PIONEER FOOD GROUP LIMITED - Voluntary trading update for the four months to 31 January 2014

Voluntary trading update for the four months to 31 January 2014

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 Group”)

Voluntary trading update for the four months to 31 January 2014

Shareholders are hereby advised that Group revenue for the four months ended 31
January 2014 has increased by 8.1% (excluding Quantum Foods) and 6.9%
including Quantum Foods, respectively, compared to the comparative period in the
prior financial year.   Overall domestic volumes were flat given muted consumer
spending and significant competition in certain categories.

Export volumes, in particular fruit, maintained good momentum.

Significant and continued focus on cost reduction and efficiencies has had a positive
effect on performance to date. The value enhancement initiatives embarked upon in
the prior year are beginning to gain momentum.

Earnings at the half year are likely to benefit from the aforementioned and the low
performance base of the corresponding period.

The outlook for the remainder of the current financial year is particularly challenging
given the inflationary pressures facing consumers at present. This could potentially
translate to volume pressure for the Group, compounded by rising input costs and
rand weakness.

The interim financial results for the six months ending 31 March 2014 are expected
to be announced on or about 19 May 2014, with further trading updates to follow as
appropriate.
The information provided in this trading update has not been reviewed or reported on
by the Group’s independent external auditors.

Paarl
14 February 2014

Sponsor
PSG Capital

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