Chairman’s Comment on Trading Conditions AVI LIMITED Registration number 1944/017201/06 Share Code: AVI ISIN: ZAE000049433 (“AVI” or “the Company”) CHAIRMAN’S COMMENT ON TRADING CONDITIONS At the annual general meeting of AVI held this morning, Gavin Tipper commented in relation to trading conditions that: “Consolidated group revenue for the first quarter ended September 2015 was 10,0% higher than that for the same period in the prior year and the group gross profit margin and operating profit margin both improved slightly. I&J experienced better fishing than in the final quarter of the 2015 financial year and enjoyed improved export revenues as a result of the weaker Rand. In general the group’s brands traded well in a constrained consumer environment with the impact of input cost pressures arising from the weaker Rand limited by currency hedges, disciplined cost management and selling price increases taken in the second half of the prior financial year. Notwithstanding a reasonable first quarter, results for the first half of the 2016 financial year are materially dependent on sound consumer demand through the festive season." This information has not been reviewed and reported on by AVI’s auditors. Illovo 5 November 2015 Sponsor The Standard Bank of South Africa Limited Date: 05/11/2015 11:57:00 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.