Trading Statement RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share Code: RCL ("RCL Foods" or "the Group") TRADING STATEMENT Shareholders are advised that the Group is expecting that its earnings per share ("EPS") for the interim period ended 31 December 2015 will be between 80 cents (+13.3%) and 90 cents (+27.5%) versus the EPS of 70.6 cents for the interim period ended 31 December 2014, while headline earnings per share ("HEPS") will be between 80 cents (+14.3%) and 90 cents (+28.6%) versus the HEPS of 70.0 cents for the interim period ended 31 December 2014. The earnings for the interim period ended 31 December 2015 include the release of a R163 million provision for uncertain taxation disputes raised in terms of IFRS 3 (Business Combinations) as part of the Foodcorp acquisition. This matter has now been finalised with the South African Revenue Service and consequently the income tax expense for the period has been reduced by R163 million. The release has no cashflow impact. The impact on EPS and HEPS, included in the guidance above, is a positive 18.9 cents. All business units with the exception of Sugar and Chicken have shown positive growth over the comparable period. The Sugar business unit has been adversely impacted by the worst drought in Southern Africa in many years, whilst the Chicken business unit has experienced an oversupply in the local market that has negatively impacted profitability. The Group’s results for the interim period ended 31 December 2015 are expected to be released on SENS on 23 February 2016. The financial information on which this trading statement is based has not been reviewed and reported on by the Group’s external auditors. Durban 19 February 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19/02/2016 04:45:00 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.