Voluntary trading update and statement for the six months ended 31 December 2015 AVI Limited (Registration number 1944/017201/06) Share code: AVI ISIN: ZAE000049433 (“AVI” or “the Group”) VOLUNTARY TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015 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. Demand through the festive season was sound and Spitz achieved its December sales target. I&J experienced better fishing than in the final quarter of the 2015 financial year and enjoyed improved export margins as a result of the weaker Rand. The weighted average number of shares in issue during the period was 0,8% higher than in the same period last year due to the issue of new shares in terms of the Group’s various share incentive schemes, including the black staff empowerment share scheme. The following disclosure is made in accordance with Section 3.4 (b) of the Listings Requirements of the JSE Limited: - Consolidated headline earnings per share for the six months ended 31 December 2015 are expected to increase by between 10% and 12% over the comparable period in the prior year. In cents per share this will be an increase from last year’s 252,9 cents to a range between 278 and 283 cents per share; - Consolidated earnings per share for the six months ended 31 December 2015, including capital gains and losses, are expected to increase by between 10% and 12% over the comparable period in the prior year. In cents per share this will be an increase from last year’s 252,5 cents to a range between 278 and 283 cents per share. It is expected that AVI will release its results for the six months ended 31 December 2015 on or about 7 March 2016. The information above has not been reviewed and reported on by the Group’s auditors. Illovo 25 January 2016 Sponsor The Standard Bank of South Africa Limited Enquiries +(27) 11 502 1300 Date: 25/01/2016 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.