Trading update 1 July to 30 September 2014 Distell Group Limited (Incorporated in the Republic of South Africa) (Registration number: 1988/005808/06) Share code: DST ISIN: ZAE000028668 ("Distell" or “the Company”) TRADING UPDATE 1 JULY TO 30 SEPTEMBER 2014 During the first three months (1 July-30 September 2014) of the new financial year ending 30 June 2015, Distell recorded total revenue growth of 11% compared to the same corresponding period in the previous financial year. Our domestic South African operations recorded pleasing revenue growth on the back of stronger growth from our brandy and wine brand portfolios. Africa revenue growth has been slightly below last year, affected mainly by: - prior year shipments to Angola in advance of an impending customs duty increase, in the first quarter of the calender year; - export sales in our other key markets of Kenya, Namibia and Ghana reflected strong revenue and volume growth as did sales in Mozambique and Zambia on the back of our expanding presence in these countries; - volume and revenue growth in Tanzania and Zimbabwe also grew robustly despite challenging economic and regulatory conditions; and - export sales to Nigeria slowed due to strong prior year shipments and slower in-market sales than forecast, although progress is being made to build our route to market and production presence in the country. Our international operations outside of Africa recorded satisfactory revenue growth compared to the same period in the prior year. Conditions in Europe and Asia remain very challenging and highly competitive. Post the Group’s year-end, Distell announced the following important transactions: - The acquisition of a 26% minority share in KWA Holdings East Africa Limited with the closing of this transaction anticipated by the end of November 2014. - The acquisition of the minority interests in International Beverage Company Limited. This acquisition in the US will allow Distell to consolidate its wine and spirits brands under one import distributor, over which it has full control, which in turn will permit Distell to better leverage a core portfolio of wines and spirits in selected states in this market. Trading conditions are expected to remain unpredictable and volatile domestically and in our traditional international export markets. The group continues to invest aggressively in its African expansion strategy as well as in other selected emerging markets that offer potential for long term growth. The above mentioned figures do not constitute an earnings forecast and have not been reviewed and reported on by the Company’s external auditors. Stellenbosch 22 October 2014 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 22/10/2014 12:45:00 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.