Trading statement Astral Foods Limited ("Astral Foods") Registration number: 1978/003194/06 JSE Code: ARL ISIN: ZAE000029757 Trading Statement Shareholders are advised that a reasonable degree of certainty exists that Astral Foods’ headline earnings per share (HEPS) for the six months ending 31 March 2017 will reflect a decrease of between 50% (decrease of 387 cents per share) and 60% (decrease of 464 cents per share) compared to the previous comparable period. This implies that HEPS is expected to be between 387 cents and 310 cents. HEPS for 31 March 2016 was 774 cents. Earnings per share (EPS) for the six months ending 31 March 2017 will also reflect a decrease of between 50% (decrease of 389 cents per share) and 60% (decrease of 466 cents per share) compared to the previous comparable period. This implies that EPS is expected to be between 388 and 311 cents. EPS for 31 March 2016 was 777 cents. The results for the six months ending March 2017 are expected to be better than what was indicated at the time when the General trading update was issued on 6 February 2017 which stated that the HEPS and EPS were expected not be down more than 75% on the previous period. This improvement on the previous estimate was as a result of: - Planned poultry production cutbacks during the second quarter in order to avoid prolonged overstock conditions; and - The adjustment in selling prices to offset the impact of the newly legislated brining levels of individually quick frozen (IQF) products was successfully implemented and sustained throughout the period. The information on which the trading statement is based has not been reviewed and reported on by Astral Foods’ auditors. It is expected that the results for the six months ending 31 March 2017 will be published on SENS on 15 May 2017. Pretoria 3 April 2017 Sponsor Nedbank Corporate and Investment Banking Date: 03/04/2017 03:18:00 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.