Trading update and statement for the six months ended 31 December 2013 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 (“AVI” or “the Group”) TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 The following update is based on the latest available trading information for the six months ended 31 December 2013. Segmental revenue for continuing operations for the six months ended 31 December 2013 2013 2012 Change Rm Rm % Entyce beverages 1,416 1,310 8.1 Snackworks 1,614 1,424 13.3 I&J 824 720 14.4 Fashion brands 1,541 1,432 7.6 Corporate 5 6 GROUP 5,400 4,892 10.4 Overall sales performance was sound in a tough trading environment with strong volume growth in biscuits and snacks, both in South Africa and regionally. The consolidated gross profit margin declined slightly due mainly to gross margin pressure in the footwear businesses however the consolidated operating profit margin benefitted from volume leverage in some categories and is in line with that for the same period in the prior year. Other factors impacting on the consolidated results for the first semester were: . As announced on 7 November 2013, Indigo Brands Proprietary Limited received a once-off pre-tax payment of R150,0 million from Coty following the revision of their commercial relationship. The net after tax gain of R122,0 million is included in the results for the semester as a capital item. . The weighted average number of shares in issue during the period was 2,3% higher than in the same period last year due to the issue of new shares in terms of the Group’s various share incentive schemes. The following additional disclosure is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited, following the trading statement released by AVI on 7 November 2013: . Consolidated headline earnings per share for the continuing operations of the Group for the six months ended 31 December 2013 are expected to increase by between 8% and 11% over the comparable period in the prior year; . Consolidated earnings per share for the continuing operations of the Group for the six months ended 31 December 2013, including capital gains and losses, are expected to increase by between 27% and 29% over the comparable period in the prior year; . Consolidated headline earnings per share for the total operations of the Group for the six months ended 31 December 2013 are expected to increase by between 8% and 11% over the comparable period in the prior year; . Consolidated earnings per share for the total operations of the Group for the six months ended 31 December 2013, including capital gains and losses, are expected to increase by between 19% and 21% over the comparable period in the prior year. It is expected that AVI will release its results for the six months ended 31 December 2013 on or about 10 March 2014. The information above has not been reviewed and reported on by the Group’s auditors. Illovo 23 January 2014 Sponsor The Standard Bank of South Africa Limited Enquiries +(27) 11 502 1300 Date: 23/01/2014 08:51:00 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.