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, Mike Watters provided an update on trading conditions. "The domestic macro environment has remained challenging. Group revenue for the first quarter ended September 2023 increased by 5.2% over the same period last year. Volume performance across our categories was mixed in the quarter and impacted by the later phasing of festive season deliveries to certain customers. I&J's revenue was lower due to poor catch rates impacting sales volumes in international markets and an unfavourable sales mix in the abalone category. Consolidated gross profit grew ahead of revenue and margins were protected by sound cost control and price increases to offset input cost pressures. The group's consolidated operating profit growth for the quarter was pleasing, despite lower I&J profits, with consolidated operating margins expanding in the quarter. The hake long-term rights allocation was concluded following the completion of the appeals process and final allocations were announced on 1st October 2023. I&J's quota remains materially in line with that initially allocated in February 2022 with a final reduction of 5% relative to the rights held prior to commencement of the 2020 fishing rights allocation process." The information above has not been reviewed and reported on by the Group's auditors. Illovo 8 November 2023 Sponsor The Standard Bank of South Africa Limited Date: 08-11-2023 02:15:00 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.