Trading Statement 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”) TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware that the financial results for the financial period to be reported on next will vary by 20% or more from those of the previous comparable period. Shareholders are referred to the trading statement for the six months ended 31 March 2017 issued on 21 February 2017. We are now in the position to narrow the range that was published. Shareholders are hereby advised that, for the six months ended 31 March 2017, a reasonable degree of certainty exists that the Company’s: Operating profit before items of a capital nature, adjusted for the impact of the Phase I B-BBEE share-based payment charge and the marked-to-market effect of the related hedge (“BEE SBP”) amounting to a net cost of R3.1 million (31 March 2016: gain of R142.7 million) and once-off merger and acquisition (“M&A”) costs of R9.3 million, is expected to decrease by between 40% and 45% from the R1 236 million as reported for the six months ended 31 March 2016; and Adjusted headline earnings per share, adjusted for the aforementioned BEE SBP and once-off M&A costs is expected to be between 242.2 cents and 267.0 cents per share compared to the 479.3 cents per share for the prior corresponding period, being a decrease of between 44% and 49%; and Headline earnings per share is expected to be between 233.0 cents and 261.5 cents per share compared to the 556.4 cents per share for the prior corresponding period, being a decrease of between 53% and 58%; and Earnings per share is expected to be between 234.0 cents and 262.5 cents per share compared to the 560.1 cents per share for the prior corresponding period, being a decrease of between 53% and 58%. As stated in the previous early trading update, the major variance in financial performance can be ascribed to maize and fruit, which should largely be of a non-recurring nature. The outlook for the second half of the financial year to 30 September 2017 should reflect an improvement on the first half. The financial information on which this trading update is based, has not been reviewed or reported on by the Company’s external auditors. Tyger Valley 4 May 2017 Sponsor PSG Capital Date: 04/05/2017 08:00:00 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.