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PFG - Pioneer Food Group Limited - Voluntary Trading Update Pioneer Food Group Limited Incorporated in the Republic of South Africa Registration number: 1996/017676/06 Share code: PFG ISIN code: ZAE000118279 ("Pioneer Foods" or "the Company") VOLUNTARY TRADING UPDATE In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as a reasonable degree of certainty exists that its financial results for the next reporting period will differ by 20% or more from that of the previous corresponding reporting period. As disclosed previously, Pioneer Foods` financial results were negatively affected by R654 million in its previous comparative reporting period for the financial year ended 30 September 2010, in respect of the Competition Commission administrative penalty ("the penalty"). As the penalty is a non-recurring item, this trading update indicates expected performance for the full year ended 30 September 2011 both including and excluding the effect of the penalty in the comparative period. Comparative results including the penalty Earnings per share and headline earnings per share for the 12 month period ended 30 September 2011 are expected to increase by more than 165%. Comparative results excluding the penalty Earnings per share and headline earnings per share for the 12 month period ended 30 September 2011 are expected to decrease by between 20% and 30%, if comparative figures are adjusted to exclude the impact of the penalty of R654 million. Shareholders are further advised that the volatile economic climate currently experienced has contributed to tough trading conditions for the Company, especially in the last few months. Pioneer Foods will revert to shareholders with a further trading update (incorporating the effect of the non-recurring items in the comparative period), once more certainty exists with regards to the financial results for the year ended 30 September 2011. The financial information on which this trading statement is based has not been reviewed and reported on by the Company`s auditors. 20 September 2011 Paarl Sponsor PSG Capital Date: 20/09/2011 09:20:24 Supplied by www.sharenet.co.za 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.
