AVI RELATED SENS ANNOUNCEMENTS

AVI - Avi Limited - Voluntary Trading Update and Statement for the year ended 30
22 Jul 10

JSE Securities Exchange - SENS

AVI AVI - Avi Limited - Voluntary Trading Update and Statement for the year ended 30 June 2010 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") VOLUNTARY TRADING UPDATE AND STATEMENT FOR THE YEAR ENDED 30 JUNE 2010 The following update is based on the latest available trading information for the year ended June 2010 and covers performance for the Group's continuing operations. Segmental revenue for continuing operations for the year ended 30 June 2010 Revenue 2010 2009 Change Rm Rm % Entyce beverages* 2,218 2,099 5.7 Snackworks* 2,081 2,037 2.2 Chilled & frozen convenience 1,743 1,916 -9.0 brands** Fashion brands - personal care 803 730 10.0 Fashion brands - footwear & 782 670 16.7 apparel Corporate 7 10 GROUP 7,634 7,462 2.3 * = includes Out Of Home (Ciro and Sir Juice) ** = excludes Alpesca Group revenue for the year to June 2010 was 2,3% higher than last year with growth in most business units offset by a significant decline in I&J's revenue due to a combination of lower export selling prices, a stronger Rand and lower volumes following the reduction in the hake total allowable catch. Demand for the Group's other food and beverage brands was satisfactory in the context of constrained consumer spending and they all achieved revenue growth as a result of either higher volumes or the annualising impact of price increases taken in the prior year. AVI's personal care and footwear brands performed strongly, benefitting from price increases implemented in the second half of the last financial year as well as solid volume growth. All business units, aside from I&J, delivered robust improvements in operating profit. This strong performance has more than off-set the significant decline in I&J's operating profit and both consolidated gross profit and consolidated operating profit are higher than last year. The anticipated improvement in Snackwork's profit margins in the second half of the year, due to lower commodity costs and progress with factory efficiencies, has been particularly pleasing. The consolidated gross margin percentage for the year has recovered to levels similar to the 2008 financial year following the significant pressure endured during a period of high commodity costs and constrained demand in our food and beverage categories. The fashion brand business units also contributed to the improvement with both Indigo and Spitz achieving higher gross margins through the year. Selling and administration costs have been well controlled and despite the poor performance of I&J the consolidated operating profit margin percentage is slightly higher than last year. The Australian Simplot Joint Venture has continued to deliver improved profits as noted in our interim results, and full year profit is well above last year. Lower average debt levels during the period, combined with lower interest rates, have resulted in a material decrease in net finance charges compared to the same period in the prior year. CAPITAL ITEMS Capital items in the year ended June 2010 are not material and relate to losses on disposal of assets in the normal course of business. In the prior year there was a net capital gain of R17,1 million before tax which included profits on the sale of an I&J property and a non-core subsidiary offset by impairment of intangible assets. This difference results in a smaller increase in attributable earnings than headline earnings. EXPECTED RESULTS FOR CONTINUING OPERATIONS The following statement is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited: - Consolidated headline earnings per share for the continuing operations of the Group for the year ended 30 June 2010 are expected to increase by between 11% and 16% over the comparable period in the prior year; - Consolidated earnings per share for the continuing operations of the Group for the year ended 30 June 2010, including net capital gains and losses on the disposal of assets, are expected to reflect an increase of between 6% and 11% over the comparable period in the prior year. DISCONTINUED OPERATIONS - ALPESCA The Board remains committed to disinvesting from the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. A material impairment provision will be raised in the final results from discontinued operations for the year ended June 2010 to recognise the possibility that the sale process may result in a consideration below the carrying value of the operating assets. There has been a higher level of interest by prospective buyers in the second half of the year and we are optimistic that a disposal will be completed during the next year. Alpesca's operating results during the year have been compromised by lower export prices, the weak Euro and material labour disruptions. Consequently this operation is expected to report an operating loss compared to the small profit in the prior year. It is expected that AVI will release its final results for the year ended June 2010 on 6 September 2010. The information above has not been reviewed and reported on by the Group's auditors. Illovo 22 July 2010 Sponsor Standard Bank Enquiries: Simon Crutchley Tel: +(27) 11 502 1300 Chief executive officer Owen Cressey Tel: +(27) 11 502 1300 Chief financial officer Date: 22/07/2010 16:19:03 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.

AVI - AVI Limited - Appointment Of Non-Executive Director
16 Jul 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Appointment Of Non-Executive Director AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") APPOINTMENT OF NON-EXECUTIVE DIRECTOR The Board of Directors of AVI is pleased to announce the appointment of Ms Andisiwe Kawa to the Board as an independent non-executive director. The appointment is made with effect from 15 July 2010. Ms Kawa is a Non-Executive Director of Aquarius Platinum South Africa, Sentula Mining and Imara Capital South Africa. She is also Chairman of Chuma Holdings and Vice-Chairman of The Jewellery Council of South Africa. She holds a Masters Degree in Business Administration from the Wharton School, as well as a Masters Degree in Education and Masters in Art from Columbia University, and a Bachelor of Science Degree from the University of Transkei. Ms Kawa previously held senior positions in Strategy and Finance in USA, UK and SA. She has worked in several fields including Services, Mining and Banking. On behalf of the Board I take this opportunity to welcome Ms Kawa to the Board. Angus Band Chairman of AVI Limited Illovo 16 July 2010 Sponsor Standard Bank Date: 16/07/2010 10:59:01 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.

AVI - AVI Limited - Director's dealings
20 Apr 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Director's dealings AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") Director's dealings In compliance with rules 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Name of director : Mr A W B Band Date of transaction : 19 April 2010 Nature of transaction : Sale Price per share : R23.7843 Number of shares : 129 951 Aggregate consideration : R3 090 793.57 Extent of interest : Direct beneficial Name of director : Mr A W B Band Date of transaction : 20 April 2010 Nature of transaction : Sale Price per share : R23.80 Number of shares : 16 049 Aggregate consideration : R381 966.20 Extent of interest : Direct beneficial Clearance to deal in these shares was obtained in accordance with AVI's policy with regard to directors' dealings as well as the JSE Listings Requirements. Illovo 20 April 2010 Sponsor Standard Bank Date: 20/04/2010 11:55:01 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.

AVI - AVI Limited - Director's Dealings
08 Apr 10

AVI - AVI Limited - Director's Dealings
07 Apr 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Director's Dealings AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") DIRECTOR'S DEALINGS In compliance with rules 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Name of director : Mr R S Katzen Date of transaction : 1 April 2010 Nature of transaction : Sale Price per share : R24.06 Number of shares : 150 000 Aggregate consideration : R3 609 000.00 Extent of interest : Direct beneficial Clearance to deal in these shares was obtained in accordance with AVI's policy with regard to directors' dealings as well as the JSE Listings Requirements. Illovo 7 April 2010 Sponsor Standard Bank Date: 07/04/2010 12:08:02 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.

AVI - AVI Limited - Resignation Of Non-Executive Director
25 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Resignation Of Non-Executive Director AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number. 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("the Company") RESIGNATION OF NON-EXECUTIVE DIRECTOR Mrs N T Moholi has resigned as a non-executive director with immediate effect owing to work commitments with her employer Telkom SA. The Board and management of the Company thank Mrs Moholi for her contribution to the Board during her tenure. Illovo 25 March 2010 Sponsor Standard Bank Date: 25/03/2010 09:33:01 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.

AVI - AVI Limited - Dealing in AVI shares by a director
23 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Dealing in AVI shares by a director AVI LIMITED (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") DEALING IN AVI SHARES BY A DIRECTOR In compliance with rules 3.63 - 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Director : Owen Cressey Date of transaction : 18 March 2010 Price per unit : R15.19 Number of ordinary shares : 47 508 Aggregate consideration : R721 646.52 Nature of transaction : Exercise and sale of share options Extent of interest : Direct beneficial Delivery of and payment for the shares has been completed in terms of the AVI Share Incentive Scheme. 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 23 March 2010 Sponsor Standard Bank Date: 23/03/2010 17:08:02 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.

AVI - AVI Limited - Director's Dealings
18 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Director's Dealings AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") Director's Dealings In compliance with rules 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Name of director : Mr S L Crutchley Date of transaction : 16 March 2010 Nature of transaction : Sale Price per share : R24.70 Number of shares : 40 000 Aggregate consideration : R988 000.00 Extent of interest : Direct beneficial Clearance to deal in these shares was obtained in accordance with AVI's policy with regard to directors' dealings as well as the JSE Listings Requirements. Illovo 18 March 2010 Sponsor Standard Bank Date: 18/03/2010 14:31:01 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.

AVI - AVI Limited - Interim Results for the Six Months Ended
08 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Interim Results for the Six Months Ended 31 December 2009 AVI Limited ISIN: ZAE000049433 Share code: AVI Registration number: 1944/017201/06 ("AVI" or "the Group" or "the Company") INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009 Key features - Solid brand performance in difficult trading conditions - Revenue and operating profit maintained in spite of lower I&J contribution - Net finance costs down 24% - Headline earnings per share from continuing operations up 9% to 112 cents - Strong cash generation maintained - Interim dividend up 8,3% to 39 cents Operating profit from continuing operations was at the same level as the first half of last year despite a difficult trading environment and a materially weaker performance from Irvin and Johnson ("I&J"). Headline earnings increased by 9,2% due to lower net finance costs and an improved contribution from the Simplot seafood product joint venture. The fashion brands portfolio, Indigo Cosmetics ("Indigo") and A&D Spitz ("Spitz") achieved higher gross profit margins and sound volume growth in the first semester. The improved profitability and operating leverage resulted in a 35,2% increase in operating profit from R124,1 million to R167,8 million for this portfolio that together with a strong performance from hot beverage brands which lifted its operating profit from R129,3 million to R166,7 million offset the R65,9 million decrease in profit from I&J. I&J's operational performance was better than last year, assisted by lower fuel prices and good fishing conditions in terms of catch rates and size mix. However export markets continue to be over-supplied because of reduced consumer demand and increased supply from other fish resources. Whilst volumes were largely sustained selling prices have been under pressure which together with the stronger Rand caused a significant drop in revenue and ultimately operating profit, which decreased from R125,7 million to R59,8 million. I&J did not manage to find a credible prospective purchaser for its Argentinean hake and shrimp operations conducted by Alpesca s.a. ("Alpesca") during the six months to December, but remains committed to disinvesting from this asset. The long awaited new regulations for the allocation and transfer of long term hake fishing rights were promulgated during the first half and are likely to benefit Alpesca when implemented. Alpesca is classified as a discontinued operation and presented accordingly in these results. In general domestic selling prices have been stable for the first half, with few increases implemented. In several categories re-alignment of price points and tactical discounting, in particular in the biscuit category, meant that realised prices were lower than a year ago. This approach has helped maintain volumes but kept the pressure on gross margins. The aggregate cost of the key commodities that AVI consumes did not decline as expected and was similar to last year, principally because of higher black tea prices which offset the benefit of lower prices for most other commodities. Selling and administration costs increased by just 3,1% compared to the first half of last year, reflecting tight control, more efficient marketing activity and lower fuel costs. Cash generated from operations remained strong at R620,5 million and net debt has reduced to R479,5 million at the end of the period from R568,3 million a year ago. CONTINUING OPERATIONS Revenue from continuing operations rose by 1,1% from R4,00 billion to R4,05 billion for the first half. I&J's export revenue stream was materially impacted by lower prices and the stronger Rand, resulting in a decrease in revenue of R138,5 million. The rest of our businesses achieved an overall increase in revenue of 5,8%. The consolidated gross profit margin improved slightly from 40,3% to 40,6% due to improvements in Indigo and Spitz that were largely offset by tactical pricing to support volumes in the food and beverage business units. Selling and administration costs were well contained at a 3,1% increase and operating profit of R534,7 million was marginally higher than the R534,6 million achieved in the first half of last year, despite a decrease of R65,9 million in I&J's operating profit. Lower interest rates and lower debt levels than in the corresponding period last year resulted in a material decrease in net finance charges from R69,3 million to R52,4 million. AVI's share of earnings from the Simplot joint venture in Australia increased from R7,5 million to R21,0 million reflecting Simplot's improved performance in the Australian retail sector during the period. Headline earnings increased by 9,2% from R307,1 million to R335,4 million and headline earnings per share increased by 8,8% to 112,3 cents per share. There were no material capital items in the six months to December 2009. In the prior period capital items of R54,1 million before tax largely comprised a R26,4 million profit on the sale of an I&J property and a R23,6 million profit on the disposal of a non-core subsidiary that packed private label teas and coffees. Cash generated by operations remained strong and was slightly higher than the first half of last year at R620,5 million. Capital expenditure of R199,1 million includes R88,5 million to acquire a property adjacent to Indigo's site in Cape Town which will support the long-term growth of this operation. Proceeds on disposals of R12,4 million were lower than the R107,4 million realised in the first half of last year which included the disposals of an I&J property and a non-core subsidiary. Other material cash out-flows during the period were dividends of R155,4 million, taxation of R123,7 million and interest paid of R58,7 million. Net debt at the end of December 2009 was R479,5 million compared to R568,3 million at the end of December 2008. SEGMENTAL REVIEW - CONTINUING OPERATIONS Six months ended 31 December Segmental revenue Segmental operating profit 2009 2008 Change 2009 2008 Change Rm Rm % Rm Rm % Food & beverage 3 161,5 3 219,5 (1,8) 370,7 413,7 (10,4) brands Entyce 1 179,5 1 110,3 6,2 166,7 129,3 28,9 Snackworks 1 135,2 1 139,6 (0,4) 121,3 143,9 (15,7) Chilled & 846,8 969,6 (12,7) 82,7 140,5 (41,1) frozen convenience brands Fashion brands 882,9 777,9 13,5 167,8 124,1 35,2 Personal care 418,9 377,8 10,9 56,6 42,1 34,4 Footwear & 464,0 400,1 16,0 111,2 82,0 35,6 apparel Corporate 3,6 5,4 (3,8) (3,2) Group 4 048,0 4 002,8 1,1 534,7 534,6 0,0 Note: the Out of Home business, comprising Ciro Beverage Solutions and Sir Juice, is now reported within the Entyce and Snackworks segments. This is in line with the decision to incorporate the catering wholesale customer base, a material portion of the Out of Home business, into the existing Entyce and Snackworks structures that service the wholesale channel. Comparatives have been restated accordingly. Entyce Revenue increased by 6,2% to R1,18 billion and operating profit increased by 28,9% from R129,3 million to R166,7 million with the operating profit margin at 14,1% compared to 11,7% in the prior period. Growth in revenue came from the annualisation of price increases during the previous financial year, as well as increased creamer sales volumes. Underlying consumer demand remained sound, and a combination of focused advertising and promotional activity, incremental product development and tactical pricing helped Entyce maintain its strong position in the tea, coffee and creamer categories. The costs of key commodities were in aggregate higher than in the first half of last year, largely due to high black tea prices experienced during the period. This constrained the improvement in gross profit margin, with only the coffee category seeing a material improvement in gross profitability relative to the same period last year. Selling and administration costs were well controlled supporting the increase in operating profit margin in the current period. Snackworks Revenue of R1,13 billion was 0,4% lower than the first half of last year while operating profit declined by 15,7%, from R143,9 million to R121,3 million. The operating profit margin for the period decreased to 10,7% from 12,6% for the same period last year. The decrease in revenue was caused by lower selling prices mostly offset by higher biscuit sales volumes. Biscuit demand has responded well to the lower price points implemented during the second half of last year as well as tactical discounting to encourage consumption in the face of an underlying decline in demand over the last year. The impact of lower prices was partially offset by lower commodity costs. Factory performance was below standard during the period and together with the tactical biscuit pricing resulted in a reduction in the gross profit margin. In addition aggressive pricing by competitors in the potato chip segment at the same time as a shortage of potatoes resulted in a reduction of R9 million in the snacks category operating profit. Although there was no increase in selling and administration costs, the lower gross profit resulted in a reduction in operating profit. A number of remedial initiatives have addressed factory performance and in combination with improving selling prices, gross margins should recover in the second semester. Chilled and Frozen Convenience Brands (I&J* and Denny) *excluding Alpesca Revenue decreased by R122,8 million to R846,8 million and operating profit decreased by R57,8 million to R82,7 million. Operating profit margin decreased from 14,5% to 9,8%. The reduction in profit is attributable to a weaker result from I&J, partially offset by a marked improvement in the performance of Denny Mushrooms ("Denny"). I&J's operational performance was better than last year, with improved catch rates and size mix as well as lower fuel prices. However export revenues were materially reduced by lower prices in key European markets due to reduced demand and increased supply from other fish resources, as well as the strong Rand. Consequently I&J's revenue decreased by R138,5 million while operating profit decreased by R65,9 million to R59,8 million. Denny had a strong first half with good production allowing it to compete effectively in a tough trading environment for the category. Denny's operating profit for the first half increased from R14,8 million to R22,9 million. Fashion brands (personal care, footwear and apparel) Revenue rose by 13,5% and operating profit increased by 35,2%, from R124,1 million to R167,8 million. Operating profit margin increased from 16,0% to 19,0%. Both Indigo and Spitz maintained the higher selling prices established last year and achieved higher sales volumes which resulted in improved gross profit margins and good operating leverage. In the personal care category, Indigo's revenue grew by 10,9% to R418,9 million while operating profit increased by 34,4% to R56,6 million. The operating profit margin for the period of 13,5% was 21,2% higher than the margin of 11,1% last year. Revenue growth was the product of price increases implemented during the second half of the last financial year and ongoing growth in volumes, principally in body sprays where further market share gains were achieved. Costs were well managed and the purchase of an adjoining property has reduced rental costs previously incurred. Revenue in the footwear and apparel category increased by 16,0%, and operating profit increased by 35,6% from R82,0 million to R111,2 million. The increases are largely due to higher volumes and selling prices in Spitz. In Spitz, revenue increased by 16,0% to R438,9 million while operating profit increased by 34,5% to R114,2 million. The operating profit margin for the first half increased from 22,3% to 26,0%. Overall footwear volumes grew 9% as demand for the core Carvela, Lacoste and Kurt Geiger brands remained strong and the Tosoni brand was successfully re-introduced. DISCONTINUED OPERATION Alpesca's hake operation has been materially impacted by lower selling prices into export markets and is primarily responsible for the deterioration in Alpesca's results, from an operating profit of R20,8 million in the first half of last year to an operating loss of R9,0 million. Alpesca's tax charge in the first half of last year was higher than usual as it included the devaluation of tax assets in line with the weakening of the Argentinean Peso, which did not recur in the current period. Consequently the deterioration in profit after tax is not as pronounced, declining from a profit of R2,5 million to a loss of R7,5 million. DIVIDENDS An interim dividend of 39 cents per share has been declared in line with AVI's interim dividend policy of a three times cover on diluted headline earnings per share from continuing operations. OUTLOOK Notwithstanding the general view that the South African economy has started to recover from recession, we believe that tough trading conditions will prevail through the second half of the financial year with consumers likely to remain cautious with their spending for some time. I&J's results for the second half of the year will be much lower than last year should weak prices for seafood products and the strong Rand continue to prevail. In line with the ongoing pressure on I&J's margins a number of new cost saving initiatives are being implemented but will not have much impact on the current financial year. The benefits from the remedial actions implemented in Snackworks over the past year will, if demand is sustained, result in an improved performance from this business unit in the second half of the year. The Board remains confident of AVI's ability to compete effectively in these tougher trading conditions. The ongoing focus on profit enhancing opportunities across our market-leading brand portfolio, as well as remaining vigilant for strategic acquisition opportunities, underpin AVI's medium term growth objective. Angus Band Chairman Simon Crutchley CEO 8 March 2010 CONDENSED GROUP BALANCE SHEETS Unaudited at Audited at 31 December 30 June 2009 Rm 2009 2008 Rm Rm ASSETS Non-current assets Property, plant and equipment 1 307,9 1 224,6 1 205,1 Intangible assets and goodwill 923,4 982,9 925,4 Investments 302,2 283,9 276,8 Deferred taxation 49,6 72,2 74,4 2 583,1 2 563,6 2 481,7 Current assets Inventories and biological 927,4 994,0 950,0 assets Trade and other receivables 1 211,6 1 244,0 1 170,1 including derivatives Cash and cash equivalents 686,8 496,5 516,6 Assets of discontinued 367,6 504,4 390,5 operations classified as held- for-sale * Other assets classified as held- 4,0 2,9 8,2 for-sale ** 3 197,4 3 241,8 3 035,4 Total assets 5 780,5 5 805,4 5 517,1 EQUITY AND LIABILITIES Capital and reserves Attributable to equity holders 2 922,9 2 796,8 2 675,9 of AVI Non-controlling interests (23,4) (23,3) (23,3) Total equity 2 899,5 2 773,5 2 652,6 Non-current liabilities Financial liabilities, 541,9 604,9 544,1 borrowings and operating lease straight-line liabilities Employee benefits 327,1 301,9 295,9 Deferred taxation 115,4 179,2 110,3 984,4 1 086,0 950,3 Current liabilities Current borrowings 636,6 482,2 532,1 Trade and other payables 1 097,0 1 170,1 1 200,1 including derivatives Corporate taxation 24,8 35,5 13,4 Liabilities of discontinued 138,2 258,1 168,6 operations classified as held- for-sale* 1 896,6 1 945,9 1 914,2 Total equity and liabilities 5 780,5 5 805,4 5 517,1 *Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. **Other assets classified as held-for-sale comprise equipment and properties held for disposal. CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 Change 2009 Rm Rm % Rm CONTINUING OPERATIONS Revenue 4 048,0 4 002,8 1 7 462,4 Cost of sales 2 402,6 2 391,3 - 4 485,5 Gross profit 1 645,4 1 611,5 2 2 976,9 Selling and administrative 1 110,7 1 076,9 3 2 068,4 expenses Operating profit before 534,7 534,6 - 908,5 capital items Income from investments 5,5 11,8 (53) 22,4 Finance costs (57,9) (81,1) (29) (147,4) Share of equity accounted 21,0 7,5 180 15,3 earnings of joint ventures Capital items (0,3) 54,1 17,1 Profit before taxation 503,0 526,9 (5) 815,9 Taxation 167,9 166,7 1 276,7 Profit from continuing 335,1 360,2 (7) 539,2 operations DISCONTINUED OPERATIONS* Revenue 191,8 275,7 (30) 428,8 Operating (loss)/profit (8,9) 20,8 143 4,6 before capital items Finance costs (2,8) (3,8) (26) (8,0) Capital items (1,1) - (30,0) (Loss)/profit before taxation (12,8) 17,0 175 (33,4) Taxation (5,3) 14,5 (137) (2,6) (Loss)/profit from (7,5) 2,5 400 (30,8) discontinued operations Profit for the period 327,6 362,7 (10) 508,4 Profit attributable to: Owners of AVI 327,7 361,9 (9) 507,7 Non-controlling interests (0,1) 0,8 (113) 0,7 327,6 362,7 (10) 508,4 *Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. Other comprehensive 46,1 42,3 9 (133,6) income/(expense), net of tax Foreign currency translation 2,9 34,5 (92) (79,4) differences Cash flow hedging reserve 60,0 10,8 456 (75,3) Income tax on other (16,8) (3,0) 460 21,1 comprehensive income/(expense) Total comprehensive income 373,7 405,0 (8) 374,8 for the period Comprehensive income attributable to: Owners of AVI 373,8 404,2 (8) 374,1 Non-controlling interests (0,1) 0,8 (113) 0,7 373,7 405,0 (8) 374,8 Basic earnings per share from 112,2 120,8 (7) 180,8 continuing operations (cents)# Diluted basic earnings per 108,9 119,3 (9) 177,5 share from continuing operations (cents)## Depreciation and amortisation 93,5 87,0 5 187,4 of property, plant and equipment, fishing rights and trademarks included in operating profit from continuing operations Headline earnings per share 112,3 103,2 9% 174,7 from continuing operations (cents)# Diluted headline earnings per 109,0 102,0 7% 171,5 share from continuing operations (cents)## # Basic earnings and headline earnings per share is calculated on a weighted average of 298 739 809 (2008: 297 599 002 and 30 June 2009 : 297 806 357) ordinary shares in issue. ## Diluted basic earnings and headline earnings per share is calculated on a weighted average of 307 588 251 (2008 : 301 276 209 and 30 June 2009 : 303 400 679) ordinary shares in issue. CONDENSED GROUP STATEMENT OF CASH FLOWS Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 Change 2009 Rm Rm % Rm CONTINUING OPERATIONS OPERATING ACTIVITIES Cash generated by operations 652,2 649,5 - 1 086,6 before working capital changes (Increase)/decrease in (31,7) (31,7) - 30,0 working capital Cash generated by operations 620,5 617,8 - 1 116,6 Interest paid (58,7) (79,9) (27) (140,5) Taxation paid (123,7) (171,0) (28) (392,9) Net cash available from 438,1 366,9 19 583,2 operating activities INVESTING ACTIVITIES Cash flow from investments 6,0 10,2 (41) 21,2 Property, plant and equipment (199,1) (165,7) 20 (257,8) acquired Proceeds from disposals 8,0 67,4 (88) 68,2 Disposal of businesses and 4,4 40,0 (89) 57,1 other investments Net cash used in investing (180,7) (48,1) 276 (111,3) activities FINANCING ACTIVITIES Net increase in shareholder 15,3 4,3 256 9,0 funding Long term borrowings - net (1,7) 199,2 101 191,1 (repaid)/raised Increase/(decrease) in short 85,1 (74,8) (214) (14,1) term funding Dividends paid (155,4) (139,9) 11 (247,2) Net cash used in financing (56,7) (11,2) 406 (61,2) activities DISCONTINUED OPERATIONS* Cash flows from operating 11,5 20,5 44 3,6 activities Cash flows from investing (0,5) (2,1) (76) (4,3) activities Cash flows from financing (32,6) (22,2) 47 (64,6) activities Cash flows from discontinued (21,6) (3,8) 468 (65,3) operations Increase in cash and cash 179,1 303,8 (41) 345,4 equivalents Cash and cash equivalents at 529,7 204,8 159 204,8 beginning of period 708,8 508,6 39 550,2 Translation of cash (3,8) 16,1 (124) (20,5) equivalents of foreign subsidiaries at beginning of year Cash and cash equivalents at 705,0 524,7 34 529,7 end of period Attributable to: Continuing operations** 686,8 496,5 38 516,6 Discontinued operations** 18,2 28,2 (35) 13,1 * Discontinued operations comprise the Argentinean hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. ** Cashflows between continuing and discontinued operations are eliminated on consolidation and therefore the movement on the individual cash balances does not reconcile to the individual cashflows reflected above. CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY Share Treasury Reserves Retained capital shares Rm earnings and Rm Rm premium Rm Six months ended 31 December 2009 Balance at 1 July 2009 171,0 (710,5) 35,1 3 180,3 Profit for the period 327,7 Other comprehensive income Foreign currency translation 2,9 differences Cash flow hedging reserve 43,2 Total other comprehensive - - 46,1 - income Total comprehensive income - - 46,1 327,7 for the period Transactions with owners, recorded directly in equity Share based payments 13,3 Dividends paid (155,4) Own ordinary shares sold by 15,3 AVI Share Trusts (net) Total contributions by and - 15,3 13,3 (155,4) distributions to owners Total transactions with - 15,3 13,3 (155,4) owners Balance at 31 December 2009 171,0 (695,2) 94,5 3 352,6 Six months ended 31 December 2008 Balance at 1 July 2008 171,0 (719,8) 147,8 2 919,8 Profit for the period 361,9 Other comprehensive income Foreign currency translation 34,5 differences Cash flow hedging reserve 7,8 Total other comprehensive - - 42,3 - income Total comprehensive income - - 42,3 361,9 for the period Transactions with owners, recorded directly in equity Share based payments 9,4 Dividends paid (139,9) Own ordinary shares sold by 4,3 AVI Share Trusts (net) Total contributions by and - 4,3 9,4 (139,9) distributions to owners Changes in ownership interests in subsidiaries Disposal of a subsidiary Total transactions with - 4,3 9,4 (139,9) owners Balance at 31 December 2008 171,0 (715,5) 199,5 3 141,8 Year ended 30 June 2009 Balance at 1 July 2008 171,0 (719,8) 147,8 2 919,8 Profit for the year 507,7 Other comprehensive income Foreign currency translation (79,4) differences Cash flow hedging reserve (54,2) Total other comprehensive - - (133,6) - income Total comprehensive income - - (133,6) 507,7 for the period Transactions with owners, recorded directly in equity Share based payments 20,9 Dividends paid (247,2) Own ordinary shares sold by 9,3 AVI Share Trusts (net) Total contributions by and - 9,3 20,9 (247,2) distributions to owners Changes in ownership interests in subsidiaries Disposal of minority interests Total transactions with - 9,3 20,9 (247,2) owners Balance at 30 June 2009 171,0 (710,5) 35,1 3 180,3 Total Non- Total Rm controlling equity interests Rm Rm Six months ended 31 December 2009 Balance at 1 July 2009 2 675,9 (23,3) 2 652,6 Profit for the period 327,7 (0,1) 327,6 Other comprehensive income Foreign currency translation 2,9 2,9 differences Cash flow hedging reserve 43,2 43,2 Total other comprehensive income 46,1 - 46,1 Total comprehensive income for the 373,8 (0,1) 373,7 period Transactions with owners, recorded directly in equity Share based payments 13,3 13,3 Dividends paid (155,4) (155,4) Own ordinary shares sold by AVI Share 15,3 15,3 Trusts (net) Total contributions by and (126,8) - (126,8) distributions to owners Total transactions with owners (126,8) - (126,8) Balance at 31 December 2009 2 922,9 (23,4) 2 899,5 Six months ended 31 December 2008 Balance at 1 July 2008 2 518,8 (17,5) 2 501,3 Profit for the period 361,9 0,8 362,7 Other comprehensive income Foreign currency translation 34,5 34,5 differences Cash flow hedging reserve 7,8 7,8 Total other comprehensive income 42,3 - 42,3 Total comprehensive income for the 404,2 0,8 405,0 period Transactions with owners, recorded directly in equity Share based payments 9,4 9,4 Dividends paid (139,9) (139,9) Own ordinary shares sold by AVI Share 4,3 4,3 Trusts (net) Total contributions by and (126,2) - (126,2) distributions to owners Changes in ownership interests in subsidiaries Disposal of a subsidiary - (6,6) (6,6) Total transactions with owners (126,2) (6,6) (132,8) Balance at 31 December 2008 2 796,8 (23,3) 2 773,5 Year ended 30 June 2009 Balance at 1 July 2008 2 518,8 (17,5) 2 501,3 Profit for the year 507,7 0,7 508,4 Other comprehensive income Foreign currency translation (79,4) (79,4) differences Cash flow hedging reserve (54,2) (54,2) Total other comprehensive income (133,6) - (133,6) Total comprehensive income for the 374,1 0,7 374,8 period Transactions with owners, recorded directly in equity Share based payments 20,9 20,9 Dividends paid (247,2) (247,2) Own ordinary shares sold by AVI Share 9,3 9,3 Trusts (net) Total contributions by and (217,0) - (217,0) distributions to owners Changes in ownership interests in subsidiaries Disposal of minority interests - (6,5) (6,5) Total transactions with owners (217,0) (6,5) (223,5) Balance at 30 June 2009 2 675,9 (23,3) 2 652,6 SUPPLEMENTARY NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 31 December 2009 AVI Limited ("AVI" or the "Company") is a South African registered company. The condensed consolidated interim financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in jointly controlled entities. 1. Statement of compliance The condensed consolidated interim financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards "IFRS", the presentation as well as the disclosure requirements of IAS34 - Interim Financial Reporting, the Listing Requirements of the JSE Limited (the "JSE") and the requirements of the South African Companies Act. These condensed interim financial statements have not been reviewed or audited by the Group's auditors. 2. Basis of preparation The financial statements are prepared in millions of South African Rands ("Rm") on the historical cost basis, except for derivative financial instruments and biological assets which are measured at fair value. The accounting policies are those presented in the annual financial statements for the year ended 30 June 2009 and have been applied consistently to the periods presented in these condensed consolidated interim financial statements and by all Group entities. 3. Determination of headline earnings Unaudited Six Audited months ended Year 31 December ended 30 June 2009 Rm 2009 2008 Change Rm Rm % Profit for the year 327,7 361,9 (9) 507,7 attributable to equity holders of AVI Total capital items included (0,9) 52,3 (6,2) in earnings Net (loss)/surplus on disposal (0,7) 30,3 28,8 of investments, properties, vessels and plant and equipment Net surplus on disposal of - 23,8 23,8 subsidiaries Impairment of plant, equipment (0,7) - (5,2) and vessels Impairment of assets - - (0,3) classified as held for sale Impairment of intangible - - (30,0) assets and goodwill Impairment of disposal groups - - (30,0) held for sale Taxation attributable to 0,5 (1,8) 6,7 capital items Headline earnings 328,6 309,6 6 513,9 Attributable to: Continuing operations 335,4 307,1 9 520,4 Discontinued operations (6,8) 2,5 (6,5) 328,6 309,6 6 513,9 Headline earnings per ordinary 110,0 104,0 6 172,6 share (cents) Continuing operations (cents) 112,3 103,2 9 174,7 Discontinued operations (2,3) 0,8 (2,1) (cents) Diluted headline earnings per 106,8 102,8 4 169,4 ordinary share (cents) Continuing operations (cents) 109,0 102,0 7 171,5 Discontinued operations (2,2) 0,8 (2,1) (cents) 4. Segmental results Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 % 2009 Rm Rm change Rm CONTINUING OPERATIONS Segmental revenue Food and beverage brands 3 161,5 3 219,5 (2) 6 052,1 Entyce 1 179,5 1 110,3 6 2 099,0 Snackworks 1 135,2 1 139,6 - 2 036,8 Chilled & frozen convenience 846,8 969,6 (13) 1 916,3 brands Fashion brands 882,9 777,9 13 1 400,6 Personal care 418,9 377,8 11 730,2 Footwear & apparel 464,0 400,1 16 670,4 Corporate 3,6 5,4 9,7 GROUP 4 048,0 4 002,8 1 7 462,4 Segmental operating profit before capital items Food and beverage brands 370,7 413,7 (10) 724,8 Entyce 166,7 129,3 29 271,3 Snackworks 121,3 143,9 (16) 192,5 Chilled & frozen convenience 82,7 140,5 (41) 261,0 brands Fashion brands 167,8 124,1 35 196,2 Personal care 56,6 42,1 34 94,5 Footwear & apparel 111,2 82,0 36 101,7 Corporate (3,8) (3,2) (12,5) GROUP 534,7 534,6 - 908,5 The Out of Home business, comprising Ciro Beverage Solutions and Sir Juice, is now reported within the Entyce and Snackworks segments. This is in line with the decision to incorporate the catering wholesale customer base, a material portion of the Out of Home business, into the existing Entyce and Snackworks structure that service the wholesale channel. Comparatives have been restated accordingly. 5. Investment activity There were no significant changes to investments in the year to date. 6. Commitments Unaudited Audited Six months ended Year 31 December ended 30 June 2009 2008 2009 Rm Rm Rm Capital expenditure commitments for 80,8 104,0 88,7 property, plant and equipment Contracted for 49,2 56,8 52,2 Authorised but not contracted for 31,6 47,2 36,5 It is anticipated that this expenditure will be financed by cash resources, cash generated from activities and existing borrowing facilities. Other contractual commitments have been entered into in the normal course of business. 7. Post-balance sheet events No significant events outside the ordinary course of business have occurred since the balance sheet date. 8. Dividend declaration Notice is hereby given that an interim ordinary dividend No 71 of 39 cents per share for the six months ended 31 December 2009 has been declared payable to shareholders of ordinary shares. The salient dates relating to the payment of the dividend are as follows: Last day to trade cum dividend on the JSE Thursday, 25 March 2010 First trading day ex dividend on the JSE Friday, 26 March 2010 Record date Thursday, 1 April 2010 Payment date Tuesday, 6 April 2010 In accordance with the requirements of Strate Limited, no share certificates may be dematerialised or rematerialised between Friday, 26 March 2010 and Thursday, 1 April 2010, both days inclusive. Dividends in respect of certificated shareholders will be transferred electronically to shareholders' bank accounts on payment date. In the absence of specific mandates, dividend cheques will be posted to shareholders. Shareholders who hold dematerialised shares will have their accounts at their Central Securities Depository Participant ("CSDP") or broker credited on Tuesday, 6 April 2010. Acting Company secretary Vivien Crystal Directors: Executive Simon Crutchley(Chief executive officer), Owen Cressey(Chief financial officer), Robert Katzen(Business development director) Independent non-executive Angus Band*(Chairman), Humphrey Buthelezi?, James Hersov, Sean Jagoe* (resigned 30 October 2009), Kim Macilwaine^, Nombulelo Moholi, Adriaan Nuhn#, Gavin Tipper+* ? Member of the Audit Committee * Member of the Appointments and Remuneration Committee # Dutch ^ British Business address and registered office 2 Harries Road Illovo Johannesburg 2196 South Africa Postal address PO Box 1897 Saxonwold 2132 South Africa Telephone: +27 (0)11 502 1300 Telefax: +27 (0)11 502 1301 e-mail: info@avi.co.za Website: www.avi.co.za Auditors KPMG Inc. Sponsor Standard Bank Commercial bankers Standard Bank FirstRand Bank Transfer secretaries Computershare Investor Services 2004 (Pty) Limited Business address 70 Marshall Street, Marshalltown, Johannesburg 2001, South Africa Postal address PO Box 61051, Marshalltown 2107, South Africa Telephone: +27 (0)11 370 5000 Telefax: +27 (0)11 370 5271 8 March 2010 Date: 08/03/2010 07:30:01 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.

AVI - AVI Limited - Appointment Of Non-Executive Director
01 Mar 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Appointment Of Non-Executive Director AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") APPOINTMENT OF NON-EXECUTIVE DIRECTOR The Board of Directors of AVI is pleased to announce the appointment of Mr Mike Bosman to the Board as an independent non-executive director. The appointment is made with effect from 1 March 2010. Mr Bosman is the CEO of One Digital Media. He was previously the Group CEO of TBWA, which included South African's top-ranked creative advertising agency TBWA Hunt Lascaris, chairman of several other communication companies in the TBWA group, and Executive Director of FCB Worldwide, an advertising agency group based in New York. Mr Bosman obtained his B.Com (Honours) and Master of Laws at the University of Cape Town and is a CA(SA). On behalf of the Board I take this opportunity to welcome Mr Bosman to the Board. Angus Band Chairman of AVI Limited Illovo 1 March 2010 Sponsor Standard Bank Date: 01/03/2010 14:02:03 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.

AVI - AVI Limited - Trading Update and Statement for the Six Months Ending
18 Jan 10

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Trading Update and Statement for the Six Months Ending 31 December 2009 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDING 31 DECEMBER 2009 The following update is based on the latest available trading information for the six months ended December 2009 and covers performance for the Group's continuing operations. Segmental revenue for continuing operations for the six months ended 31 December 2009 Revenue 2009 2008 Change Rm Rm % Entyce beverages 1,179 1,107 6.5 Snackworks 1,136 1,143 -0.1 Chilled & frozen 847 970 -12.7 convenience brands* Fashion brands - personal 418 378 10.6 care Fashion brands - footwear 464 400 16.0 & apparel Corporate 4 5 GROUP 4,047 4,003 1.1 * = excludes Alpesca Group revenue for the six months to December 2009 was similar to the comparable period in the prior year. Irvin and Johnson Holding Company (Proprietary) Limited's ("I&J") revenue was 17.1% lower due to a combination of reduced export selling prices and a stronger Rand. Demand for the Group's other food and beverage brands was satisfactory in the context of constrained consumer spending. In some categories revenue growth was muted by tactical price reductions implemented during the second half of the last financial year to support volumes. AVI's personal care, footwear and apparel brands performed well, benefiting from price increases implemented in the second half of the last financial year as well as volume growth. The consolidated gross margin to the end of December 2009 was slightly higher than the first half of last year with the benefit of softer commodity prices in some categories but partially offset by lower realised selling prices in I&J and the tactical price reductions referred to above. Selling and administration costs have been well controlled and operating profit margin is in line with that achieved in the same period last year. Lower average debt levels during the period, combined with lower interest rates, have resulted in a material decrease in net finance charges compared to the same period in the prior year. Capital items Results for the first half of the prior year included a R26.4 million profit on the sale of an I&J property and a R23.6 million profit on the disposal of a non- core subsidiary that packed private label teas and coffees. There have been no disposals of material assets during the current period and consequently capital profits are expected to be negligible. The following statement is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited: Consolidated headline earnings per share for the continuing operations of the Group for the six months ending 31 December 2009 are expected to increase by between 5% and 10% over the comparable period in the prior year; Consolidated earnings per share for the continuing operations of the Group for the six months ending 31 December 2009, including net capital gains on the disposal of assets, are expected to reflect a reduction of between 5% and 10% over the comparable period in the prior year. Discontinued operations The Board remains committed to disinvesting from the Argentinean hake and shrimp operations conducted by Alpesca s.a. ("Alpesca"), a wholly owned subsidiary of I&J. The recent implementation of a transferable quota system in Argentina, which enhances long term quota security and allows quota to be transferred separately from vessels, is a positive development which should improve value for prospective buyers. Alpesca's hake operation has been materially impacted by lower selling prices into export markets and is expected to make an operating loss for the first half. AVI anticipates the release of its interim results for the six months ending 31 December 2009 on 8 March 2010. The information above has not been reviewed and reported on by the Group's auditors. Illovo 18 January 2010 Sponsor Standard Bank Enquiries Simon Crutchley Tel: +(27) 11 502 1300 Chief executive officer Owen Cressey Tel: +(27) 11 502 1300 Chief financial officer Date: 18/01/2010 16:58:01 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.

AVI - AVI Limited - Timing of voluntary trading update for period to December
17 Dec 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Timing of voluntary trading update for period to December 2009 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") TIMING OF VOLUNTARY TRADING UPDATE FOR PERIOD TO DECEMBER 2009 Traditionally AVI has issued a voluntary trading update prior to entering the closed period at the end of December. Over the last few years the group's business portfolio has changed, particularly with the growing contribution of our branded footwear and apparel businesses to group turnover over the festive season. Accordingly we believe it sensible to defer the publication of our voluntary trading update to January so as to include the actual December trading period. Illovo 17 December 2009 Sponsor Standard Bank Enquiries Simon Crutchley Tel: +(27) 11 502 1300 Chief executive officer Owen Cressey Tel: +(27) 11 502 1300 Chief financial officer Date: 17/12/2009 16:45:01 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.

AVI - AVI Limited - Acceptance of Share Options by AVI Directors and Directors
15 Dec 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Acceptance of Share Options by AVI Directors and Directors of Major Subsidiaries AVI Limited (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 Rules 3.63 - 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Director: Simon Crutchley Company: AVI Limited Date of transaction: 11 December 2009 Nature of transaction: Acceptance of options in the AVI Out Performance Scheme Class of securities: Options in respect of ordinaryshares Number of options granted: 141,859 Option allocation price: R18.61 Total value of transaction: R2,639,995.99 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Owen Cressey Company: AVI Limited Date of transaction: 1 1 December 2009 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: 65,560 Option allocation price: R18.61 Total value of transaction: R1,220,071.60 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Robert Katzen Company: National Brands Limited Date of transaction: 11 December 2009 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: 58,631 Option allocation price: R18.61 Total value of transaction: R1,091,122.91 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Owen Cressey Company: National Brands Limited Date of transaction: 11 December 2009 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: 212,020 Option allocation price: R18.99 Total value of transaction: R4,026,259.80 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: David Hood Company: National Brands Limited Date of transaction: 11 December 2009 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: 72,555 Option allocation price: R18.61 Total value of transaction: R1,350,248.55 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Donnee MacDougall Company: National Brands Limited Date of transaction: 11 December 2009 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: 61,126 Option allocation price: R18.61 Total value of transaction: R1,137,554.86 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Director: Ronald Fasol Company: Irvin & Johnson Holding Company Limited Date of transaction: 11 December 2009 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: 67,168 Option allocation price: R18.61 Total value of transaction: R1,249,996.48 Nature and extent of Director's interest: Direct beneficial Clearance obtained: Yes Illovo 15 December 2009 Sponsor Standard Bank Date: 15/12/2009 09:42:01 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.

AVI - AVI Limited - Resignation Of Non-Executive Director
03 Nov 09

AVI - AVI Limited - Chairman's comment on trading conditions
21 Oct 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Chairman's comment on trading conditions AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") CHAIRMAN'S COMMENT ON TRADING CONDITIONS At the Annual General Meeting of AVI held this morning, Angus Band, the Chairman of AVI, commented in relation to trading conditions that: "Revenue for the quarter ended September 2009 was in line with the prior year. Revenue growth was constrained by lower consumer disposable income, lower selling prices for I&J's products in selected European markets and some discretionary price reductions to support volumes in key grocery categories. Volumes in Indigo Cosmetics and Spitz within the fashion brand portfolio were sound for the quarter. The consolidated gross profit margin has improved slightly with the easing of some commodity costs, as well as the impact of a stronger Rand. This benefit has been partially offset by lower selling prices in several categories. Operating profit continues to benefit from the tight management of selling and administration costs. The outlook for the first half of the financial year is dependent on the continuity of current trading conditions and in particular the level of consumer demand over the festive season." This information has not been reviewed and reported on by AVI's auditors. Illovo 21 October 2009 Enquiries Simon Crutchley Owen Cressey Chief executive officer Chief financial officer Tel: +(27) 11 502 1300 Tel: +(27) 11 502 1300 e-mail: info@avi.co.za Website: www.avi.co.za Sponsor : Standard Bank Date: 21/10/2009 13:08:23 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.

AVI - AVI Limited - Results Of The Annual General Meeting Of AVI Shareholders
21 Oct 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Results Of The Annual General Meeting Of AVI Shareholders AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") RESULTS OF THE ANNUAL GENERAL MEETING OF AVI SHAREHOLDERS At the annual general meeting of AVI shareholders held at 11h00 on Wednesday, 21 October 2009, all of the resolutions tabled at the meeting were approved by the requisite majorities. The special resolution granting general authority to repurchase AVI ordinary shares will be registered with the Companies and Intellectual Property Registration Office in due course. Angus Band Chairman Illovo 21 October 2009 Sponsor Standard Bank Date: 21/10/2009 13:06:42 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.

AVI - AVI Limited - Dealing in AVI Shares by a Director
15 Oct 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Dealing in AVI Shares by a Director AVI LIMITED (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI") DEALING IN AVI SHARES BY A DIRECTOR In compliance with rules 3.63 - 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Director : Simon Crutchley Date of transaction : 13 October 2009 Price per unit : R12.62 Number of ordinary shares : 175,560 Aggregate consideration : R2,215,567.20 Nature of transaction : Exercise and sale of share options Extent of interest : Direct beneficial 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 15 October 2009 Sponsor Standard Bank Date: 15/10/2009 12:16:01 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.

AVI - AVI Limited - Dealing in AVI Shares by A Director
29 Sep 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Dealing in AVI Shares by A Director AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number. 1944/017201/06) Share Code: AVI & ISIN: ZAE000049433 ("AVI") DEALING IN AVI SHARES BY A DIRECTOR In compliance with rules 3.63 - 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Director : Simon Crutchley Date of transaction : 25 September 2009 Price per unit : R10.02 Number of ordinary shares : 114,285 Aggregate consideration : R1,145,135.70 Nature of transaction : Exercise and sale of share options Extent of interest : Direct beneficial Director : Simon Crutchley Date of transaction : 25 September 2009 Price per unit : R12.62 Number of ordinary shares : 36,393 Aggregate consideration : R459,279.66 Nature of transaction : Exercise and sale of share options Extent of interest : Direct beneficial 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 29 September 2009 Sponsor Standard Bank Date: 29/09/2009 17:17:03 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.

AVI - AVI Limited - No Change Statement And Notice Of Annual General Meeting
28 Sep 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - No Change Statement And Notice Of Annual General Meeting AVI LIMITED (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group" or "the Company") NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that AVI commenced posting of its annual report for the year ended 30 June 2009 on Friday, 25 September 2009. The annual report contains no modifications to the audited results which were published on the Securities Exchange News Service of the JSE Limited on Monday, 7 September 2009, and accordingly the Company will not publish an abridged report. The annual financial statements were audited by KPMG Inc. and their report is available for inspection at the address of the Company's registered office. Notice is hereby given that AVI's annual general meeting will be held at 2 Harries Road, Illovo, Sandton, on Wednesday, 21 October 2009 at 11h00 to transact business as stated in the notice of the annual general meeting circulated together with the annual report. Illovo 28 September 2009 Sponsor Standard Bank Date: 28/09/2009 17:16:25 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.

AVI - AVI Limited - Director's Dealings
25 Sep 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Director's Dealings AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company" DIRECTOR'S DEALINGS In compliance with rules 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("JSE"), the following information is disclosed: Name of director : Mr S L Crutchley Date of transaction : 25 September 2009 Nature of transaction : Exercise of share options and transfer Of shares Price per share : R6.21 Number of shares : 21 406 Aggregate consideration : R132 931.26 Extent of interest : Direct beneficial Delivery of and payment for the shares has been completed in terms of the AVI Share Incentive Scheme. Clearance to deal in these shares was obtained in accordance with AVI's policy with regard to directors' dealings as well as the JSE Listings Requirements. Illovo 25 September 2009 Sponsor Standard Bank Date: 25/09/2009 13:15:01 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.

AVI - AVI Limited - Director's Dealings
15 Sep 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Director's Dealings AVI Limited (Registration number 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("AVI" or "the Company") DIRECTOR'S DEALINGS In compliance with rule 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE"), the following information is disclosed: Name of director : Robert Samuel Katzen Date of transaction : 15 September 2009 Price per share : R18.90 Number of shares : 200,000 Aggregate consideration : R3,780,060.00 Nature of transaction : Sale Extent of interest : Direct beneficial Clearance to deal in these shares was obtained in accordance with AVI`s policy with regard to directors` dealings as well as the Listings Requirements of the JSE. Illovo 15 September 2009 Sponsor Standard Bank Date: 15/09/2009 12:48:02 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.

AVI - AVI Limited - Audited Results For The Year Ended 30 June 2009
07 Sep 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Audited Results For The Year Ended 30 June 2009 AVI LIMITED Registration number: 1944/017201/06 SHARE CODE: AVI & ISIN: ZAE000049433 ("AVI" or "the Group" or "the Company") AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 KEY FEATURES Revenue from continuing operations up 12% to R7,5 billion Operating profit from continuing operations up 14% to R908 million Headline earnings per share from continuing operations up 10% to 175 cents Cash from operations before working capital change up 6% to R1,1 billion Final dividend of 52 cents and total dividend up 10% to 88 cents per share GROUP OVERVIEW AVI has delivered solid earnings growth and maintained a strong balance sheet despite the challenging environment with both increasing pressure on consumers' disposable incomes and high costs of key raw materials. Headline earnings per share increased by 9,9% to 174,7 cents per share. Cash generated from operations amounted to R1,1 billion and net debt has reduced to R547,7 million at the end of the year from R724,4 million a year ago. In addition to the sound financial performance and more relevant to the Group's longer-term prospects, good progress has been made across many operational areas which has strengthened the competitiveness and relevance of our key brands to consumers. Food pricing has been an understandably high profile issue during the year with South African consumers impacted by the consequences of higher commodity prices on staple foods. Whilst AVI is not a staple food producer it has strived to balance the needs of consumers with our shareholder's return requirements with numerous activities to ensure that our brand proposition remains relevant in tougher times, including lower selling prices on key lines. Prices for a substantial quantity of the raw materials consumed during the year had been secured before the spot prices for some commodities dropped sharply, resulting in prolonged pressure on margins in a number of key categories. Consequently the consolidated gross profit margin was lower than last year with higher input costs not fully recovered in selling prices. Despite this, it was pleasing to see more stable margins in the second half of the year and some softening in commodity prices allowed selective selling price reductions to be made to support volumes. Notwithstanding the lower gross profit margin, the consolidated operating profit margin increased as a result of the overall increase in selling and administration costs being held below inflation. Growth in demand for the Group's food and beverage brands slowed progressively through the year, ending the year at levels similar to a year ago in most categories. The personal care category has continued to perform strongly with our brands well positioned to gain support from consumers in these leaner times while overall demand for AVI's premium footwear brands was lower than last year but remains sound for our core brands. Efforts to disinvest from the Argentinean hake and shrimp operations conducted by Alpesca s.a. ("Alpesca"), a wholly owned subsidiary of Irvin and Johnson Holding Company (Proprietary) Limited ("I&J") have been frustrated by reduced access to funding for prospective purchasers caused by the global liquidity crisis. The Board remains committed to disinvesting from this asset and believes that improving global liquidity will assist in achieving a disposal during the next year. Alpesca is classified as a discontinued operation and presented accordingly in these results. The shrimp operation has been impaired in recognition of the possibility that the disposal of these assets may not recover the full carrying value. CONTINUING OPERATIONS Revenue rose by 12,0% from R6,7 billion to R7,5 billion. The consolidated gross profit margin declined from 41,3% of revenue to 39,9% as a result of cost pressures which were only partially offset by selling price increases. Selling and administration costs were well contained at a 6,1% increase and operating profit rose by 13,7%, from R798,7 million to R908,5 million with the operating profit margin up from 12,0% to 12,2%. The Group's planned increase in gearing, combined with higher interest rates, resulted in a material increase in net finance charges from R64,0 million to R125,0 million. Headline earnings increased by 6,9% from R486,7 million to R520,4 million. Headline earnings per share increased by 9,9% to 174,7 cents per share as the weighted average number of shares in issue decreased by 2,7% following the share buy-back which programme commenced after the annual general meeting in October 2007. No shares were re-purchased during the 12 months to June 2009. The capital items of R17,1 million before tax largely comprise a R26,4 million profit on the sale of an I&J property and a R23,8 million profit on the disposal of a non-core subsidiary that packed private label teas and coffees, partially offset by impairments of intangible assets in the retail juice and Nina Roche footwear businesses. Cash generated by operations increased by 67,1% to R1 116,6 million. Ongoing strong cash generation was augmented by a reduction in working capital which largely reflects an early build up of stock levels reported at the end of June 2008. Net working capital decreased from 19,7% of sales in 2008 to 16,8% of sales. Other material cash out-flows during the period were taxation of R392,9 million, capital expenditure of R257,8 million and dividends of R247,2 million. Net debt at the end of June 2009 was R547,7 million compared to R724,4 million at the end of June 2008. Capital expenditure of R257,8 million comprised mainly replacement expenditure and R42,8 million for an additional vessel for I&J's wet fishing fleet as part of the long-term fleet replacement plan. SEGMENTAL REVIEW - CONTINUING OPERATIONS Year ended 30 June Segmental revenue Segmental operating profit 2009 2008 Change 2009 2008 Change Year ended 30 June Rm Rm % Rm Rm % Food & beverage 6 052,1 5 392,8 12,2 724,8 612,5 18,3 brands Entyce 1 670,5 1 547,5 7,9 223,4 189,1 18,1 Snackworks 2 015,6 1 677,2 20,2 184,6 185,8 (0,6) Chilled & frozen 1 916,3 1 775,4 7,9 261,0 194,9 33,9 convenience brands Out of home 449,7 392,7 14,5 55,8 42,7 30,7 Fashion brands 1 400,6 1 253,3 11,8 196,2 206,3 (4,9) Personal care 730,2 623,5 17,1 94,5 73,4 28,7 Footwear & apparel 670,4 629,8 6,4 101,7 132,9 (23,6) Corporate 9,7 14,5 (12,5) (20,1) Group 7 462,4 6 660,6 12,0 908,5 798,7 13,7 Entyce Revenue increased 7,9% due to input cost driven price increases across all categories which were partially offset by lower sales volumes. Underlying consumer demand was sound, albeit with less growth than in the last few years, however strong competition in all categories saw volumes decline compared to last year. A strategy of allowing limited loss of market share while maintaining prices to protect profit margins yielded good results for Entyce with gross profit margin for the year maintained at the same level as last year despite significantly higher input costs for much of the year. The disposal of a non-core subsidiary that packed private label teas and coffees resulted in lower volumes but an improved product mix with better profit margins. Key brands have been well supported with advertising and product development, helping to hold strong positions despite prolonged discounting by competitors. Creamer was promoted strongly in the second half to combat increased competition from cheaper formulations which resulted in lower margins for the year. The retail juice operations were re-configured as a smaller regional business and once-off costs of R5,5 million relating to the closure of the Gauteng and KwaZulu-Natal operations were incurred during the year. Selling and administration costs were well controlled and operating profit increased by 18,1% from R189,1 million to R223,4 million with the operating profit margin at 13,4% compared to 12,2% in the prior period. Snackworks Revenue increased by 20,2% largely due to the accumulated impact of price increases taken over the last two years in response to the unprecedented rise in soft commodity prices. Increased new product development and promotional activity has yielded good results with a number of new products to support the many consumer favourites under the Bakers, Pyotts and Willards brands. Volumes were slightly higher than last year with a 7,2% increase in snack volumes largely offset by lower biscuit volumes. Underlying consumer demand for biscuits has declined in the second half with some evidence of lower LSM consumers spending less on discretionary categories. Notwithstanding the increase in selling prices, higher input costs were not fully recovered in this year resulting in lower profit margins for the year which was exacerbated by a mix change to more affordable biscuit products within our portfolio. Operating profit consequently decreased by 0,6% from R185,8 million to R184,6 million with the operating profit margin at 9,2% compared to 11,1% in the previous financial year. Chilled and Frozen Convenience Brands (I&J* and Denny) *excluding Alpesca Revenue increased by 7,9% and operating profit increased by 33,9% from R194,9 million to R261,0 million with the operating profit margin improving from 11,0% to 13,6%. The main contributor was I&J's South African operations which realised higher export prices in the first half of the year as well as improved catch rates. Together with improved processing efficiencies and lower selling and administration costs these factors impacted favourably on the operating performance. However, export prices and demand have been under pressure during the second semester due to lower demand from European food service markets and the strength of the Rand. Denny had a poor second half with inconsistent production and downward pressure on prices as a result of lower demand, particularly in the out-of-home channel. Operating profit for the year decreased from R34,5 million to R23,1 million. Out of Home (Ciro Beverage Solutions and Sir Juice) Revenue increased by 14,5% mainly due to selling price increases in response to higher raw material costs. Core coffee and juice volumes were in line with last year with new customers offsetting general pressure on the restaurant and coffee shop channel, especially in the second half. Operating profit increased by 30,7% from R42,7 million to R55,8 million with the juice business in particular having a strong second semester, supported by better coffee production efficiencies. The operating profit margin increased from 10,9% to 12,4%. Fashion Brands (personal care, footwear and apparel) Revenue rose by 11,8% with strong volume growth in personal care supported by price increases to partially offset the impact of the weaker rand on imports. Operating profit decreased from R206,3 million to R196,2 million and operating margin decreased from 16,5% to 14,0%, reflecting the decrease in profitability in the footwear and apparel business. In the personal care category, Indigo Cosmetic's revenue increased strongly by 17,1%. Body spray volumes again grew materially and were well supported by good performances in the fragrance and make-up categories. Selling price increases were below inflation which has helped volume growth but, together with the impact of the weaker rand on imported materials, has put pressure on gross margins. Volume leverage offset the impact of the lower gross margin and the operating profit margin improved from 11,8% to 12,9%. Operating profit increased 28,7% from R73,4 million to R94,5 million. Revenue in the footwear and apparel category increased by 6,4%, largely due to increased selling prices in Spitz following the substantial weakening of the rand in the first half of the year and higher volumes in Gant and Nina Roche. Operating profit declined from R132,9 million to R101,7 million with lower profit margins in Spitz and operating losses in Gant and Nina Roche. In Spitz, demand for Carvela remained strong while volumes for the Lacoste and Kurt Geiger brands were sound in the context of reduced consumer spending, but lower than last year. Trading densities were impacted by lower sales volumes and temporary supply chain delays in the first half arising from both delayed stock shipments and the implementation of SAP. ?Average trading space increased by 18%. Over the last few years Spitz has invested in new and refurbished stores as well as people and systems to underpin the long term sustainability of the expanded business. This has resulted in a higher fixed cost base which contributed to a decrease in operating profit margin from 23,1% to 18,1% in the current year. Operating profit declined from R139,0 million to R114,2 million. DISCONTINUED OPERATION Despite a lower hake quota, Alpesca showed an improvement in operating profit in the current period, from an operating loss of R10,2 million to a profit of R4,6 million. This improvement is attributable to Alpesca's hake operations which enjoyed strong selling prices in the first half and good catch rates in the second half, as well as some relief from export duties granted by the Argentinean government. Demand in the second half has slowed considerably resulting in lower sales prices and volumes. The loss after tax of R30,8 million includes an impairment charge of R30,0 million against Alpesca's shrimp operations, and the devaluation of tax assets in line with the weakening of the Argentinian Peso. DIVIDENDS The AVI board is satisfied that the Group's gearing is well aligned with the current economic environment and that cash generated by operations will remain healthy. Accordingly the dividend cover has been maintained at 2,0 times diluted headline earnings per share from continuing operations and a final dividend of 52 cents per share has been declared, bringing the total dividend to 88 cents per share (2008: 80 cents per share). UNSOLICITED APPROACH FROM TIGER BRANDS LIMITED During the year Tiger Brands Limited (Tiger) made an unsolicited approach to acquire the entire issued share capital of AVI, the terms of which were published by Tiger in an announcement on SENS on 17 November 2008. This expression of interest was never converted into a formal offer but a revised proposal was tabled to AVI's Board on 22 January 2009 following which the AVI Board placed the Company under cautionary on 26 January 2009. After a process of engagement, Tiger unilaterally withdrew its expression of interest on 4 March 2009 following which AVI also withdrew its cautionary announcement. AVI incurred costs of R6,0 million related to this process. OUTLOOK Despite lower interest rates we believe that it is likely that consumer demand will remain muted in the first half of the new financial year but would hope to see some improvement in the second half.? In addition I&J, which is geared to export volumes, international prices and foreign exchange rates may not deliver the same level of profit in the year ahead if current exchange rates and export market demand persists. However, AVI's diversified market-leading brand portfolio is well positioned to continue providing a strong value proposition to consumers during tough times. This strength combined with the prospect of further benefits from lower commodity costs, our ongoing focus on yields and cost savings, as well as improved innovation, should enable AVI to compete effectively for market share and sustain our growth ambition in the current climate. PRELIMINARY SUMMARISED GROUP BALANCE SHEETS Audited Audited at 30 June at 30 June 2009 2008 Rm Rm ASSETS Non-current assets Property, plant and equipment 1 205,1 1 164,8 Intangible assets and goodwill 925,4 986,2 Investments 276,8 312,8 Deferred tax asset 74,4 89,1 2 481,7 2 552,9 Current assets Inventories and biological assets 950,0 873,0 Trade and other receivables including 1 170,1 1 178,7 derivatives Cash and cash equivalents 516,6 174,9 Assets of discontinued operations classified 390,5 460,1 as held-for-sale* Other assets classified as held-for-sale** 8,2 32,9 3 035,4 2 719,6 Total assets 5 517,1 5 272,5 EQUITY AND LIABILITIES Capital and reserves Attributable to equity holders of AVI 2 675,9 2 518,8 Minority interests (23,3) (17,5) Total equity 2 652,6 2 501,3 Non-current liabilities Financial liabilities, borrowings and 544,1 409,7 operating lease straight-line liabilities Employee benefits 295,9 293,5 Deferred taxation 110,3 154,0 950,3 857,2 Current liabilities Current borrowings including derivatives 639,3 536,3 Trade and other payables 1 092,9 1 048,1 Corporate taxation 13,4 73,4 Liabilities of discontinued operations 168,6 256,2 classified as held-for-sale* 1 914,2 1 914,0 Total equity and liabilities 5 517,1 5 272,5 *Discontinued operations comprise the Argentinian hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. (June 2008: Argentinian hake and shrimp operations conducted by Alpesca) **Other assets held-for-sale comprise retired vessels & equipment held for disposal. (June 2008: retired vessels and equipment for disposal and properties held-for-sale) PRELIMINARY SUMMARISED GROUP INCOME STATEMENTS Audited Audited Change year year % ended ended 30 June 30 June 2009 2008 Rm Rm CONTINUING OPERATIONS Revenue 7 462,4 6 660,6 12,0 Cost of sales 4 485,5 3 912,3 14,7 Gross profit 2 976,9 2 748,3 8,3 Selling and administrative expenses 2 068,4 1 949,6 6,1 Operating profit before capital items 908,5 798,7 13,7 Income from investments 22,4 22,5 (0,5) Finance costs (147,4) (86,5) 70,4 Share of equity accounted earnings of 15,3 17,2 (11,1) joint ventures Capital items 17,1 13,7 Profit before taxation 815,9 765,6 6,6 Taxation 276,7 265,8 4,1 Profit from continuing operations 539,2 499,8 7,9 DISCONTINUED OPERATIONS* Revenue 428,8 445,5 (3,7) Operating profit/(loss) before capital 4,6 (10,2) (145,1) items Finance costs (8,0) (10,0) (19,9) Capital items (30,0) 0,2 Loss before taxation (33,4) (20,0) 67,0 Taxation (2,6) (9,9) (73,7) Loss from discontinued operations (30,8) (10,1) 205,0 Profit for the year 508,4 489,7 3,8 Attributable to: Equity holders of AVI 507,7 488,3 4,0 Minority interests 0,7 1,4 (50,8) 508,4 489,7 3,8 *Discontinued operations comprise the Argentinian hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. In June 2008 the AVI Board resolved to disinvest from this operation. Basic earnings per share from 180,8 162,9 11,0 continuing operations(cents)# Diluted earnings per share from 177,5 161,4 10,0 continuing operations (cents)## Depreciation and amortisation of 187,4 166,7 12,4 property, plant and equipment and intangible assets included in operating profit from continuing operations Headline earnings per share from 174,7 159,0 9,9 continuing operations (cents)# Diluted headline earnings per share 171,5 157,6 8,8 from continuing operations (cents)## #Earnings and headline earnings per share is calculated on a weighted average of 297 806 357 (30 June 2008: 306 081 992) ordinary shares in issue. ##Diluted earnings and headline earnings per share is calculated on a weighted average of 303 400 679 (30 June 2008: 308 840 457) ordinary shares in issue. PRELIMINARY SUMMARISED GROUP CASH FLOW STATEMENTS Audited Audited Change year year % ended ended 30 June 30 June 2009 2008 Rm Rm CONTINUING OPERATIONS OPERATING ACTIVITIES Cash generated by operations before 1 086,6 1 022,8 6,2 working capital changes Decrease/(increase) in working capital 30,0 (354,7) (108,5) Cash generated by operations 1 116,6 668,1 67,1 Interest paid (140,5) (91,0) 54,4 Taxation paid (392,9) (247,4) 58,8 Net cash available from operating 583,2 329,7 76,9 activities INVESTING ACTIVITIES Cash flow from investments 21,2 29,6 (28,4) Property, plant and equipment acquired (257,8) (271,6) (5,1) Proceeds from disposals 68,2 47,4 43,9 Disposal/(acquisition) of businesses 57,1 (37,8) (251,1) and other investments Net cash used in investing activities (111,3) (232,4) (52,1) FINANCING ACTIVITIES Capital returned to shareholders - (549,7) Net increase in shareholder funding 9,0 4,7 91,5 Long term borrowings - net raised 191,1 308,8 (38,1) (Decrease)/increase in short-term (14,1) 206,2 (106,8) funding Dividends paid (247,2) (233,4) 5,9 Net cash used in financing activities (61,2) (263,4) (76,8) DISCONTINUED OPERATIONS* Cash flows from operating activities 3,6 31,7 (88,6) Cash flows used in investing (4,3) (11,0) (61,0) activities Cash flows (used in)/from financing (64,6) 2,1 (3 145,5) activities Cash flows from discontinued (65,3) 22,8 (386,5) operations Increase/(decrease) in cash and cash 345,4 (143,3) (341,0) equivalents Cash and cash equivalents at beginning 204,8 317,1 (35,4) of the year 550,2 173,8 Translation of cash equivalents of (20,5) 31,0 (166,1) foreign subsidiaries at beginning of the year Cash and cash equivalents at end of 529,7 204,8 the year Attributable to: Continuing operations** 516,6 174,9 195,4 Discontinued operations** 13,1 29,9 (56,2) *Discontinued operations comprise the Argentinian hake and shrimp operations conducted by Alpesca, a wholly owned subsidiary of I&J. **Cash flows between continuing and discontinued operations are eliminated on consolidation. These amounted to R48,5 million net cash flow from continuing operations to discontinued operations in 2009. PRELIMINARY SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY Share Treasury Reserves Retained capital shares Rm earnings and Rm Rm premium Rm Year ended 30 June 2009 Balance at 1 July 2008 171,0 (719,8) 150,5 2 919,8 Recognised income and expense Profit for the period 507,7 Foreign currency translation (79,4) differences Cash flow hedging reserve (54,2) Transactions with shareholders Share based payments 20,9 Dividends paid (247,2) Disposal of minority interests Own ordinary shares sold by AVI 9,3 Share Trusts (net) Balance at 30 June 2009 171,0 (710,5) 37,8 3 180,3 Year ended 30 June 2008 Balance at 1 July 2007 428,2 (435,7) 23,2 2 667,4 Recognised income & expense Profit for the year 488,3 Foreign currency translation 111,5 differences Cash flow hedging reserve (0,4) Transactions with shareholders Share based payments 16,2 Dividends paid (232,9) Payment out of share premium (257,0) 26,4 Own ordinary shares purchased by a (319,1) subsidiary Redemption of convertible (0,2) redeemable preference shares Own ordinary shares sold by AVI 8,6 (3,0) Share Trusts (net) Balance at 30 June 2008 171,0 (719,8) 150,5 2 919,8 PRELIMINARY SUMMARISED GROUP STATEMENTS OF CHANGES IN EQUITY (cont) Premium Total Minority Total on Rm interests equity minority Rm Rm equity trans- actions Rm Year ended 30 June 2009 Balance at 1 July 2008 (2,7) 2 518,8 (17,5) 2 501,3 Recognised income and expense Profit for the period 507,7 0,7 508,4 Foreign currency translation (79,4) (79,4) differences Cash flow hedging reserve (54,2) (54,2) Transactions with shareholders Share based payments 20,9 20,9 Dividends paid (247,2) (247,2) Disposal of minority interests - (6,5) (6,5) Own ordinary shares sold by AVI 9,3 9,3 Share Trusts (net) Balance at 30 June 2009 (2,7) 2 675,9 (23,3) 2 652,6 Year ended 30 June 2008 Balance at 1 July 2007 (2,7) 2 680,4 (18,4) 2 662,0 Recognised income & expense Profit for the year 488,3 1,4 489,7 Foreign currency translation 111,5 111,5 differences Cash flow hedging reserve (0,4) (0,4) Transactions with shareholders Share based payments 16,2 16,2 Dividends paid (232,9) (0,5) (233,4) Payment out of share premium (230,6) (230,6) Own ordinary shares purchased by a (319,1) (319,1) subsidiary Redemption of convertible (0,2) (0,2) redeemable preference shares Own ordinary shares sold by AVI 5,6 5,6 Share Trusts (net) Balance at 30 June 2008 (2,7) 2 518,8 (17,5) 2 501,3 SUPPLEMENTARY NOTES TO THE PRELIMINARY SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS AVI Limited ("AVI" or the "Company") is a South African registered company. The preliminary summarised consolidated financial statements of the Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in jointly controlled entities. 1. Statement of compliance The summarised consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ("IFRS"), its interpretations adopted by the International Accounting Standards Board ("IASB"), the presentation and the disclosure requirements of IAS 34 - Interim Financial Reporting, the Listings Requirements of the JSE Limited (the "JSE") and the requirements of the South African Companies Act. 2. Basis of preparation The financial statements are prepared in millions of South African Rand ("Rm") on the historical cost basis, except for: - certain derivative financial instruments and biological assets recognised at fair value; - non-current assets and disposal groups held for sale stated at the lower of carrying amount or fair value less costs to sell. The accounting policies are those presented in the annual financial statements for the year ended 30 June 2009 and have been applied consistently to the periods presented in these summarised consolidated financial statements and by all Group entities. 3. Determination of headline earnings Audited Audited Change Year Year % ended ended 30 June 30 June 2009 2008 Rm Rm Profit for the year attributable to 507,7 488,3 4,0 equity holders of AVI Total capital items included in (6,2) 12,0 earnings Net surplus on disposal of 28,8 19,0 investments, properties, vessels and plant and equipment Net surplus on disposal of 23,8 - subsidiaries Impairment of plant, equipment and (5,2) (5,1) vessels Impairment of assets classified as (0,3) - held-for-sale Impairment of intangible assets and (30,0) - goodwill Impairment of disposal groups held- (30,0) - for-sale Taxation attributable to capital 6,7 (1,9) items Headline earnings 513,9 476,3 7,9 Attributable to: Continuing operations 520,4 486,7 6,9 Discontinued operations (6,5) (10,4) 513,9 476,3 7,9 Headline earnings per ordinary share 172,6 155,6 10,9 (cents) Continuing operations (cents) 174,7 159,0 9,9 Discontinued operations (cents) (2,1) (3,4) (38,2) Diluted headline earnings per 169,4 154,2 9,9 ordinary share (cents) Continuing operations (cents) 171,5 157,6 8,8 Discontinued operations (cents) (2,1) (3,4) (38,2) 4. Investment activity There were no significant changes to investments in the current year. Effective 12 December 2008, National Brands Limited disposed of a non-core subsidiary that packed private label teas and coffees for R35,2 million (net of cash disposed of). 5. Commitments Year Year ended ended 30 June 30 June 2009 2008 Rm Rm Capital expenditure commitments for property, 88,7 127,7 plant and equipment Contracted for 52,2 79,3 Authorised but not contracted for 36,5 48,4 It is anticipated that this expenditure will be financed by cash resources, cash generated from activities and existing borrowing facilities. Other contractual commitments have been entered into in the normal course of business. 6. Contingent liabilities As previously reported, a foreign subsidiary of the Group has since 2004 been involved in a dispute with the South African Revenue Service ("SARS"). The matters under dispute were complex and it was anticipated at that time that the legal process embarked on would take an extended period to complete. On 30 March 2009 the foreign subsidiary and SARS reached agreement in terms of which an amount of R34 million was paid to SARS in full and final settlement of the dispute. After taking account of existing provisions related to this dispute, the settlement did not have any material effect on profit for the year ended 30 June 2009. 7. Post-balance sheet events No significant events outside the ordinary course of business have occurred since the balance sheet date. 8. Dividend declaration Notice is hereby given that a final ordinary dividend No 70 of 52 cents per share for the year ended 30 June 2009 has been declared payable to shareholders of ordinary shares. The salient dates relating to the payment of the dividend are as follows: Last day to trade cum dividend on the JSE Friday, 25 September 2009 First trading day ex dividend on the JSE Monday, 28 September 2009 Record date Friday, 2 October 2009 Payment date Monday, 5 October 2009 In accordance with the requirements of Strate Limited, no share certificates may be dematerialised or rematerialised between Monday, 28 September 2009 and Friday, 2 October 2009, both days inclusive. Dividends in respect of certificated shareholders will be transferred electronically to shareholders' bank accounts on payment date. In the absence of specific mandates, dividend cheques will be posted to shareholders. Shareholders who hold dematerialised shares will have their accounts at their Central Securities Depository Participant ("CSDP") or broker credited on Monday, 5 October 2009. 9. Reports of the independent auditors The unmodified audit reports of KPMG Inc., the independent auditors, on the annual financial statements and the summarised financial statements contained herein for the year ended 30 June 2009, dated 4 September 2009, are available for inspection at the registered office of the company. 10. Annual report The annual report for the year ended 30 June 2009 will be posted to shareholders on or about Friday, 25 September 2009. The financial statements will include the notice of the annual general meeting of shareholders to be convened on Wednesday, 21 October 2009. Angus Band Simon Crutchley Chairman CEO 4 September 2009 Directors: AWB Band * (Chairman), SL Crutchley (Chief Executive Officer), MH Buthelezi*, OP Cressey, ,JR Hersov*, SD Jagoe*, RS Katzen, KE Macilwaine*, NT Moholi*, A Nuhn*, GR Tipper* Dutch British * Non Executive Company Secretary : VA Crystal Registered office: 2 Harries Road, Illovo, Johannesburg 2196, South Africa Postal address: PO Box 1897, Saxonwold 2132, South Africa, Telephone: +27 11 502 1300, Telefax: +27 11 502 1301 e-mail: info@avi.co.za Website: www.avi.co.za Sponsor: Standard Bank Date: 07/09/2009 07:17:01 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.

AVI - AVI Limited - Trading update and statement for year ending 30 June 2009
29 Jun 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Trading update and statement for year ending 30 June 2009 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") TRADING UPDATE AND STATEMENT FOR YEAR ENDING 30 JUNE 2009 The following update covers performance for the Group's continuing operations. Segmental revenue for continuing operations for the eleven months ended 31 May 2009 Revenue 2009 2008 Change Rm Rm % Entyce beverages 1,496 1,393 7.4 Snackworks 1,854 1,535 20.8 Chilled and frozen convenience brands* 1,701 1,551 9.7 Out of home 410 366 12.0 Fashion brands - personal care 673 577 16.6 Fashion brands - footwear and apparel 629 591 6.4 Corporate 10 15 Group 6,773 6,028 12.4 * = excludes Alpesca Group revenue for the eleven months to May 2009 was 12.4% higher than in the comparable period of the prior year. Growth in demand for the Group's food and beverage brands has slowed progressively through the year as consumers' disposable income has come under increasing pressure, resulting in current demand at levels similar to a year ago in most categories. The personal care category has continued to perform strongly with our brands well positioned to gain support from consumers in tougher times. Demand for AVI's premium footwear brands was adversely impacted by reduced consumer spending and like-for-like revenue, excluding stores not open for a full year, was 9% lower than the same period in the previous year. Although the consolidated gross profit margin has stabilised in the second half of the year, it is still slightly below the level achieved in the second half of the previous year. Some softening in commodity prices has been offset by selective selling price adjustments to support volumes. Notwithstanding the lower gross profit margin, consolidated operating profit margin has been held at a similar level to last year. As noted in the interim results, the Group's planned increase in gearing during the prior year, combined with higher average interest rates, has resulted in a material increase in net finance charges compared to the same period in the prior year. As a consequence of AVI's share buy-back program, the weighted average number of shares in issue for the year is expected to be approximately 2.7% lower than for the year ended 30 June 2008. The following statement is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited: Consolidated headline earnings per share for the continuing operations of the Group for the year ending 30 June 2009 are expected to increase by between 5% and 10% over the headline earnings per share for the year ended 30 June 2008; Consolidated earnings per share for the continuing operations of the Group for the year ending 30 June 2009, including net capital gains on the disposal of assets, are expected to reflect an improvement of between 5% and 10% over the earnings per share for the year ended 30 June 2008. Discontinued operations Efforts to disinvest from the Argentinean hake and shrimp operations conducted by Alpesca s.a.("Alpesca"), a wholly owned subsidiary of Irvin and Johnson Holding Company (Proprietary) Limited ("I & J") have been frustrated by reduced access to funding for prospective purchasers caused by the global liquidity crisis. The Board remains committed to disinvesting from this asset and believes that improving global liquidity will assist in achieving a disposal during the next year. Alpesca's hake operation has continued to perform soundly in the context of a difficult operating environment however the shrimp operation has performed poorly due to low catch rates and soft selling prices in the second half of the year. The carrying value of the shrimp operating assets of approximately USD10 million is likely to be partially impaired in the current financial year, with the final impairment amount to be established in August 2009 based on information that is relevant to the position at year end. It is expected that AVI will release its audited results for the year ending 30 June 2009 on 7 September 2009. The information above has not been reviewed and reported on by the Group's auditors. Illovo 29 June 2009 Sponsor Standard Bank Enquiries Simon Crutchley Tel: +(27) 11 502 1300 Chief Executive Officer Owen Cressey Tel: +(27) 11 502 1300 Chief Financial Officer Date: 29/06/2009 10:47:23 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.

AVI - AVI Limited - Acceptance Of Options By Directors Of AVI And Directors Of
26 Jun 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Acceptance Of Options By Directors Of AVI And Directors Of Major Subsidiaries AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group") ACCEPTANCE OF OPTIONS BY DIRECTORS OF AVI AND DIRECTORS OF MAJOR SUBSIDIARIES In compliance with the Listings Requirements of the JSE Limited, the following information is disclosed: Director : Simon Crutchley Company : AVI Date of transaction : 26 June 2009 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 : 590,823 Option allocation price : R15.91 Vesting : In full on the third anniversary of allocation Total value of transaction : R9,399,993.93 Nature and extent of director's interest : Direct beneficial Clearance obtained : Yes Director : Robert Katzen Company : AVI Date of transaction : 26 June 2009 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 : 209,555 Option strike price : R15.91 Vesting : In full on the third anniversary of allocation Total value of transaction : R3,334,020.05 Nature and extent of director's interest : Direct beneficial Clearance obtained : Yes Director : Keith Phillips Company : National Brands Ltd Date of transaction : 26 June 2009 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 : 83,721 Option allocation price : R15.91 Vesting : In full on the third anniversary of allocation Total value of transaction : R1,332,001.11 Nature and extent of director's interest : Direct beneficial Clearance obtained : Yes Director : David Hood Company : National Brands Ltd Date of transaction : 26 June 2009 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 : 129,660 Option allocation price : R15.91 Vesting : In full on the third anniversary of allocation Total value of transaction : R2,062,890.60 Nature and extent of director's interest : Direct beneficial Clearance obtained : Yes Illovo 26 June 2009 Sponsor Standard Bank Date: 26/06/2009 10:32:01 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.

AVI - AVI Limited - Change In Directorship
17 Jun 09

JSE Securities Exchange - SENS

AVI AVI - AVI Limited - Change In Directorship AVI LIMITED (Incorporated in the Republic of South Africa) (Registration number. 1944/017201/06) Share Code: AVI ISIN: ZAE000049433 ("the Company") CHANGE IN DIRECTORSHIP Having served as a non-executive director of the company for fourteen years, Mr P M Goss retired in the ordinary course on 11 June 2009. The Board and management of the Company thank Mr Goss for his valuable contribution to the Board during his tenure. Illovo 17 June 2009 Sponsor Standard Bank Date: 17/06/2009 09:36:02 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.