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 MAJOR SUBSIDIARIES

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          :   15 June 2022
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       :   450 295
SARs allocation price        :   R69.23
Total value of transaction   :   R31 173 922.85
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          :   15 June 2022
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       :   148 281
SARs allocation price        :   R69.23
Total value of transaction   :   R10 265 493.63
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          :   15 June 2022
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       :   44 560
SARs allocation price        :   R69.23
Total value of transaction   :   R3 084 888.80
Vesting period               :   3 years
Nature and extent of
Director’s interest          :   Direct beneficial
On-market or off-market      :   Off-market
Clearance obtained           :   Yes

Director                     :   Harsha Govind
Company                      :   Irvin & Johnson Holding Company
                                 (Pty) Ltd
Date of transaction          :   15 June 2022
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       :   27 084
SARs allocation price        :   R69.23
Total value of transaction   :   R1 875 025.32
Vesting period               :   3 years
Nature and extent of
Director’s interest          :   Direct beneficial
On-market or off-market      :   Off-market
Clearance obtained           :   Yes


Illovo
15 June 2022

Sponsor
The Standard Bank of South Africa Limited