Trading Statement Rhodes Food Group Holdings Limited (Previously Rhodes Food Group Holdings Proprietary Limited) (Incorporated in the Republic of South Africa) Registration number 2012/074392/06 JSE share code: RFG ISIN: ZAE000191979 ("the group") TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are satisfied with a reasonable degree of certainty that the financial results for the reporting period will differ by at least 20% from the financial results for the previous corresponding period. Shareholders are advised that the group expects earnings per share ("EPS") for the year ended 28 September 2014 ("the period") to be between 117% (19.8 cents) and 122% (20.6 cents) higher than the 16.9 cents for the corresponding period last year. Headline earnings per share ("HEPS") for the period is anticipated to be between 125% (20.1 cents) and 130% (20.9 cents) higher than the 16.1 cents in the comparative period. This guidance is calculated assuming the 221 million shares in issue post the listing of the group on the JSE on 2 October 2014 applied in both the 2013 and 2014 financial years. Normalised EPS, adjusting for the one-off group restructuring costs of R22.2 million in the prior period, is expected to be between 35% (9.4 cents) and 40% (10.8 cents) higher than the 26.9 cents in the prior period. Normalised HEPS on the same basis is anticipated to be 38% (10.0 cents) to 43% (11.3 cents) higher than the 26.2 cents in 2013. Shareholders should note that the results for the period include the Bull Brand business for 12 months compared to only two months in the prior financial year to September 2013. The information in this trading statement has not been reviewed or reported on by the group's independent auditor. The group's annual results for the year ended 28 September 2014 will be released on SENS on 25 November 2014. Groot Drakenstein 13 November 2014 Sponsor Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 13/11/2014 08:29:00 Supplied by www.sharenet.co.za 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.