In line with best practice and regulatory and statutory obligations, directors and management may not deal directly or indirectly in the company’s shares during specific closed periods. This includes participants in the Avusa share incentive plans. These closed periods operate from year-end to the announcement of annual results, and from half-year end to the announcement of interim results.

Restrictions on share dealings are also applied during any other period considered sensitive in terms of the requirements of the JSE. Directors and the company secretary require the prior approval of the chairman, the group chief executive officer or the chief financial officer before dealing in the company’s shares.