Dealing In AVI Shares By An AVI Director AVI Limited (Incorporated in the Republic of South Africa) Registration Number 1944/017201/06 Share Code: AVI ISIN: ZAE000049433 (“AVI” or “the Company”) DEALING IN AVI SHARES BY AN AVI DIRECTOR 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 : Simon Crutchley Date of transaction : 11 December 2017 Strike price and exercise price per option : R55.88 Number of ordinary shares : 169 702 Aggregate consideration : R 9 482 947.76 Class of securities : Options in respect of ordinary shares Nature of transaction : Exercise of options granted in April 2013 Extent of interest : Direct beneficial The above transaction was done off-market. Director : Simon Crutchley Date of transaction : 11 December 2017 Price per unit : R103.50 Number of ordinary shares : 169 702 Aggregate consideration : R 17 564 157.00 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. Name of director : Simon Crutchley Date of transaction : 11 December 2017 Strike price and exercise price per option : R53.38 Number of ordinary shares : 202 156 Aggregate consideration : R 10 791 087.28 Class of securities : Options in respect of ordinary shares Nature of transaction : Exercise of options granted in April 2014 Extent of interest : Direct beneficial The above transaction was done off-market. Director : Simon Crutchley Date of transaction : 11 December 2017 Price per unit : R103.50 Number of ordinary shares : 202 156 Aggregate consideration : R 20 923 146.00 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. Name of director : Simon Crutchley Date of transaction : 11 December 2017 Strike price and exercise price per option : R65.46 Number of ordinary shares : 178 038 Aggregate consideration : R 11 654 367.48 Class of securities : Ordinary shares Nature of transaction : Acceptance of shares awarded in terms of the AVI Limited Out- Performance Scheme Extent of interest : Direct beneficial The above transaction was done off-market. Name of Director : Simon Crutchley Date of transaction : 11 December 2017 Price per unit : R103.50 Number of ordinary shares : 178 038 Aggregate consideration : R 18 426 933.00 Class of securities : Ordinary shares Nature of transaction : Sale of shares accepted as above Extent of interest : Direct beneficial The above transaction was done on-market. The majority of the shares sold are approaching their lapse dates in terms of the rules of the respective share schemes. Simon Crutchley continues to hold 800 000 AVI shares in his own name, as well as a total of 659 511 unvested share options in AVI’s share incentive schemes. 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 12 December 2017 Sponsor The Standard Bank of South Africa Limited Date: 12/12/2017 10:50:00 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.