Voluntary Trading Update For The 3 Month Period Ended 31 December 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 Company” or “the Group”) VOLUNTARY TRADING UPDATE FOR THE 3 MONTH PERIOD ENDED 31 DECEMBER 2014 Shareholders are hereby advised that the trading conditions for the 3 month period ended 31 December 2014 remained challenging within an ever increasing competitive landscape. Notwithstanding the aforementioned, select categories reflected an uptick in consumer demand. Pioneer Foods managed to increase market share (Source: IRI Aztec 3mm Dec) in most categories it competes in. Of significance is price deflation in a few categories, most notably maize, which as a consequence has constrained revenue growth. Group revenue for the three months was up 7%. Volume growth realised in major categories was pleasing, with the exception of the wheat and rice categories. The international business achieved fair beverage volume growth in Africa and positive leverage, however, the dried fruit performance was somewhat constrained due to competitive global pricing. Volume and revenue growth rates for the major categories during the 3 month period are set out below: VOLUME REVENUE % % Bread 13 19 Maize 9 1 Wheat (3) 3 Rice 2 3 Breakfast Cereals 21 21 Local Juices 8 13 International 2 12 Positive operating leverage was generated given sustained progress with cost and efficiency improvements, notwithstanding the disruptive and costly impact of Eskom power supply volatility. Pioneer Foods expects to report an improved adjusted operating profit and adjusted headline earnings performance for the six months ending 31 March 2015 (both adjusted for the impact of the Phase 1 B-BBEE deal on the back of the share price movement). Once sufficient certainty exists, a further update with an indicative range will be provided to the extent necessary. The information provided in this trading update has not been reviewed or reported on by the Group’s independent external auditors. Shareholders are advised that a short presentation delivered by the CEO at today’s Annual General Meeting, is available on the Company’s website www.pioneerfoods.co.za. Bellville 13 February 2015 Sponsor PSG Capital Date: 13/02/2015 09:30:00 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.