AVI LIMITED - Chairman's comment on trading conditions

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, Gavin
Tipper, commented in relation to trading conditions that:

“Group revenue for the quarter ended September 2012, for
continuing operations, was 7,1% higher than the same period in
the prior year. The quarter was characterised by constrained
demand in some categories and increasing competition for
consumers’ disposable income.

I&J had a difficult first quarter with several of the fishing
vessels undergoing cycle maintenance, lower foreign exchange
gains, increased fuel costs and lower sales volumes concomitant
with the lower catch volume for the quarter. An improvement is
expected over the remainder of the year as volumes increase and
the weaker Rand benefits export sales, particularly in the
second half of the year.

While trading conditions are expected to remain challenging,
due to constrained consumer demand and tough price competition,
October trading has been positive overall.

Results for the first half of the 2013 financial year are
dependent on achieving targeted volumes over the festive
season.”

This information has not been reviewed and reported on by AVI’s
auditors.


Illovo
2 November 2012

Sponsor
The Standard Bank of South Africa Limited

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