AVI Limited
(Registration number 1944/017201/06)
Share code: AVI
ISIN: ZAE000049433
('AVI' or 'the Group')

TRADING UPDATE AND STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2013

The following update is based on the latest available trading information for the six months ended 31
December 2013.

Segmental revenue for continuing operations for the six months ended 31 December 2013


2013            2012        Change
Rm              Rm             %

Entyce beverages                                        1,416            1,310            8.1
Snackworks                                              1,614            1,424           13.3
I&J                                                       824              720           14.4
Fashion brands                                          1,541            1,432            7.6
Corporate                                                   5                6
GROUP                                    5,400            4,892           10.4


Overall sales performance was sound in a tough trading environment with strong volume growth in biscuits
and snacks, both in South Africa and regionally.

The consolidated gross profit margin declined slightly due mainly to gross margin pressure in the footwear
businesses however the consolidated operating profit margin benefitted from volume leverage in some
categories and is in line with that for the same period in the prior year.

Other factors impacting on the consolidated results for the first semester were:

.   As announced on 7 November 2013, Indigo Brands Proprietary Limited received a once-off pre-tax
payment of R150,0 million from Coty following the revision of their commercial relationship. The net
after tax gain of R122,0 million is included in the results for the semester as a capital item.
.   The weighted average number of shares in issue during the period was 2,3% 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.


The following additional disclosure is made in accordance with Section 3.4 (b) of the Listings Requirements of
the JSE Limited, following the trading statement released by AVI on 7 November 2013:

.   Consolidated headline earnings per share for the continuing operations of the Group for the six
months ended 31 December 2013 are expected to increase by between 8% and 11% over the
comparable period in the prior year;

.   Consolidated earnings per share for the continuing operations of the Group for the six months ended
31 December 2013, including capital gains and losses, are expected to increase by between 27%
and 29% over the comparable period in the prior year;

.   Consolidated headline earnings per share for the total operations of the Group for the six months
ended 31 December 2013 are expected to increase by between 8% and 11% over the comparable
period in the prior year;

.   Consolidated earnings per share for the total operations of the Group for the six months ended 31
December 2013, including capital gains and losses, are expected to increase by between 19% and
21% over the comparable period in the prior year.
It is expected that AVI will release its results for the six months ended 31 December 2013 on or about 10
March 2014.

The information above has not been reviewed and reported on by the Group's auditors.

Illovo
23 January 2014

Sponsor                The Standard Bank of South Africa Limited
Enquiries              +(27) 11 502 1300

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