JSE stock exchange news service on 13 September 2019, in terms of which Shareholders were, inter alia, advised that a potential delisting from the JSE’s ALTX (“Proposed Delisting”) was still being considered by the board of directors of the Company (“Board”). In accordance with paragraph 11.41 of the JSE Listings Requirements (“Listing Requirements”), Shareholders are hereby advised that the Proposed Delisting is still being considered by the Board. Accordingly, Shareholders are advised to continue exercising caution when dealing in the Company’s securities until such time a further announcement has been made by the Company in this regard. 3. CLARIFICATION Shareholders are further advised that all price sensitive information in respect of a claim against Avior Capital Markets Proprietary Limited relating to a lease dispute (“Claim”) was released on SENS on 13 September 2019 and the Company is not under cautionary in respect of the Claim. The Company has entered an appearance to defend in respect thereof and the Company will notify Shareholders if there are any further material developments. Sandton 29 October 2019 Designated Advisor: Pallidus Capital Proprietary Limited Date: 29/10/2019 05:30:00 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.