Voluntary Trading Update for the 10 months ended 31 July 2015 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 10 MONTHS ENDED 31 JULY 2015 Shareholders are hereby advised that notwithstanding increased competitive intensity, maize deflation and the exiting of Pepsi and biscuits, the Company has managed to sustain solid top-line growth. Volume and revenue growth for the major categories for the 10 month period ending 31 July 2015 is as follows: Volume Revenue % % Bakeries 11% 15% Maize 6% 1% Wheat 1% 3% Rice 9% 9% Breakfast Cereals 10% 15% Local Juices 10% 13% International 3% 13% Top-line growth continues to be bolstered by a sustained focus on cost and efficiency initiatives, translating into strong operating leverage. It should be noted however, that the maize margin reduces in the second half as a result of a shift to an inflationary commodity cycle. This has a concomitant effect on the corporate margin. The 2nd half has been characterised by inter alia: - Significant maize and wheat cost push necessitating staggered price increases; - Softening of Africa export volumes due to extraneous macro conditions; - Maintenance of, and increased market shares; - A recovery in the performance of the Heinz joint venture; - Sustained performance excellence within Bakeries; - Successful exit of Biscuits and Pepsi; - Solid performance from Cereals and the balance of Beverages; and - An improved international fruit performance. The Company remains committed to meeting its twin objectives of strengthening brands and expanding margins, whilst embedding the One Pioneer operating model. In accordance with paragraph 3.4(b)(i) of the Listings Requirements of the JSE, Pioneer Foods will report to shareholders once a reasonable degree of certainty exists should the earnings per share and headline earnings per share for the current reporting period ending 30 September 2015 be expected to differ by at least 20% when compared to the prior comparable reporting period. The financial information, on which this trading update is based, has not been reviewed or reported on by the Group´s external auditors. Tygervalley 28 August 2015 Sponsor PSG Capital Date: 28/08/2015 07:20:00 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.