APPOINTMENT OF LEAD INDEPENDENT DIRECTOR AND CHANGE IN NON EXECUTIVE DIRECTOR`S RESPONSIBILITIES

In terms of paragraph 3.59 (a) and (c) of the Listings Requirements of the JSE Limited, the board advises that the following changes have taken place with effect from 3 October 2011:

Mr Mikki Xayiya, the interim Chairman of the board, has been appointed non- executive Chairman; Mr Jacques Schindehutte, an independent non executive director of Avusa, has been appointed lead independent director; Mr Colin Cary, a non-executive director, has taken on an executive role as Managing Director of Retail Solutions, a subsidiary of Avusa.

ACCEPTANCE OF SHARE-BASED INCENTIVES BY EXECUTIVE DIRECTORS, COMPANY SECRETARY AND DIRECTORS OF A MAJOR SUBSIDIARY

In terms of paragraphs 3.63 - 3.70 of the Listings Requirements of the JSE Limited, the following information relating to the acceptance of share-based incentives by executive directors, the company secretary and directors of a major subsidiary, is disclosed:

Executive director - Prakash Desai
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 78 453
Allocation price - R22,77 per right
Value of transaction - R1 786 374,81
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Prakash Desai
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Conditional awards
Number of securities - 78 453
Allocation price - Nil per conditional award
Value of transaction - Conditional award
Vesting period - Conditional awards vest in three years subject to the fulfilment of a performance condition
Nature of transaction  - Grant and acceptance of conditional awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Prakash Desai
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Conditional matching awards
Number of securities - 38 834
Allocation price - Nil per conditional matching award
Value of transaction - Conditional matching award
Vesting period - Conditional matching awards vest in three years subject to still being in the employ of Avusa
Nature of transaction - Grant and acceptance of conditional matching awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Howard Benatar
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 27 352
Allocation price - R22,77 per right
Value of transaction - R622 805,04
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Howard Benatar
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Conditional awards
Number of securities - 27 352
Allocation price - Nil per conditional award
Value of transaction - Conditional award
Vesting period - Conditional awards vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of conditional awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Howard Benatar
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Conditional matching awards
Number of securities - 9 565
Allocation price - Nil per conditional matching award
Value of transaction - Conditional matching award
Vesting period - Conditional matching awards vest in three years subject to still being in the employ of Avusa
Nature of transaction - Grant and acceptance of conditional matching awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Company secretary - Joanne Matisonn
Company of which company secretary - Avusa
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 13 093
Allocation price - R22,77 per right
Value of transaction - R298 127,61
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Company secretary - Joanne Matisonn
Company of which company secretary - Avusa
Transaction date - 30 September 2011
Class of securities - Conditional awards
Number of securities - 7 274
Allocation price - Nil per conditional award
Value of transaction - Conditional award
Vesting period - Conditional awards vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of conditional awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Subsidiary director - Michael Robertson
Subsidiary of which a director - Avusa Media Limited
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 28 567
Allocation price - R22,77 per right
Value of transaction - R650 470,59
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Subsidiary director - Michael Robertson
Subsidiary of which a director - Avusa Media Limited
Transaction date - 30 September 2011
Class of securities - Conditional awards
Number of securities - 25 393
Allocation price - Nil per conditional award
Value of transaction - Conditional award
Vesting period - Conditional awards vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of conditional awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Executive director - Michael Robertson
Company of which a director - Avusa Media Limited
Transaction date - 30 September 2011
Class of securities - Conditional matching awards
Number of securities - 9 427
Allocation price - Nil per conditional matching award
Value of transaction - Conditional matching award
Vesting period - Conditional matching awards vest in three years subject to still being in the employ of Avusa
Nature of transaction - Grant and acceptance of conditional matching awards (off market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Subsidiary director - Ashok Lachman
Subsidiary of which a director - Avusa Media Limited
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 18 749
Allocation price - R22,77 per right
Value of transaction - R426 914,73
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Subsidiary director - Ashok Lachman
Subsidiary of which a director Avusa Media Limited
Transaction date - 30 September 2011
Class of securities - Conditional awards
Number of securities - 10 416
Allocation price - Nil per conditional award
Value of transaction - Conditional award
Vesting period - Conditional awards vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of conditional awards (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes

EXERCISE OF SHARE-BASED INCENTIVES BY, AND DELIVERY OF SHARES TO A DIRECTOR OF A MAJOR SUBSIDIARY

In compliance with paragraphs 3.63 - 3.70 of the Listings Requirements of the JSE Limited, the following information relating to the exercise of share-based incentives by, and the delivery of Avusa shares to, a director of a major subsidiary, is disclosed:

Director of a major subsidiary - Michael Robertson
Company of which a director - Avusa Media Limited
Date of exercise of conditional awards - 26 September 2011
Date of delivery of shares - 29 September 2011
Exercise price - R23,00 per conditional award
Allocation price - Nil
Number of shares delivered - 20 009 (with 8 004 shares subsequently sold to settle employee`s tax)
Value of transaction - R460 207 (before tax)
Nature of transaction - Exercise of conditional awards in terms of the Long Term Incentive Plan 2008, and delivery of Avusa shares
Class of securities - Avusa ordinary shares
Extent of interest - Direct beneficial
Written clearance to deal - Yes

Statements issued by Avusa through the JSE SENS service, October 3 2011

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