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 paragraphs 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 : 24 June 2020 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 : 361 080 SARs allocation price : R69.75 Total value of transaction : R25 185 330.00 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 : 24 June 2020 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 : 130 064 SARs allocation price : R69.75 Total value of transaction : R9 071 964.00 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 : 24 June 2020 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 : 128 601 SARs allocation price : R69.75 Total value of transaction : R8 969 919.75 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Roelf van der Laan Company : National Brands Limited Date of transaction : 24 June 2020 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 : 39 737 SARs allocation price : R69.75 Total value of transaction : R2 771 655.75 Vesting period : 3 years Nature and extent of Director’s interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Illovo 25 June 2020 Sponsor The Standard Bank of South Africa Limited Date: 25-06-2020 03:10:00 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.