Acceptance of share options by AVI directors and directors of major subsidiaries 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 AND DIRECTORS OF MAJOR SUBSIDIARIES 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 : 11 December 2013 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 : 61 597 Option allocation price : R57.86 Total value of transaction : R3,564,002.42 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 : 11 December 2013 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 : 31 868 Option allocation price : R57.86 Total value of transaction : R1,843,882.48 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 : 11 December 2013 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 : 20 691 Option allocation price : R57.86 Total value of transaction : R1,197,181.26 Vesting period : 3 years Nature and extent of Director's interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : Sarah-Anne Orphanides Company : National Brands Limited Date of transaction : 11 December 2013 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 : 23 116 Option allocation price : R57.86 Total value of transaction : R1,337,491.76 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 : 11 December 2013 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 : 24 272 Option allocation price : R57.86 Total value of transaction : R1,404,377.92 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 : 11 December 2013 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 : 18 435 Option allocation price : R57.86 Total value of transaction : R1,066,649.10 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 : 11 December 2013 Nature of transaction : Acceptance ofoptions in the AVI Out Performance Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 30 733 Option allocation price : R57.86 Total value of transaction : R1,778,211.38 Vesting period : 3 years Nature and extent of Director's interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Director : John Jankovich-Besan Company : Irvin & Johnson Holding Company (Pty)Ltd Date of transaction : 11 December 2013 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 : 24 196 Option allocation price : R57.86 Total value of transaction : R1,399,980.56 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 : 11 December 2013 Nature of transaction : Acceptance of options in the AVI Executive Share Incentive Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 104 013 Option allocation price : R58.50 Total value of transaction : R6,084,760.50 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 Naidoo Company : AVI Date of transaction : 11 December 2013 Nature of transaction : Acceptance of options in the AVI Executive Share Incentive Scheme Class of securities : Options in respect of ordinary shares Number of options granted : 6 078 Option allocation price : R58.50 Total value of transaction : R355 563.00 Vesting period : 3 years Nature and extent of interest : Direct beneficial On-market or off-market : Off-market Clearance obtained : Yes Illovo 11 December 2013 Sponsor The Standard Bank of South Africa Limited Date: 11/12/2013 01:10:00 Produced by the JSE SENS Department. 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